AT&T Sells $564 Million in Shares of America Movil

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 [1] 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 [2] 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.