Bloomberg News reported on November 14, 2013, that Fintech Group had agreed to pay $860 million for Telecom Italia SpA's 68 percent holding in Sofora Telecomunicaciones, the controlling holding company of Telecom Argentina through Nortel Inversora, plus a direct minority stake, plus $100 million for related assets, for a total of $960 million. This deal pitted him "against the mobile-phone business of Carlos Slim in South America's second-biggest economy" and "expand Martínez's bets beyond holdings such as cable assets and Argentina's sovereign debt as he seeks to benefit from increasing Web and video use on mobile devices."