US telco AT&T has confirmed that it has filed of a registration statement with the US Securities and Exchange Commission for a potential initial public offering (IPO) of a minority interest in the Class A common stock of Vrio Corp., a holding company for its Latin American digital entertainment services unit, DirecTV Latin America.
AT&T revealed such an intention in early February 2018 following earlier rumours suggesting that a float could bring in as much as $8 billion, which would be used to pay down debt on its planned purchase of Time Warner.
In a Statement, AT&&T said that a registration statement on Form S-1 relating to these securities has been filed with the Commission but has not yet become effective. “These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful, prior to registration or qualification under the securities laws of any such state or jurisdiction,” it said.
Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC will act as the joint book-running managers for the IPO. The offering will be made only by means of a prospectus.