Grupo Fintech, the investment firm run by Mexican financier David Martinez, is poised to increase its stake in Sofora Telecomunicaciones, the indirect owner of Telecom Argentina. According to local press reports, Sofora’s minority shareholder Grupo Werthein de Argentina intends to offload its 32% stake to Fintech, leaving the latter in full control of the holding company. The Buenos Aires Stock Exchange (Bolsa de Comercio de Buenos Aires, BCBA) was reportedly informed of the plans late last week.
According to TeleGeography’s GlobalComms Database, Telecom Argentina is 55.60%-owned by Nortel Inversora, while 44.37% of the company is in free float on the BCBA and New York Stock Exchange (NYSE). The remaining 0.03% stake is designated as ‘Class C shares’. Nortel Inversora is itself controlled by Sofora Telecomunicaciones, a joint venture between Grupo Werthein de Argentina (32%) and Fintech (68%). Fintech acquired its 68% stake from Telecom Italia (TIM) between October 2014 and March 2016.