Telefónica has sold its subsidiary in Argentina by 1,245 million dollars (around 1,190 million euros to the current change) A Telecom Argentina, controlled by the Clarín media group, according to the information sent by the Spanish operator to the National Securities Market Commission (CNMV) late on Monday. This is the first divestment of great draft since Marc Murtra assumed the presidency of the company on January 18 and is aligned with the strategy of gradually reducing “his” exposure to Latin America. “
“Today TLH Holdco, 100% property of Telefónica, has sold all the shares which holds in Telefónica Móviles Argentina, representative of 99.999625% of its share capital and the entire social capital of its operation in Argentina to Telecom Argentina, “details the communication referred to the CNMV.
The price for 100% of the transmitted shares amounts to 1,245 million dollars (about 1,189 million euros at the current exchange rate), he says. “The signature and closing of the transaction took place simultaneously today. This operation is part of the Telefónica Group Asset Management Policy and is aligned with its strategy to gradually reduce exposure to Latin America, “the company added.
With this Telecom Argentina operation, it will continue to develop the country’s digital infrastructure and “positioning it among the most advanced in the world”, as valued by the company controlled by the Clarín Group in another statement sent to the National Securities Commission (CNV) of Argentina. “That way The full development of vast sectors of the economy is ensured through digitalization Total networks, enhancing the fixed and mobile broadband and accelerating the fiber optic and 5G deployment, “he adds.
In that sense, Telecom Argentina has financed the purchase of the Argentine Telefónica subsidiary with two loans for a joint amount of 1,170 million dollars (almost 1,118 million euros). It is, specifically, a syndicated loan granted by the BBVA, Deutsche Bank, London Branch and Banco Santander and another bilateral loan granted by Industrial and Commercial Bank of China.
Telecom Argentina has also stressed that with this operation it will take advantage of the “territorial and customer complementarity” of both companies and the “Greater investment capacity”which will make it possible that their technological solutions and services “have the same quality for all their customers regardless of what are in which they are.”
The CEO of Telecom Argentina, Roberto Nobile, stressed that with this transaction his company demonstrates his Vocation to continue investing in Argentina “Within the framework of the current macroeconomic conditions, which add up to certain and competitive investment stability.”
Telefónica is at a key moment in relation to its operation in Latin America because recently His subsidiary in Peru has requested the creditors contest. In addition, he would also be studying the possibility of selling his businesses in Uruguay, Mexico and Colombia, extremes that the company has not officially confirmed at the moment.
Milei warns of a “monopoly”
For his part, the president of Argentina, Javier Milei, has announced in a statement that will submit the operation to evaluation by the National Communications Entity (ENACOM) and the National Commission for the Defense of Competition (CNCD) to determine if it would generate a monopoly. In fact, he warns that, if the purchase is completed, about 70% of telecommunications services would remain in the hands of a single group.
“The national government is committed to avoiding the formation of a new monopoly, which with these characteristics, created in the light of decades of state benefits, would go against free competition and attempt against the disinflationary process which is going through Argentina, “says the note.
Finally, the statement emphasizes that the executive of Javier Milei “will take all measures “ to guarantee competition, accessibility and freedom of choice of consumers in the telecommunications sector.
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