Raising Its Stake in Telecom Italia, Telefónica Eyes Latin America

The Spanish telecommunications giant Telefónica agreed on Tuesday to raise its stake in the struggling Telecom Italia in an attempt to gain greater control of the Italian operator’s assets in important Latin American markets.

It is the latest in a series of telecommunications deals in Europe as big players aim to expand their holdings.

Telefónica said it would initially increase its stake in Telco, the holding company of Telecom Italia, to 66 percent through a share issue worth 324 million euros ($437 million). Telefónica currently has a 46 percent stake in the company.

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