Telecom Italia completes sale of Argentinian unit

Telecom ItaliaTelecom Italia has completed the sale of its Argentinian operator, Telecom Argentina, to Fintech.

Telecom Italia has completed the sale of its remaining 51% stake in the Argentinian operator for US$550.6 million following approval of the deal by Argentinian regulator Enacom.

The total value of the sale of the Argentinian operator was US$960 million, including the receipt of €50 from other shareholders and the previously aggregation of US$329.5 million for shares sold to Mexico-based investment group Fintech between December 2013 and October 2014.

The completion of the deal marks the end of a long process following the pair’s initial agreement in October 2014.

Telecom Italia has been under pressure from its largest shareholder, French media group Vivendi, to refocus its strategy on Europe. Vivendi, which recently secured the nomination of four representatives on an enlarged Telecom Italia board, wants the Italian operator to sell its Brazilian unit TIM Partcipacoes.