B_B schreef op 28 juni 2014 11:18:
AT&T SELLS ITS STAKE IN MEXICAN TELECOM COMPANY
AT&T said Friday that it was selling its $5.6 billion stake in América Móvil, the Mexican telecommunications company, back to its majority shareholder, the billionaire Carlos Slim Helú. The sale comes as AT&T seeks to acquire the satellite television operator DirecTV in a $48.5 billion deal.
By acquiring the stake with his holding company, Slim ensures his continued control of América Móvil without adding debt to its balance sheet. The move also ensures that América Móvil shares will not become more plentiful on the open market, which could reduce their worth.
Selling its stake in América Móvil will keep AT&T from having a conflict of interest should its pending acquisition of DirecTV be approved. The deal would also give AT&T extra cash to finance one of its largest acquisitions.
DirecTV has more than 18 million customers in Latin America and expects to expand there as more households subscribe to pay TV services. América Móvil is a competitor, offering telephone, television and Internet service throughout Latin America.
The deal ends one of AT&T’s longest-running investments. AT&T invested in what became América Móvil nearly a quarter-century ago. Now, the longtime allies will become rivals.
“Carlos and I have spoken and he is a very dear friend, but now he’s going to be a competitor,” AT&T’s chief executive, Randall L. Stephenson, said on a conference call last month. “And we recognize that, and off we go.”
In a statement, América Móvil said it “recognizes the great value that the partnership with AT&T had for both companies for more than 20 years.”
In a regulatory filing by América Móvil on Friday, the company disclosed that Slim’s holding company, Inmobiliaria Carso, would acquire 5.7 billion Class AA shares of América Móvil from AT&T, which represents 8 percent of the company’s market capitalization and 24 percent of its voting shares.
The filing did not disclose how much Inmobiliaria Carso would pay for the shares, but AT&T said in a filing that it expected to make a $470 million profit after taxes. AT&T is also selling back 73 million series L shares of América Móvil.
Shares of América Móvil rose 5 percent on the news before the market closed.
AT&T’s sale of the stake was largely expected after it agreed to acquire DirecTV. The company previously said it expected to use cash from the sale of its América Móvil stake to finance the deal.
AT&T has been winding down its América Móvil stake in recent years, selling more than $1.5 billion of stock in the open market since 2013.
América Móvil has aggressively expanded into Europe recently and has more than $30 billion of debt.
It pursued a takeover of the Dutch telephone carrier Royal KPN last year but failed to strike a deal. América Móvil owns more than 20 percent of KPN and is still said to be interested in a deal.
Slim owns a stake of about 17 percent in The New York Times Co.
www.columbusceo.com/content/stories/a...Goed nieuws!
America Movil neemt bijna zeker KPN over.