Linklaters Advises BBVA, Deutsche Bank and Banco Santander on the Acquisition Financing of Telefónica’s Operations in Argentina

Linklaters advised the lead structuring banks BBVA, Deutsche Bank and Banco Santander on the provision of a $970 million syndicated term loan to Telecom Argentina S.A., a leading Argentine telecommunications company, for the acquisition of Telefónica Móviles Argentina S.A. The acquisition was completed at an enterprise value of $1.245 billion and was announced and closed simultaneously on February 24, 2025.

Telecom has been at the forefront of the telecommunications industry in Argentina, Paraguay and Uruguay, offering fixed-line telephony, mobile communications, optical fiber, cable television and broadband services. Through the acquisition of Telefónica, Telecom seeks to enhance its infrastructure capabilities while offering improved network services.  

The Linklaters team was led by Partner Michael Bassett and Counsel Emilio Minvielle, supported by Counsel Andrés Loera and Associates Thomas Tiphaine Koffman, Vivian Meng and Mason Kim.

Linklaters’ lawyers have practiced in Latin America for decades and Linklaters was one of the first international firms to open an office in Brazil in 1997. With a growing team of Latin America-focused lawyers across the firm’s New York, Washington, D.C. and São Paulo, the firm continues to increase its presence in the Latin America region and deepen existing relationships with leading local law firms. Linklaters is highly ranked across key Latin America legal directories including Chambers, Legal 500 and Latin Lawyer.