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Company Description (as filed with the SEC)
Nortel Inversora S.A. was organized by a consortium of Argentine and international investors to acquire a controlling interest in the common stock of Telecom as the first step in Argentina's privatization of its fixed-link public telecommunications services and basic telephone services. See "Item 7--Major Shareholders and Related Party Transactions." As of December 31, 2013, Nortel owned approximately 54.74% of the common stock of Telecom Argentina. Because Telecom Argentina owns 15,221,373 of its own Class B Shares as of the date of this Annual Report, our ownership of the outstanding shares amounts to 55.60%. Nortel's sole substantial activity is owning such stock and its sole substantial source of cash income is cash dividends paid on such stock. See "Item 10--Additional Information--Bylaws and Terms and Conditions of Issuance of Series B Preferred Shares--Nortel's Capital Stock. ... More ...