Telecom Italia Ups Argentinian Stake

Increases stake in Sofora from 58 percent to 68 percent

March 10, 2011

1 Min Read

ROME -- Telecom Italia announces that it has finalised the acquisition, through its subsidiary Telecom Italia International N.V.,of a 10% stake of Sofora Telecomunicaciones S.A.’s capital – the holding company which controls Telecom Argentina - from the Argentine partner Werthein for a consideration of US$145 millions.

Thus, Telecom Italia has increased its stake in Sofora from 58% to 68% of the company’s capital, and the economic interest of Telecom Italia Group in Telecom Argentina rises from 18.3% to 21.1%.

This transaction does not alter or modify (i) the governance rights of the Telecom Argentina Group set forth in the shareholders’ agreement between the Telecom Italia Group and Werthein effective as of the date hereof, nor (ii) the commitments assumed by the Telecom Italia Group before the Argentine antitrust authorities.

Telecom Italia (TIM)

Subscribe and receive the latest news from the industry.
Join 62,000+ members. Yes it's completely free.

You May Also Like