Grupo Werthein increases stake in Telecom Argentina

12 Mar 2008

Investment group Werthein has acquired an extra 2% stake in Sofora Telecom from France Cable et Radios (1.3%) and Atlas Service Belgium (0.7%), reports BNamericas, quoting the Buenos Aires press. The purchase price was not disclosed. Sofora is now owned 50/50 by Telecom Italia (TI) and Werthein. Sofora controls former incumbent Telecom Argentina (TEO) and its cellular subsidiary Telecom Personal by virtue of its 68% stake in Nortel Inversora, the holding company which owns 54.74% of TEO. The telco’s employees own another 4.21%, while the remaining 41.05% is in free float on the Buenos Aires and New York stock exchanges. Last week, Telecom Italia said it expects to take full control of TEO in 2009 through the exercise of a call option for control of Sofora.