Telecom Argentina sale still awaiting regulatory approval, TI says

12 Jun 2014

The sale of Telecom Italia’s (TI’s) Argentine unit has yet to be given the green light by the country’s telecoms authority Secretaria de Comunicaciones (SeCom), the Italian firm’s CEO Marco Patuano told Reuters. Telecom Italia agreed to sell its entire controlling interest in Telecom Argentina to Mexican billionaire David Martinez’s investment company Fintech for USD960 million last November, as it seeks to cut its debt in the face of rising competition in its domestic market and the economic downturn in Europe. When asked to give a timeframe for the completion of the transaction, Patuano said: ‘It is never possible to have a date when you deal with regulators … I’ve been in Argentina in the last few days speaking to authorities: there are no obstacles and we are going ahead, the only thing that is missing is a decision from SeCom.’