Telecom Italia (TI) has announced that it has agreed with investment company Fintech to extend the deadline to complete the sale of Telecom Argentina to 1 September. The Italian company noted that the terms and conditions of the agreement signed with Fintech remain unchanged. Last November TI agreed to sell its entire controlling interest in its Argentine unit to Mexican billionaire David Martinez’s investment company Fintech for USD960 million, as it seeks to cut its debt in the face of rising competition in its domestic market and the economic downturn in Europe. The deal is subject to approval by Argentine regulators.
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