Argentina’s President Javier Milei 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.

Telefónica agrees to sell its operations in Argentina to Telecom Argentina SA for US$1.25 billion, drawing a warning for President Javier Milei's government that it will review the transaction.

Telefónica has announced a US$1.2 billion deal to sell its entire stake in its Argentinian unit to Telecom Argentina, though the transaction could be blocked by government intervention over competition concerns.

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