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AT&T to sell operations in Puerto Rico, Virgin Islands to Liberty Latin America

AT&T Inc. agreed to sell its wireless and wireline operations in Puerto Rico and the U.S. Virgin Islands to Liberty Latin America Ltd. for $1.95 billion in cash at closing.

The transaction includes network assets, including spectrum; real estate and leases; customers, including 1.1 million wireless subscribers; and contracts. At close, about 1,300 current AT&T employees will move to Liberty Latin America. AT&T will offer certain transition support functions to Liberty Latin America following close of the transaction.

Under the agreement, AT&T will retain responsibilities and relationships for the first-responder network FirstNet, as well as DIRECTV and certain global business customer relationships. AT&T retains its dedicated FirstNet network core and service capabilities.

The deal is expected to close within six to nine months, subject to regulatory approvals.

Liberty Latin America intends to fund the acquisition through a combination of $2.2 billion in borrowings on the combined acquisition assets and Liberty Puerto Rico and the remaining about $750 million from Liberty Latin America's committed liquidity of $2.0 billion at June 30.

Liontree LLC and Credit Suisse are acting as financial advisers to Liberty Latin America on the transaction.