AT&T is expected to close the spin-off of its DirecTV and other pay-TV operations in early August.
The new division will be part-owned (30 per cent) by TPG (the former Texas Pacific Group) while AT&T holds onto 70 per cent.
AT&T CFO Pascal Desroches told equity analysts during the wireless company’s Q2/2021 earnings call that the spin-off process had gone better and faster than expected, and that it was “not a complicated transaction”.
AT&T will receive between $1.75-$2 billion in cash from TPG as part of an overall $45 billion in cash coming from other segment sell-offs including the WarnerMedia and Discovery portions.
Last week, AT&T announced the sale of the Latin American (Vrio) operations.