A PYMNTS Company

Argentina: Fintech takeover of Telecom Argentina complete

By  |  March 15, 2016

Fintech Investor Group, owned by Mexican investor David Martínez, has completed its takeover of Telecom Argentina, the leader in Argentina’s telecommunications industry, previously controlled by Telecom Italia. The move marks a new stage in the development of Argentina’s telecomm sector as a new key player enters the market.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    Subscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    Fintech paid $960 million in 2014 for Telecom Italia’s shares in Sofora, the association which legally controls the Argentine company. The deal was blocked last October by Cristina Kirchner’s administration, which claimed that Fintech “lacked the necessary experience and technical knowledge” to successfully operate a major telecommunications association.

    The new administration led by Mauricio Macri recently reversed this decision. Should no serious official objection be presented within the next three months, the transfer of ownership will be definitively completed. The deal is expected to be the first of many important investments, which will seek to position Telecom Argentina at the forefront of broadband development, an area where it intends to focus its resources.

    Full content: Total News

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.