AT&T Inc. (NYSE:T, news, filings) announced today that it has completed the sale of its wireless and wireline operations in Puerto Rico and the U.S. Virgin Islands to Liberty Latin America. The transaction includes employees; network assets and spectrum; real estate and leases; customers, including more than 1 million wireless subscribers; and contracts.
AT&T will retain DIRECTV and certain global business customer relationships and FirstNet responsibilities and relationships. Eligible first responders subscribing to FirstNet in Puerto Rico and the U.S. Virgin Islands will still have access to the benefits and capabilities — including always-on priority and preemption — of the FirstNet platform.
AT&T is receiving $1.95 billion in cash and plans to use the proceeds to redeem all of the preferred interests in a subsidiary (PR Holdings). The company continues to pursue additional non-core asset monetization opportunities.
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