Telecom Italia Completes Sale Of Telecom Argentina Stake
March 08 2016 - 2:47PM
Dow Jones News
By Manuela Mesco
MILAN--Italy's Telecom Italia SpA said Tuesday it completed the
sale of its stake in Telecom Argentina to investment firm Fintech
Group for $550.6 million.
The announcement comes almost a year and a half after the deal
was first struck. Both parties had waited for the approval of the
Argentinian communications regulator Enacom, which came last
week.
Under the deal, Telecom Italia sold its 51% stake in Sofora
Telecommunicaciones SA, through which the Italian company
controlled Telecom Argentina.
Telecom Italia said that the total amount generated by the sale
is $960 million, which includes $329.5 million that the Italian
firm previously received from Fintech and future revenues that are
set to be generated by technical support that Telecom Italia will
provide to Telecom Argentina under the contract signed.
Write to Manuela Mesco at manuela.mesco@wsj.com
(END) Dow Jones Newswires
March 08, 2016 14:32 ET (19:32 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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