Telecom Italia: first tranche of sale of interest in Telecom Argentina to Fintech Group completed

12/11/2013 - 00:01 AM

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Shares of Telecom Argentina and ADSs of Nortel Inversora sold for total consideration of approximately USD 109 million 

Pursuant to the agreements announced on 14 November 2013 for the transfer of control of Telecom Argentina, Telecom Italia sold to the Fintech group today 15,533,834 Class B shares of Telecom Argentina held by Tierra Argentea (a company controlled by Telecom Italia), representing 1.58% of the share capital of Telecom Argentina, for consideration of USD 61.2 million, and 2,351,752 American Depositary Shares representing 117,588 Preferred B shares of Nortel Inversora, also held by  Tierra Argentea, for consideration of USD 47.5 million.

Telecom Italia Group retains control of Telecom Argentina through its 68% stake in Sofora Telecomunicaciones S.A., which it will sell to the Fintech group upon obtaining certain required regulatory approvals.

Rome, 10 December 2013