AT&T sells part of stake in America Movil for $282 million
AT&T this month sold 250 million shares in Mexican telecoms giant America Movil for $282 million, a filing with the US Securities and Exchange Commission said on December 23. From December 3 to 20, AT&T International, a unit of AT&T, sold some of its series "L" shares of America Movil, which is controlled by Mexican billionaire Carlos Slim.
Copyright Reuters, 2013
"From time to time we rebalance our asset levels and raise cash for general corporate purposes," a spokeswoman for AT&T said in an email. In its third quarter report, the company said it had a 9.1 percent overall stake in America Movil, which controls more than 70 percent of Mexico's cellphone market and about 80 percent of its fixed line market. American Movil has three share classes including the L shares.
The firm, Latin America's biggest telecommunications company, is facing increasing local competition after a government reform was passed earlier this year to boost competition in the market.