The Spanish publisher Telef³nica Publicidad e Informaci³n (TPI) has expanded its presence in South America with the acquisition of Telinver, Argentina’s largest directory publisher. The enterprise value of the deal was US$74 million. TPI already owns the market leaders in Chile and Peru as well as a leading competitive publisher in Brazil. TPI’s main rival in the region is Publicar, which is based in Colombia with operations throughout Central and South America.