AT&T has agreed to sell its Puerto Rican and U.S. Virgin Islands businesses to Liberty Latin America Ltd. for $1.95 billion in cash, allowing the telecommunications giant to shave its debt load and move closer to repurchasing shares.
AT&T's operation in Puerto Rico provides cellular, landline and internet connections. It had 1.1 million wireless subscribers. As part of the deal, about 1,300 AT&T employees will be transferred to Liberty Latin America.
The two companies said they expect the deal to close within six to nine months. The Wall Street Journal earlier Wednesday reported the companies had agreed to a deal.
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