Subject: [NEXTEL-1] Argentina's Telefonica Cell Division Sells Shares In Unit

From: [email-masked]
Date: Tue, 30 Sep 2003 23:55:46 -0400

Argentina's Telefonica Cell Division Sells Shares In Unit

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Argentina's Telefonica Cell Division Sells Shares In Unit

September 30, 2003 6:49pm
Dow Jones Business News

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BUENOS AIRES -(Dow Jones)- Telefonica Moviles Argentina SA (E.MVA), the cellular division of Telefonica de Argentina SA (E.TAS), will sell $13 million worth of shares in Radio Movil Digital Argentina SA, the company said Tuesday.

Telefonica de Argentina is in turn a subsidiary of Spanish telecom Telefonica SA (TEF). In a filing to the Buenos Aires stock exchange Tuesday, Telefonica Moviles Argentina said it has signed a contract to sell the shares to Nextel Communications Argentina SA and NII Holdings Inc. (NIHD)

The filing said the transaction will be "subject to a suspended condition" until it receives approval from Argentina's Secretary of Communications and the National Commission of Defense of Competition within the time frame of one year. When approval is granted, Nextel will pay 65% of the sum and hand over the remaining amount within another six months, the company said.

-By Wailin Wong, Dow Jones Newswires; 5411-4311-3125; [email-masked]

(END) Dow Jones Newswires

September 30, 2003 18:49 ET (22:49 GMT)

Copyright © 2003 Dow Jones and Company, Inc.

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