Grupo Clarín S.A. Acquires Buenos Aires Stock Exchange

On 14 September 2015, Grupo Clarín S.A. informed the Argentine Securities Commission and the Buenos Aires Stock Exchange that the Company had made an offer to NII Mercosur Telecom, S.L.U. and NII Mercosur Móviles, S.L.U, subject to the fulfillment of certain conditions, to acquire from Sellers 49% of the capital stock of Nextel Communications Argentina S.R.L. and an option to acquire, together with its subsidiary Televisión Dirigida S.A., the remaining 51%. 

The Company offered to assign the rights and obligations arising from the Offer to its subsidiary Cablevisión S.A., which accepted the assignment.

The aggregate price of the transaction is of USD165 million (the "Price") plus the right to additional consideration of up to USD13 million, subject to certain conditions.

The transaction was completed on 14 September with the acceptance of the Offer by Sellers and the payment by Cablevisión S.A. of USD159 million.  The balance of USD6 million shall be placed in escrow to cover eventual liabilities of the target company.

The transaction is carried out in full compliance with applicable law.

Nextel Argentina is the fourth mobile telecommunications operator in the country with a market share of approximately 3%, and operates in Argentina since 1998.