France Telecom will sell its indirect interests in Telecom Argentina to W de Argentina, an affiliate of the Los W group, a leading Argentinean investment company for a consideration in cash of US$125 million.
France Telecom and Telecom Italia each hold approximately 34% of voting rights and a 25.5% economic interest in Nortel Inversora (“Nortel”), the holding company which owns 54.7% of Telecom Argentina’s share capital.
Separately, France Telecom reached an agreement with America Movil for the sale of its 26% indirect interest in El Salvador’s operator, CTE Salvador, for a net amount of US$217 million payable in cash at the closing of the transaction.
France Telecom said the sales were part of its rationalization strategy to focus on its core markets in France and the UK.
http://www.francetelecom.com
