Cleary Gottlieb, Milbank, and Davis Polk advised on $52 million secondary offering of Telecom Argentina ADSs.

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.

Telecom Argentina is one of Argentina’s leading telecommunications providers, offering mobile telephony, cable television, internet and fixed telephony services, as well as data transmission, fintech, wholesale and IT solutions across Argentina, Paraguay, Uruguay, the United States and Chile.

Cleary Gottlieb represented longstanding client Telecom Argentina in connection with the transaction.

The Cleary corporate team was led by Partners Juan Giraldez and Ignacio Lagos, supported by 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.

Milbank advised Fintech Telecom LLC as the selling shareholder in the registered follow-on offering, which was executed through an accelerated bookbuilding process.

The Milbank team was led by Partner Adam Brenneman, with Associates Isobel Smith and Daniel Perez-Kowalski.

Davis Polk advised the underwriters, Morgan Stanley & Co. LLC and Banco BTG Pactual S.A. — Cayman Branch, which acted as global coordinators in the offering.

The Davis Polk capital markets team included Partner Maurice Blanco, Counsel Drew Glover and Associate Diego Tomas Jimenez Juri, with tax advice provided by Partner Corey M. Goodman and associate Fred (Chen) Fu.