Cablevisión S.A entered into a preliminary merger agreement to acquire Telecom Argentina S.A. (BASE:TECO2) from Nortel Inversora S.A. (NYSE:NTL), Fintech Advisory, Fintech Telecom, LLC and others in a reverse merger transaction on June 30, 2017. As a result of the merger, Telecom Argentina will increase its equity and its capital stock and will issue as consideration 1.1 billion ordinary book-entry shares of its common stock and entitled to one vote per share of which 473 million will be Class A Shares and 710 million will be Class D Shares, to be delivered to Cablevisión's shareholders according to the established Distribution Ratio. On July 7, 2017, Cablevisión Holding executed with Fintech Telecom LLC, the controlling company of Telecom Argentina S.A. a shareholder agreement that will govern the exercise of the rights of the shareholders of Telecom once the merger process between Telecom and Cablevisión has concluded and become effective. The distribution ratio is 9,871.07005 shares of Telecom Argentina per share of Cablevisión, which implies that Cablevisión Holding S.A., the controlling shareholder of Cablevisión, and Fintech Media LLC, its minority shareholder, will receive a direct and indirect total participation in Telecom Argentina equivalent to 55% of the combined company's total outstanding capital after considering the capital stock increase. The current shareholders of Telecom Argentina will retain the remaining 45% of the capital stock of the combined company as a result of the merger. Cablevisión and Telecom Argentina will merge their respective corporate structures and operations. The ratio has been based on an amount of outstanding Telecom Argentina shares of approximately 970 million (excluding the 15.22 million class B shares of Telecom Argentina repurchased by Telecom Argentina and currently held as treasury stock) and an amount of outstanding Cablevisión shares of 0.12 million. Any fractions or decimal numbers of shares resulting from the exchange made to any shareholder shall be paid in cash. Fintech and affiliates granted to CVH and option to purchase a direct or indirect equity interests equal to 13.51% of the total outstanding capital of Telecom Argentina. Upon completion of the transaction CVH and VLG Argentina LLC shareholder will receive approximately 410 million and approximately 610 million shares in exchange for their holding of 0.04 million and 0.06 million shares of Cablevisión respectively. The Boards of Directors of Cablevisión and Telecom Argentina approved the deal. The transaction is subject to the approval of the shareholders of Cablevisión and Telecom Argentina at their respective shareholders' meetings to be held on August 31, 2017 and by the relevant regulatory authorities. The deal is approved by shareholders of Telecom Argentina. As of December 21, 2017, Argentina's telecommunications regulator, ENACOM, approved the deal. The deal is subject to approval of Argentina’s CNDC antitrust regulator. The deal is expected to occur in the beginning of January 2018. J.P. Morgan Securities LLC acted as a financial advisor to Telecom Argentina. LionTree Advisors, LLC and Goldman Sachs & Co. LLC acted as financial advisors for Cablevision. Cablevisión S.A completed the acquisition of Telecom Argentina S.A. (BASE:TECO2) from Nortel Inversora S.A. (NYSE:NTL), Fintech Advisory, Fintech Telecom, LLC and others in a reverse merger transaction on January 1, 2018. As a result of the transaction, Cablevisión S.A. has been dissolved without liquidation and Cablevision Holding S.A. has become the controlling shareholder of Telecom Argentina S.A. Argentine National Commission for the Defense of Competition gave final approval for the merger of Telecom Argentina and Cablevisión on June 29, 2018. Secretary of Commerce approved the deal on June 29, 2018.