
28/02/2025
The deal has raised concerns in Argentina, where President Javier Milea's office issued a statement saying that the necessary steps will be taken to prevent the formation of a monopoly.
“This acquisition could leave about 70% of telecommunications services in the hands of a single economic group,” his office said in a statement. “The state will take all necessary measures to avoid this.”
The deal is the latest in a series of moves by foreign firms to exit their assets in South America's No. 2 economy, which is struggling with hyperinflation.
In recent years, Telefonica has conducted a series of asset sales across Latin America in an effort to reduce debt and invest in 5G.
Earlier this month, it announced that its Peruvian unit would file for bankruptcy, and local media also reported plans to sell assets in Mexico and Colombia.
The deal marks the Spanish telecom giant's first corporate transaction since Marc Murtra took over as CEO in January, replacing Jose Maria Alvarez-Pallete.