Argentinas Supercanal announces new owners

Supercanal-1

Supercanal, one of the main pay TV operators in Argentina, announced that it was acquired by CVI Austral LLP, a conglomerate controlled by an investment group with strong focus in “technology and telecommunications projects”, headed by Carlos Joost Newbery.
Supercanal was founded by Daniel Vila in 1985 and was the telecommunications arm of Grupo América, with presence in 14 provinces and headquarters in the province of Mendoza. The purchase of the company and the deployment of a new fiber optic network and digital services will require an investment of close to USD 400 million, according to a statement.
The controlling investor group is composed by Joost Newbery, owner of ICondor, who participated in the founding of telecommunications companies such as Movicom (Movistar) and CTI Móvil (Claro) and will be chairman of the Supercanal board of directors. In addition, Pablo Venturino and Mariano Gilles, of White-Bridge, who structured the purchase operation, will also be part of the board.
According to the statement, “CarVal Investors, a global leader with a long history of investment in Argentina, worked with Newbery and White-Bridge in providing the financing that allowed the acquisition of Supercanal.”
The new owners also said that this transaction “will create jobs, contribute to closing the digital divide and will continue to bring the best content offer to positively impact the quality of life of users in the 14 provinces where Supercanal provides services”.