Telecom Argentina in $52 Million Secondary Equity Offering

Cleary Gottlieb is representing longstanding client Telecom Argentina S.A. (Telecom) in an approximately $52 million public offering by certain of its shareholders of an aggregate of 4,658,131 American depositary shares (ADSs), each representing five Class B common shares of Telecom, at a price to the public of $11.15 per ADS.

The offering priced on February 10, 2026, and is expected to close on February 12, 2026. No shares are being sold by Telecom, and Telecom will not receive any proceeds from the sale of ADSs by the selling shareholders. Morgan Stanley & Co. LLC and Banco BTG Pactual S.A. — Cayman Branch acted as underwriters in the offering.

Telecom is a leading telecommunications company in Argentina, offering its customers “quadruple play” services, combining mobile telephony services, cable television services, internet services, and fixed telephony services, among others. Additionally, Telecom Argentina offers mobile, internet, satellite TV, and other services in Paraguay; cable television services in Uruguay; cybersecurity services in Chile; and fixed wholesale services in the United States.

The Cleary corporate team included partners Juan Giraldez and Ignacio Lagos, associates Carla Martini and Sonia Montejano, and international lawyer Matias Chaves. Partner Matt Brigham advised on tax matters, with assistance from law clerk Seth Stancroff. Partner Amber Phillips and associate Ben Rosenblum advised on Investment Company Act matters, with assistance from law clerk Effie Stathaki.