AT&T said on Monday that it is selling its stake in America Movil, the large Latin American cell phone company and parent of U.S. prepaid brand Tracfone.
Mexican billionaire Carlos Slim, the primary owner of America Movil, will pay nearly $5.6 billion for AT&T’s stake, according to a regulatory filing.
“When we announced the DirecTV deal, we said that we would sell our stake in (America Movil) to facilitate the regulatory approval process in Latin America,” AT&T said in a statement to Re/code.
Prior to announcing its DirecTV deal, AT&T had been eyeing international expansion. More recently, though, it has been focused on its U.S. operations, saying earlier this year that it was no longer weighing a purchase of Vodafone.