Telecom Italia says amends contract to sell Telecom Argentina
MILAN Oct 25 (Reuters) - Telecom Italia said on Saturday it would temporarily keep control of Telecom Argentina and cash in $215.7 million by the end of October, as part of a revised deal to sell the Argentinian unit to New York based fund Fintech.
Telecom Italia agreed to sell its controlling stake in Telecom Argentina to Fintech for $960 million almost a year ago but the deal could not be completed because the Argentine regulator did not approve it.
In a statement, Telecom Italia said it expected to sell the controlling 51 percent stake in Telecom Argentina holding company Sofora in two and a half years, subject to regulatory clearance.
It said the total aggregate payment agreed in the initial accord remained unchanged at $960 million. (Reporting by Danilo Masoni, editing by Isla Binnie)
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