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.Mexico's government earlier this year implemented reforms to shake up its telecom and broadcast market by weakening the dominance of broadcaster Grupo Televisa and billionaire Carlos Slim's cellphone and fixed-line company America Movil.AT&T is looking to tap into the growing cellphone market in Latin America's No. 2 economy now that the government is encouraging foreign investment in the sector, Chief Financial Officer John Stephens told Reuters."Our focus in investing in Mexico is about the great environment from an investment perspective, the regulatory reforms, the growing population and middle class," Stephens said.
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 17966688.
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