18 03 2016Telecom Italia Group has completed the sale of its entire remaining stake in Telecom Argentina
Cleary, Gottlieb, Steen & Hamilton, Errecondo, Gonzalez & Funes, Davis Polk & Wardwell and Marval O'Farrell & Mairal, have advised on the deal
Telecom Italia Group has completed the sale of its entire remaining stake in Telecom Argentina with the sale to Fintech Group of 51% of the share capital of Sofora Telecomunicaciones (the parent company of Nortel, which holds control of Telecom Argentina). As set out in the agreements signed by the parties on 24 October 2014, the sale was completed after having received the approval of Enacom, the Argentine communications regulator.
The total amount generated by the sale is over 960 million dollars, including: today's receipt of 550.6 million dollars for the stake in Sofora; the receipt, again today, from other shareholders of Sofora, of a further 50 million dollars from agreements ancillary to the operation; The aggregation of 329.5 million dollars received previously in connection with sales to Fintech completed in December 2013 and October 2014; and the future revenues to be generated by making technical support services available to Telecom Argentina group companies, secured by a pledge of collateral.¬†
Cleary, Gottlieb, Steen & Hamilton has advised Fintech Telecom International with a team led by Adam Brenemann (Picture) and including Alicia Lobeiras, Christina Chinloy.
In Argentina, Errecondo, Gonzalez & Funes has advised Fintech Telecom with a team led by Baruki Gonzalez and Saturnino Funes and including Maria Leonor Rodriguez Pratt, Madeleine Bl√©haut and Delfina Lynch.
Davis Polk & Wardwell has advised Telecom Italia with John Banes, Michael Crowley and Joanna Valentine.
In Argentina, Marval O'Farrell & Mairal has advised Telecom Italia with a team including Santiago Carregal and Juan M. Diehl Moreno and their associates Daniel Di Paola and Manuela Lava.
¬† ¬† Involved fees earner: Adam Brenemann - Cleary Gottlieb Steen & Hamilton; Alicia Lobeiras - Cleary Gottlieb Steen & Hamilton; Christina Chinloy - Cleary Gottlieb Steen & Hamilton; Baruki Gonz√°lez - Errecondo, Gonzalez & Funes ; Saturnino Funes - Errecondo, Gonzalez & Funes ; Maria Leonor Rodriguez Pratt - Errecondo, Gonzalez & Funes ; Madeleine Bl√©haut - Errecondo, Gonzalez & Funes ; Delfina Lynch - Errecondo, Gonzalez & Funes ; John Banes - Davis Polk & Wardwell; Michael Crowley - Davis Polk & Wardwell; Joanna Valentine - Davis Polk & Wardwell; Santiago Carregal - Marval, O'Farrell & Mairal; Juan Diehl Moreno - Marval, O'Farrell & Mairal; Maria Manuela Lava - Marval, O'Farrell & Mairal; Daniel di Paola - Marval, O'Farrell & Mairal;
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