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Argentina regulator blocks Clarin's acquisition of Nextel

2015-09-30 10:47:00| Telecompaper Headlines

(Telecompaper) Argentina's federal telecommunications regulator AFTIC has declared that media conglomerate Clarin's proposed acquisition of a 49 percent stake in Nextel Argentina is illegal because Clarin failed to seek the required approvals. "The board decided that the operation carried out on 14 September 2015, by which Nextel Communications Argentina sold 49 percent of its capital, violates article 13 of law no. 27078 because it was done without previous authorisation," said AFTIC in a statement. The regulator's decision comes after Clarin announced that it had reached an agreement with Nextel Argentina's parent company NII Holdings to acquire a 49 percent stake in the unit, with an option to purchase the remaining 51 percent.

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Argentina blocks Nextel sale

2015-09-29 02:00:00| Total Telecom industry news

Buyout deal between NII Holdings and Grupo Clarin required prior regulatory approval, AFTIC says.

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Grupo Clarin buys into Nextel Argentina for $178m

2015-09-16 02:00:00| Total Telecom industry news

NII Holdings brokers deal that will enable it to focus its attention on its Brazilian operations.

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Clarin buys 49% stake in Nextel Argentina for USD 178 mln

2015-09-15 08:54:00| Telecompaper Headlines

(Telecompaper) Argentinian media conglomerate Clarin has reached a deal with NII Holdings to acquire a 49 percent stake in Nextel Argentina, with an option to acquire the remaining 51 percent pending regulatory approvals. Clarin said the total amount paid for the stake in Argentina's fourth largest mobile operator was USD 178 million, of which USD 159 million was paid up front, with the remaining amount due within 30 days. NII said the net proceeds received from the transaction will be used to provide additional liquidity to support its operations in Brazil.

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