AT&T announces launch of IPO for Latam pay TV business

AT&T announced the launch of the initial public offering (IPO) of Vrio Corp, the holding company for AT&T’s Latin American digital entertainment services units, DirecTV Latin America and SKY Brasil. The company plans to raise USD 609 million.
AT&T said in a statement that it will offer 29.7 million shares at a price range of USD19 to USD22. Vrio has applied to have its shares of Class A common stock approved for listing on The New York Stock Exchange under the ticker symbol “VRIO”. Goldman Sachs, J.P. Morgan, Citigroup and Morgan Stanley are acting as the joint book-running managers for the IPO.
In addition, underwriters have an option to purchase roughly 4.5 million additional shares. AT&T completed its 48.5 billion acquisition of DirecTV in July 2015. In Latin America, the company owns 100% of Panamericana division, which operates in countries such as Argentina, Venezuela, Chile, Colombia and Peru, among others, and 93% of SKY Brasil. In Mexico, it owns 41% of SKY in association with Televisa.

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