(Reuters) - Vrio Corp, AT&T Inc’s (T.N) DirecTV business in Latin America, said on Thursday it expects its initial public offering of 29.7 million class A shares to raise up to $653 million.
Vrio said it expects the offering to be priced between $19 and $22 apiece. bit.ly/2Jk2q8E
AT&T’s initial plan was to sell the unit to pay down debt, which will increase to about $180 billion once its acquisition of Time Warner Inc TWX.N closes.
AT&T filed confidentially for an IPO for the business in February. The unit includes satellite and cable television services in Brazil, Colombia, Argentina, among others, prompting analysts to say that the No. 2 U.S. wireless carrier probably was not able to find a buyer.
Reporting by Parikshit Mishra in Bengaluru; Editing by Saumyadeb Chakrabarty