Telecom Italia says amends contract to sell Telecom Argentina

sábado 25 de octubre de 2014 09:11 GYT

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)