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Argentina: Telecom and Fintech merger approved

By  |  November 29, 2016

Argentina’s government has approved the purchase of a significant share of Grupo Telecom by Fintech, the investment fund controlled by Mexican businessman David Martínez.

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    The merger had already been approved by the National Communications regulator (ENACOM), which cleared the sale of part of Telecom’s holding company in Argentina, Sofora. The Telecom case dates back to 2013, when Fintech pledged to pay $960 million USD for Telecom Italia’s shares in the Argentine company. Having received no response from other government agencies, a new agreement had been struck in 2014 with a $300 million price tag on 17% of Sofora’s shares.

    The deal was vetoed by the then-presiding Fernández administration, allegedly due to Fintech’s lack of “experience and suitability” to run the telecommunications company.

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