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AT&T Inc enters into agreement to acquire DIRECTV


Sunday, 18 May 2014 04:56pm EDT 

AT&TInc and DIRECTV:Enters into definitive agreement under which AT&T will acquire DIRECTV in stock-and-cash transaction for $95 per share based on AT&T's closing price on May 16.Agreement has been approved unanimously by boards of both companies.Says DIRECTV shareholders will receive $95.00 per share under terms of merger, comprised of $28.50 per share in cash and $66.50 per share in AT&T stock.Says stock portion will be subject to collar such that DIRECTV shareholders will receive 1.905 AT&T shares if AT&T stock price is below $34.90 at closing and 1.724 AT&T shares if AT&T stock price is above $38.58 at closing.Says if AT&T stock price at closing is between $34.90 and $38.58, DIRECTV shareholders will receive a number of shares between 1.724 and 1.905, equal to $66.50 in value.Says this purchase price implies total equity value of $48.5 bln and total transaction value of $67.1 bln, including DIRECTV's net debt.Says AT&T intends to finance the cash portion of transaction through combination of cash on hand, sale of non-core assets, committed financing facilities and opportunistic debt market transactions.To facilitate regulatory approval process in Latin America, AT&T intends to divest interest in América Móvil.Says transaction is expected to close within about 12 months. 

Company Quote

35.47
0.31 +0.88%
19 Sep 2014