Banco Macro invests US$75M in Telecom Argentina (TEO) Personal Pay unit
Rhea-AI Filing Summary
Telecom Argentina S.A. has entered into a strategic alliance with Banco Macro S.A. focused on growing Micro Sistemas S.A.U., the payment services provider that operates the “Personal Pay” platform. Under a new framework agreement, Banco Macro will provide its financial product expertise, while Micro Sistemas contributes its large base of active, transaction-driven customers.
As part of the alliance, Banco Macro is making a capital contribution and subscribing for shares representing 50% of the share capital and voting rights of Micro Sistemas for an amount in Argentine pesos equivalent to US$75,000,000. The goal is to build a broader and more comprehensive financial services offering for Personal Pay users and an expanded customer base, leveraging Banco Macro’s established position in the financial sector. The transaction is subject to approval by the National Antitrust Authority.
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Insights
Telecom Argentina brings in Banco Macro as a US$75M, 50% partner in its Personal Pay payments subsidiary.
The agreement makes Banco Macro a 50% shareholder in Micro Sistemas, the operator of the Personal Pay platform, through a capital contribution equivalent to
Because this is structured as a capital contribution into Micro Sistemas in exchange for new shares, the money is directed to the payments business rather than described as proceeds to Telecom Argentina. The alliance pairs a large financial institution with a telecom-owned fintech platform, which can deepen product breadth on Personal Pay and potentially support user growth.
The transaction remains subject to approval by the National Antitrust Authority, so its closing depends on regulatory clearance. Subsequent company communications may detail how control, governance, and financial reporting for Micro Sistemas evolve once Banco Macro holds 50% of its share capital and voting rights.
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 January 2026
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 January 22, 2026, to the Argentine Securities & Exchange Commission (Comisión Nacional de Valores) |
|
FREE TRANSLATION
Buenos Aires, January 22, 2026
Comisión Nacional de Valores |
 |
Re.: Relevant Matter
Dear Sirs,
We are pleased to inform you that, as of today, Telecom Argentina S.A. (“Telecom”) and its direct and indirect subsidiaries Micro Fintech Holding LLC (“Micro Fintech”) and Micro Sistemas S.A.U. (“Micro Sistemas”) have entered into a framework agreement with Banco Macro S.A. (“Banco Macro”) aimed at fostering the growth and expansion of the business of Micro Sistemas, a payment services provider operating under the “Personal Pay” brand.
This strategic alliance will enable the development of a differentiated and comprehensive value proposition for customers operating on the “Personal Pay” platform, while also expanding the range of financial products and services offered to a broader customer base, supported by Banco Macro’s leading position in the financial sector.
For these purposes, Banco Macro will contribute its expertise in financial products, while Micro Sistemas will contribute its extensive base of active customers and recurring use cases with genuine transaction activity, thereby promoting a more efficient and broader market with customers at its core.
Pursuant to this agreement, Banco Macro is making a capital contribution and, therefore, is subscribing for shares representing 50% (fifty percent) of the share capital and voting rights of Micro Sistemas, for an amount in pesos equivalent to US$75,000,000 (seventy-five million United States dollars).
The transaction is subject to the corresponding approval by the National Antitrust Authority, in accordance with applicable regulations.
Sincerely,
| Telecom Argentina S.A. | |
| /s/Carlos A. Moltini | |
| Chairman |
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: | January 22, 2026 | By: | /s/ Luis Fernando Rial Ubago | |
| Name: | Luis Fernando Rial Ubago | |||
| Title: | Responsible for Market Relations | |||
FAQ
What strategic deal did Telecom Argentina (TEO) announce regarding Personal Pay?
Telecom Argentina announced a framework agreement with Banco Macro under which they form a strategic alliance to grow Micro Sistemas, the payment services provider that runs the Personal Pay platform. The partnership is aimed at developing a more comprehensive financial services offering for Personal Pay users and a broader customer base.
How much is Banco Macro investing in Telecom Argentinas Micro Sistemas unit?
Banco Macro is making a capital contribution in Argentine pesos equivalent to US$75,000,000. In exchange, it will subscribe for shares representing 50% of the share capital and voting rights of Micro Sistemas, Telecom Argentinas payment services subsidiary that operates under the Personal Pay brand.
What will each party contribute in the Telecom Argentina (TEO) and Banco Macro alliance?
In the alliance, Banco Macro will contribute its expertise in financial products, while Micro Sistemas contributes its extensive base of active customers and recurring transaction use cases on the Personal Pay platform. Together, they aim to create a differentiated value proposition and expand financial products and services for a larger customer base.
Does Banco Macro gain control of Micro Sistemas in this transaction?
Banco Macro will subscribe for shares representing 50% of the share capital and voting rights of Micro Sistemas. This gives Banco Macro and Telecom Argentina equal ownership and voting rights in the payment services subsidiary associated with the Personal Pay platform.
Is the Telecom Argentina (TEO) and Banco Macro transaction already effective?
The transaction is subject to approval by the National Antitrust Authority in accordance with applicable regulations. This means that regulatory clearance is still required before the ownership change in Micro Sistemas becomes fully effective.
How does this deal affect the Personal Pay platform of Telecom Argentina?
The strategic alliance is intended to support the growth and expansion of the Personal Pay business. By combining Banco Macros financial product capabilities with Micro Sistemas existing active customer base, the parties plan to enhance the range of financial products and services available to Personal Pay users and to a broader market.
