AT&T brings DIRECTV LATAM IPO forward | Media Investment | Business
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AT&T has finally kicked off its initial public offering (IPO) for a share of its pay-TV assets in Latin America.

directv latam 09 mar 2018The telco giant has filed a registration statement with the US Securities and Exchange Commission (SEC) for an IPO of Vrio Corp, a holding company for DIRECTV Latin America.

With total LATAM assets being valued in over $10 billion, and 2017 revenues standing at $5.57 billion, the telco intends to draw up to $100 million through this initial offering.

The assets included in the registration statement span all the South American markets in which DIRECTV operates, including Argentina, Brazil and Colombia.

While divesting assets in a highly competitive region with some unstable markets, AT&T’s move aims to sell part of the business unit to reduce debt, which is set to increase once the acquisition of Time Warner Inc closes.

The telco has been mulling the DIRECTV Latin America IPO for over a year after the merger with Timer Warner led to concerns from various antitrust agencies in the region.

With 13.6 million video homes in Latin America, DIRECTV is the second largest pay-tv player in the region, only exceeded by América Móvil Claro.