Hours before the second local long weekend in June, Argentina’s Secretariat of Industry and Commerce (SIyC) surprised the market with its resolution regarding the sale of Telefónica to Telecom. The US$1.245 billion transaction, completed on February 24, was challenged based on the opinion of the National Competition Defense Commission (CNDC). This report is the result of a “preliminary analysis,” based on hearings with companies and sector associations that presented on the potential impact on competition across various services; data provided by Enacom; and information requested from Telecom itself.