Fintech, the firm run by Mexican financier David Martinez, will take full control of Telecommunications company Telecom Argentina and its mobile subsidiary Personal following a corporate restructure that will see Grupo Werthein leave Sofora Telecomuncaciones.

Sofora President, Saturnino Funes, explained that the iniciative seeks to “simplify the ownership structure of Telecom Argentina in line with international standards and market practices”. The Werthein Group holds 32% of Sofora, the controlling company of Telecom, and Fintech the remaining 68%.

The company will pay off the shares of W of Argentina Inversiones SA, the Werthein family firm, in two parts: first 17% and then the remaining 15% to complete the 32% owned by the group.

Fintech also has a 40 percent stake in Cablevision, the largest MSO in the country, in partnership with Grupo Clarín. Fintech gained control of Telecom Argentina after buying Telecom Italia’s stake in Sofora for USD 960 million. This operation was approved in March 2016.

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