April 23, 2014
Telecom Argentina takeoverMonday, December 2, 2013
Fintech to present documentation
The Fintech Advisory investment fund plans to present the relevant documentation to formally acquire Telecom Argentina before Argentine authorities this week, sources at the group told state-run news agency Télam.
The move would come two weeks after Telecom Italia approved the sale of its Argentine telecoms unit to the fund owned by Mexican business magnate David Martínez for US$960 million.
To make the takeover formal, Fintech must submit the corresponding documentation detailing the process before the Communications Secretariat and the National Antitrust Committee.
As Fintech already has a 40 percent stake in cable TV and Internet company Cablevisión, government sources said the operation will also be revised by the AFSCA media watchdog, led by Martín Sabbatella.
In the first nine months of the year, Telecom reported “capital investment totalling 2.896 billion pesos”, 32 percent more than in the same period last year, while consolidated sales reached 19.827 billion, or 24 percent more than in the same months of 2012.
As the third quarter of 2013 closed, Telecom Argentina registered 12.9 million mobile lines, a 5 percent increase from last year, and 1.7 million Internet accounts, a 4 percent hike. Land lines dropped 0.4 percent to 4.1 million in the same year-on-year monthly comparison.
Herald with Télam