Company: TCMFF
Filing Date: 2025-05-13
Form Type: 6-K
Source: 0001104659-25-047837
Chunk: 23

Company: TELECOM ARGENTINA SA
Filing Date: 2025-05-13
Form: 6-K
Chunk 23
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                            |     |                         |  -217,291 |     |                         |  -225,395 |
| Net identifiable assets acquired      |     |                         | 1,187,228 |     |                         | 1,231,504 |

The preliminary fair value of the acquired trade
receivables is $348,215 million in current currency as of March 31, 2025. The gross contractual amount for trade receivables due is $455,619
million, with a loss allowance of $106,954 million recognized on acquisition.

The Company's management conducted a preliminary
assessment of the PPA. It should be noted that this is a preliminary assessment, since the valuation of certain assets and liabilities
involves significant judgments that require additional time and information. Therefore, as of the date of these unaudited condensed consolidated
financial statements, no goodwill has been recognized. Once the PPA determination is completed, within the timeframes provided for by
IFRS 3, any resulting effects will be recognized.

Impact on Operations for the period

The acquired business generated revenues from ordinary
activities in the amount of $234,420 million and net loss in the amount of $21,656 million from the acquisition date to March 31, 2025.
Had the acquisition been conducted as of January 1, 2025, the revenues from ordinary activities and net income contributed by the acquired
business would have amounted to $690,293 million and $90,577 million, respectively.

Regulatory Impact of the Acquisition

As of the date of these unaudited condensed consolidated
financial statements, the Company has duly submitted the required filings in connection with the acquisition of TMA and has initiated
the necessary proceedings before CNDC and ENACOM in order to obtain, respectively, the approval of the Argentine Secretariat of Industry
and Trade (or any successor authority acting as the enforcement authority of Law No. 27,442) for the economic concentration resulting
from the acquisition of TMA, and the approval of ENACOM for the change of control at TMA resulting from the Company's acquisition of TMA.
The filing with CNDC was made on March 3, 2025, and the filing with ENACOM was made on March 7, 2025, in both cases in accordance with
the applicable regulatory framework.

<div align='center'>F-26

TELECOM ARGENTINA S.A.</div>

Both administrative proceedings are currently pending,
and as of