A consortium headed by Spain’s Telefónica is expected to buy an 18% stake in Telecom Italia from Pirelli & C SpA later today. Following the deal, the consortium, which is known as Telco and also includes four Italian parties, will own 23.6% of the Italian telco. The deal will have ramification in Latin America, where both Telefónica and Telecom Italia have a presence. It was finally given the go-ahead by regulators in Brazil earlier this week, though is still understood to be under investigation by the competition authorities in Argentina.
