AT&T Completes Sale of Puerto Rico and U.S. Virgin Islands Businesses to Raise $1.95 Billion

John Stankey
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John Stankey

The closing of the deal with John Malone's Liberty Latin America helps the telecom giant, and WarnerMedia owner, led by John Stankey, reduce its debt load.

Telecom giant and WarnerMedia owner AT&T has raised $1.95 billion in cash to reduce its debt load after closing the sale of its wireless and wireline operations in Puerto Rico and the U.S. Virgin Islands to John Malone's Liberty Latin America.

On Monday, AT&T said it will use the proceeds of its latest asset sale to "redeem all of the preferred interests in a subsidiary (PR Holdings)."

The transaction, first unveiled in late 2019, will combine AT&T's mobile assets with Liberty Latin America's Internet and TV businesses in Puerto Rico and the U.S. Virgin Islands.

AT&T, led by CEO John Stankey, has a heavy debt load after the acquisition of Time Warner in 2018.

AT&T also said it will continue to pursue additional sales of non-core assets, with Wall Street speculating DirecTV and Xander may be on the auction block.