Deals
Telecom Italia Plans to Raise $5.4 Billion to Reduce Debt
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Telecom Italia SpA unveiled plans to sell its Argentine business, assets including wireless towers in Italy and Brazil, and a mandatory convertible bond to raise a total of about 4 billion euros ($5.4 billion) to help pare debt.
The carrier received a binding offer for its 22.7 percent holding in Telecom Argentina SA and its board voted yesterday in favor of the disposal, Telecom Italia Chief Executive Officer Marco Patuano said on a conference call. Fintech, the investment firm founded and led by Mexican billionaire David Martinez, is the bidder, an Argentine official said today.