Mexico's Slim buys AT&T's America Movil stake for $5.57 billion

MEXICO CITY Mon Jun 30, 2014 5:07pm EDT

Mexican billionaire Carlos Slim arrives to the opening of the Inbursa Aquarium in the wealthy neighbourhood of Polanco in Mexico City May 30, 2014.    REUTERS/Tomas Bravo

Mexican billionaire Carlos Slim arrives to the opening of the Inbursa Aquarium in the wealthy neighbourhood of Polanco in Mexico City May 30, 2014.

Credit: Reuters/Tomas Bravo

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MEXICO CITY (Reuters) - AT&T Inc (T.N) said on Monday it had sold its equity in America Movil (AMXL.MX) for $5.57 billion to a company controlled by Carlos Slim, allowing the billionaire to tighten his grip on the giant Mexican telecoms company.

On Friday, Slim's real estate company Inmobiliaria Carso announced it was going to buy the stock, which AT&T said in May it would sell to help it gain regulatory approval for its purchase of DirecTV (DTV.O).

The stock purchase gives Slim even more control over America Movil, his principal cash cow. Slim's firms and family already control more than 50 percent of America Movil's voting stock.

AT&T said in a filing it sold the stock comprising 72.8 million "L" shares and 5.74 billion "AA" shares, which do not regularly trade.

America Movil shares closed up 1.2 percent at 13.45 pesos ($1.04) per share.

($1 = 12.9707 Pesos)

(Writing by Gabriel Stargardter; Editing by Dave Graham and Lisa Shumaker)

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