New York, Jan 22, 2026, 3:17 PM EST — Regular session
Telecom Argentina S.A.’s U.S.-listed ADRs (TEO), which track the company’s Argentine shares, jumped 11.7% to $12.57 Thursday afternoon.
The surge came after a filing revealed Banco Macro plans to invest the peso equivalent of $75 million in Micro Sistemas, the operator behind its Personal Pay digital wallet, in exchange for a 50% stake—pending antitrust approval.
The stock hit $12.91, with trading volume running more than twice its three-month average. Year to date, it’s gained roughly 9%.
The deal slots one of Argentina’s top banks into a telecom-operated payments platform just as digital wallets become a key arena for grabbing customer attention.
For Telecom, it means expanding financial services via an app already linked to its mobile users—no need to wait for the next earnings report to shift the narrative.
Here’s the straightforward fact: Banco Macro is acquiring half the voting rights, not just a minor stake.
This means the regulatory review stands as the primary obstacle, and the key factor the market needs to factor in.
Telecom said the deal aims to expand the range of products on Personal Pay by combining Banco Macro’s banking expertise with Micro Sistemas’ current user base and transaction volume.
Chairman Carlos A. Moltini said the alliance is meant to “enable the development of a differentiated and comprehensive value proposition” for customers using the platform. MarketScreener
Macro Bank, the U.S.-listed arm of Banco Macro, announced it will provide “expertise in financial products,” with Micro Sistemas offering an active customer base and steady use cases.
The filing was signed by Banco Macro CEO Juan M. Parma.
Ramiro Marra, analyst at Bull Market Brokers, told local outlet Infobae the market “is optimistic and it shows up in prices” following the announcement. infobae
Shares of Banco Macro (BMA) listed in the U.S. slipped 1.1%, closing at $96.92.
Personal Pay goes head-to-head with MercadoLibre’s Mercado Pago and several other wallets in Argentina, where banks and fintechs battle over merchant networks, fees, and credit options.
Antitrust approval isn’t guaranteed.
Back in March 2025, Argentina’s government hit pause on Telecom’s acquisition of Telefónica’s local unit. The competition watchdog raised concerns the deal might lead to excessive market concentration.
Investors are keen to see when the competition review will wrap up and how fast the partners advance from the framework agreement to closing.
According to MarketScreener’s calendar, Telecom’s next quarterly earnings—covering Q4 2025—are due March 10, 2026.
