Value of Thresholds and Fines Updated

On January 16, 2026, by means of Resolution 6/2026, the Antitrust Tribunal fixed the value of the Adjustable Unit at ARS 1,450.05, in accordance with article 85 of the Antitrust Law 27442. Following this new value, the amounts established in the Antitrust Law were automatically updated as described below.

Merger Control Threshold. If there is an economic concentration in which the aggregate volume of business generated in Argentina by the companies involved in a transaction (acquiring group and target or merging entities) exceeds 100,000,000 Adjustable Units, equivalent to ARS 145,005,000,000 (USD 97,976,351 and EUR 82,389,204 according to the relevant exchange rate as set out below) this must be notified to the Argentine Antitrust Authority (ANC). If the company’s turnover is generated in Argentina by means of a local subsidiary, we recommend referring to the local financial statements, which must be issued in local currency to avoid any distortion in the exchange rates.

However, when the company is present through exports into Argentina (and, as such, has no local financial statements), the Antitrust Law states that the exchange rate that must be used is the sellers’ exchange rate published by Banco de la Nacion Argentina on the day the preceding fiscal year ended. For the financial year ending on December 31, 2025, the rate was USD 1= ARS 1,480.00 and EUR 1 = ARS 1,760.00

The “de minimis” threshold. If a notification is issued, the de minimis exemption would apply if the total local assets of the target and the local consideration of the transaction would each not exceed 20,000,000 Adjustable Units, equivalent to ARS 29.001.000.000 (approximately USD 19,795,904 and EUR 16,959,649, according to the exchange rate available at the time of writing.). This exception does not apply if any of the companies were involved in economic concentrations in the same relevant market that surpassed said value in the last 12 months or if in the last 36 months they surpassed 60,000,000 Adjustable Units, equivalent to ARS 87,003,000,000 (approximately USD 59,387,713 and EUR 50,878,947, according to the exchange rate available at the time of writing this article).

Late filing fine or gun-jumping. When the method of calculation established by the Antitrust Law is not viable—i.e., a daily fine for an amount of up 0.1% of the consolidated turnover at national level registered by the economic group to which the infringers belong, during the last fiscal year—the parties that did not comply with the mandatory notification will be subject to a fine of up to 750,000 Adjustable Units per day of delay, equivalent to ARS 1,087,537,500 (approximately USD 742,346 and EUR 635,986 according to the exchange rate available at the time of writing this article).

Fines for anticompetitive conducts. When the other methods of calculation established by the Antitrust Law are not viable (i.e., (i) up to 30% of the turnover associated to the products or services involved in the wrongful act, during the last fiscal year, multiplied by the number of years during which the activity took place, or (ii) until two times the economic benefit reported by the wrongful act), the parties that have engaged in anti-competitive conducts will be subject to a fine of up to 200,000,000 Adjustable Units, equivalent to ARS 290.010.000.000 (approximately USD 197,959,044 and EUR 169,596,491 according to the exchange rate currently available at the time of writing this article).

The value set out by this Resolution will become effective as of January 19, 2026, and will remain in force until the value for 2027 is published.

Finally, it is important to note that the suspensory regime will become effective in Argentina as of November 17, 2026. Therefore, transactions closing after this date will be subject to the new regime. Parties to these transactions must consider that the notification process will now need the ANC’s approval for them to close the transaction.