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JAVIER BARROS SIERRA 540, 4TH FLOOR, PARK PLAZA 1, SANTA FE, 01210 MEXICO DF, MEXICO
Tel:
Work +52 55 5201 7400
Fax:
Fax +52 55 5520 1065
Email:
Web:
www.macf.com.mx

Mexico

Banking and finance
Banking and finance - ranked: tier 1

Mijares, Angoitia, Cortés y Fuentes S.C.

Mijares, Angoitia, Cortés y Fuentes S.C.’ banking and finance team is ‘business oriented and able to work things out – rather than putting obstacles in the way of business’. The ‘very good’ team (15-strong, including five partners) advises lenders and borrowers on high-end, sophisticated matters, including corporate lending, real estate finance and project financing, and has a special focus on the energy sector. The ‘great’ (Manuel Echave advised Nomura Corporate Funding Americas, as lead arranger, on a $30m loan to Codere México; and a syndicate of banks, including (Citibank, Intesa San Paolo, and JP Morgan Chase) on a $1.5bn loan to Ternium Investments. In conjunction with Martín Sánchez, Echave also acted for IEnova, as borrower, in a $1bn Letter of Credit Facility and Reimbursement Agreement entered into with a syndicate of banks. In another headline case, the ‘competent and experienced’ Patricio Trad and Francisco Ibáñez assisted Banco Santander and UK Export Finance, as creditors, in financings granted to concessionaires Operadora Línea 7 and Sky Bus Reforma, for the acquisition of buses for Mexico City’s Metrobus Linea 7 service. Another key partner, Ricardo Maldonado has 20 years’ experience advising on domestic and cross-border finance and capital markets transactions; while Pilar Mata, who covers banking and project finance, has a focus on the energy and infrastructure sectors. Clients include MetLife, Banamex, Banco del Bajío, Be Grand, Banco Santander, Banobras, Deutsche Bank, Natixis, and JP Morgan.

Leading lawyers

Manuel Echave - Mijares, Angoitia, Cortés y Fuentes S.C.

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Capital markets
Capital markets - ranked: tier 1

Mijares, Angoitia, Cortés y Fuentes S.C.

Mijares, Angoitia, Cortés y Fuentes S.C. is one of the clear leaders in capital markets matters, according to commentators. The 20-strong team is co-led by its four partners, Martín Sánchez, Manuel Echave, Patricio Trad, and Ricardo Maldonado. Sánchez is noted for his Fibra work and was active, recently, in the sector, advising Fibra MTY (the first real estate investment trust 100% internally managed in Mexico), on the structuring, negotiation, and implementation of the first multi-shelf "at-the-market offering" (ATM) programme with components of both equity (CBFIs) and debt (Cebures), with an aggregate value of MXN$10bn; and acting as Mexican counsel for the underwriters in the global follow-on equity offering of Fibra Uno (the first and largest real estate investment trust in Mexico), which consisted of an offering of 419.75 million CBFIs, for a total amount of approximately MXN$12.8bn, placed through a public offering in Mexico and an international private offering under Rule 144A/Reg S in other countries – said offering was three and a half times oversubscribed. Echave assisted BeGrand in the issuance of long term notes worth MXN$1.5bn; acted for Carza as co-investors (for up to MXN$3bn), in the issuance of trust development certificates via trust agreement CIB/2711, promoted by Go Proyectos; and (in conjunction with Sánchez) advised IEnova on its $840m debut international senior note offering. Trad and Maldonado assisted José Cuervo parent company Becle with its $916 million IPO, the largest in Mexico in four years and the first to take place in 2017, as well as the first in the Trump era. Maldonado also assisted Operadora de Servicios Mega with its MXN$300m revolving programme of short term local bonds and the associated first public offering of said bonds for an amount of up to MXN$84m; and Grupo Financiero Santander and Banco Santander (México) in a corporate restructuring involving the former being merged into the latter, an operation involving a one-for-one share swap, the delisting of GFS’ shares and the listing of those of Banco Santander (México), and the issuance of American Depositary Shares (ADSs) in the US. Senior associate Patrick Meshoulam is also noted; he acted on the IEnova and the Operadora de Servicios Mega deals. Senior associate Francisco Glennie is another key team member; he supported Maldonado on the Becle and Santander deals. Other clients include Volaris, Grupo Famsa, OHL México, Grupo Televisa, Banco Compartamos, Grupo Axo, Nemak, and Credit Suisse.

Leading lawyers

Ricardo Maldonado - Mijares, Angoitia, Cortés y Fuentes S.C.

Next generation lawyers

Francisco Glennie - Mijares, Angoitia, Cortés y Fuentes S.C.

Patrick Meshoulam - Mijares, Angoitia, Cortés y Fuentes S.C.

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Competition and antitrust
Competition and antitrust - ranked: tier 2

Mijares, Angoitia, Cortés y Fuentes S.C.

Mijares, Angoitia, Cortés y Fuentes S.C. has a strong track record in merger control matters, and cartel and abuse of market power investigations. The active team is jointly led by Francisco Fuentes Ostos and Pilar Mata Fernández, who are experienced in dealing with regulators including the FTI. Highlights included advising Macquarie Mexico Infrastructure Management on the transmission of a stake in Energía Eólica del Sur, which had to be approved by COFECE. The team is also advising Grupo Televisa and certain subsidiaries on an FTI investigation into the provision of audio and video services in Mexico.

Leading lawyers

Francisco Fuentes Ostos - Mijares, Angoitia, Cortés y Fuentes S.C.

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

Mijares, Angoitia, Cortés y Fuentes S.C.

Mijares, Angoitia, Cortés y Fuentes S.C. is another top-quality firm with a market-leading reputation for cutting-edge corporate work. The team is well versed in M&A, joint ventures and privatisations, and regularly represents corporate and private equity clients. It recently advised Bayer de México on the $23.8m sale of its Vagitrol-V brand to Laboratorios Sanfer; acted for Spanish football club Atlético de Madrid on the establishment of the Club Atlético de San Luis team, in Mexico’s Ascenso MX national league; and advised Actis Energy on the Mexican aspects of its $525m acquisition of solar energy company Quinto Sol Energy, from Sun Edison. Esteemed name partners Pablo Mijares and Francisco Fuentes Ostos jointly head the team, which includes key partners such as Ricardo Maldonado, Javier Cortina, Martín Sánchez and Eugenio Macouzet.

Leading lawyers

Francisco Fuentes Ostos - Mijares, Angoitia, Cortés y Fuentes S.C.

Pablo Mijares - Mijares, Angoitia, Cortés y Fuentes S.C.

Ricardo Maldonado - Mijares, Angoitia, Cortés y Fuentes S.C.

Next generation lawyers

Francisco Glennie - Mijares, Angoitia, Cortés y Fuentes S.C.

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Energy and natural resources
Energy and natural resources - ranked: tier 2

Mijares, Angoitia, Cortés y Fuentes S.C.

Mijares, Angoitia, Cortés y Fuentes S.C. has established an excellent reputation for energy-related transactional, projects and regulatory matters; its expertise spans oil and gas, petrochemicals and power, where it acts for several major multinationals. The firm recently advised Energía Eólica del Sur on the complex restructuring of a wind farm project consisting of 132 wind turbines. On the lender side, it acted for Sumitomo Mitsui Banking Corporation on the $726m financing for the Norte III power project in the state of Chihuahua. Practice head Horacio de Uriarte is a leading figure in the market, while other key partners include Patricio Trad, Pilar Mata and Lorenza Langarica, who is also experienced in the mining sector.

Leading lawyers

Horacio de Uriarte - Mijares, Angoitia, Cortés y Fuentes S.C.

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Projects and infrastructure
Projects and infrastructure - ranked: tier 2

Mijares, Angoitia, Cortés y Fuentes S.C.

Mijares, Angoitia, Cortés y Fuentes S.C. is a popular choice with sponsors and lenders for innovative project finance work. It has three partners almost entirely focused on this area: Horacio de Uriarte, Patricio Trad and Pilar Mata Fernández. The firm handles energy and infrastructure projects, and recently advised the creditors of Abengoa on the refinancing of its existing projects, including its cogeneration plant in the state of Tabasco. On the borrower side, it represented Zuma Energy on the $440m financing for the development and operation of a 424MW wind farm in Tamaulipas. Other recent clients include Banco Santander, UK Export Finance, and Alten Renewable Energy Developments.

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Real estate
Real estate - ranked: tier 1

Mijares, Angoitia, Cortés y Fuentes S.C.

Four partners and 10 associates focus on real estate matters at Mijares, Angoitia, Cortés y Fuentes S.C., covering the full range of practice expertise, including tax, finance and environmental aspects, in the hospitality, housing, retail, office, and industrial sectors. The last year saw the team active with real estate developments, corporate work and financing transactions. Of the partners who cover these matters, Lorenza Langarica is principally focused on the hospitality sub-sector, with her recent work including advising The Bank of Nova Scotia and Scotiabank Inverlat on the refinancing of a credit facility to Inmobiliaria Canopo and Inmobiliaria Valiant ($38.4m and $18.1m, respectively) for the development of its hotels; and Hotels Parks Hospitality on the negotiation of agreements with Hilton and Grupo Posadas for the management of several new hotels across Mexico. Javier Cortina is also particularly active in this area; he recently assisted regular client BeGrand, as borrower and trustee, with a MXN$2.43bn mortgage-backed credit agreement (which included a second trust as mortgage guarantor and which holds the real estate property to be developed); and Acciona–Inmobiliaria Parque Reforma (also a regular client) with the acquisition of a prime-location plot in Mexico City, for the development of a 56,757 square-metre residential complex, a mandate which included due diligence, urban planning, regulatory and environmental law advice. Another figure with market presence, Eugenio Macouzet recently represented SabCapital and BanCoppel as lenders in an MXN$800m credit facility granted to an affiliate of Thor Urbana for the construction of a shopping centre in the southeast of the country; and Banamex on a MXN$40.5m loan agreement (with mortgage guarantee) with a real estate developer in the state of Sonora as borrower and mortgage guarantor. Both mandates were carried out with corporate partner Francisco Ibañez, who also acted for MetLife, as lender, in the negotiation and drafting of the third amendment to a $470m loan agreement with Corporate Properties Apodaca. Founding partner Pablo Mijares continues to handle real estate matters, mainly acting for Fairmont Hotels and Singaporean sovereign wealth fund Temasek Holdings. Further support comes from associates Fernando Molina, who assisted Cortina with BeGrand and Acciona–Inmobiliaria Parque Reforma mandates, and Said Vite and Carlos Gómez, who work with Langarica on her cases. Other clients include Gran Armee Del Cabo, and Grupo Alos and DINE.

Leading lawyers

Javier Cortina - Mijares, Angoitia, Cortés y Fuentes S.C.

Lorenza Langarica - Mijares, Angoitia, Cortés y Fuentes S.C.

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TMT
TMT - ranked: tier 4

Mijares, Angoitia, Cortés y Fuentes S.C.

At Mijares, Angoitia, Cortés y Fuentes S.C., the TMT practice is primarily focused on transactional and competition matters. Twelve lawyers handle these issues at the firm, which counts Televisa amongst its key clients. Headline work included assisting Radiopolis (a division of Televisa focused on AM and FM radio broadcasting) in an administrative proceeding initiated by the IFT to verify (client subsidiary) Radio Melodia’s compliance with its broadcasting concession title. Pilar Mata, Patricio Trad, Francisco Fuentes and Eugenio Macouzet are the partners who handle TMT cases, while senior associate Carlos Orcí also has broad experience in the sector, assisting clients in proceedings before the IFT and the Transport and Communications Ministry. He and Fuentes handled the Radiopolis case. Other clients of the department include Izzi, DiDi Chuxing, Gogo Air, Eutelsat, and RGG Capital Partners.

Next generation lawyers

Carlos Orcí - Mijares, Angoitia, Cortés y Fuentes S.C.

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Further information on Mijares, Angoitia, Cortés y Fuentes S.C.

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Mexico

Offices in Mexico City

Legal Developments in Mexico

Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to
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