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VÍCTOR A. BELAÚNDE 147, TORRE TRES, PISO 12, SAN ISIDRO, LIMA, PERU
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Work +511 612 3202
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www.prc.com.pe

Peru

Banking and finance
Banking and finance - ranked: tier 1

Payet, Rey, Cauvi, Pérez Abogados

Payet, Rey, Cauvi, Pérez Abogados is commended for its capabilities in corporate lending, project finance, acquisition financing, structured finance and capital markets, and its strong breadth of practice is evidenced by a broad list of prominent deals. The seven-partner-strong team regularly acts for leading domestic and foreign financial institutions, borrowers and guarantors, and has particularly strong links with major Peruvian lenders. Most recently, it advised China Development Bank, as lender, on the structuring of a $125m working capital loan to one of the most important copper mines in the country, Minera Chinalco Perú, with a guarantee agreement governed by Chinese law; Aldo Reggiardo led the team. Still on the lender side, Susan Castillo assisted Scotiabank Perú with a $120m loan to Trastiendas Integradas for the repayment of existing debt with Banco BTG Pactual; while on the borrower side, she acted for The Carlyle Group investment vehicle Track Inversiones regarding a loan granted by Banco de Crédito del Perú for the acquisition of two railway companies. The team regularly draws on the firm’s increasingly robust tax capabilities for tax structuring advice on complex finance and capital markets transactions. In a recent highlight on the project finance side, Juan Antonio Egüez paired up with tax partner Iván Chu to assist Graña y Montero with a $200m credit facility granted by Credit Suisse; the facility was used to finance the (subsequently suspended) construction of the Gasoducto Sur Peruano. Group co-chair José Cúneo has extensive experience in the financing of natural resources projects; in 2016, he advised a club of banks and joint lead arrangers, including BBVA Banco Continental, Banco de Crédito del Perú and CorpBanca (New York Branch), on a $275m loan facility to Compañía de Minas Buenaventura. Also a group co-chair, Eduardo Vega is recommended for the structuring and issuance of debt and equity transactions; in a recent highlight, he advised Itaú Unibanco (as sole mandated lead arranger and sole book runner), and a club of banks including Itaú Corpbanca (New York Branch), Banco de Crédito del Perú and Bancolombia, on the structuring of a $60m international syndicated loan granted to three companies of Peru’s Romero Group, in the framework of a corporate reorganisation process. The team also has an active capital markets practice and recent work saw Juan Antonio Egüez assist Banco de Crédito del Perú with its offering and issuance of $300m Rule 144A/Reg. S senior notes, which carry the lowest interest rate to date for a Peruvian company issuer. Name partner José Antonio Payet is another key figure in the team, which also includes notable senior associates Alan García and Kiomi Osorio.

Leading lawyers

José Antonio Payet - Payet, Rey, Cauvi, Pérez Abogados

Next generation lawyers

Kiomi Osorio - Payet, Rey, Cauvi, Pérez Abogados

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Competition and antitrust
Competition and antitrust - ranked: tier 1

Payet, Rey, Cauvi, Pérez Abogados

Payet, Rey, Cauvi, Pérez Abogados has one of the most established antitrust and competition teams in the market, and is particularly rated for administrative and judicial litigation, as well as compliance matters. The team has a superb track record in antitrust investigations, particularly in the natural gas, energy and manufacturing sectors. Recent highlights in this area include acting for Productos Tissue in proceedings before the Competition Court over alleged horizontal price fixing and coordinated practices in the tissue paper market; this was the first publicly disclosed antitrust investigation derived from a leniency application. The team is also representing Viva GyM in class-action proceedings brought by Peruvian consumer association ASPEC before INDECOPI, over commercial practices in an affordable housing complex – one of the first such complexes built in Peru. Other clients include Lima Gas, Química Suiza and Supermercados Peruanos. Practice head Carlos Patrón is an undisputed leader in the field.

Leading lawyers

Carlos Patrón - Payet, Rey, Cauvi, Pérez Abogados

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Corporate and M&A
Corporate and M&A - ranked: tier 1

Payet, Rey, Cauvi, Pérez Abogados

Payet, Rey, Cauvi, Pérez Abogados fields a very solid 32-strong team that continues to garner a high volume of the market’s corporate and M&A work, and stands out for its ‘industry knowledge, swift response times and broad capability’. The prolific team handles an impressive caseload, including joint ventures, mergers, acquisitions, and asset transfers and restructurings; moreover it demonstrates expertise across all industry sectors from energy and telecoms to insurance, health and retail. The team also has solid experience in private equity matters. Leading names include founding partner José Antonio Payet and Susan Castillo, who co-head the team. The pair recently advised The Carlyle Group on its acquisition of more than 80% of the shares issued by Inca Rail, and 80% of the shares issued by Servicios Ferroviarios. Meanwhile, Juan José Cauvi, whom clients commend for ‘bringing a global perspective to deals and providing pragmatic legal solutions’, advised Repsol on the $335m sale of its liquefied petroleum gas (LPG) business in Peru and Ecuador to Chilean energy company Abastible; this transaction completed Repsol’s divestiture plan in the LPG market in Latin America. Together with José Cúneo, he also advised Inchcape on the Peruvian aspects of its $290m direct and indirect acquisition of Indumotora Group’s operations in Chile, Colombia, Peru and Argentina; the firm was one of four firms chosen to advise on the Latin American leg of the transaction, with Chile’s Claro & Cia. acting as lead advisor and coordinator. Teaming-up with Gerardo Soto of the firm’s regulatory area, Juan Antonio Egüez assisted América Móvil Perú with its acquisition of Olo del Perú, Cablevisión and Velatel from Russian investment group Metsanco. Alonso Rey and Aldo Reggiardo are also recommended.

Leading lawyers

José Antonio Payet - Payet, Rey, Cauvi, Pérez Abogados

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Dispute resolution
Dispute resolution - ranked: tier 2

Payet, Rey, Cauvi, Pérez Abogados

Payet, Rey, Cauvi, Pérez Abogados is considered a ‘strategic ally’ given the strength of its ‘agile, intelligent and solid’ team, and leverages off its superb reputation for corporate and finance work to specialise in acting for major local and international clients in contentious proceedings. The firm is active in both litigation and arbitration and has a fine record for handling financial, commercial and corporate disputes. Julio César Pérez heads the team, and recently represented BNP Paribas in its claim against Ezentis concerning a credit-off-setting in a $25m financing facility agreement. Pérez is also acting for Terminales Portuarios Chancay in a constitutional claim brought by artisanal fishermen in relation to the construction of the port of Chancay; he is assisted by senior associate José Aguado and associate Milo Ruiz, with whom he forms a ‘powerful, clever and extremely client-focused team’. The ‘particularly goodDomingo Rivarola gets plaudits for his ‘high technical knowledge’ and ‘passion for what he does’; together with corporate partner Aldo Reggiardo, he successfully represented Perú Masivo in a domestic arbitration proceeding against the Municipality of Lima over the breach of a concession contract. Other highlights included Máximo Gordillo’s defense of Lima Gas in a damages claim brought by Par Motors. The team’s profile was further strengthened by the hire of prominent criminal law practitioner José Caro John, who joins the firm’s growing white-collar practice. Senior associates Alessandra Mendoza and Micaela Ortiz are highly regarded.

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Environment
Environment - ranked: tier 3

Payet, Rey, Cauvi, Pérez Abogados

Payet, Rey, Cauvi, Pérez Abogados has a strong focus on social and environmental risks related to financing and capital markets transactions, and specialises in advising investors, private equity funds and lenders on environmental issues in pre-M&A and project financing audits. Senior associate Vanessa Chávarry co-heads the practice with José Cúneo and assists both Banco de Crédito del Perú and Credicorp Capital Financial Services with the environmental clauses in their loan agreements an on-going basis. Other clients include Forsac Perú, Ford Peru, and Gold Fields La Cima.

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Insurance
Insurance - ranked: tier 3

Payet, Rey, Cauvi, Pérez Abogados

Payet, Rey, Cauvi, Pérez Abogados’ ‘excellent’ insurance practice is part of the firm’s wider corporate offering, and provides ‘responsible and client-oriented’ advice. The group focuses on regulatory issues and consumer protection matters, and recently advised Charles Taylor Adjusting on its incorporation and registration before the Peruvian authority. It is also assisting Seguros Sura with business development matters, including new insurance products, and services, and corporate and regulatory issues. Other clients include Premium Life Insurance, Corredores de Seguros Falabella, and El Pacífico Vida Compañía de Seguros y Reaseguros. Juan José Cauvi and Juan Antonio Egüez are the key contacts.

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Labour and employment
Labour and employment - ranked: tier 3

Payet, Rey, Cauvi, Pérez Abogados

The ‘excellent’ team at Payet, Rey, Cauvi, Pérez Abogados draws on the combined talents of senior associates Cristina Oviedo and Brian Ávalos, who undertake both consultancy and litigation; they are praised for their ‘high level of industry knowledge, great response times and very appropriate advice’. Areas of expertise include collective bargaining processes, employment contracts, negotiations with unions, visas and immigration matters, and recruitment policies. Highlights included advising Faber Castell on the negotiation and subsequent execution of its first collective bargaining agreement; and assisting FORD Perú with a preventive program to mitigate risks and improve compliance. Since the conclusion of research, former practice head Germán Lora – who left the firm to act as an adviser to the labour ministry in Pedro Pablo Kuczynski’s administration – has returned to the firm where he had formerly spent some 14 years.

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Projects and infrastructure
Projects and infrastructure - ranked: tier 2

Payet, Rey, Cauvi, Pérez Abogados

Payet, Rey, Cauvi, Pérez Abogados is a strong brand for project finance instructions, with recent highlights in the energy, water, transportation, education and telecoms sector. The group is able to draw on the banking and finance expertise of Aldo Reggiardo, who recently advised Banco de Crédito del Perú on the project development and financing of the construction of a school in Piura, which involved a public tax incentive scheme. The group also has a strong record in bidding processes for concessions, privatisations, public-private partnerships, and management and consulting contracts. Gerardo Soto assisted America Móvil Perú with the bidding process for a 4G-spectrum concession, which it won with a $306m offer. Juan Antonio Egüez is another name to note.

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Public law and regulation
Public law and regulation - ranked: tier 2

Payet, Rey, Cauvi, Pérez Abogados

Payet, Rey, Cauvi, Pérez Abogados’ public law practice ably supports the firm’s renowned corporate and projects work, and regularly handles administrative petitions and procedures before governmental entities. Among recent highlights, team head Gerardo Soto advised America Móvil Perú on its successful $306m offer in the bidding process for a 4G spectrum concession. Together with competition expert Carlos Patrón, he is assisting Exxon Mobil with an administrative procedure before the Municipality of Callao to obtain a building license. Associates to note include Karen Angeles, Mayra Aguirre and Michelle Aramburú.

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Tax
Tax - ranked: tier 3

Payet, Rey, Cauvi, Pérez Abogados

In 2016, Payet, Rey, Cauvi, Pérez Abogados saw the departure of its tax practice co-head Juan Manuel Salazar to an in-house role at IC Power, but showed commitment to the area by hiring former assistant tax manager at Volcan Compañía Minera, Vanessa Watanabe, as counsel. The group continues to be led by Iván Chu, who himself joined the firm in 2014 after serving as head of tax at Rebaza, Alcázar & De Las Casas. The relatively new practice is dominated by corporate support work for the firm’s impressive blue chip client base, and regularly advises on the tax aspects of M&A deals, banking and finance transactions, and asset transfers. Recent highlights included advising Repsol on the tax structure for the $335m sale of its LPG business in Peru and Ecuador to Abastible; and Carlyle on the tax aspects of its investment in Inca Rail with the Forsyth family. Other clients include América Móvil Perú, Sura, Skanska del Perú, and Amcor.

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Peru: Energy and natural resources

Electricity
Energy and natural resources: electricity - ranked: tier 3

Payet, Rey, Cauvi, Pérez Abogados

At Payet, Rey, Cauvi, Pérez Abogados, Alonso Rey and Gerardo Soto are the key contacts for energy work, with Soto bringing to bear his expertise in regulatory and public law matters, and administrative litigation. Recent instructions include acting for Edegel in administrative proceedings before energy regulator Osinergmin concerning a number of alleged infringements to the regulatory framework. The team is also advising electricity transmission provider Conelsur LT on regulatory and administrative matters, including rate regulation procedures and easements. Associate Mayra Aguirre is also recommended.

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Peru

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