Seeing a greater opportunity in the Latin American telecom market, Telecom Italia (NYSE: TI) has bought a 10 percent stake in Telecom Argentina from its holding company Sofora's capital for $145 million.
Through this purchase, Telecom Italia raises its stake in Sofora from 58 percent to 68 percent of its capital. At the same time, Telecom Italia increases its economic interest in Telecom Argentina from 18.3 percent to 21.1 percent.
However, the deal does not change the governance rights established in the shareholders' group between the Telecom Italia Group and Sofora's Argentine partner Werthein.
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