[6-K] Telecom Argentina S.A. Current Report (Foreign Issuer)
Telecom Argentina S.A. (NYSE: TEO) has received a formal objection report from Argentina鈥檚 antitrust authority (CNDC) related to a previously disclosed transaction or conduct notified under Article 9 of Law 27,442. The Resolution RESOL-2025-22498026-APN-SIYC#MEC, delivered on 19 June 2025, triggers the next procedural steps in the review:
- The CNDC鈥檚 Technical Opinion, now deemed an objection report under Article 14, identifies potential adverse effects on competition.
- 15-day window: Telecom Argentina must file comments and/or propose remedies to mitigate the concerns.
- A special hearing will be convened by the CNDC to evaluate the adequacy of any proposed remedies.
No financial metrics were provided, but the process could influence future strategic options, timelines and, depending on required concessions, the company鈥檚 cost structure or market positioning in Argentina鈥檚 telecom sector. Investors should monitor the outcome of remedy negotiations and the hearing schedule, as failure to satisfy regulators may lead to divestitures, operational restrictions or fines.
Telecom Argentina S.A. (NYSE: TEO) ha ricevuto un rapporto di obiezione formale dall'autorit脿 antitrust argentina (CNDC) riguardante una transazione o condotta precedentemente comunicata ai sensi dell'Articolo 9 della Legge 27.442. La Risoluzione RESOL-2025-22498026-APN-SIYC#MEC, emessa il 19 giugno 2025, avvia le successive fasi procedurali della revisione:
- Il Parere Tecnico della CNDC, ora considerato un rapporto di obiezione ai sensi dell'Articolo 14, individua potenziali effetti negativi sulla concorrenza.
- Finestra di 15 giorni: Telecom Argentina deve presentare osservazioni e/o proporre rimedi per mitigare le preoccupazioni sollevate.
- La CNDC convocher脿 un udienza speciale per valutare l鈥檃deguatezza dei rimedi proposti.
Non sono stati forniti dati finanziari, ma il procedimento potrebbe influenzare le future opzioni strategiche, i tempi e, in base alle concessioni richieste, la struttura dei costi o la posizione di mercato dell鈥檃zienda nel settore telecom argentino. Gli investitori dovrebbero seguire l鈥檈sito delle negoziazioni sui rimedi e il calendario delle udienze, poich茅 il mancato rispetto delle richieste regolatorie potrebbe comportare cessioni, restrizioni operative o sanzioni.
Telecom Argentina S.A. (NYSE: TEO) ha recibido un informe de objeci贸n formal de la autoridad antimonopolio de Argentina (CNDC) relacionado con una transacci贸n o conducta previamente notificada conforme al Art铆culo 9 de la Ley 27.442. La Resoluci贸n RESOL-2025-22498026-APN-SIYC#MEC, emitida el 19 de junio de 2025, inicia los siguientes pasos procesales en la revisi贸n:
- El Dictamen T茅cnico de la CNDC, ahora considerado un informe de objeci贸n seg煤n el Art铆culo 14, identifica posibles efectos adversos sobre la competencia.
- Plazo de 15 d铆as: Telecom Argentina debe presentar comentarios y/o proponer remedios para mitigar las preocupaciones.
- La CNDC convocar谩 una audiencia especial para evaluar la idoneidad de los remedios propuestos.
No se proporcionaron m茅tricas financieras, pero el proceso podr铆a influir en futuras opciones estrat茅gicas, cronogramas y, dependiendo de las concesiones requeridas, en la estructura de costos o posicionamiento de mercado de la empresa en el sector telecomunicaciones de Argentina. Los inversores deben monitorear el resultado de las negociaciones de remedios y el calendario de audiencias, ya que el incumplimiento con los reguladores podr铆a derivar en desinversiones, restricciones operativas o multas.
Telecom Argentina S.A. (NYSE: TEO)電� 鞎勲ゴ項嫲雮� 瓴届焷 雼龟淡(CNDC)鞙茧攵�韯� 氩曤 27,442 鞝�9臁办棎 霐半澕 鞚挫爠鞐� 鞁犼碃霅� 瓯半灅 霕愲姅 頄夓渼鞕� 甏�霠悳 瓿奠嫕 鞚挫潣 鞝滉赴 氤搓碃靹�毳� 氚涭晿鞀惦媹雼�. 2025雲� 6鞗� 19鞚检棎 氚滍枆霅� 瓴办潣鞎� RESOL-2025-22498026-APN-SIYC#MEC電� 瓴�韱� 鞝堨皑鞚� 雼れ潓 雼硠毳� 齑夒皽頃╇媹雼�:
- CNDC鞚� 旮办垹 鞚橁铂鞚� 鞚挫牅 鞝�14臁办棎 霐半ジ 鞚挫潣 鞝滉赴 氤搓碃靹滊 臧勳＜霅橂┌, 瓴届焷鞐� 氙胳範 鞛犾灛鞝� 攵�鞝曥爜 鞓來枼鞚� 鞁濍硠頃╇媹雼�.
- 15鞚缄皠鞚� 旮瓣皠: Telecom Argentina電� 鞖半牑 靷暛鞚� 鞕勴檾頃橁赴 鞙勴暅 鞚橁铂 鞝滌稖 氚�/霕愲姅 鞁滌爼 臁办箻毳� 鞝滌晥頃挫暭 頃╇媹雼�.
- CNDC電� 鞝滌晥霅� 鞁滌爼 臁办箻鞚� 鞝侅爤靹膘潉 韽夑皜頃橁赴 鞙勴暣 韸闺硠 觳須�毳� 靻岇頃� 鞓堨爼鞛呺媹雼�.
鞛 歆�響滊姅 鞝滉车霅橃 鞎婌晿鞙茧倶, 鞚� 鞝堨皑電� 頄ロ泟 鞝勲灥鞝� 靹犿儩, 鞚检爼 氚� 鞖旉惮霅橂姅 鞏戨炒鞐� 霐半澕 須岇偓鞚� 牍勳毄 甑“雮� 鞎勲ゴ項嫲雮� 韱奠嫚 鞁滌灔 雮� 鞙勳箻鞐� 鞓來枼鞚� 氙胳範 靾� 鞛堨姷雼堧嫟. 韴瀽鞛愲摛鞚� 鞁滌爼 臁办箻 順戩儊 瓴瓣臣鞕� 觳須� 鞚检爼鞚� 欤检嫓頃挫暭 頃橂┌, 攴滌牅 雼龟淡鞚� 鞖旉惮毳� 於╈”頃橃 氇豁暊 瓴届毎 毵り皝, 鞖挫榿 鞝滍暅 霕愲姅 氩岅笀 攵�瓿缄皜 鞛堨潉 靾� 鞛堨姷雼堧嫟.
Telecom Argentina S.A. (NYSE : TEO) a re莽u un rapport d'objection formel de l'autorit茅 antitrust argentine (CNDC) concernant une transaction ou conduite pr茅c茅demment notifi茅e en vertu de l'article 9 de la loi 27.442. La r茅solution RESOL-2025-22498026-APN-SIYC#MEC, rendue le 19 juin 2025, d茅clenche les prochaines 茅tapes proc茅durales de l'examen :
- L'avis technique de la CNDC, d茅sormais consid茅r茅 comme un rapport d'objection au titre de l'article 14, identifie des effets potentiellement d茅favorables sur la concurrence.
- D茅lai de 15 jours : Telecom Argentina doit soumettre des commentaires et/ou proposer des mesures correctives pour att茅nuer les pr茅occupations soulev茅es.
- Une audition sp茅ciale sera convoqu茅e par la CNDC pour 茅valuer l'ad茅quation des mesures propos茅es.
Aucune donn茅e financi猫re n'a 茅t茅 communiqu茅e, mais cette proc茅dure pourrait influencer les options strat茅giques futures, les calendriers et, en fonction des concessions requises, la structure des co没ts ou le positionnement de l'entreprise sur le march茅 des t茅l茅communications en Argentine. Les investisseurs doivent suivre l'issue des n茅gociations sur les mesures correctives et le calendrier des auditions, car le non-respect des exigences r茅glementaires pourrait entra卯ner des cessions, des restrictions op茅rationnelles ou des amendes.
Telecom Argentina S.A. (NYSE: TEO) hat von der argentinischen Wettbewerbsbeh枚rde (CNDC) einen formellen Einwandbericht im Zusammenhang mit einer zuvor gemeldeten Transaktion oder Verhaltensweise gem盲脽 Artikel 9 des Gesetzes 27.442 erhalten. Die Resolution RESOL-2025-22498026-APN-SIYC#MEC vom 19. Juni 2025 leitet die n盲chsten Verfahrensschritte im Pr眉fprozess ein:
- Das technische Gutachten der CNDC, das nun als Einwandbericht gem盲脽 Artikel 14 gilt, identifiziert potenzielle wettbewerbswidrige Auswirkungen.
- 15-t盲giges Zeitfenster: Telecom Argentina muss Stellungnahmen abgeben und/oder Abhilfema脽nahmen vorschlagen, um die Bedenken auszur盲umen.
- Die CNDC wird eine besondere Anh枚rung einberufen, um die Angemessenheit der vorgeschlagenen Abhilfema脽nahmen zu bewerten.
Es wurden keine finanziellen Kennzahlen bereitgestellt, aber das Verfahren k枚nnte zuk眉nftige strategische Optionen, Zeitpl盲ne sowie 鈥� abh盲ngig von den erforderlichen Zugest盲ndnissen 鈥� die Kostenstruktur oder Marktposition des Unternehmens im argentinischen Telekommunikationssektor beeinflussen. Investoren sollten das Ergebnis der Verhandlungen 眉ber Abhilfema脽nahmen und den Zeitplan der Anh枚rung genau verfolgen, da die Nichteinhaltung regulatorischer Anforderungen zu Ver盲u脽erungen, Betriebseinschr盲nkungen oder Geldstrafen f眉hren kann.
- None.
- Regulatory objection report threatens proposed transaction/behavior, raising the risk of divestitures or operational restrictions.
- 15-day deadline limits negotiation time, increasing execution risk and potential delays.
- A forthcoming special hearing introduces additional public scrutiny and uncertainty for investors.
Insights
TL;DR 鈥� Antitrust objection elevates regulatory risk; outcome hinges on acceptable remedies.
The CNDC鈥檚 objection report moves the review into an adversarial phase. A 15-day response period is short, forcing Telecom Argentina to craft concessions quickly鈥攖ypically spectrum divestitures, wholesale access or pricing commitments in telecom cases. The impending special hearing adds public scrutiny. If remedies are insufficient, the Secretary of Industry & Commerce can block the underlying conduct or impose structural measures, materially affecting revenue streams in mobile and broadband segments. While no fines are mentioned, the potential for mandatory divestiture or behavioural conditions represents a negative risk skew. Investors should assign a probability-weighted valuation haircut until clarity emerges.
TL;DR 鈥� Headline negative, but impact magnitude remains uncertain pending remedy talks.
The filing signals regulatory friction rather than an immediate prohibition. Telecom Argentina retains the option to negotiate remedies, and Argentine authorities have historically accepted behavioural commitments. Therefore, while the news adds uncertainty and may pressure the share price short-term, it is not yet thesis-breaking. Key watch-points: scope of remedies, timing of the special hearing, and whether the process delays capex or strategic projects. Position sizing should reflect elevated volatility, but a complete exit could prove premature given the company鈥檚 strong cash generation and oligopolistic market.
Telecom Argentina S.A. (NYSE: TEO) ha ricevuto un rapporto di obiezione formale dall'autorit脿 antitrust argentina (CNDC) riguardante una transazione o condotta precedentemente comunicata ai sensi dell'Articolo 9 della Legge 27.442. La Risoluzione RESOL-2025-22498026-APN-SIYC#MEC, emessa il 19 giugno 2025, avvia le successive fasi procedurali della revisione:
- Il Parere Tecnico della CNDC, ora considerato un rapporto di obiezione ai sensi dell'Articolo 14, individua potenziali effetti negativi sulla concorrenza.
- Finestra di 15 giorni: Telecom Argentina deve presentare osservazioni e/o proporre rimedi per mitigare le preoccupazioni sollevate.
- La CNDC convocher脿 un udienza speciale per valutare l鈥檃deguatezza dei rimedi proposti.
Non sono stati forniti dati finanziari, ma il procedimento potrebbe influenzare le future opzioni strategiche, i tempi e, in base alle concessioni richieste, la struttura dei costi o la posizione di mercato dell鈥檃zienda nel settore telecom argentino. Gli investitori dovrebbero seguire l鈥檈sito delle negoziazioni sui rimedi e il calendario delle udienze, poich茅 il mancato rispetto delle richieste regolatorie potrebbe comportare cessioni, restrizioni operative o sanzioni.
Telecom Argentina S.A. (NYSE: TEO) ha recibido un informe de objeci贸n formal de la autoridad antimonopolio de Argentina (CNDC) relacionado con una transacci贸n o conducta previamente notificada conforme al Art铆culo 9 de la Ley 27.442. La Resoluci贸n RESOL-2025-22498026-APN-SIYC#MEC, emitida el 19 de junio de 2025, inicia los siguientes pasos procesales en la revisi贸n:
- El Dictamen T茅cnico de la CNDC, ahora considerado un informe de objeci贸n seg煤n el Art铆culo 14, identifica posibles efectos adversos sobre la competencia.
- Plazo de 15 d铆as: Telecom Argentina debe presentar comentarios y/o proponer remedios para mitigar las preocupaciones.
- La CNDC convocar谩 una audiencia especial para evaluar la idoneidad de los remedios propuestos.
No se proporcionaron m茅tricas financieras, pero el proceso podr铆a influir en futuras opciones estrat茅gicas, cronogramas y, dependiendo de las concesiones requeridas, en la estructura de costos o posicionamiento de mercado de la empresa en el sector telecomunicaciones de Argentina. Los inversores deben monitorear el resultado de las negociaciones de remedios y el calendario de audiencias, ya que el incumplimiento con los reguladores podr铆a derivar en desinversiones, restricciones operativas o multas.
Telecom Argentina S.A. (NYSE: TEO)電� 鞎勲ゴ項嫲雮� 瓴届焷 雼龟淡(CNDC)鞙茧攵�韯� 氩曤 27,442 鞝�9臁办棎 霐半澕 鞚挫爠鞐� 鞁犼碃霅� 瓯半灅 霕愲姅 頄夓渼鞕� 甏�霠悳 瓿奠嫕 鞚挫潣 鞝滉赴 氤搓碃靹�毳� 氚涭晿鞀惦媹雼�. 2025雲� 6鞗� 19鞚检棎 氚滍枆霅� 瓴办潣鞎� RESOL-2025-22498026-APN-SIYC#MEC電� 瓴�韱� 鞝堨皑鞚� 雼れ潓 雼硠毳� 齑夒皽頃╇媹雼�:
- CNDC鞚� 旮办垹 鞚橁铂鞚� 鞚挫牅 鞝�14臁办棎 霐半ジ 鞚挫潣 鞝滉赴 氤搓碃靹滊 臧勳＜霅橂┌, 瓴届焷鞐� 氙胳範 鞛犾灛鞝� 攵�鞝曥爜 鞓來枼鞚� 鞁濍硠頃╇媹雼�.
- 15鞚缄皠鞚� 旮瓣皠: Telecom Argentina電� 鞖半牑 靷暛鞚� 鞕勴檾頃橁赴 鞙勴暅 鞚橁铂 鞝滌稖 氚�/霕愲姅 鞁滌爼 臁办箻毳� 鞝滌晥頃挫暭 頃╇媹雼�.
- CNDC電� 鞝滌晥霅� 鞁滌爼 臁办箻鞚� 鞝侅爤靹膘潉 韽夑皜頃橁赴 鞙勴暣 韸闺硠 觳須�毳� 靻岇頃� 鞓堨爼鞛呺媹雼�.
鞛 歆�響滊姅 鞝滉车霅橃 鞎婌晿鞙茧倶, 鞚� 鞝堨皑電� 頄ロ泟 鞝勲灥鞝� 靹犿儩, 鞚检爼 氚� 鞖旉惮霅橂姅 鞏戨炒鞐� 霐半澕 須岇偓鞚� 牍勳毄 甑“雮� 鞎勲ゴ項嫲雮� 韱奠嫚 鞁滌灔 雮� 鞙勳箻鞐� 鞓來枼鞚� 氙胳範 靾� 鞛堨姷雼堧嫟. 韴瀽鞛愲摛鞚� 鞁滌爼 臁办箻 順戩儊 瓴瓣臣鞕� 觳須� 鞚检爼鞚� 欤检嫓頃挫暭 頃橂┌, 攴滌牅 雼龟淡鞚� 鞖旉惮毳� 於╈”頃橃 氇豁暊 瓴届毎 毵り皝, 鞖挫榿 鞝滍暅 霕愲姅 氩岅笀 攵�瓿缄皜 鞛堨潉 靾� 鞛堨姷雼堧嫟.
Telecom Argentina S.A. (NYSE : TEO) a re莽u un rapport d'objection formel de l'autorit茅 antitrust argentine (CNDC) concernant une transaction ou conduite pr茅c茅demment notifi茅e en vertu de l'article 9 de la loi 27.442. La r茅solution RESOL-2025-22498026-APN-SIYC#MEC, rendue le 19 juin 2025, d茅clenche les prochaines 茅tapes proc茅durales de l'examen :
- L'avis technique de la CNDC, d茅sormais consid茅r茅 comme un rapport d'objection au titre de l'article 14, identifie des effets potentiellement d茅favorables sur la concurrence.
- D茅lai de 15 jours : Telecom Argentina doit soumettre des commentaires et/ou proposer des mesures correctives pour att茅nuer les pr茅occupations soulev茅es.
- Une audition sp茅ciale sera convoqu茅e par la CNDC pour 茅valuer l'ad茅quation des mesures propos茅es.
Aucune donn茅e financi猫re n'a 茅t茅 communiqu茅e, mais cette proc茅dure pourrait influencer les options strat茅giques futures, les calendriers et, en fonction des concessions requises, la structure des co没ts ou le positionnement de l'entreprise sur le march茅 des t茅l茅communications en Argentine. Les investisseurs doivent suivre l'issue des n茅gociations sur les mesures correctives et le calendrier des auditions, car le non-respect des exigences r茅glementaires pourrait entra卯ner des cessions, des restrictions op茅rationnelles ou des amendes.
Telecom Argentina S.A. (NYSE: TEO) hat von der argentinischen Wettbewerbsbeh枚rde (CNDC) einen formellen Einwandbericht im Zusammenhang mit einer zuvor gemeldeten Transaktion oder Verhaltensweise gem盲脽 Artikel 9 des Gesetzes 27.442 erhalten. Die Resolution RESOL-2025-22498026-APN-SIYC#MEC vom 19. Juni 2025 leitet die n盲chsten Verfahrensschritte im Pr眉fprozess ein:
- Das technische Gutachten der CNDC, das nun als Einwandbericht gem盲脽 Artikel 14 gilt, identifiziert potenzielle wettbewerbswidrige Auswirkungen.
- 15-t盲giges Zeitfenster: Telecom Argentina muss Stellungnahmen abgeben und/oder Abhilfema脽nahmen vorschlagen, um die Bedenken auszur盲umen.
- Die CNDC wird eine besondere Anh枚rung einberufen, um die Angemessenheit der vorgeschlagenen Abhilfema脽nahmen zu bewerten.
Es wurden keine finanziellen Kennzahlen bereitgestellt, aber das Verfahren k枚nnte zuk眉nftige strategische Optionen, Zeitpl盲ne sowie 鈥� abh盲ngig von den erforderlichen Zugest盲ndnissen 鈥� die Kostenstruktur oder Marktposition des Unternehmens im argentinischen Telekommunikationssektor beeinflussen. Investoren sollten das Ergebnis der Verhandlungen 眉ber Abhilfema脽nahmen und den Zeitplan der Anh枚rung genau verfolgen, da die Nichteinhaltung regulatorischer Anforderungen zu Ver盲u脽erungen, Betriebseinschr盲nkungen oder Geldstrafen f眉hren kann.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
For the month of June 2025
Commission File Number: 001-13464
Telecom Argentina S.A.
(Translation of registrant’s name into English)
General Hornos, No. 690, 1272
Buenos Aires, Argentina
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
| Form 20-F |
x |
| Form 40-F | ¨ |
Telecom Argentina S.A.
TABLE OF CONTENTS
Item
| 1. | English translation of letter dated June 19, 2025, to the Argentine Securities & Exchange Commission (Comisión Nacional de Valores) |
|
FREE TRANSLATION Buenos Aires, June 19, 2025 Comisión Nacional de Valores |
 |
Re.: Relevant Matter
Dear Sirs,
I am writing to you in my capacity as Attorney-in-fact of Telecom Argentina S.A. (“Telecom Argentina” or the “Company”) following up on the relevant fact published on February 24th and March 24th, 2025.
In this regard, the Company informs that, within the framework of the notification made by the Company to the Argentine Antitrust Commission (Comisión Nacional de Defensa de la Competencia)(“CNDC”) in accordance with Article 9 of Law No. 27,442, the Company was notified today of the Resolution issued by the Secretary of Industry and Commerce RESOL-2025-22498026-APN-SIYC#MEC which, in short: (1) communicates to the Company the Technical Opinion dated June 19, 2025, issued by the CNDC considered as the objection report under the terms of Article 14 of Law No. 27,442; (2) grants a period of fifteen (15) days for Telecom Argentina to submit any comments it deems appropriate and/or propose remedies to mitigate the effects on competition arising from the objection report; and (3) convenes a special hearing, to be scheduled by the CNDC, to consider the measures the parties may offer to mitigate the potential negative impact on competition identified in the aforementioned objection report.
Sincerely,
| | Telecom Argentina S.A. |
| | |
| | /s/Andrea V. Cerdán |
| | Attorney-in-fact |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | | | Telecom Argentina S.A. | ||
| | | | | | |
| Date: | June 20, 2025 | | By: | /s/ Luis Fernando Rial Ubago | |
| | | | | Name: | Luis Fernando Rial Ubago |
| | | | | Title: | Responsible for Market Relations |
Source:
FAQ
What did Telecom Argentina (TEO) disclose in its June 2025 Form 6-K?
Why is the CNDC's objection important for TEO investors?
What is the deadline for Telecom Argentina to respond to the objection report?
Will there be a public hearing on the matter?
Does the filing include any financial figures or earnings impact?
Could Telecom Argentina face fines at this stage?
