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 09, 2016 02:05 ET (07:05 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.
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