Through a press release signed by CEO Raúl Olmos, Argentina’s Grupo Olmos announced its intention to acquire Telefónica’s subsidiary in Uruguay. According to information disclosed by the company, Luis Miguel Gilpérez, once President of Telefónica España, has been hired “to structure the acquisition of Telefónica Uruguay’s assets,” as part of the group’s international expansion plan. Swiss bank UBS has been asked to structure the financing of the transaction.

Grupo Olmos has three business units: Health (hospitals, drug wholesalers and laboratories), Insurance (two companies) and Communication Media, which includes news channel Crónica TV (Pay TV and DTT), music channel CM (Pay TV), newspapers Crónica and BAE Negocios, magazine Veintitrés and radio station FMQ.

Telefónica Uruguay operates only mobile services through its Movistar brand. However, the flexibilization of the Uruguayan telecommunications market is under analysis in order that a single operator may be allowed to provide phone, fixed Internet and Pay TV services.