AT&T Unloads Its Stake in America Movil for $5.6 Billion

AT&T said that it is selling its stake in America Móvil, the large Latin American cell phone company and parent of US prepaid brand Tracfone.

Mexican billionaire Carlos Slim, the primary owner of America Móvil, will pay nearly $5.6 billion for AT&T’s stake, according to a regulatory filing.

“When we announced the DirecTV deal, we said that we would sell our stake in (America Movil) to facilitate the regulatory approval process in Latin America,” AT&T said.