US telecoms giant AT&T is exploring the sale of its business in Puerto Rico, people familiar with the matter have informed Reuters. Indeed, the telco has hired an as-yet undisclosed financial adviser to manage the sale process, which could be worth up to USD3 billion. As per the report, the Puerto Rican business generated twelve-month EBITDA of around USD300 million last year.
The source noted that the potential sale is expected to help AT&T cut the debt pile it took on after the USD85 billion purchase of media and entertainment conglomerate Time Warner Inc, which closed in June 2018. AT&T’s strong market position in Puerto Rico – it is believed to be the territory’s largest mobile operator by subscribers – has attracted interest from a mixture of media companies and private equity firms, the report adds.