AT&T to sell Puerto Rico business [telecom]

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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Bill Horne
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