Navigate this market better. Subscribe for FREE stock alerts and information.

Friday, November 7, 2014

AT&T to acquire Mexico's Iusacell for $1.7 billion, (NYSE: T)

AT&T Inc agreed to pay $1.7 billion to acquire Mexico's third-largest wireless operator Iusacell, as it seeks to grab a slice of a market with lower cellular penetration than the United States and faster potential growth.The transaction, which is subject to approval by Mexican regulators, will occur after Iusacell's owner, billionaire businessman Ricardo Salinas' Grupo Salinas, buys out its partner's 50 percent stake in Iusacell.Iusacell said in September it would purchase back that stake, currently held by broadcaster Grupo Televisa, for $717 million.The deal would be the second major acquisition this year by AT&T, which is also taking over satellite provider DirecTV for $48.5 billion.

AT&T Inc. (AT&T), is a holding company. The Company is a provider of telecommunications services. Shares of T traded higher by 0.55% or $0.19/share to $34.91. In the past year, the shares have traded as low as $31.74 and as high as $37.48. On average, 20027500 shares of T exchange hands on a given day and today's volume is recorded at 17922276.