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 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.

Spanish telecommunications giant Telefonica agreed to sell its Argentine subsidiary to Telecom Argentina for $1.2 billion on Monday, prompting libertarian President Javier Milei's government to announ