Argentina

On February 19, 2025, Open Cars Group entered into a share purchase agreement to acquire 100% of the share capital and voting rights of Mercedes Benz Argentina S.A.U. (now Prestige Auto S.A.U.) from Mercedes-Benz Group, which was completed on June 17, 2025. The transaction includes the indirect acquisition of a controlling interest in Círculo Cerrado S.A. de Ahorro para Fines Determinados, a local vehicle savings plan company. The transaction covers the production of vans in Argentina, the wholesale distribution of both locally produced vans and imported cars in Argentina, and operation on an after-sales business in the national market. This transaction strengthens the efficiency of the automotive sector and positions the parties as key players in the modernization and growth of the industry in Argentina, as it marks a significant step in the strategic realignment of the Mercedes-Benz Group’s operations in Argentina. Following the closing of the transaction, MBA will continue to operate as an independent entity under its new corporate name, Prestige Auto S.A.U. Bruchou & Funes de Rioja advised Open Cars Group, including Daniel Herrero (former CEO of Toyota Argentina), Alfonso Prat-Gay and Santiago Palay, with a team led by partner Santiago Balbi, senior associates Agustina Rocca and Federico Vicente, and associates Delfina Nécol, Santiago Cleti, and Josefina De la Torre (General Corporate and M&A), and partner Gabriel Lozano (Competition and Antitrust). Allende & Brea advised Mercedes-Benz Group, with a team led by partner Valeriano Guevara Lynch, senior associate Nicole Dillon, and associates Micaela Zárate and Micaela Kim (General Corporate and M&A).  

O'Farrell advised John Deere Credit Compañia Financiera S.A. and EGFA Abogados advised Banco de Galicia y Buenos Aires S.A.U., Banco Santander Argentina S.A., Banco BBVA Argentina S.A., Balanz Capital Valores S.A.U., Banco Patagonia S.A., Macro Securities S.A.U., Puente Hnos S.A. and Banco Comafi S.A., as organizers and placement agents in the offering and issuance of Series XVII Notes denominated and payable in US dollars at a fixed annual nominal rate of 7,5% and maturing in 2027 for a total amount of US$ 42,131,380. The issuance of the Series XVII Notes was carried out on May 27, 2025, under the Frequent Issuer Regime established in Section VIII, Chapter V, Title II of the CNV Regulations. The Series XVI Notes have been authorized for listing on Bolsas y Mercados Buenos Aires S.A. (BYMA) through the Bolsa de Comercio de Buenos Aires S.A. (BCBA) and for trading on the A3 Mercados S.A. (A3). Legal advice to John Deere Credit Compañía Financiera S.A. O'Farrell: Partner Sebastián Luegmayer, Senior Consultant Nicolás Fernández Madero and associate Irupé Martínez. Legal advice to the Placement Agents EGFA Abogados: Partner Carolina Curzi and associates María Constanza Martella, Agustina Weil and Marina Galíndez.  

As of May 1st, Maximiliano Yudica Bartels has been appointed as Expert Counsel in the Tax Department at Bruchou & Funes de Rioja, further consolidating his career within the firm. Maximiliano has developed his entire professional career at Bruchou & Funes de Rioja, specializing in Tax Law and Tax Planning. He has extensive experience advising both local and international corporate clients on a wide range of tax matters, including complex transactions, corporate reorganizations, banking and capital markets operations, as well as designing tax planning strategies at both local and international levels. His practice also includes legal and tax advice to mutual funds and the structuring of vehicles for projects related to real estate, private banking, and other industries, both in Argentina and abroad. Additionally, he has notable expertise in private wealth and tax planning for individuals and families, providing comprehensive advice on structuring, estate planning, and the protection of family wealth across local and international jurisdictions. With this appointment, the Tax Department at Bruchou & Funes de Rioja is now composed of five partners, one expert counsel, four senior associates, and eight associates, further strengthening its commitment to professional excellence and comprehensive client service. Commenting on the promotion, Liban Kusa, member of the Steering Committee and head of the Tax practice, stated: “Throughout his career at the firm, Maximiliano has consistently demonstrated strong commitment and a high level of professionalism, becoming a significant contributor to the growth of the Tax Department. We are proud to support him in this new stage of expanded leadership within the firm and the broader legal sector”.  This promotion reflects Bruchou & Funes de Rioja’s commitment to fostering talent and team development aimed at delivering high-quality legal services with a multidisciplinary approach and full coverage of all key practice areas required for doing business in Argentina.            

Pluspetrol S.A. (the "Company") carried out a local and international offering (the "Offering") for an aggregate principal amount of US$450,000,000 in notes maturing in 2032 (the "Notes"). The Notes will bear interest at a fixed nominal annual rate of 8.500%. Interest will be paid semiannually in arrears on May 30 and November 30 of each year, starting on November 30, 2025. The principal of the Notes will be fully amortized in a single installment, payable on the maturity date, May 30, 2032. BofA Securities, Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, and Santander US Capital Markets LLC acted as initial purchasers of the Offering outside Argentina, while Galicia Capital US, LLC acted as advisor to the Company. Balanz Capital Valores S.A.U., Banco de Galicia y Buenos Aires S.A.U., Banco Santander Argentina S.A., and Cucchiara y Cía. S.A. acted as local placement agents for the Offering in Argentina. Citibank, N.A. acted as trustee, registrar, transfer agent, and paying agent under the indenture entered into with the Company, and La Sucursal de Citibank, N.A., establecida en la República Argentina acted as representative of the trustee in Argentina, registrar, transfer agent, and paying agent in Argentina. The closing of the Offering took place on May 30, 2025. Legal advisors to Pluspetrol S.A. Cleary Gottlieb Steen & Hamilton LLP, New York, United States Partners Juan Giráldez and Jonathan Mendes de Oliveira, associate Nicole Muller, and international associate Micaela Mingramm. Bruchou & Funes de Rioja Partners José Bazán and Leandro Belusci, and associates Branko Serventich and Sofía Maselli. Legal advisors to the Initial Purchasers, Local Placement Agents, and the Company’s Advisor Milbank LLP, New York, United States Partner Marcelo Mottesi, special counsel Gonzalo Guitart, associate Pamela Molina, and international associate Manuel Etchevehere. Martínez de Hoz & Rueda Partners José Martínez de Hoz (grandson), Pablo Schreiber, and Jimena Vega Olmos, and associates Luisina Luchini and Marco Primo.