In Argentina, merger control thresholds and fines for anticompetitive conduct are determined by reference to the value of an adjustable unit (AU), which is subject to annual inflation adjustment. On February 2, 2022, the Argentine Secretariat of Domestic Trade updated the AU value to AR$83.45. Accordingly, the following reportability parameters apply in 2022.
Under Law No. 27,442 (the Competition Law), mergers and acquisitions of control of (or substantial influence over) an independent undertaking (or a part thereof); acquisitions of certain revenue-producing assets; and the formation of certain joint ventures are reportable by the acquirer or the parties thereto, provided that:
- the group of the acquirer has assets or otherwise conducts business in Argentina, including by exporting significantly to Argentina from abroad (ie, no first landing)
- in the previous financial year, the parties’ combined Argentine revenue exceeded AR$8,345 million (about US$77.4 million)and
- any of (x) the Argentine portion of the transaction’s value (eg, the portion of global consideration that may be apportioned to Argentina) or (y) the value of the assets in Argentina to be transferred, exceeds AR$1,669 million (about US$15 million).
Fines for late filing
Parties who file late or jump the gun may face daily fines of up to 0.1 percent of the parties’ consolidated Argentine business volume or AR$62.6 million (about US$564,000).
The expected transition from a post-closing merger notification system to a pre-closing suspensory one is on hold. The Competition Law mandates such transition, but its effectiveness is tied to the establishment of the new National Competition Authority, which has not been set up yet – meaning the pre-closing system has not yet taken effect.
The maximum amount of filing fees that could be charged by the new authority under the Competition Law (once it is in place) has increased to AR$1,669,000 (about US$15,000). However, as of the date of this post, no filing fees apply to merger control filings in Argentina.
The summary above intends to serve as basic guidance for reportability analyses but does not purport to be exhaustive. A different filing exemption may apply to individual cases. Please contact the author with any questions.
 The official exchange rate reported by Banco Nación as of December 31, 2021 was US$1 : AR$107.75.
 The official exchange rate reported by Banco Nación as of February 9, 2022 was US$1 : AR$111. The de minimis exemption is not available when any of the parties was involved in one or more concentrations in the same product market during (i) the 12 months preceding the concentration, in excess of: AR$1,669 million (about US$15 million) or (ii) the 36 months preceding the concentration, in excess of: AR$5,007 million (about US$45.1 million).