Telefonica to buy remaining 1.8% of Argentine unit

25 Jun 2009

Spanish telecoms giant Telefonica has said it will buy the remaining 1.8% of shares in Argentine telco Telefonica de Argentina (TdA) that it does not already own for EUR24 million (USD33.7 million). The Spanish group said it would offer one Argentinean peso a share – or its equivalent in US dollars – for the roughly 126 million shares of TdA it does not control. Currently Telefonica controls 98.2% of its Argentine unit, while the remainder is in free float. According to TeleGeography’s GlobalComms database, TdA had a total of 4.6 million fixed lines in service at the end of 2008 and over 1.1 million broadband subscribers three months later.

Argentina, Telefonica, Telefonica Argentina (Movistar)