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AT&T To Sell Wireless, Wireline Operations In Puerto Rico, Virgin Islands

AT&T Inc. (T) said it plans to sell the company's wireless and wireline operations in Puerto Rico and the U.S. Virgin Islands to Liberty Latin America. AT&T will receive $1.95 billion in cash. The deal includes network assets, including spectrum; real estate and leases; customers, including 1.1 million wireless subscribers; and contracts.

"This transaction is a result of our ongoing strategic review of our balance sheet and assets to identify opportunities for monetization," said John Stephens, AT&T CFO.

To attain its de-leveraging goal, AT&T plans to use free cash flow after dividends and to continue monetization initiatives.

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