11:27 AM EST, 02/25/2025 (MT Newswires) -- Telefonica's ( TEF ) move to sell its Argentina unit to Telecom Argentina will be reviewed by the government for possible breach of anti-monopoly rules, Argentina's President Javier Milei said late Monday.

Milei, who issued the statement shortly after Telefonica ( TEF ) disclosed the deal in a filing, said the transaction could leave about 70% of telecommunications services in the country under the control of one group, creating a monopoly.

In a regulatory filing Monday, Telefonica ( TEF ) said its TLH Holdco subsidiary sold Telefonica Moviles Argentina to Telecom Argentina for about $1.25 billion as part of Telefonica's ( TEF ) strategy to reduce its exposure to Latin America. The deal was signed and completed Monday, Telefonica ( TEF ) added.

Telefonica ( TEF ) didn't immediately reply to MT Newswires' request for comment.

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