Carlos Slim buys AT&T’s América Móvil stake

Carlos Slim buys AT&T’s América Móvil stake

Mexican billionaire Carlos Slim has acquired AT&T’s stake in his own Latin American telecoms firm, América Móvil.

AT&T told reporters yesterday that it had sold its stake in América Móvil for $5.57 billion to Slim’s real estate firm, Inmobiliaria Carso.

The US giant had already completed the sale of 300 million shares in América Móvil in April this year, reducing its remaining stake to 8.36%.

This week’s sale falls in line with comment from AT&T in May, suggesting it would sell the remaining stake in a bid to gain regulatory approval for its purchase of DirecTV.

Under terms of the agreement, AT&T will receive $4.57 billion when the deal closes and the remaining $1 billion within the following 60 days.

Slim’s acquisition of the América Móvil stake gives him more operational control over the company; his firms and family already own the majority of América Móvil’s voting stock.

Earlier this week, América Móvil’s $2 billion bid to acquire the shares in Telekom Austria it does not yet own became unconditional.