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AT&T to Divest America Movil Stake to Carlos Slim

Jun 30, 2014, 10:44 AM by Eric M. Zeman
updated Jun 30, 2014, 12:38 PM

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.

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mloudt

Jun 30, 2014, 8:06 PM

How is 8.3 % worth 5.6 billion wtf?

Regional carriers are worth less than national carriers. Mvno's are worth less than regional carriers. So how in the hell is 8.3 % of Tracfone worth 5.6 billion At&t was going to over pay in 2011 for T-mobile 39 billion when it was only worth about 18 billion. My point is how is Tracfone with 25 million customers worth more all in all than T-mobile was in 2011 who had more customers then and a national network>? I understand it says At&t has 24 % voting rights but uh still that rate on that low stake makes no common sense.

DarkStar

Did you read the article? AT&T doesn't own any of Tracfone. But they do own 8.3% of the parent company of Tracfone. America Movil owns more than just tracfone. They have about 243 million subscribers in the Americas.

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