Argentina approves Telecom Argentina, Nextel sales - report

Nieuws Algemeen Argentinië 4 MAR 2016
Argentina approves Telecom Argentina, Nextel sales - report

Argentina's new telecoms regulator Enacom has approved Telecom Italia's sale of its controlling stake in Telecom Argentina to investment firm Fintech and NII Holdings’ sale of the remaining 51 percent stake in Nextel Argentina to Cablevision, reports local daily La Nacion, citing a source at the regulator. "Yes, the Enacom board has approved the sale of Telecom and Nextel," said the source, adding that “we carried out a technical assessment and the transactions are impeccable.” He said the acquisitions still required the approval of the country’s anti-trust regulator.

Telecom Italia reached a deal back in 2013 to sell its 68 percent controlling stake in Telecom Argentina holding company Sofora to US-backed Fintech for USD 960 million. The Italian operator divested an initial 17 percent stake in Sofora to Fintech but has been waiting for the approval of the newly-created watchdog Enacom after the defunct regulator AFTIC blocked the transaction last October.

Cablevision, a subsidiary of media conglomerate Clarin, has likewise benefited from the creation by emergency decree

of Enacom to complete the acquisition of the remaining 51 percent stake in Nextel Argentina. The sale will give Cablevision 100 percent ownership of Nextel following its acquisition of a 49 percent stake in the operator last September for USD 178 million.

Nextel is currently Argentina’s fourth largest mobile operator with a 3 percent share of the market, well behind Claro (America Movil) with 33 percent, Personal (Telecom Argentina) with 32 percent and Movistar (Telefonica), also with 32 percent.

Categories:

Algemeen

Companies:

Telecom Italia,  Cablevision,  Clarin,  Telecom Argentina,  Nextel Argentina

Countries:

Argentinië

Tags:

Regulations, M&A buyouts & divestments

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