Marval counsels Telecom Argentina’s US$ 52 million public offerings

Marval O’ Farrell Mairal has advised, as a local counsel, Telecom Argentina’s US$ 52 million secondary public offering of ADSs. Fintech Telecom, acting as the selling shareholder closed a secondary public offering of 4,658,131 American Depositary Shares (ADSs).

Each ADS represents five Class B ordinary shares of Telecom Argentina and is listed on the New York Stock Exchange (NYSE) under the ticker symbol TEO.

Telecom Argentina is a leading telecommunications provider in Argentina, offering a suite of services including mobile telephony, cable TV, high-speed internet, and fixed-line telephony. The company also provides fintech services, international long-distance and wholesale services, data transmission, and outsourced technology solutions.

The final offering price was set at US$ 11.15 per ADS, resulting in an aggregate transaction value of approximately US$ 52 million. As the offering was conducted entirely by the Selling Shareholder, the net proceeds were received exclusively by such entity, with no direct proceeds going to Telecom.

Morgan Stanley & Co. and Banco BTG Pactual — Cayman Branch acted as joint book-runners, the international underwriters. The Transaction involved a cross-border team of advisors across the United States and Argentina.

Milbank acted as New York legal counsel to the selling shareholder. Cleary Gottlieb Steen & Hamilton acted as New York legal counsel to Telecom Argentina. Davis Polk & Wardwell acted as New York legal counsel to the International Underwriters. EGFA Abogados acted as local legal counsel to Telecom Argentina.

Marval O’Farrell Mairal acted as local legal counsel to the international underwriters and was led by partner Sergio Tálamo and associates Martín Iván Lanus, Lautaro Penza, and Pedro María Azumendi.