AT&T has announced that it plans to sell its wireless and wireline operations in Puerto Rico and the U.S. Virgin Islands to Liberty Latin America. The transaction includes network assets, including spectrum; real estate and leases; customers, including 1.1 million wireless subscribers; and contracts.
Under the terms of the agreement, AT&T will receive $1.95 billion in cash. The transaction is subject to review by the FCC and the Department of Justice. The two companies expect the deal to close within 6 to 9 months.
Approximately 1,300 current AT&T employees will move to Liberty Latin America.