Fintech Advisory has disposed of its minority stake in Cablevision as it looks to secure itsUS$960m takeover of incumbent Telecom Argentina.
Cablevision was controlled by local conglomerate Grupo Clarin, but due to new rules on media ownership…
Fintech Advisory has disposed of its minority stake in Cablevision as it looks to secure itsUS$960m takeover of incumbent Telecom Argentina.
Cablevision was controlled by local conglomerate Grupo Clarin, but due to new rules on media ownership Argentina’s largest cableco is being split into three, and two parts of it are being sold to other investors.
Fintech, the vehicle of New York-based investor David Martinez, is selling its 40% stake in one of the spun-off companies to Argentine businessman Alejandro Estrada. It is selling 40% of another unit to Chilean telecoms veteran Gerardo Marti Casadevall and his American partner Christophe DiFalco.
Last week Clarin accepted a US$28m offer from Casadevall and DiFalco for its 60% stake in the same unit.
Fintech has committed to sell its 40% stake in the final new unit to a foreign cable operator, providing its takeover of Telecom Argentina is approved.
In total Clarin is being split up into six parts after a long-running conflict with the government. Last year the media conglomerate lost a four-year legal battle against an anti-media monopoly law introduced by president Cristina Fernandez de Kirchner, passed in 2009.
Casadevall has considerable experience in telecoms and has held management positions at Grupo Telefonica Chile, including as president of its mobile operations, and DiFalco represents several investment funds in the United States.
