According to the Argentine president, this acquisition "could leave 70% of the telecommunications services in the hands of a single group, which would create a monopoly formed thanks to decades of state benefits received by said company".

Telefonica SA agreed on Monday to sell its operations in Argentina to local firm Telecom Argentina SA for $1.25 billion, though President Javier Milei immediately warned his government would review the transaction as a possible monopoly.

MADRID (Reuters) -Spanish telecoms company Telefonica has sold its unit in Argentina for $1.245 billion to Telecom Argentina as part of its strategy to gradually reduce its exposure to Latin America,