Merger control

Your company is planning a merger, the purchase of a block of shares, the acquisition of a going concern, or the formation of a joint venture, and needs to know whether the transaction must be notified to the competition authority before or after closing.

When a transaction must be notified

Law 27,442 defines an economic concentration as the acquisition of control over one or more companies through mergers, acquisitions of shares or equity interests, transfers of going concerns, and other acts that involve acquiring substantial influence over another company. Not every transaction is covered: the regime is triggered when the turnover thresholds set by law and updated by the enforcement authority are exceeded.

We analyze the structure of the transaction, the parties involved, and their turnover to determine whether notification is required, and whether any statutory exemption applies. Early assessment is key, because the Argentine regime provides for control prior to closing the transaction under the terms set by the law.

The procedure before the enforcement authority

The notification is filed with the enforcement authority under Law 27,442 using the forms provided in the regulations, supplying information on the parties, the relevant market, market shares, and the expected effects on competition. The authority may approve the transaction, condition it on compliance with commitments or remedies, or deny it when the result would restrict or distort competition in a way that could harm the general economic interest.

We prepare and coordinate the filing, respond to information requests, and, where appropriate, propose commitments or remedies that facilitate approval. The timelines and depth of review vary depending on the complexity of the case and the affected market.

Cross-border transactions with effects in Argentina

Transactions closed abroad may be subject to notification in Argentina when they produce effects in the local market and exceed the applicable thresholds. We coordinate the local analysis with the client's advisors in other jurisdictions to ensure consistency across the different filings.

From our Buenos Aires office, we assist foreign groups with subsidiaries, sales, or assets in the country, assessing the need to notify and handling the process before the Argentine authority.

Common mistakes

• Closing the transaction without checking whether it should have been notified beforehand
• Assuming a transaction closed abroad has no impact in Argentina
• Underestimating the review timelines and their impact on closing the deal
• Submitting incomplete information that generates requests and delays
• Failing to anticipate commitments or remedies in transactions with overlapping markets

Frequently asked questions