Telecom Italia concludes sale of Argentine unit to Fintech

The Telecom Italia tower is seen south of Rome August 28, 2014. REUTERS/Max Rossi

MILAN (Reuters) - Telecom Italia TLIT.MI said on Tuesday it had completed the much-anticipated sale of its stake in Telecom Argentina TEC2.BA to investment group Fintech, with the total amount generated by the disposal confirmed at over $960 million.

Telecom Italia said the sum includes the $550.6 million it received on Tuesday for a 51 percent stake in Telecom Argentina’s holding company Sofora Telecomunicaciones.

The Italian phone group agreed in November 2013 to sell its controlling stake in Sofora to Fintech, owned by Mexican financier David Martinez, but the deal was delayed due to regulatory hurdles.

The sale was finally given the green light last week, a regulatory source told Reuters on March 3.

Reporting by Agnieszka Flak; editing by Giulia Segreti