AT&T plans to sell its Puerto Rico business for almost $2 billion amid pressure from activist hedge fund Elliott Management (T)
Business Insider -

AT&T announced on Wednesday it plans to sell its Puerto Rico and US Virgin Islands business to Liberty Latin America for almost $2 billion. 

The sale is part of an ongoing effort by AT&T  to sell-off non-core assets, which activist hedge fund Elliott Management expressed support for when it announced a $3.2 billion stake in the company last month. 

The telecommunications provider said the proceeds will help reduce its debt pile and pave the way for more share buybacks. 

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