AT&T to Sell Stake in Carlos Slim's América Móvil

AT&T is planning to sell its long-held $6 billion stake in regional phone company América Móvil SAB to avoid regulatory conflicts after agreeing to buy DirecTV for $48.5 billion.

AT&T owns about an 8.4% stake in the company. The sale would cut a long-standing connection between two of the world's biggest telecommunications companies. AT&T said it is necessary because satellite broadcaster DirecTV has significant operations in Latin America. AT&T said the sale was "to facilitate the regulatory approval process in Latin America." The telecom giant's designees to the América Móvil board would tender their resignations immediately "to avoid even the appearance of any conflict." DirecTV's main business is in the US, but the company's Latin American operations would bring AT&T into competition with América Móvil and could raise regulatory issues.