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$835m bid for Telecom Italia Argentina unit
26 November 2009
An Argentinian investment firm, Inversiones Condor, has made an $835 million proposal to acquire the company that controls Telecom Italia’s interests in the country
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[Argentina]
[Telecom Italia]
[Inversiones Condor]
[América Móvil]
Inversiones Condor, an investment firm, has bid $835 million to take over Sofora, the company that Telecom Italia uses to manage its investments in Argentina.
Condor has presented a formal offer to Credit Suisse, which was selected by Telecom Italia to assess the sale of its 50% stake in Sofora.
The remaining 50% stake in Sofora is controlled by an Argentinian company, Grupo Werthein.
A number of other groups are interested in Telecom Italia’s stake — including media company Grupo Clarín, cable operator TeleCentro and Mexican billionaire, Carlos Slim Helú, who runs América Móvil, and a Brazilian construction company, Andrade Gutierrez.
At present, Condor controls a fixed-wireless provider, Porthable, and it contributed to the creation of mobile operator, CTI Movil, now owned by América Móvil. GTB