Telecom Italia Delays Sale of Stake in Argentine Business
Telecom Italia said on Tuesday that it had extended the deadline to Sept. 25 to complete the sale of its controlling stake in Telecom Argentina to the investment firm Fintech Advisory.
The deadline, which had been set for Sept. 1 after a prior extension, has been extended again as the companies await regulatory approval.
Telecom Italia agreed in November to sell the stake it holds directly and through several subsidiaries to Fintech for $960 million,
The deal, if completed, is part of Telecom Italia’s efforts to reduce its debt.
The Argentine business posted €1.45 billion in revenue and €262 million in profit in the first half of the year.
Telefónica has offered to pay about $9.8 billion for the business, including the option for Vivendi to exchange shares in the combined company for 5.7 percent of the share capital and 8.3 percent of the voting rights of Telecom Italia.
Telefónica, based in Madrid, is looking to reduce its stake in Telecom Italia to appease Brazilian competition regulators.
Source: NYT
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