Customisable watchlists with full streaming quotes from leading exchanges, such as LSE, NASDAQ, NYSE, AMEX, Bovespa, BIT and more.
| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Telefonica SA | BIT:TEF | Italy | Ordinary Share |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.00 | - |
From Apr 2020 to Apr 2025
By Gilles Castonguay
MILAN--Telecom Italia SpA (TIT.MI) Thursday said it has agreed to sell all of its controlling interest in Telecom Argentina SA (TECO2.BA) to Fintech Group for $960 million, a transaction that will help the Italian company operator pay off part of its massive debt.
The bulk of the deal has Fintech offering $750 million for 68% of Telecom Italia's shares and voting rights in Sofora Telecomunicaciones SA, a holding company that controls Telecom Argentina. The rest of the bid was for a host of smaller assets.
The transaction, news of which broke on Nov. 7, will see Telecom Italia sell for $859.5 million 68% of the voting shares in Sofora, among other shares held by Tierra Argentea and Nortel. It will sell for a remaining $100.5 million the provision of technical support to Telecom Argentina and other services for up to three years, among other conditions.
The sale is part of Telecom Italia's effort to raise about EUR4 billion by 2016 to bring down EUR28.2 billion of debt.
It also marks its first major move since Spanish peer Telefonica SA (TEF) announced plans to become Telecom Italia's dominant shareholder.
Telecom Argentina has fixed-line and mobile operations in Argentina, as well as mobile services in Paraguay.
Write to Gilles Castonguay at gilles.castonguay@dowjones.com; Twitter: @GRCastonguay
-0-
1 Year Telefonica Chart |
1 Month Telefonica Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Hot Features
Premium
