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Telecom Italia SpA Executes Agreements for the Sale of Interest in Telecom Argentina

Thursday, 14 Nov 2013 01:38am EST 

Telecom Italia SpA announced that it accepted during the night the offer of Fintech Group for the acquisition of the entire controlling interest of Telecom Italia Group in Telecom Argentina, held by it and through its subsidiaries Telecom Italia International, Sofora Telecomunicaciones, Nortel Inversora and Tierra Argentea, for an aggregate consideration of USD 960 million. Of this amount, USD 859.5 million will be paid as consideration for the sale of: 68% of the voting shares in Sofora held by Telecom Italia and Telecom Italia International, (USD 750.8 million); 15,533,834 Class B shares of Telecom Argentina, representing 1.58% of the outstanding shares, held by Tierra Argentea, (USD 61.2 million); 2,351,752 American Depositary Shares, representing 117, 588 Preferred B shares of Nortel, equal to 8% of the Preferred B shares held by Tierra Argentea, (USD 47.5 million). The remaining USD 100.5 million will be paid pursuant to additional agreements, including an agreement to continue providing Telecom Argentina companies technical support and other services for up to three years, the waiver by Telecom Italia of certain rights under, and amendments to, the current shareholders’ agreement relating to Telecom Argentina with the Werthein Group who will retain 32% of the voting shares of Sofora, and commitment Fintech to pay amounts already reserved for dividends by Telecom Argentina, if such dividends are not declared and paid by the Telecom Argentina Group prior to closing. 

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