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TORRE VIRREYES, PEDREGAL 24, 24TH FLOOR, COL. MOLINO DEL REY, MEXICO CITY, 11040, MEXICO
Tel:
Work +52 55 4748 0600
Fax:
Fax +52 55 4748 0690
Email:
Web:
www.creel.mx
Mexico City, Monterrey
Creel, García-Cuéllar, Aiza y Enríquez, S.C., Jorge Correa, Mexico City, MEXICO

Lawyer rankings

Jorge Correa

Tel:
Work +52 55 4748 0625
Email:
Creel, García-Cuéllar, Aiza y Enríquez, S.C.

Work Department

Corporate and International Tax

Position

Jorge Correa is a partner in the Mexico City office. His practice specializes on corporate and international tax with an emphasis on capital markets & financial products, cross-border structuring, M&A, energy, and estate planning (including FATCA & CRS).

Mr. Correa regularly advises global investment firms, financial institutions and multinational enterprises, on transactions and investments in Mexico across multiple industries and asset classes, including energy & naturales resources, infrastructure, private equity and real estate. Notably, he advised leading global investment firms on sale and leaseback agreements with Mexico’s state-owned oil company, including structuring their investments in Mexico. In capital markets, Mr. Correa has advised both issuers and underwriters on a number of domestic and global offerings, including offerings of new asset classes (such as FIBRA I, CKD and FIBRA E). In M&A, he has advised private equity funds and enterprises on fund formation and carrying-on various investments across different industries and sectors, such as energy & natural resources, and consumer products. Mr. Correa has also advised financial institutions and multinational enterprises on developing highly-sophisticated tax regulations, securing important private letter rulings and obtaining large VAT refunds.

Mr. Correa was awarded the Generación Anáhuac medal by Universidad Anáhuac Mayab in 2015, and has been featured in the 2014 30 promises in their 30s ranking of CNN Expansión.

Career

Mr. Correa worked for ten years at the Ministry of Finance and Public Credit, where he held various positions including Assistant Deputy Commissioner (Oil & Gas), Assistant Deputy Commissioner (International Tax Legal Affairs), and Competent Authority for tax treaty interpretation. In 2013-2014, he was a Consultant in the Paris headquarters of the OECD, where he served as the principal draftsperson of the Common Reporting Standard (CRS).

Languages

Spanish and English

Member

Mr. Correa is a member of the International Bar Association, the International Fiscal Association, and the Business Advisory Group on FATCA & CRS of the Business and Industry Advisory Committee to the OECD, inter alia.

Education

Mr. Correa obtained his law degree (JD) from Universidad Anáhuac Mayab and his master’s degree in Tax Law from Universidad Panamericana, both with honors. Since 2008, he has been an assistant professor at Universidad Panamericana.


Mexico

Insurance

Within: Insurance

The insurance and reinsurance practice at Creel, García-Cuéllar, Aiza y Enríquez, S.C. is still a relatively young one, but it draws on the firm’s overall excellence to assist clients in the insurance and reinsurance market with regulatory, corporate, contractual and contentious matters. The team recently advised The Warranty Group on its reverse merger with Assurant, resulting in the former indirectly acquiring a 77% interest in the Mexican subsidiaries of the client; and Suramericana, Sura Asset Management, and Sura Asset Management Mexico on consolidation of ownership of the first over the second via stock purchase agreements, a transaction valued at $20.6m. The ‘fully recommendedLeonel Pereznieto leads the five-strong core team, which includes of counsel Maria José Pinillos (formerly General Counsel at Pan-American México), senior associate Lilian Fernández (who focuses on the analysis of structures and products), intermediate Allan Olmedo (compliance with regard to the new norms in the sector), and junior associate Mallinalli Tecomahua (formerly in-house at Prudential Mexico). Further support comes from Eduardo González, Carlos Zamarrón and Jorge Correa, on the corporate, finance and tax aspects of transactional mandates, respectively. Clients include MBIA Insurance, Willis Group, Genworth Financial, Allianz, Royal Sun and Alliance, Organización Sanitas Internacional, Interprotección Agente de Seguros y Fianzas, El Aguila Compañía de Seguros/Great American Insurance Group, Zurich, AM Trust Europe, Guy Carpenter, Delcredere / Ducroire, Suderland Marine Insurance, Liberty Mutual Insurance Europe, Great American Insurance Company, Ocean International Reinsurance, and Active Capital Reinsurance.

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Tax

Within: Leading lawyers

Jorge Correa - Creel, García-Cuéllar, Aiza y Enríquez, S.C.

Within: Tax

A ‘very strong’ one-stop-shop practice that includes lawyers and some accountants and which provides tax planning, transactional tax advice (including on M&A, private equity, capital markets and financial products), and representation in tax disputes to national and international companies, as well as consultancy and estate-planning services to individuals, Creel, García-Cuéllar, Aiza y Enríquez, S.C. continued its run of impressive mandates. The team acted as counsel to GE Power on the Mexican aspects of the global $3.4bn sale of its water business to Suez, and in another high-value transaction, acted as tax counsel on Banorte’s $1.3bn acquisition of Interacciones. In the context of Magenta Infraestructura’s tender offer for OHL Mexico, in which Santander acted as underwriter, the team advised the latter on developing a structure through which the client could conduct the offer without significant adverse tax consequences in Mexico, advice which involved tax treaty analysis given the cross-border aspects of the transaction. In another deal, a team, led by Alejandro Santoyo assisted Vista Oil and Riverstone with the innovative tax structure required for the efficient functioning of a SPAC investment-vehicle (valued at $650m) upon placement in the Latin American market. The team also worked on two CKD issuances, for Black Creek and Thermion, respectively. In addition to establishing a transfer pricing capability with the May 2017 hire of a number of new team members, including accountant and counsel Laura Frias (a former head of transfer pricing at General Electric and manager of tax planning at Televisa), the firm added another string to its fiscal bow – this time in the social security segment, with the incorporation of Alicia Abundez, formerly a senior associate at Chévez, Ruiz, Zamarripa y Cía SC, allowing the practice to provide (in conjunction with the firm’s employment and labour department) integrated advice regarding payroll structures. Moreover, following the amnesty and repatriation programme launched by the Mexican tax administration in 2017, the firm has strengthened the wealth-management side of the practice, which is led by Santoyo (whose experience includes working with private banking groups in New York and Miami). Other key team members include Jorge Correa, who works closely with Santoyo and led the Black Creek and Thermion CKDs, as well as assisting Grupo Bafar with the $195m issuance by Fibra Nova; and Omar Zúñiga, who represented GE Power on the sale of its water business to Suez as well as advising Rheem Manufacturing on its MXN$3.9bn acquisition of Grupo Industrial Saltillo subsidiary, Calorex. Zúñiga also worked in conjunction with counsel Eduardo Michán (whose practice has an oil-and-gas focus) on Endo International’s $125m sale of Grupo Farmacéutico SOMAR; while young partner Luis Vázquez, who works closely with Santoyo, led advice to Financiera Independencia on a tax inquiry questioning the deductibility of non-performing loans, financial derivatives and unwinding of financial derivatives entered into by the client. Clients include First Reserve, KKR, Cadillac Fairview, Credit Suisse, Deutsche Bank, JP Morgan Chase Bank, Banco Interacciones, American Express, Honeywell, Union Investment Real Estate, Luxottica, The Abraaj Group, Iberdrola, Prudential, Logoplaste, Vista Oil and Gas, ThyssenKrupp, Fibra UNO, RLH Properties, Arroyo Energy, and Nomura Securities.

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