MILAN, Oct 29 (Reuters) - Telecom Italia said on Wednesday it had transferred a 17 percent stake in its Telecom Argentina holding company Sofora to Fintech for $215.7 million, as part of a deal to sell its entire stake in the Argentinian phone group to the New York-based fund.
The Italian telecoms group agreed almost a year ago to sell its controlling stake in Sofora to Fintech for $960 million, but Argentina’s telecoms regulator SECOM has been slow to approve the deal.
Last month Telecom Italia said it expected SECOM’s approval within two and a half years, and that in the meantime it would sell an initial 17 percent in Sofora to Fintech for $216 million.
The phone company plans to then sell its remaining 51 percent controlling stake in Sofora to Fintech once regulators give the green light, cashing in on the remaining $960 million.
Reporting by Oleg Vukmanovic, editing by Valentina Za