Telecom Italia (TI) has further extended the deadline to complete the sale of Telecom Argentina to investment company Fintech, according to Bloomberg, citing two people familiar with the matter. Last November the Italian company 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. Last month, TI agreed to extend the deadline to complete the sale from 12 August to 1 September, but the firm has now given Fintech up to 30 more days to obtain regulatory approval for the purchase of Telecom Argentina. The status of the deal will be discussed at a board meeting scheduled for 25 September, according to the sources, who asked not to be identified because the decision had not been made public. They added that the terms and conditions of the agreement signed with Fintech remain unchanged.
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