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General

Telecom Italia to sell Argentine unit and towers

Friday 8 November 2013 | 09:30 CET | News
Telecom Italia unveiled plans to sell its Argentine unit as well as other assets including towers in Italy and Brazil, while issuing a mandatory convertible bond in a bid to raise around EUR 4 billion to bring down debt and avoid a further credit rating downgrade. The moves were announced in a board meeting held on 07 November and are evidence of the growing influence of the company's largest shareholder, Telefonica, which is gradually increasing its ownership of Telco, the holding company that owns 22.4 percent of Telecom Italia.

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Categories: General
Companies: Telecom Argentina / Telecom Italia / Telefonica
Countries: Argentina / Italy
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