After announcing its intention to merge with Cablevisión, Telecom Argentina has acquired a 70% stake in Paraguayan DTH operator TuVes (Inter Venezuela).
In a statement, the company said its subsidiary Núcleo acquired the shares for USD 6,264. In addition, the company approved the capitalization of TuVes Paraguay for USD 12.6 million. The capital increase was subscribed by the shareholders in proportion to their respective shareholdings, with Telecom disbursing USD 8.8 million (and the Chilean company Tu Ves S.A the remaining 30%).
“Our subsidiary Núcleo S.A has acquired shares representing 70% of the share capital and voting rights of TuVes Paraguay,” the representative of Telecom Personal, Andrea Cerdán, said in the statement sent to Buenos Aires Stock Exchange.
The operation has the prior authorization of the National Telecommunications Commission (Conatel) of Paraguay.
Since 2013, the majority stake of Tuves is in the hands of the company Inter from Venezuela. In addition to Paraguay, the satellite service also operates with its wholesale platform in countries such as Venezuela, Bolivia, Ecuador, Chile and Panama, among others. Today it has 11 operations and it expects to reach 15 by the end of the year.
Currently, Telecom provides mobile and pay TV services in Paraguay. The company entered the country’s pay TV market in 2014, when it launched its DTH service using the platform provided by TuVes. As reported in the statement, TuVes currently has approximately 71,800 customers in Paraguay.