AT&T dumps 250 shares of America Movil, raises $282M
AT&T (NYSE: T) has divested 250 million shares of its stake in Mexican telecom conglomerate America Movil (NYSE: AMX) for $282 million, reports Reuters, citing a U.S. Securities and Exchange Commission filing.
The telco's AT&T International subsidiary sold some of its L series shares of America Movil between Dec. 3 and Dec. 20.
AT&T said in its Q3 2013 earnings report that it owned a 9.1 percent stake in America Movil.
An AT&T spokeswoman told Reuters that its recent share sale is routine. "From time to time we rebalance our asset levels and raise cash for general corporate purposes," she said.
This is not the first time that AT&T has cut its stake in the incumbent service provider. In June, the telco reduced its stake in America Movil by 7.5 percent, raising $564 million by selling 540 million shares after the company launched a share buyback program.
Despite these sales, America Movil remains one of AT&T's key off-net international partners. Through an agreement in established in September to use the Mexican telco's local network connections, AT&T will be able to connect to 15 countries, including Argentina, Chile and Colombia.
- Reuters has this article
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