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JAVIER BARROS SIERRA 540, 4TH FLOOR, PARK PLAZA 1, SANTE 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.

Being ‘synonymous with quality’, Mijares, Angoitia, Cortés y Fuentes S.C.does its work very well’, especially in the banking and finance sector where the 15-strong team has ‘the experience and sophistication necessary to bring even the most complex of matters to a successful resolution’. The ‘longstanding’ practice group works across the entirety of sectoral matters and despite the slowing market, recruited two new associates in 2016; moreover, it continues to win mandates in high profile projects – such as the financings of Metrobus Linea 7 and Mexiteleférico – as well as being increasingly active in energy sector financings. ‘Dynamic’ and ‘highly capable’, Francisco Ibáñez has been hugely active of late. In addition to advising Banamex on sub-sovereign loans to states including Guanajuato, Jalisco and Nuevo León, he also advised MetLife on $150m loans to both Vesta Bajío and Terrafina/PGIM, and on a MXN$1.3bn facility to Cabi Culiacán – all for the repayment of outstanding obligations; and teamed up with Patricio Trad to advise Banco de Bajío on a MXN$340m loan to Mexiteleféricos (secured by future operational cash flows), for a cable car public transportation project. Trad, in turn, worked in conjunction with Pilar Mata to advise Santander and Banobras on the restructuring of the MXN$1bn financing of the construction and operation of a federal prison in Guanajuato; and Mata also advised Banobras on loans with an aggregate value of $57.5m to Fermaca de Occidente, as well as working with Ricardo Maldonado to advise Fintech Europe on a $215m secured convertible loan to Controladora de Operaciones de Infraestructura, with Empresas ICA acting as guarantor. In other matters, Maldonado has been acting in a complex financial sector restructuring; Manuel Echave has been active in relation to the aviation sector, and Martín Sánchez advised Red de Carreteras de Occidente (RCO) and its subsidiary, Concesionaria Irapuato La Piedad, on a $266.8m loan from Banco Santander. Associates Ignacio Armida, Carlos Jiménez Cantú and Said Vite Franco are also noted.

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.

Distinguishing itself ‘by the personal and direct involvement of its partners and the depth of its associates’, Mijares, Angoitia, Cortés y Fuentes S.C. is the ‘first choice for capital and debt markets’ of more than one client. ‘Up-to-date on all relevant topics’, the team has ‘a broad network of contacts within the BMV and the CNBV that has proven useful’ and ‘its fees are very much in line with the great service provided’. The 20-strong group is led by Martín Sánchez, Manuel Echave, Patricio Trad, and seasoned practitioner Ricardo Maldonado, who with over 20 years’ experience, was one of only three lawyers appointed to the CNBV Committee that drafted the current securities law. The practice has a reputation for the breadth of its clientele, strong equity-side presence and for advising issuers throughout their entire investment cycle; it is active in project-financing related capital markets transactions (such as in the toll-road sector), and cross border mortgage-backed securitizations. Notably it also has expertise in securities-related administrative matters. Recent caseload highlights saw the ‘very active’ Sánchez advise real estate developer Servicios Corporativos Javer on its MXN$1.8bn IPO (the first in Latin America during 2016), as well as on its simultaneous $136m senior notes offer; act as deal counsel on the establishment of Banco Santander’s MXN55bn multi-security long-term bank bond programme (and its MXN$3bn first public offering therein); and the CKD-holding retirement fund administrators (AFOREs) on Planigrupo’s MXN$1.8bn tender offer for the group’s development capital certificates, a transaction undertaken concurrently with its IPO. Acting in conjunction with Echave, Sánchez also advised on a major equity offering under Rule 144A/Reg.S. ‘Excelling in knowledge, responsiveness and attitude’, Maldonado advised Controladora Vuela Compañía de Aviación (Volaris) on a $175m secondary follow-on offering of ordinary participation certificates (in the form of ADRs); teamed up with Francisco Ibáñez to advise on a major cash tender offer; and, in one of the headline equity offerings of the year, worked alongside Trad to advise José Cuervo-holding company Becle on its $790m global IPO under Rule 144A/Reg.S rules in the US, as well as on the Mercado Integrado Latinoamericano (MILA). Other matters included acting a deal counsel for Banco Compartamos and Grupo Axa on their respective bond offerings. Senior associates Patrick Meshoulam and Francisco Glennie are key members of a strong second tier allows the team ‘to deliver depth and timeliness in its services’; and ‘dependable’ younger associate Pedro Ampudia ‘shows authentic interest in’ clients’ ‘business’, is ‘knowledgeable’ and demonstrates ‘a very positive attitude’.

Leading lawyers

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

Next generation lawyers

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 an active practice with experience across contentious and non-contentious competition and antitrust matters. Its expertise goes beyond dealing with COFECE, as it also regularly deals with the Federal Telecommunications Institute (FTI). This experience stems from the firm’s continuing work for TV broadcaster Grupo Televisa on a range of regulatory and antitrust matters, including investigations by the FTI concerning alleged price fixing and market division, and novel issues linked to the new Telecommunications Law and Antitrust Law. On the merger clearance side, the firm advised IEnova Gasoductos on its acquisition of a 50% stake in Gasoductos de Chihuaha from Pemex. The highly rated team is jointly led by Francisco Fuentes Ostos and Pilar Mata Fernández.

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.’s 11-partner team is ‘a major player’ in the corporate sphere, recommended for its ‘profound legal soundness’, and ‘innovation, flexibility and strict quality control’. The firm has an excellent track record advising listed and private companies, as well as private equity funds. It recently advised the Lindley Family on the $760m sale of a majority equity interest in Corporación Lindley, the Peruvian Coca-Cola bottler, to Arca Contal (AC), and the family’s reciprocal acquisition of $400m in shares of AC; and also acted for Sommerville Investments, a Dutch-incorporated company controlled by Temasek Holdings, on the sale of its stake in Integradora de Servicios Petroleros Oro Negro to minority shareholders. Ricardo Maldonado, Francisco Fuentes Ostos, Pablo Mijares and Eugenio Macouzet are highly recommended.

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 3

Mijares, Angoitia, Cortés y Fuentes S.C.

Mijares, Angoitia, Cortés y Fuentes S.C. has a strong reputation for major energy projects and transactions. Among the partners, Horacio de Uriarte has an excellent profile for oil and gas and renewables projects, and Patricio Trad and Pilar Mata Fernández are also very active. The firm recently advised TransCanada Pipelines on its successful bid relating to the Tuxpan-Tula pipeline. As well as acting for sponsors and developers, the firm is a popular choice with banks, recently advising Banco Santander and others on the financing for the construction of the Chicoasén II Hydroelectric Power Plant in Chiapas.

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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. has an active three-partner team which is particularly strong in major oil and gas, renewables and power projects. The firm is best known for representing sponsors, although it also has experience assisting clients on the other side of the table; its recent work includes advising Banco Santander and other lenders on the financing for the Chicoasén II hydroelectric plant in the state of Chiapas. On the developer side, the firm advised TransCanada Pipelines on its joint venture with Infrasestructura Energética Nova and bid for the $2.1bn Texas-Tuxpan pipeline project. Another highlight was acting for Macquarie Mexican Infrastructure Fund on its acquisition of Parque Solar Coahuila, a 22.5MW solar power project in Coahuila. The practice is led by Pilar Mata Fernández, Horacio de Uriarte and Patricio Trad.

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Real estate
Real estate - ranked: tier 1

Mijares, Angoitia, Cortés y Fuentes S.C.

Being ‘always willing and able to staff adequately to cover our needs in terms of expertise and time responsiveness’, Mijares, Angoitia, Cortés y Fuentes S.C.is also very strong in its ability to coordinate with law firms abroad, making complex transactions easier to accomplish and less costly in terms of expenses’. Moreover, its lawyers ‘availability exceeds expectations’ and ‘its staff have a good understanding of business process that facilitates and expedites negotiations, document preparation and closure of transactions’. The 14-strong team is led by four partners and gives comprehensive advice on the full range of real estate work (including environmental aspects), across the hospitality, housing/ retail/ office, and industrial sectors. Of late it has been particularly active representing major developers including Be Grand, IDU, Grupo IPB, Acciona Parque Reforma and Casas Javer. ‘Smart, efficient and detail-oriented’, dedicated partner Lorenza Langarica focuses primarily on the hospitality sub-sector and can be ‘counted on to provide an excellent work product with timely responses on all matters’; she ‘fights hard for good results and achieves them even when the odds are stacked against’. Langarica’s recent mandates include advising developer Hoteles Parks Hospitality on management agreements with Hilton and Grupo Posadas; Inmobiliaria Xtra Hoteles on the restructuring of its Adquisiciones Cancún-Vallarta (ACV) joint venture with Marriott; and – in conjunction with Javier Cortina – acting as counsel to the Muller family on a joint venture with developer Abilia for a 180,000m² mixed-use project. Like Langarica, Cortina is largely dedicated to real estate matters, and specializes in acting for major developers, particularly, of late, Be Grand, which he advised on numerous land acquisitions in southern Mexico City for the development of an 80,000m² housing project; as well as on the negotiation and execution of multiple joint venture agreements, including for an 80,000m² high-end housing project, the development of a 28,000m² triple-A office building, and – with Grupo Ambientes – a 58,000m² mixed-use development. Founding partner Pablo Mijares’ participation in the sector is primarily with Singaporean sovereign wealth fund Temasek Holdings, which he advises on all its Mexican real estate activity; most recently the negotiation and implementation of a complex divestiture structure for Mexican real estate vehicles Pangea and Supra Terra (aggregate value: $200m), which are co-owned by Temasek and the Oleszcovski family. Eugenio Macouzet is also active in the sector and recently acted as counsel to a number of real estate credit funds. Also noted are of counsel Jaime Cortés Rocha, and experienced associates Edgardo Mendoza, Said Vite and Fernando Molina, who was formerly in-house at Prudential Real Estate Investors and joined the firm in 2015. As one real estate client commented: ‘Every lawyer I have worked with at the firm is professional and provides excellent advice and work product. They are all well-rounded and highly competent commercial lawyers, but their personalities, areas of expertise, and styles are all different, so they always have someone who can solve our particular problem and situation, and they provide us many options’. Other matters included assisting Fibra Monterrey with building acquisition in Guadalajara. Clients include Acciona, Ball Corporation, Casas Javer, Grupo Alos, Grupo Presidente, (Intercontinental), IENova, Lares Desarrolladores, Lasalle Investment Management and Pulso Inmobiliario.

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.

Focusing primarily on the transactional and competition aspects of the sector, the 14-strong telecoms group at Mijares, Angoitia, Cortés y Fuentes S.C. has ‘a strong track record’ in telecoms and TV matters. Its key client is Televisa, for which past matters include counsel on the sale of its stake in GSF Telecom Holdings to Grupo Salinas. On the antitrust side, it represented the same client in an investigation initiated by the IFT following a complaint by Maxcom about alleged monopolistic practices. Ricardo Maldonado, Patricio Trad, Eugenio Macouzet and Francisco Fuentes Ostos co-lead the department. Economic competition and regulatory specialist Fuentes Ostos is ‘practical, smart, and grounded’, but also ‘business oriented and a creative thinker’; ‘we bring in Francisco for the most important matters and for the most difficult problems’, commented one client. Senior associate Carlos Orcí ‘has a wonderful manner, is a great listener, and is a well-rounded lawyer who can handle any problem – he is a pleasure to work with’; in addition, associate Alejandro Perera arrived from Galicia Abogados SC.

Next generation lawyers

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

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Mexico

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