Argentina regulator approves TI sale

Argentina regulator approves TI sale

Argentina’s ENACOM telecoms regulator has reportedly approved Fintech’s bid to purchase Telecom Italia’s controlling stake in Telecom Argentina.

A source confirmed the investment firm’s successful bid to Reuters and stated: “The ENACOM board has approved the sale of Telecom.”

In November 2013, Telecom Italia had agreed to sell its 68% stake in Telecom Argentina’s holding company, Sofora, for $960 million. It is believed the figure is the same amount and the companies have until April 2017 to complete the deal.

Reuters’ source added that the watchdog had also given the green light for Grupo Clarin’s reported $178 million acquisition of Nextel Argentina.

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