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Jorge Cervantes Trejo

Work +52 (55) 5520 7671
González Calvillo, SC


Partner at Gonzalez Calvillo, S.C. since 2001.


Mr. Cervantes specializes in M&A, Project Finance, Private Equity, Energy and Infrastructure transactions. He has extensive experience and knowledge advising parties in a wide range of complex national and cross-border projects in Mexico, representing sponsors, developers, investors, financial institutions, banks, lenders and governments on all kinds of acquisitions, dispositions, joint ventures, projects and financings.

His experience encompasses a broad range of transactional and regulatory work, and has included some very relevant transactions involving oil and gas, power generation, renewable energy, petrochemicals, LNG, pipelines, telecommunications, real estate, hotels and infrastructure projects in general.

Mr Cervantes has been recognised by prominent international publications such as Latin Lawyer, Euromoney’s Expert Guides, Chambers and Partners, Who’s Who Legal, IFLR1000, Best Lawyers and LACCA Approved. He often participates as speaker in national and international project finance and energy forums.


Spanish and English


Banking and finance

Within: Banking and finance

González Calvillo, SC continues to sharpen its position on the Mexican banking scene. The large team (40 professionals) provides the full range of services in this area, from securities, secured and asset financing, to restructuring, syndicated and commercial lending and regulatory matters. Well regarded by peers, the team was present on some of the year’s most important transactions, including the Red Compartida project development, in which the firm assisted Huawei and Nokia (as vendors of services and infrastructure for the development of the project) to borrower Altán Redes, a transaction which involved an $850m financing; and Mexican development banks Banobras, Bancomext and Nafin on the MXN$17.7bn project financing, which included the drafting of an inter-creditors agreement with Huawei and Nokia. In another highlight case, the team acted as Mexican counsel to Macquarie Capital and Techint, as sponsors, in the acquisition (from Abengoa) and subsequent project financing (from 10 financial institutions) of the 907MW combined-cycle power generation facility referred to as "Norte III". Key partners José Ignacio Rivero and Enrique González Calvilllo led the first and second deals, respectively; another key partner Jorge Cervantes Trejo, who specialises in projects, energy and infrastructure finance, led the Norte III matter. Further support comes from partners Jaime Cortés Alvarez and José Víctor Torres, both ‘good, experienced lawyers’, according to peers. Cortés Alvarez assisted a group of investors in obtaining acquisition finance amounting to $82.5m from BBVA Bancomer and Bancomext, as lenders, for the acquisition of a hotel; Torres specialises in cross-border financings involving projects, syndicated loans and leasing. Other team members include Hernando Becerra, of counsel Antonio De Lisi (who joined the firm from Curtis, Mallet-Prevost, Colt & Mosle S.C.), and associate Diego Hernández Schmidt-Tophoff (who joined from Jáuregui y Del Valle, S.C.). Seasoned practitioner Rodrigo Rojas is also noted by peers for his work in this sector. Clients include Unicredit Bank, Barclays Bank, Santander, and Olympus Capital Asia Credit.

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Capital markets

Within: Capital markets

Top notchGonzález Calvillo, SCprovides a superb level of service’ including in capital markets, according to market commentators. Six partners and 15 associates handle these matters at the firm, covering the full range of capital markets work: recent mandates include assisting IFM Global Infrastructure Fund, which, along with OHL Concesiones and through the SPV company Magenta Infraestructura, launched a tender offer on the Mexican Stock Exchange for the acquisition of up to 100% of the public shares of OHL México, valued at MXN$19.6bn. Other key work involved acting as Mexican counsel to Atento in the review of its Credit Agreement and Bond Offering global documents and a senior credit agreement for $50m as well as a bond offering of $400m; and Barclays Bank and JP Morgan Securities, as lenders, in an exchange of senior notes resulting from the breach of a term loan that shared collateral with notes issued by an affiliate of the borrower under said loan. The team also acted for Nissan Renault Finance Mexico in a MXN$3bn first issuance of stock certificates and a MXN$2.14bn second issuance of long-term notes. Juan Manuel Sancho Rodrigo and Jaime Cortés Alvarez are singled out for having ‘carved out a great space for themselves in the Mexican capital markets business’. Jorge Cervantes Trejo and José Ignacio Rivero Andere are also noted; Cervantes assisted Atento and Rivero IFM Global Infrastructure Fund. Other clients include Grupo México / Americas Mining Corporation / Southern Copper Corporation, Hir Casa, and Grupo Proeza.

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Corporate and M&A

Within: Corporate and M&A

A popular referral choice with international firms, González Calvillo, SC’s ‘excellent’ team is ‘very responsive and knowledgeable about the market’ and is regularly involved in major cross-border deals. It acted for IFM Global Infrastructure Fund and OHL Concessions, through their SPV company Magenta Infraestructura, on their $1bn bid to takeover OHL Mexico. Another highlight was advising Take-Two Interactive Software, the owner of Rockstar Games, on its purchase of all the rights to the computer game Kerbal Space Program from Uruguayan company Altamil. Founding partner Enrique González Calvillo is a key adviser along with Gonzalo Vargas Ateca, Jorge Cervantes Trejo, Miguel Valle, Jaime Cortés and the ‘excellentJose Victor Torres.

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Energy and natural resources

Within: Energy and natural resources

Energy is a core area for González Calvillo, SC, which regularly handles major transactions, joint ventures and development projects within the sector. The firm has a strong track record advising on public bids for oil and gas allocations, and also has extensive experience in the power sector, recently advising Macquarie Capital and Techint as sponsors on the $1.2bn acquisition of the Norte III 907MW combined-cycle power generation facility from Abengoa. Another highlight was advising Schlumberger on its acquisition of the remaining stake in the onshore Panuco oil field from its former contract partner, Petrofac. Jorge Cervantes Trejo is a ‘very good’ projects lawyer, and name partner Enrique González Calvillo also enjoys an excellent reputation.

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Projects and infrastructure

Within: Projects and infrastructure

González Calvillo, SC has an ‘excellent’ practice commended for its ‘clear and forceful answers’; it ‘looks for the best strategies for its client and takes care that its billing is accurate’. The group advises sponsors and lenders, and recently represented Macquarie Capital and Techint as sponsors on the acquisition, development and project financing of the 907MW Norte III power plant. The firm also had two roles on the landmark Red Compartida telecoms PPP, advising both the Mexican development banks and the vendors (Huawei Technologies and Nokia) on their respective interests in the project. Key partners include Enrique González Calvillo, José Ignacio Rivero Andere and Jorge Cervantes Trejo.

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Real estate

Within: Real estate

González Calvillo, SC fields a ‘strong team, with good focus and a practical approach’. Nineteen lawyers (including seven partners) handle real estate matters, assisting developers, lenders, banks, pension funds, REITs, and companies with investments on transactions and financing, leasing and property management, as well as with tax structuring and project development, including infrastructure. José Ignacio Rivero Andere represented a company of the MSD Capital group, Terrae Cognitio, in the mediation, negotiation, drafting and execution of a settlement agreement with the Homeowners’ Association of Palmilla, a real estate development in Cabo San Lucas; and acted as counsel to Olympus Capital Asia Credit, as lender, on the granting of a $39m loan to Vivimed Labs UK which included a mortgage over a property owned by the client’s Mexican subsidiary. Alfredo Chávez Goyeneche assisted Canamex International with obtaining a $52m syndicated loan from SabCapital and Banorte to fund the remodelling and expansion of the Cabo Villas Beach Resort & Spa Hotel, in Cabo San Lucas, as well as the construction of a new luxury tower connected to the resort. In ongoing work, Chávez also assisted Regus Management with its development plans throughout the country, and Reichmann International with the management and operation of its buildings in the capital. Also a key partner, Jorge Cervantes Trejo has expertise in – among other areas – project finance and infrastructure projects, and handles work for a major real estate investment management firm, including sales of portfolios and joint ventures for the sale of assets. In other ongoing work, Gonzalo Vargas Ateca continued to represent Proyectos del Norte Avviare in the acquisition of properties according to the company’s development plans, including due diligence analysis, planning, construction, operation, coordination and management of the various projects. Key support comes from of counsel Erika Olguín (who works with Cervantes), and senior associates Paulina Sellerier (who works with Chávez). Clients include Alsis Funds, Olympus Capital Asia Credit, Urbi Desarrollos Urbanos, and Google.

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Within: TMT

Twelve lawyers (including four partners) handle TMT issues at González Calvillo, SC. The practice’s expertise is as broad as the specialisation of the lawyers, ranging from M&A, projects, procurement and infrastructure, to financing, regulatory, and constitutional and administrative litigation; according to one client, the group is ‘developing high-quality work in telecommunications law’. The firm has an impressive roster of TMT clients and has acted on some very relevant mandates, but really began developing the sector in earnest with the 2014 arrival of Luis Mancera as of counsel, following a five-year stint as VP for legal and regulatory telecom matters at Televisa. As key practice figure, Mancera – who was made partner in December 2017 – successfully represented Telefónica de México and AT&T in a constitutional proceeding (amparo) before the Supreme Court of Justice determining that the companies did not have to pay interconnection tariffs to dominant operator América Móvil (Telcel) for use of the latter’s network from January 2014 to December 2018; a ground-breaking decision, it saved his telecom-operator clients millions of dollars. In other headline work, Mancera led the team that assisted Huawei and Nokia, as vendors, as well as the Mexican Development Banks (Banobras, Bancomext, and Nafin) with all the telecoms and regulatory aspects related to the Red Compartida Project – specifically with the analysis of the scope of the public bid and the project’s PPP agreement, ultimately awarded to Altán Redes. The firm also assisted the vendors and the development banks in relation to the two-tranche initial project financings of $850m and MXN$17.75bn, respectively. Mancera also assisted Telefónica with the renewal of the titles of certain spectrum concessions. Other members of the team include Jorge Cervantes Trejo (M&A, private equity, projects, and infrastructure finance), Rodrigo Rojas Robleda (banking, project finance and M&A), senior associate Juan Carlos Peraza (who joined the firm with Mancera, having previously worked as regulatory director at Televisa and Avantel), and associate Rafael Fuentes Cataño (regulatory, administrative litigation and constitutional proceedings). The team’s client roster also includes DirecTV and HBO.

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