Telecom Argentina sale proceeding as planned, TI says

11 Jul 2014

Telecom Italia’s chairman Giuseppe Recchi has told Reuters that the sale of the company’s Argentine unit is proceeding as planned and does not have to be pushed back. The Italian company 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. ‘We are confident that it will proceed as planned,’ Recchi said on the sidelines of a conference in Milan, adding that there is nothing to indicate that it will be necessary to push back the deadline to the end of the year.

Argentina, Telecom Argentina (incl. Cablevision), Telecom Italia (TIM)