Clarín And Fintech Create Argentina’s Largest Cable Company

Grupo Clarín, Argentina’s largest media group, and US investment fund advisor Fintech Advisory have joined forces to merge Argentina’s two largest cable providers. The merger will create the largest cable provider in the local market, which aims to expand regionally and take on the big foreign players. The new MSO (multiple system operator) combines market leader Cablevisión with Clarín-controlled Multicanal, as well as a network of other internet service providers such as FiberTel and Prima. The deal, thought to be worth around $1 billion, involved the acquisition of the outstanding 40% of Cablevisión from US buyout fund Hicks, Muse, Tate & Furst as well as the exchange of assets and shareholdings between Clarín and Fintech. The companies will be investing around $600 million to develop the operation’s infrastructure, in particular focusing on broadband services.