September nine, 2019 | 2: 50pm
| Up to date September nine, 2019 | 6: 47pm
AT&T has employed Goldman Sachs to protect alone towards activist investor Paul Singer, whose hedge fund is calling on the enterprise to sell property, which include its DirectTV satellite support, The Put up has discovered.
The telecom company only acquired on Friday that Singer’s Elliot Administration Corp. experienced taken a $three.2 billion stake and would be urgent for transform, a resource near to the scenario mentioned.
On Monday, Elliott termed on AT&T to shed fats, like DirectTV and its Mexican wireless functions, and questioned CEO Randall Stephenson’s acquisitions approach.
Goldman in 2018 hired AT&T’s previous banker, Kurt Simon, absent from JPMorgan, which Stephenson employed in 2016 to direct the company’s $85 billion deal to acquire Time Warner, as very well as a 2011 unsuccessful try to obtain T-Cellular.
Simon, who is now co-chair of Goldman’s engineering, media and telecom group, was not AT&T’s adviser in 2015 when it acquired DirecTV for $67 billion.