Private equity firm TPG has entered into exclusive talks to acquire a minority stake in AT&T Inc’s satellite TV division, DirecTV, in a deal that would allow the U.S. wireless carrier to trim its net debt of close to $150 billion, people familiar with the matter said on Friday.
The exact price TPG is willing to pay could not be learned, but sources said the deal could value DirecTV at more than $15 billion. Were the negotiations to conclude successfully, a deal could be announced in the coming weeks, added the sources, who requested anonymity because the matter is confidential.
AT&T and TPG declined to comment.
AT&T shares rose close to 1% on the news to an intraday high of $29.05, giving the company a market capitalization of nearly $210 billion. The shares unofficially closed Friday at $28.92, up 0.3%.