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Telecom Italia: amendment of the Financial Guarantee for the transfer of control of Telecom Argentina


06/09/2014 - 10:33 PM

An amendment of the financial guarantee to protect fulfilment of the contractual obligations of the buyer was signed today with the Fintech Group.

In particular, the pledge granted by Fintech as part of the agreements for the transfer of control of Telecom Argentina on American Depositary Shares representing Nortel "Preferidas B" class shares, was replaced by a pledge on Telecom Argentina American Depositary Shares representing class B ordinary shares, in a number equivalent to an initial market value of approximately USD 109 million based on the average price in the preceding 15 days.

The economic value of the guarantee remains unchanged, as do all the remaining terms and conditions of the agreements signed in November 2013.

Rome, 09 June 2014

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