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.
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How is 8.3 % worth 5.6 billion wtf?