AT&T announced on Wednesday it plans to sell its Puerto Rico and US Virgin Islands business to Liberty Latin America for almost $2 billion. The sale is part of an ongoing effort by AT&T to sell-off non-core assets, which activist hedge fund Elliott Management expressed support for when it announced a $3.2 billion stake in the company last month. The telecommunications provider said the proceeds will help reduce its debt pile and pave the way for more share buybacks. Watch AT&T trade live.