Fintech Advisory, the investment fund led by Mexican businessman David Martinez, has concluded negotiations to sell its 40% stake in Argentine cable company Cablevision, the Buenos Aires Herald writes. Last year media giant Clarin, which owns the remaining 60% of Cablevision, proposed the division of its assets into separate business units as part of a broader plan to fulfil the requirements of the Argentine government’s controversial media law. Cablevision was divided into three units, with Fintech’s shareholding transferred to a 40% stake in each of the individual businesses. Fintech has now revealed the sale of its stake in Unit 3 (comprising 20 cable licences in the provinces) to two investors, Gerardo Marti Casadevall from Chile and Christophe DiFalco of the US. Last week Clarin said it had received an offer of USD28 million from the two investors for its 60% stake in Unit 3. Meanwhile, Martinez also informed the CNV securities regulator that he plans to sell the 40% stake in Unit 1 to local investor Alejandro Carlos Estrada. Fintech also reported that if it receives regulatory approval to buy Telecom Argentina (a deal announced in November last year), it would sell its 40% stake in Unit 2 (comprising 24 cable licences and internet service provider FiberTel) to ‘a foreign cable TV operator’.
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