Mergers and Acquistions News
Categories: Telecoms
March 10th 2011, 17:22PM
Telecom Italia, the largest operator of its kind in Italy, has increased its stake in Telecom Argentina, the firm said in a statement.
The mobile, fixed line and internet operator will acquire an extra ten per cent stake in Sofora Telecomunicaciones, the holding company of Telecom Argentina, for $145 million (£89 million).
Telecom Italia used its subsidiary, Telecom Italia International, to acquire the stake from Argentine agriculture and fruit firm Werthein.
The deal means Telecom Italia has increased its stake in Sofora from 58 per cent to 68 per cent, with the group's economic interest in Telecom Argentine rising from 18.3 per cent to 21.1 per cent.
Telecom Italia said the transaction does not alter governance rights of Telecom Argentina outlined in the shareholder agreement between Telecom Italia and Werthein.
In January, Telecom Italia sold its 27 per cent stake in ETECSA, the government-owned Cuban telecoms firm, to Cuban company Rafin for $706 million.
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