Fintech to snap up Telecom Argentina listed shares

29 Mar 2016

Fintech Group, the investment firm run by Mexican financier David Martinez, is poised to launch a public bid to acquire the listed shares of Telecom Argentina at a price of ARS46 (USD3.1) per share, according to local news site Terra.com, which cites a Telecom Argentina statement to the Buenos Aires Stock Exchange (Bolsa de Comercio de Buenos Aires, BCBA). The offer will result in the operator delisting from the BCBA, the report notes. Some 45.23% of the company’s shares are currently in free float.

As previously reported by TeleGeography’s CommsUpdate, Fintech completed its acquisition of 51% of the share capital of Sofora Telecomunicaciones, which controls majority shareholder Nortel Inversora, from Telecom Italia earlier this month. The USD550.6 million transaction concluded a larger USD960 million deal that was first agreed back in October 2014, only to be delayed by regulatory red tape.

Argentina, Telecom Argentina (incl. Cablevision)