Argentina’s President Javier Milei has warned Telefonica SA that his government will review the phone carrier’s plan to sell its local operations to Telecom Argentina SA for a possible breach of anti-monopoly rules.

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".

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,