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Telecom Italia closes sale of Telecom Argentina to Fintech

2016-03-09 09:13:00| Telecompaper Headlines

(Telecompaper) Telecom Italia has announced that its remaining 51 percent stake in Telecom Argentina has been sold to US-backed investment firm Fintech for USD 550.6 million. The Italian group reached a deal back in 2013 to sell its 68 percent controlling stake in Telecom Argentina holding company Sofora to Fintech, owned by Mexican financier David Martinez, for USD 960 million. Telecom Italia divested an initial 17 percent stake in Sofora to Fintech around 18 months ago for USD 329.5 million but both parties have been waiting for the approval of the newly-created communications watchdog Enacom after the defunct regulator AFTIC blocked the transaction last October. Enacom's approval finally came last week.

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