Telecom Italia (TI) is to discuss with Fintech possible changes to the November 2013 agreement for the sale of its controlling stake in Telecom Argentina.
TI’s management board, which held a meeting on Friday to discuss the US$960m deal, said the…
Telecom Italia (TI) is to discuss with Fintech possible changes to the November 2013 agreement for the sale of its controlling stake in Telecom Argentina.
TI’s management board, which held a meeting on Friday to discuss the US$960m deal, said the negotiations with Fintech will be based on a term sheet which will take into account the delay in obtaining regulatory approvals and include some guarantees for the Italian incumbent.
It did not elaborate further on the nature of the amendments it will propose but added that, as requested by the buyer, the current sale agreement will now be valid until 24 October.
The company agreed to sell its Argentine operations to investment fund Fintech, owned by Mexican billionaire David Martinez, almost a year ago, but the local regulator has yet to approve the deal.
Earlier this month, the company reportedly said the sale, whose deadline has already been extended twice, could not be put off indefinitely and that if Argentina did not approve it by 25 September, TI management would reconsider its plans.
