Mexican industrial conglomerate Alfa SAB is buying AT&T's 49 percent stake in Alestra, a Mexican telecommunications company, taking full control of the business in a move to help it grow.
Alfa and AT&T are not disclosing financial terms of the deal announced Friday.
Alfa says Alestra will continue serving businesses and the public and institutional sectors in Mexico with its information technology and telecommunications services.
AT&T Inc. says it plans to continue to serve business customers in Mexico through its AT&T Global Network Services subsidiary.
In addition to Alestra, Alfa owns a petrochemicals business, an aluminum auto parts unit and Sigma, a refrigerated food producer.
The companies expect the deal to close by the end of this quarter.
AT&T shares rose 16 cents to $30.45 in pre-market trading.