Telefónica has sold its subsidiary in Argentina to the competing group Telecom, in which the media group Clarín is involved, for $1.245 billion dollars. The Argentine government has issued an official statement warning that it will only approve the operation if it respects the principles of free competition.
Under the recent presidency of Marc Murtra, Telefónica is at a key moment regarding its operations in Latin America, as its subsidiary in Peru has recently filed for bankruptcy protection and, according to various reports in the press, it is also considering selling its businesses in Uruguay, Mexico, and Colombia.
For the operation, Telecom had BBVA bank as an advisor for the transaction and initial financing from several banks: BBVA, Deutsche Bank, Banco Santander, and ICBC for US$1.170 billion.
