Nortel Inversora S.A. (NYSE: NTL) whose sole material activity is holding 54.74% of the capital stock of Telecom Argentina S.A. said that Telecom has repurchased 15,221,373 of its own stock as of December 31, 2015.
As a result, the political and economic rights of Nortel have increased to 55.60 % of Telecom´s outstanding stock.
Nortel Inversora is a holding company, organized by a consortium of Argentine and international investors to acquire a controlling interest in the common stock of Telecom Argentina SA (Telecom Argentina). Its operations are to invest in companies, other than financial services companies generally, and to invest in Telecom Argentina specifically.
Telecom Argentina provides fixed-line public telecommunication services, international long-distance service, data transmission and Internet services in Argentina and through its subsidiaries, mobile telecommunications services in Argentina and Paraguay and international wholesale services in the United States of America.