Telefónica Sells Argentine Operations to Telecom for $1.245 Billion, 61% Market Share Sparks Antitrust Probe

Telefónica has successfully sold its Argentine operations to Telecom for $1.245 billion, a transaction that exceeded market expectations despite political tensions. The acquisition has prompted an antitrust investigation due to Telecom's significant market share of 61% in mobile lines. Following the sale, Telefónica is reportedly exploring divestitures in Uruguay and Mexico while preparing for its exit from Colombia. In a related development, Marc Murtra, Telefónica's new CEO, has proposed Carlos Ocaña as the new vice president, aligning the power dynamics within the company. The market responded positively to the sale, with Telefónica's shares rising by 1.56%, reaching pre-pandemic levels. Murtra has emphasized the need for consolidation in the telecommunications sector to better compete with U.S. tech giants.