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Telecom Italia sells 17% of Argentina stake
2014-10-27 08:54:00| Telecompaper Headlines
(Telecompaper) Telecom Italia has agreed to sell only a part of its stake in Telecom Argentina to US-backed investment fund Fintech, with the rest to follow once the deal secures regulatory approval from Argentine authorities. The Italian operator first announced an agreement to sell its controlling stake in Telecom Argentina's holding company Sofora Telecomunicaciones to Fintech for USD 960 million back in November 2013. However, Fintech's 40 percent stake in Argentine cable TV company Cablevision has proved a stumbling block due to local regulations limiting telecoms and media cross holdings. As a result, Telecom Italia has now announced an amended agreement to sell a 17 percent minority interest in Sofora to Fintech by end-October for USD 215.7 million. The sale of the remaining 51 percent controlling stake in Sofora will go through once the Argentine telecoms regulator SeCom gives the green light, which "is expected to occur within the next two and one-half years", according to Telecom Italia. In a statement, Telecom Italia confirmed that if the sale of its 51 percent of Sofora to Fintech is not completed within two and a half years, it could elect to terminate the deal or seek a third party buyer under a guarantee scheme with Fintech that ensures it will receive at least the same amount (USD 630.6 million).
Tags: italia
argentina
telecom
sells
Category:Telecommunications
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