AT&T has sold $564 million of its shares in America Movil (AMX), a Mexico City-based telecom owned by billionaire Carlos Slim.
Bloomberg reports that AT&T lowered its stake in AMX by about 7.5 percent, taking it to 9 percent ownership, still the second-largest for the company behind the Slim family.
AT&T stake in AMX increased recently as the Slim family accelerated share repurchases, leading AT&T to sell off in order to level off its stake. According to a statement Bloomberg received from AT&T, the sales were in order to rebalance asset levels and raise cash for general corporate purposes.
Reuters reports that AMX’s stock has fallen 15.6 percent since the beginning of the year but BTIG analyst Walter Piecyk doesn’t expect AT&T to continue selling off.