Cablevisión has reached an agreement with Fintech to buy its 13.51% share in Telecom Argentina.
If the merger between Cablevisión and the telco goes ahead, this deal will strengthen Cablevisión’s position on the future board of directors.
“Cablevisión Holding has acquired assets equivalent to 13.51% of Telecom Argentina, priced at $634.28 million,” said Carolina Curzi, legal representative of Fintech Telecom, to the Argentinean news bureau Telam.
Under the terms of the merger reached by Cablevisión and Telecom Argentina at the beginning of July, Cablevisión will increase its stake in the resultant company to 39%, remaining as the major shareholder of the country’s first convergent telecom player.
The Fintech agreement has not been concluded yet, as both companies are waiting for the authorities to green light the merger.
The resultant company, which will retain the name Telecom Argentina, will own around 30 million clients, over 50% of the fixed broadband market and 40% of the pay-TV.