Telefonica's (TEF) move to sell its Argentina unit to Telecom Argentina will be reviewed by the government for possible breach of anti-monopoly rules, Argentina's President Javier Milei said late Monday.
Milei, who issued the statement shortly after Telefonica disclosed the deal in a filing, said the transaction could leave about 70% of telecommunications services in the country under the control of one group, creating a monopoly.
In a regulatory filing Monday, Telefonica said its TLH Holdco subsidiary sold Telefonica Moviles Argentina to Telecom Argentina for about $1.25 billion as part of Telefonica's strategy to reduce its exposure to Latin America. The deal was signed and completed Monday, Telefonica added.
Telefonica didn't immediately reply to MT Newswires' request for comment.
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