TI considers request from Fintech to extend Telecom Argentina deadline

26 Sep 2014

Telecom Italia (TI) yesterday announced that it has received a proposal from investment company Fintech for the extension of an agreement to buy TI’s entire direct and indirect controlling interest in Telecom Argentina. The request is seen as a last minute attempt to save the deal from collapsing; the Italian company’s board of directors will consider the proposal at a meeting scheduled to take place today. Last November TI agreed to sell its stake in Telecom Argentina to Mexican billionaire David Martinez’s Fintech for USD960 million, as it seeks to cut its debt in the face of rising competition in its domestic market and the economic downturn in Europe. Since then, TI has had to extend the deadline for completion of the sale twice, as it awaits regulatory approval from antitrust authorities in Argentina.

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