September 26, 2014 / 8:54 PM / 3 years ago

Telecom Italia says will review Argentina unit sale deal

Telecom Italia technicals office personnel work in a telephone exchange in Rome, December 20, 2013.Alessandro Bianchi

MILAN (Reuters) - The board of Telecom Italia (TLIT.MI) has asked its management to look at possible changes to an agreement to sell its controlling stake in Telecom Argentina (TEC2.BA) to U.S. investment company Fintech, the Italian company said on Friday.

The Italian group agreed the $960 million deal nearly a year ago but closing of the sale has come in doubt because it has not yet been cleared by regulators.

In a statement, Telecom Italia said talks with Fintech to modify the deal will take into account the regulatory delays and be based on a term sheet providing guarantees to Telecom Italia. The statement did not elaborate on the term sheet.

Meanwhile the current agreement will remain valid until Oct. 24, it added.

Late on Thursday, Telecom Italia had said Fintech was asking for an extension to complete the deal given regulatory uncertainty.

Reporting by Danilo Masoni, editing by Silvia Aloisi

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