BUENOS AIRES, Argentina

Alberto Fernández won Argentina's presidential election Sunday with 47.9% of the vote.

With 93% of the ballots counted from nearly 34 million eligible voters, Fernández will be sworn-in in December and serve as president until 2023 with his vice-presidential partner and ex-President Cristina Fernández de Kirchner.

Incumbent Mauricio Macri and his running mate, Miguel Ángel Pichetto, won 40.5% with the rest going to the other candidates.

Macri acknowledged the electoral defeat against Fernández.

According to Argentine electoral law, a candidate can win the presidency in a single round by either winning 45% of the vote or if they win 40% of the vote while finishing 10 percentage points ahead of the second-place candidate.

A second round is held if no candidate meets either threshold.

*Writing by Erdogan Cagatay Zontur