AT&T to Buy DirecTV for $48.5 Billion in Cash, Stock

Sunday, 18 May 2014 05:42 PM

 

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DirecTV, the No. 1 U.S. satellite TV operator, said on Sunday it has agreed to sell itself to AT&T for $48.5 billion in the second mega-deal to shake-up the U.S. television landscape this year.

The deal with Dallas,-based AT&T, which has some TV and broadband services, is the latest in a string of big takeovers the wireless operator has considered. Those include an abortive bid for T-Mobile USA in 2011, as well as a potential takeover of Vodafone Plc, which receded as a possibility after Comcast Corp surprised the industry this year with a $45 billion bid for Time Warner Cable Inc.

AT&T said it was offering $95 per DirecTV share in a combination of stock and cash, with the cash portion financed by cash, asset sales, financing already lined up and other "opportunistic debt market transactions." DirecTV shares closed Friday at $86.18.

The transaction has a total value of $67.1 billion, including DirecTV's net debt.

© 2014 Thomson/Reuters. All rights reserved.

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