AT&T to Divest America Movil Stake to Carlos Slim
AT&T plans to sell off its entire remaining stake in America Movil to Carlos Slim for about $5.6 billion. AT&T holds 8.3% of America Movil stock, but garners 24% of the company's voting rights. Carlos Slim's holding company, Inmobiliaria Carso, will pay AT&T $4.57 billion when the deal closes, followed by an addition $1 billion 60 days after closing. AT&T sold about half its stake in America Movil last June and already removed its designees from American Movil's board of directors. AT&T tipped the divestiture when it announced plans to acquire DirecTV earlier this year. AT&T hopes the sell off will improve its chances of gaining regulatory approval for its DirecTV acquisition. America Movil owns and operates TracFone wireless, the largest MVNO operating in the U.S. with 25 million customers.
Verizon to Sell Landline Biz to Frontier for $10 Billion
Verizon Communications today confirmed plans to sell part of its wireline telephone and internet business to Frontier Communications for $10 billion. The deal covers Verizon's consumer and business assets in California, Florida, and Texas.
Bank of America ATMs to Support Android Pay
Bank of America today said it will add Android Pay support to some 5,000 ATMs around the country. Bank of America customers who have added their BofA debit card to the Android Pay app will be able to tap their NFC-equipped phone to compatible ATMs to withdraw cash and perform other account interactions.
Bank of America to Drop Windows Phone Support, Too
Following Chase, Bank of America today indicated that it will cease to support the Windows Phone platform come March. According to the Windows Store listing for Bank of America's Windows Phone app, the app will cease to work in early March.
Avago to Buy Broadcom for $37 Billion
Avago Technologies today said it plans to acquire Broadcom for $37 billion. Avago is offering Broadcom's shareholders $17 billion in cash and $20 billion in Avago stock.
How is 8.3 % worth 5.6 billion wtf?