Telecom Italia has signed the agreements to amend the sales contract of the investment in Telecom Argentina. The company communicates this, specifying that the total amount coming from the sale of the entire stake and from the ancillary contracts remains unchanged at 960 million dollars.
Of this money, "as of November 2013, 113,7 million dollars have already been received - writes Telecom Italia in a note - and a further tranche of 215,7 million dollars will be paid on the first date of execution of the agreement modified, by the end of October. The sale of the controlling stake equal to 51% of the capital of Sofora, with payment of the remaining amount, is expected in the following two and a half years, subject to approval by the Argentine regulatory authority”.
As for Fintech's obligations, “they will be guaranteed by a pledge of a collateral security worth 600,6 million dollars – concludes the note -. In the meantime, there will be no substantial changes in the governance of Argentine companies."
