Argentina: Fintech takeover of Telecom Argentina complete

Fintech Investor Group, owned by Mexican investor David Martínez, has completed its takeover of Telecom Argentina, the leader in Argentina’s telecommunications industry, previously controlled by Telecom Italia. The move marks a new stage in the development of Argentina’s telecomm sector as a new key player enters the market.

Fintech paid $960 million in 2014 for Telecom Italia’s shares in Sofora, the association which legally controls the Argentine company. The deal was blocked last October by Cristina Kirchner’s administration, which claimed that Fintech “lacked the necessary experience and technical knowledge” to successfully operate a major telecommunications association.

The new administration led by Mauricio Macri recently reversed this decision. Should no serious official objection be presented within the next three months, the transfer of ownership will be definitively completed. The deal is expected to be the first of many important investments, which will seek to position Telecom Argentina at the forefront of broadband development, an area where it intends to focus its resources.

Full content: Total News

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