Telecom Argentina CEO Stefano De Angelis is leaving the company to head up the consumer business unit at Telecom Italia (TI).
De Angelis starts his new role with the Italian incumbent on 13 August.
Telecom Argentina’s board of directors will consider…
Telecom Argentina CEO Stefano De Angelis is leaving the company to head up the consumer business unit at Telecom Italia (TI).
De Angelis starts his new role with the Italian incumbent on 13 August.
Telecom Argentina’s board of directors will consider his resignation at a meeting that same day.
TI agreed to sell its 22.7% stake in Telecom Argentina to US investor group Fintech for US$960m last November, as part of a comprehensive plan to cut debt and make investments in its home market.
Last month, the CEO of the Italian incumbent, Marco Patuano, was quoted as saying he was unsure when the deal would close, noting that the Argentinean telecoms regulator Secom had not given a specific timeframe to rule on it.
However, Patuano reportedly said no obstacles stood in the way of the deal going ahead.
Telecom Argentina was not immediately available for further comment.
Spectrum auction
Meanwhile, De Angelis said during a conference call with investors today that Telecom Argentina intends to participate in the government’s long-awaited auction of 3G and 4G spectrum. The CEO said the terms and conditions of the auction suggest it will cost at least US$442m to take part.
The Argentinian telecoms regulator Secom published the conditions that will be attached to the 3G and 4G licences earlier this month. Secom plans to allocate the airwaves before the end of the year in what will be Argentina’s first spectrum auction since 1999.