Corporate and M&A in Colombia
Baker McKenzie S.A.S.
Baker McKenzie S.A.S.' M&A, private equity, company law and reorganisations team secures rave reviews for the international experience of its members combined with the ability to bring in specialist advice. The 18-strong practice group frequently acts as a regional hub for the rest of the firm’s offices across Latin America. Co-head Andrés Crump has been gaining relevance as a private equity and infrastructure M&A specialist since his 2018-arrival at the firm from Brookfield Management. Co-head Juan Felipe Vera represents strategic investors and private equity funds on their investment and divestitures in Colombia, while fellow co-head Clare Montgomery, who made partner in October 2019 (and is also a UK barrister), coordinates complex cross-border M&A and reorganisations across the region, as well as handling company law. The group also benefits from the participation of senior partner Jaime Trujillo, recently named regional chair for Latin America. Senior associate Natalia Villalba and associates Daniel Botero, Stefania Olmos, Alexandra Montealegre and Juliana Tobón are all noted. Associate Pablo Martínez joined from Posse Herrera Ruiz in December 2019.
‘I found the team to have broad experience and the ability to bring in specialist advice from other members of the firm when required. The entire team was very responsive, thorough and paid close attention to detail. I also found that the team, partly because nearly all have had experience in London or the US, was able to explain differences in M&A practice in Colombia from my experience in the US and in London. This was quite helpful‘.
‘I worked most closely with Juan Vera and associates Daniel Botero, Natalia Villalba and Stefania Olmos. They were all excellent in terms of their subject matter knowledge, responsiveness and ability to give practical advice rooted in the law but also with a good commercial sensibility‘.
‘Baker McKenzie struck a good balance between involving other groups within the firm (tax, regulatory, etc) and sticking to the M&A work we asked them to do. The people they brought in were top notch, very knowledgeable. The firm made time for us, despite our deal being delayed and small, they still were responsive and engaged‘.
‘Senior associate Natalia Villalba always available, ready to offer suggestions, turned documents around quickly, engaged with the other law firms readily. Juan Felipe Vera is a great strategic thinker, offered plenty of alternatives for us in decision making, explained my position better than I felt I did at times. Associate Stefania Olmos is very organised, she played a major role the closing‘.
‘Andrés Crump is a lawyer who thinks about and prioritises critical business variables. He knows how to distinguish between key aspects, non-negotiable aspects and those where there is room for manoeuvre. He strives to facilitate business agreements‘.
‘Juan Felipe Vera was always very involved, eager to understand the company’s needs and what he was looking for from the transaction in which he advised us‘.
‘Senior associate Natalia Villalba and Juan Felipe Vera, are serious and professional people, with knowledge and skills that highlight and identify them; they are intelligent and highly professional, they met our expectations‘.
‘The team’s lawyers stand out for their professionalism, responsiveness, availability and excellent human quality that makes working with them easier. In particular, I want to highlight the professional excellence of partner Andrés Crump and associates Juliana Tobón and Alexandra Montealegre‘.
Brookfield Infrastructure Group
- Advised Altra Inversiones on the contribution of 100% equity interest in Valrex.
- Advised Veolia on the acquisition of three public services companies -Rediba, Entorno Verde and Econatural- as well as with the acquisition of certain other key assets, thereby consolidating the company’s position in the country.
- Advised Opportunity International on an auction process for the joint transfer (with IADB) of a 100% shareholding interest in Opportunity International Colombia Compañía de Financiamiento.
- Assisted Allegion with the divestment of Colombian manufacturing business.
Brigard Urrutia consistently plays a leading role in the local and regional corporate and M&A market, fielding an 18-strong team led by five strongly recommended partners. Serving major domestic and multinational corporations, the full-service firm has unparalleled expertise across the corporate spectrum (transactional and non-transactional), and advises on some of the most complex and sophisticated M&A operations in the country. In a recent example, the group advised on the acquisition of 50% of the shares of Grupo Pão de Açúcar. Practice co-heads Sergio Michelsen, Dario Laguado and Jaime Robledo focus primarily on transactional matters, while company-law specialist Álvaro Cala heads the corporate practice. The group also benefits from the experience of International trade practice head José Francisco Mafla and managing partner Carlos Umaña. Co-heads Fernando Castillo and Tomás Holguín ('very comprehensive, committed and serious lawyers’) were promoted to partnership in January 2020. Experienced senior associate Ángela García is also a key member of the team.
‘It is a “Big Firm”, but with a boutique firm customer service and a large network of peers across the Latin American region, which for us is key. More than a firm it is a partner for us‘.
‘I want to highlight the work of Carlos Umaña. He is someone disposed to assist and provide counsel at any time. You can call him on his mobile without a second thought and he’ll answer. He is always attentive to the needs of the company and ensures that we are up-to-date with any issues that could affect the company. Alejandro García De Brigard – the same as above.’
‘Sergio Michelsen makes you fell you are not dealing with a firm but with human beings‘.
‘I worked with Sergio Michelsen, Fernando Castillo and Tomás Holguín. The three are very comprehensive, committed and serious lawyers’.
‘Lots of experience in transactions and very good bandwidth. Darío Laguado is highlighted‘.
‘Sergio Michelsen and Fernando Castillo, in addition to being very solid in their areas of competence, are extremely proactive, act as true business partners and strategically manage expectations with company lawyers. Working with them was a great pleasure, I learned from them and I felt supported in the decisions made under their guidance and risk analysis‘.
Grupo Casino – Casino Guichard Perrachon
Softbank Group Corp and Softbank Vision Fund
AFP Habitat / Habitat Andina
MLO – Productos Naturales de la Sabana
Invenergy Renewables Global
Prime Sistemas de Atendimento Ao Consumidor
Droguerías y Farmacias Cruz Verde
United Health Group
Invenergy Renewables Colombia – Invenergy Renewables Global
Innova Capital Management
Telefex Medical Colombia / Colombia Teleflex Life Sciences Unlimited – Ireland
- Advised SoftBank Group Corp and SoftBank Vision Fund on the investment of up to $1bn in the Colombian on-demand delivery start-up, Rappi.
- Advised Casino and Grupo Exito (though Onper Investments) on an agreement whereby Casino acquired 50% of Grupo Pão de Açúcar (GPA) from Éxito; value, $2.2bn.
- Advised Interconexión Eléctrica on the acquisition of 100% of the shares in Concesión Costera Cartagena Barranquilla.
- Advised United Health Group on the acquisition of the remaining 50% stock participation in Clinica Country, Administradora Country and Administradora Colina.
- Advised AFP Habitat on the acquisition of 100% of the shares in Colfondos by Scotiabank and Mercantil Colpatria.
Affinitas Colombian member-firm, the full-service Gómez-Pinzón Abogados (GPA) fields a sizeable 21-lawyer practice group. The team represents both sellers and buyers in complex corporate and M&A transactions, including cross-border deals. Andrés Hoyos specialises in M&A, private equity, joint ventures, projects and financing transactions, and has a recognised transactional in the financial, real estate, infrastructure and pharmaceuticals sectors. He co-heads the corporate team with the experienced Pablo Rabelly, who handles corporate, commercial and contractual matters, along with civil and commercial litigation. Natalia García has a focus on the private equity fund and finance sector, as part of a broader transactional practice; while experienced counsel María Fernanda Restrepo and Juan David Quintero, who was elected partner in December 2019, both focus on corporate and M&A mandates. Additional senior input -particularly on the transactional side- comes from practice heads Patricia Arrázola (energy and mining); Lina Uribe (environment); and Felipe Mariño (co-leader, real estate group). Since publication: sadly, in December 2020, it was announced that Andrés Hoyos had passed on; the firm has subsequently appointed Uribe as director of the corporate and transactional practice.
Acon Waste Management
Centro De Servicios Mundial (Inversiones Mundial)
Macquarie Capital Limted
Centro Continental de Consultoría 3C
Fondo Ashmore Andino II
Ashmore Andean Fund II
Forest First Colombia
Industria Colombiana de Llantas (Michelin)
Centro Hospitalario Serena del Mar
ExxonMobil de Colombia
- Acted as local counsel to Ecopetrol on the acquisition of 49% of Rodeo Midland Basin, as part of a joint venture transaction with Occidental Petroleum to develop unconventional reservoirs.
- Advised Macquarie Capital on the concession agreement for the design, construction, modernization, operation and rehabilitation of the Briceño-Tunja-Sogamoso toll road project.
- Advised Enfragen on the acquisition by its Colombian subsidiaries of 100% of the shares of Zona Franca Celsia.
- Acted as local counsel to Blackstone on the acquisition of a stake in investment fund FRS Capital.
- Acted as legal counsel to Uniban regarding its participation as the major Colombian sponsor of the new multi-purpose port terminal, Puerto Antioquia, which will constitute one of the largest port facilities in the Andean region.
Philippi Prietocarrizosa Ferrero DU & Uría's Colombian operation fields a 27-strong practice group led by six partners which can also draw on the expertise and resources of its Spanish, Peruvian and Chilean colleagues. The full-service firm has a broad sector focus and handles the spectrum of corporate and M&A matters, primarily with leading local, regional and global companies. Managing partner Martin Acero, a tax specialist; Claudia Barrero, who handles listed company-M&A and infrastructure project financing; contractual specialist Hernando Padilla; and real estate expert Juan Carlos Rocha, who focuses on cross border transactions, all co-leads the team. Additional firepower comes from Felipe Cuberos, who centres his practice on commercial law as well as acting as an arbitrator; and 'terrific leader' Nicolás Tirado, who handles cross-border M&A. The firm also expanded its corporate offering into criminal corporate law with the incorporation of Juan Carlos Forero and Pamela Alarcón in 2019. Principal associates Luz María Mercado and David Beltrán are also key group members.
‘These folks are just the best. Seamless, flawless, insight, inspiration and perspiration. Indefatigable.’
‘PPU is very good at delivering practical advice in a complex legal environment. They are a very useful partner for a multinational company operating in Colombia without local in-house legal resources’.
‘Nicolás Tirado is a terrific leader of the team. He keeps the right amount of attention on matters, making sure that they are staffed and managed appropriately, and stepping in when needed’.
‘Associate Laura Grisales provides quick and accurate answers about what is required, a very good way of explaining topics that are sometimes dense, excellent customer service. Nicolas Tirado always provides various solutions and points of view to the problems raised, he has good knowledge and gives very good legal advice to the issues presented. Excellent customer management’.
‘Claudia Barrero is a very experienced attorney and provides effective solutions’.
‘We have worked with Juan Carlos Rocha and his team, who have excelled for their human quality, knowledge of transactions and situations of negotiations. Following the previous, their almost immediate availability to meet our customer requirements is definitely a plus’.
‘Martín Acero is exceptional, leader of a negotiation, always bringing creative proposals to the table, and looking to open the negotiation. His advice is very accurate and carries a lot of weight in the negotiations. Martín is our first choice for M&A in Colombia’.
Win Sports / RCN Televisión
Grupo Energía Bogotá
Sumitomo Chemical Corporation
- Advised Win Sports / RCN Televisión on the negotiation of the broadcasting rights of Colombian football league matches.
- Local counsel to Hocol in the acquisition of a 43% participating interest in the association contract with Chevron for the Chuchupa and Ballena natural gas fields, thereby becoming the new operator.
- Counsel to EPSA on the acquistion of a commercial establishment for the distribution and commercialisation of energy by Compañía Energética del Tolima (Enertolima).
- Counsel to Mutua Madrileña on the initial adquisiton of a 45% stake in Seguros del Estado and Seguros de Vida del Estado, as part of its expansion plan in Latin America.
- Acted as counsel to Tecnoglass on a joint venture with Saint-Gobain via -in part- the purchase of a minority ownership interest in Vidrio Andino, a Colombian-based subsidiary of Saint-Gobain.
Posse Herrera Ruiz has a long track-record of advising on big-ticket transactions, both domestic and international. Its recommended team works full-time on M&A matters under the leadership of corporate specialist Jaime Herrera, who in key recent work led two simultaneous M&A transactions advising Credicorp Holdings on the acquisitions of both Bancompartir and Ultraserfinco. José Alejandro Torres, who leads the infrastructure department, focuses on transactional work, including private equity fund investment and divestments, across an array of industries. Oscar Tutasaura, Jaime Cubillos and Gabriel Sánchez are also key members of the 23 lawyer-strong team. Senior associate Lina Vélez and 'remarkable' associate Catalina Noreña provide key support to the practice, which also provides ongoing corporate regulatory and day-to-day advice.
‘Team is highly qualified, legally and economically, whereas legal services are rendered beyond the legal horizon. The whole transaction team, including various legal work streams, is able and willing to commit for very fast deliveries in time, with uncompromising quality‘.
‘In Colombia, PHR is the only law firm which is able to fit the needs from an over-seas’ perspective. On partner level, Jaime Cubilos, who was in charge, had a very good understanding of matters which do no relate to each other at the very first sight. Very helpful in challenging own thoughts, also very good structuring transactions. Associate Catalina Noreña was remarkable – very very fast understanding of what the client wants, how the client wants to interact with the law firm and what is needed in the particular case content wise (reporting, risk profile etc.). At each and every point, the client is convinced that she is aware of all facts and capable to lead the client to the contemplated goals. Very hands-on approach, 24 hrs all week long’.
‘They study the client’s needs very well, making recommendations to avoid risks, but without this leading to a deadlock in the transaction. Jaime Herrera and Gabriel Sanchez stand out’.
‘Jaime Cubillos and Jaime Herrera are excellent lawyers and team players’.
‘They stand out for their knowledge, detail in the cases and support for making decisions’.
Portland Private Equity
Compañía de Seguros Bolívar
John Laing Group
Itau Corpbanca Chile
- Advised Carlysle Group on its $4.8bn acquisition of Abu Dhabi’s sovereign investment fund Mubadala’ stake in CEPSA.
- Advised Grupo Pão de Açúcar on its $2.2bn successful tender offer for Grupo Éxito.
- Acted as legal counsel to Scotiabank on the sale of its majority stake in Colfondos Pensiones y Cesantías to an affiliate of Administradora de Fondos de Pensiones Habitat.
- Advised Northland Power on its $795m acquisition of EBSA from investment fund Brookfield.
- Acted as legal counsel to Compañía de Seguros Bolívaron its acquisition of Liberty Seguros de Vida, including the workers’ compensation (ARL) and individual life business lines, from Liberty Seguros and LILA Holdings.
Dentons Cardenas & Cardenas
Dentons Cardenas & Cardenas' 35-lawyer strong corporate and M&A group brings the expertise of 10 partners, including the firms' heavyweight senior partners. Eduardo Cárdenas and Mauricio Borrero who co-head the practice. Backed by the firm's international network, the team advises major domestic and multinational corporations and is perhaps best known for its strength in oil, gas and mining matters, where the group can call on the participation of energy and natural resources department co-heads Jorge Neher and Santiago González. Other key practitioners include managing partner Bernardo Cárdenas, banking and finance partner Catalina Pinilla, and Alejandra Bonilla who joined as a partner from her role as corporate legal vice-president at Frontera Energy in April 2020. Associates Felipe Molano and Santiago Miramón provide significant support.
Fondo de Inversión Colectiva Inmobiliario de Renta Davivienda Corredores
Ithaca Capital Holdins 4
Monómeros Colombo Venezolanos
Puertos Inversiones y Obras
Global X Management / Horizons ETFs Management
- Advised Group Saur on the acquisition of 100% of the issued shares of Naunet, the holding company of five concessionaires in charge of operating the aqueduct and sewerage systems of several towns.
- Advised the real estate investment fund of Corredores Davivienda on the $32m acquisition of several real estate properties.
- Acted as counsel to the buyer on the acquisition of 100% of the issued and outstanding shares of a Cayman company, which is the beneficial owner of a five-star hotel in Colombia.
- Advised Rappi on the acquisition of the source and object code of software that will enable its platform to also serve as a travel e-commerce platform.
DLA Piper Martinez Beltrán continues to expand its activity in the market with its 18-strong lawyer group headed by three partners. Covering the whole scope of corporate and M&A related activity, the practice advises start-ups, venture capital funds, search funds and technology companies, while continues to work more traditional players. Practice heads Felipe Quintero and Juan Manuel de la Rosa, experienced in advising private equity funds and strategic blue-chip investors, are particularly praised when working in tandem. Managing partner and co-head Camilo Martínez served as lead counsel to Grupo Éxito in the high-profile share purchase agreement of Almacenes Éxito. José Miguel Mendoza, a seasoned litigator, and bankruptcy and restructuring specialist Nicolás Polanía, who made partner in September 2019, are also key practice members. Senior associate Felipe Aristizabal and associate Natalia Bernal are also noted.
‘Felipe Quintero and Juan Manuel de la Rosa are the best lawyers I have worked with in M&A; they are always available to assist us, they understand our objectives and the way to negotiate, and their extensive knowledge and experience in these matters make their advice excellent‘.
‘Juan Manuel de la Rosa’s dedication, level of response and quality of service is excellent. Furthermore, it has a great capacity to understand the client’s needs‘.
‘Felipe Quintero differs from others in, relying on its great legal strength, being able to apply it correctly to the business world to reach successful agreements. He is a person who understands the client’s needs, and, most importantly, knows where we can make commitments in the midst of negotiations. Additionally, he has all the knowledge to lead exhaustive due diligence. Finally, it is always present and supporting us in all the processes. Felipe Aristizabal has also been of great support to us. He has great legal knowledge and a great commitment to his clients. He is a detail-oriented person and confidently transmits his support in our processes‘.
‘Juan de la Rosa offers a very good response time with exceptional quality. He has exceptional attention to detail and personalised service not seen in other firms. Having the senior partner leading the M&A process is a differentiating factor from other firms‘.
Seguros Del Estado
Eléctricas de Medellín Ingeniería y Servicios
Loto Del Sur
- Legal advisors to Grupo Éxito on the share purchase agreement by and between Almacenes Exito, Casino, Guichard-Perrachon, as purchasers; and Onper Investments 2015, as seller (with Segisor an intervening party and Companhia Brasileira de Distribuição an interested party) regarding a, $2.2bn public tender offer for Almacenes Éxito.
- Advised Enertolima on the sale of its commercial establishment, and distribution and commercialization assets, to EPSA (Grupo Argos).
- Advised Seguros del Estado on its sale of a 45% stake in the company to Grupo Mutua Madrileña
- Acted as legal advisors to Terranum on the sale of 30% of its shares to Grupo Inmoval, in a deal valued at $80m.
Best known for its strength in the IP and life-science sectors, Lloreda Camacho & Co. counts various major domestic and multinational corporations among its key corporate clients and has a broad sector focus spanning primarily energy, infrastructure, and TMT. Practice head Santiago Gutiérrez -who also leads the banking and finance practice- has broad experience in the structuring of financial operations, M&A and corporate law. Fellow co-head Andrés Hidalgo also leads the public procurement and infrastructure practice group. Drawing strength from the full-service firm's associated practices, the 10-strong group also benefits from the participation of Gustavo Tamayo for TMT-related transactions. Senior associates Raúl Vargas and Nadia Sánchez are also key team members and act as practice coordinators.
Johnson & Johnson de Colombia
América Móvil (Claro)
Cintra Infraestructura Colombia
ENEL – Codensa
RM Holdings (vehicle of Ashmore Group)
MC Victorias Tempranas (vehicle of Mercantil Colpatria)
Abbott Laboratories de Colombia
Morgan, Lewis & Bockius
- Advised Almo on the negotiation and closing of a $60m M&A deal with Prosegur for the sale of its security transport business in Guatemala, Nicaragua, Honduras, Panamá and Costa Rica.
- Acted as co-counsel to Cintra Infraestructuras, RM Holdings and MC Victorias Tempranas (subsidiary of Mercantil Colpatria) on the sale of a 30% stake in Concesionaria Ruta del Cacao.
- Acted as counsel to América Móvil on the merger -in Colombia- of its two main affiliate companies, Comcel and Telmex.
- Acted as counsel to Codensa on the sale of a hydroelectric power plant located in Rio Negro.
Garrigues' increasingly prominent 12-strong team continues to grow its share of the M&A market with its participation in high-profile transactions, and development of particular expertise in the health and private security sectors. With a multidisciplinary focus and handling the full range of corporate matters, the team is co-led by Andrés Ordóñez –who joined as counsel from Willkie Farr & Gallagher LLP in 2017 and was made partner in October 2019; and the recommended Ignacio Londoño, who combines expertise in M&A with knowledge of the financial and energy sectors. The practice was strengthened at associate level with the January-2019 incorporation of senior associate Cristina Copete from Gómez-Pinzón Abogados (GPA).
‘Garrigues is a firm that is close to its clients. Their lawyers make you feel comfortable talking to them. They are accessible and their concepts have legal depth, as well as, being practical. These conditions make them unique against competitors in the market‘.
‘Andrés Ordóñez is an expert in corporate affairs. He always has a timely and efficient response to our concerns. Associate Mateo Benjumea is a very attentive young man with a wide capacity for analysis‘.
‘It is a competitive team compared to other firms we have tried in Colombia. Consultations with other areas of the firm (labour, anti-trust) were always pertinent and on time; this last point is very important to highlight, because it brings added value to an M&A process‘.
‘We highlight the good predisposition to accompany the M&A process, with its ups and downs, changes of course, rescheduling of agendas, etc. The Garrigues M&A team does not avoid meetings, responding to emails in a timely manner; that is to say, it works well with the process as it is defined by clients and / or counterparts‘.
‘I would highlight Ignacio Londoño for the quality of his work‘.
Andean Tower Partners
Cubico Sustainable Investments
Zurich Insurance Group
China Harbour Engineering Company
- Advised QuirónSalud on the acquisition of a majority stake in Centro Médico Imbanaco de Cali $300m; the transaction is the latest in a string of acquisitions by the company in Colombia and Peru.
- Advised Banco W in the acquisition of 100% of Financiera Pagos Internacionales.
- Advised Cubico on its joint venture with Celsia to create a generating platform of up to 400MW of solar PV power in Colombia.
- Advised Prosegur on closing its asset acquisition of Metro Alarmas’ alarm monitoring systems business.
CMS Rodríguez-Azuero enjoys a strong profile locally due to its lengthy roots in the Colombian market, while internationally it has strong links with global law firms and multinational clients as part of the CMS network. Department head Juan Camilo Rodríguez -who is experienced in financial, regulatory and administrative litigation- leads the six-strong department that draws strength from a multidisciplinary group of partners. Handling the full range of corporate transactional matters, the practice has a particular focus on due diligence processes in relation to anti-money laundering, anti-terrorism financing and corruption. Key support comes from associate director Andrea Zuñiga and associate Camilo Caicedo.
‘A team with a fast, timely and accurate response‘.
‘Juan Camilo Rodríguez and Karl Mutter are highlighted‘.
Bold.co (José Fernando Vélez)
South 32 Energy
Círculo de Viajes Universal
Alpla Werke Alwin Lehner
- Advised Nedcoffee on its acquisition of a Colombian coffee business from Engelhart Commodities Trading Partners.
- Advised IMCD Group on the acquisition of Unired Quimicas.
- Adised (in conjunction with CMS UK) Hewlett-Packard on the closing activities of the acquisition of Samsung’s printer business in Colombia.
Contexto Legal S.A.' relevance in Colombia's Antioquia department can be gauged by the high-profile transactions in which the firm participated representing the sellers. The largest full-service firm based in Medellín advises national and international clients on the structuring of international contracts for the sale and acquisition of companies in an array of different industries including health, transportation, energy and technology. Co-founding partner Guillermo Villegas Ortega, who has considerable experience in the corporate and financial sectors, heads the six-strong team. Senior associates Felipe Restrepo and Sara Aldana are also noted members of the team.
Mérieux NutriSciences Corporation
Compañía de Créditos Rápidos-Rapicredit
Proyectos Agropecuarios de Colombia
Grupo Biopapel (Scribe Colombia)
Compañía Colombia de Cacao
Laboratorio Médico Echavarría
International Flavors & Fragrances
- Advised the shareholders of Inversiones Médicas de Antioquia on the sale of 98% of the outstanding equity of the company to Quirón Salud.
- Advised Sociedad de Apoyo Aeronáutico’s shareholders on the sale of 100% of the outstanding equity of the company to an international group of companies affiliated to Talma Servicios Aeroportuarios.
- Advised 1, 2, Tree on the expansion of its hardwood plantation business in Colombia.
Holland & Knight shines in complex international mergers of large commercial groups in Colombia. The group provides a broad service on corporate governance, compliance and risk management, advising as well on financing and growth opportunities. Highly-reputed executive partner Enrique Gómez-Pinzón co-heads the 11-strong department, and focuses on cross-border investment and financing, M&A, as well as in international arbitration and project financing. Fellow co-head Lucas Saffon-López, promoted to the partnership January 2020, additionally handles transactions with a real estate component. Bringing extra bench-depth, the energy-focused José Vicente Zapata and IP and antitrust specialist Danilo Romero are active in the sector. Senior counsel Daniel Fajardo, and associates Maria Isabel Romero and Juliana Archila are also relevant members of the team.
‘Fantastic legal services delivered by a very capable team with unmatched responsiveness in the market‘.
‘Danilo Romero Raad, Enrique Gómez-Pinzón, Lucas Saffon-López and Juliana Archila are highlighted‘.
Centros Comerciales Único
Hemisphere Media Group
- Supported Cemex Colombia on the execution of an agreement following the framework of a conciliation hearing before the Procuraduria General de la Nación, relating to the leasing of real estate for cement production.
- Advised Breccia Salud on the agreement for the sale of a business establishment with Inversiones Universo Paralelo.
- Advised Barcelona-based Puig on the acquisition of a minority stake in Loto del Sur.
Muñoz Tamayo & Asociados receives ample praise for the dedication and expertise offered to clients by the senior practice partners, and is particularly recommended for its experience in 'medium and small operations where counterpart advisors and vendors can be a great challenge'. Managing partner Diego Muñoz Tamayo, focuses on M&A, corporate and project finance transactions and has extensive experience in privatisations; he co-leads the 13-strong practice with Felipe Trías, whose wide-ranging experience spans banking and finance, corporate and foreign exchange law. Among the up-and-coming names, senior associate Fernando Bermudez is noted. Relevant support comes from associates Alonso de Reyes and Amparo Montes. However, Carlos Mantilla Gómez left to join the Superintendence of Corporations as Deputy Superintendent.
‘It is a young team, but at the same time with experience, and very dedicated and professional. They are warm and understand the clients’ problems and needs. Most importantly, they make things happen‘.
‘They have three main strengths:Their dedication in hours and effort, committing to what they do. Knowledge. And, great respect for the client. All lawyers have a high professional and personal profile. In our case, we have first-class support from senior associate Fernando Bermúdez and associate David Mayorga‘.
‘We highlight their accessibility and availability, experience in M&A, creativity in the search for solutions and speed‘.
‘They are experienced in medium and small operations where counterpart advisors and vendors can be a great challenge. We also highlight their speed in decision making and work preparation‘.
Sodexo Pass International
Sodexo Pass International
Seaya Ventures Fund
Alpha4 Ventures Fund
Trina Solar Spain
McKinsey & Company
Citadel Equity Ireland DAC (through Dechert)
One World Pharma
América de Cali
- Advised EssilorLuxottica on the acquisition of a majority stake in Miraflex; additionally, assisted the client regarding the due diligence of the Swiss and Italian entities of Miraflex.
- Advised the Sodexo Group on two transactions (for an aggregate amount of $21m) to acquire the minority interest in its two Colombian controlled subsidiaries.
- Advised Seaya Ventures on an investment by the fund in Colombian start-up MUY Tech, a restaurant technology platform.
The MultiLaw alliance-member for Colombia, Parra Rodríguez Abogados acts across the full spectrum of M&A and corporate transactions, not only in the aviation sector, where the practice commands unparalleled expertise, but also in the industrial manufacturing, health, e-commerce and real estate sectors, among others. Renowned practice head Bernardo Rodríguez leads the six-strong practice. Fellow name-partner Álvaro Parra, who focuses on transactions, corporate law and tax planning; and associate director Luis Fernando Diaz del Castillo, are also key members of the team.
‘Parra Rodriguez is the perfect size of law firm we needed to help us on an acquisition project in Colombia. The team is complete and a cover all corporate subjects we needed’.
‘The seniority of Bernardo Rodríguez was really helpful. He also has a great network and knows his country perfectly. This was a key in our acquisition process’.
- Legal advice to an international company on the acquisition of a Colombian company to start operations across Latin America.
- Acted as local counsel to a company on its acquisition of several health assets in Colombia.
The result of the merger of three firms specialised in the fields of corporate/M&A, IP and dispute resolution, Cáez Muñoz Mejía Abogados (CMM) opened its doors in August 2018. Experienced in leading and structuring mergers, spinoffs, sales and acquisitions, the firm acts for national and international companies in an array of industries, with clients noting partners' accessibility and direct involvement. Managing partner Paula Muñoz is the key name in the six-strong practice. Founding partner José Luís Jerez focuses on commercial and contractual matters. The firm also undertakes corporate litigation and arbitration, as well as, advising on the corporate crime, foreign exchange, tax and labour aspects of transactions. Associate director for oil and gas, Freddy Navarrete is also a key practice group member.
‘CMM Abogados is a firm with partners with a very good track record and experience that make the client feel like a priority. The relationship and direct involvement of the partners makes a great difference and is a differentiating element compared to large firms‘.
‘CMM Abogados stands out for the direct relationship and the efficient and agile response to the client’s needs. Inour particular case, Paula Muñoz has generated a lot of value for our company. Her frank, agile advice and reflection of her experience in M&A has been the differentiating element‘.
‘The firm has valid and professional lawyer and is capable of managing several aspects of any deal‘.
‘Paula Muñoz is an excellent lawyer, highly competent and professional. At the same time she is very pragmatic and look for the best business decision. She is also dedicated to the process and manages directly or anyway supervise all steps‘.
Mannuli Rubber Group
TC Latin American Partners Colombia
Asesorías e Inversiones Benjamín
AVIS Colombia (Mareauto Colombia)
ADEA – Administradora de Archivos
- Advised former shareholders of Renovatio Group in relation to EDP Renovaveis’ purchase of Vientos del Norte and Eolos Energía.
- Advised Whiskey Films on the implementation of a joint venture agreement for its operation in 15 countries.
Correa Merino Agudelo Abogados
Correa Merino Agudelo Abogados focuses on M&A and venture capital transactions, acting for the rapidly growing entrepreneurial hub of Medellín, where the firm is located. Managing partner Camilo Merino leads the six-strong team, which advises on fund formation, the negotiation of investment terms for and with leading investors, mergers and acquisitions and portfolio investments, as well as in day-today corporate matters. Additionally, the firm's labour and tax partners, Darío Ramírez Montoya and Sebastián Correa Ruíz, both actively participate in the area. Relevant support comes from senior associate Juanita Betancur.
‘CMA is a superb law firm. After two years of working with them I’m quite happy having chosen them as our law firm and continue to be quite impressed by their work. Their main strengths are a deep knowledge of the law within each specialty (corporate, labour, tax, etc), their unique and refined strategic approach, and their great commitment to clients and the work they do. They have walked the “extra mile” to solve every issue that we have confronted so far‘.
‘I would highlight Camilo Merino’s depth of knowledge and experience is quite remarkable, but most importantly, he is able to quickly and artfully adapt to many complex situations, which gives him an excellent strategic edge. Camilo has a strict commitment to the law, and nicely balances this with creative solutions when a problem requires it. His commitment to us as clients and to his work is of the highest order. He meets all the company’s requirements and consultations in a timely manner and keeps an excellent working knowledge of all the issues at hand, no matter how complex‘.
‘I would say that he is a very responsible, balanced and clear minded individual. He takes great care in his work and is one of the clearer communicators I’ve known. Importantly, Camilo is a very approachable, amicable and cordial individual which in my opinion, greatly enhances his professional reach. It’s clear to me that he loves his work‘.
‘Other partners include Darío Ramírez, labour law, and Sebastián Correa, tax law. Of the partners we’ve worked with, all of them are superb lawyers and experts in their field‘.
Compañía de Financiamiento Tuya
Laboratorio Clínico Hematológico
Promotora de Proyectos
- Represented Comfama on its investment in a local lending-company focused on the agricultural sector.
- Represented Sempli in its $10m financing rounds with international private equity funds and the IDB Lab.
Competition and public law specialists Esguerra Asesores Jurídicos' corporate and M&A area fields four expert partners and is best known for providing specialist tailored advice. Practice head Juan Pablo González, a financial and capital markets specialist is the key practitioner, and the team was further strengthened with the hire of Andrés Parias as corporate and M&A director; a former legal director of the Agricultural Sector Finance Fund (Finagro), he joined from the Superintendence of Securities, where he was a deputy. Fellow co-heads Alfonso Miranda, Felipe Piquero and Andrés Jaramillo are all highly reputed in their specialist areas of competition, litigation and antitrust.
Ultraserfinco Comisionista de Bolsa
Ultralat Capital Markets
Sociedad Portuaria Puerto Bahía
Croda do Brasil Ltda – Sucursal Colombia
- Advised Ultraserfinco and its shareholders on the sale of the company and its subsidiaries to Credicorp Capital.
- Advised Old Mutual, as the manager of a Colombian private equity fund, on the acquisition process of Aeropuertos del Orient.
Best known for its expertise and profile in real estate and urban planning, Pinilla González & Prieto Abogados also advises national and international clients -especially those seeking to enter the Colombian market- from a broad array of industries (particularly pharmaceuticals and the services sectors), on corporate and transactional matters. The 10-strong department is led by founding partner Felipe Pinilla; Julián Felipe Rojas, who focuses on governance and contractual matters; and Camilo Andrés Hermida who, promoted to partner in 2019, handles deal structuring and M&A, securities trading and regulatory issues. Head of the environment and public utilities team, Natalia Nuñez is also recommended. The practice was recently strengthened at junior level by the arrival of two associates.
‘They are recommended for their seriousness, reputation and opportunity. Felipe Pinilla, Juan Manuel González and Natalia Nuñez are highlighted‘.
Grupo Amarey Nova Medical
Universidad de los Andes
Urbanizadora Santafe de Bogotá Urbansa
El Hombre de la Mancha
Elderly Transportation Services Transcita
Fideicomiso Lagos de Torca
Asociación para la Enseñanza Aspaen
Desarrollos Serena del Mar Sucursal Colombia
Universal Linc de Colombia
Tribeca Assets Managment
HBI Banca de Inversión
Abinbev Middle Americas
Inversiones Ecológicas .
- Permanent advisory to Grupo Amarey Nova Medical on several matters including, foreign investment, corporate structure, distribution agreements and joint ventures.
- Legal advice to Universidad de los Andes for the establishment of the corporate structure regarding the development of the real estate project Triangulo de Fenicia.
Gaining prominence in the market, corporate and competition boutique Serranomartinez climbs a tier on the back of a busy year and excellent client feedback. Working across a wide array of industries -including the creative sector, infrastructure, IT, health, real estate, and civil engineering- the young firm (established in 2017), has been particularly active in private equity transactions in the cannabis and creative industries. 'Excellent' Juan Diego Martínez, a former senior associate at corporate heavyweight PPU, leads a four-strong team that handles complex and regulated M&A and corporate transactions, corporate structure formation, including joint ventures, and corporate governance. Associate Mateo Gómez is also noted.
‘The firm is excellent. Their opinions and recommendations are clear and practical. They are diligent and they always comply with the agreed purposes and deadlines. I like that they propose innovative solutions to the challenges that arise in the negotiations. Additionally, I like that they are very specialised in corporate and contract law. Definitely they exceed over other firms we have worked with’.
‘Juan Diego Martínez: he is a great corporate lawyer. Juan Diego stands out by always having a clear response to the issues asked, and having practical and innovative recommendations for our businesses. I have valued that he always respects the clients’ timeline and deadlines. Associate Mateo Gómez is a very diligent lawyers, and stands out by having a very detailed work. I have valued that he is always available for the clients’ needs‘.
‘Juan Diego Martínez helped us navigate a complicated and timely tax related issue with deftness and precision. While our other attorneys fumbled for a solution, ultimately costing us in penalties and legal fees, Serrano Martinez provided a team with the right balance of cross-functional tax, corporate law and international disciplines to quickly resolve the issue and mitigate costs. They were enthusiastic about helping us, always available and transparent about process and cost. I highly recommend them. They deserve the accolades and recognition.‘
‘Juan Diego Martínez is an excellent professional; since we decided to leave one of the large and common firms that advised us in Colombia we have felt much better represented. A great plus is that he is easy to reach and cares that we, as clients, understand the transactions and their implications . Antonio Gómez, the firm’s manager, has always been present in the transactions checking that the quality of the work is excellent and that, from matters as simple as billing by the hour, there are no errors‘.
Plantas Medicinales de Colombia – Plantmedco
Unilever Andina de Colombia
Anchor Worldwide Holdings
Colombian Outsourcing Solutions
Blue Coating Solutions
Manufacturas y Procesos Industriales – MPI
REX Ingeniería – REX
Éticos Serrano Gómez
- Advised Plantmedco and its current shareholders on the issuance and sale of shares to a foreign investor totalling 55% of the subscribed shares in the company.
- Advised Unilever on the restructuring of its Colombian distribution operations by means of the drafting and structuring of new agency and distribution agreements with its distributors across Colombia.
With particular strength in IP and media matters, BBGS Abogados is part of a medium-sized firm alliance offering integrated service across the countries of the Pacific Alliance – Chile, Peru, Colombia and Mexico. Practice head Mónica Serrano, who specialising in commercial law, is the key name. Fellow co-head Luís Felipe Barrios also co-leads the firm’s TMT department. The five strong practice handles both day-to-day legal assistance (including compliance and risks mitigation matters), and M&A and transactional matters, where it provides comprehensive advice to a wider industry sector, including retail and life sciences.
‘The BBGS team is very close to the business, explains very complex issues into clear terms for people who are not experts in legal matters. Their recommendations help us to make informed decisions and with a clear idea of the possible risks‘.
‘They are close, warm, have a good predisposition and bring good energy‘.
Smith & Nephew Colombia
Coface Services Colombia
Colfuturo – Fundación para el Futuro de Colombia
Inversiones Primera Infancia
- Advised Axesat on all stages regarding the purchase of 100% of the shares of Enlaces Integra, valued at $30m.
- Provided legal advice to Blush Bar regarding a $10m investment by fund Pegasus.
Calderon Mejía Abogados
Founded in 2016, boutique firm Calderon Mejía Abogados finds favour with clients for getting 'to know the client's needs in depth', and, despite its small size, offers transversal support to any corporate legal requirement. Established by Tomás Calderón, formerly a senior associate in the corporate departments of various significant firms, Calderón is 'highly knowledgeable of Colombian corporate law, foreign exchange and foreign investment regulations'. The practice handles domestic and cross-border M&A, transfer of assets, joint ventures and strategic alliances, reorganisations, leveraged buyouts, privatisations, shareholders’ agreements, and business integration processes.
‘The team is unique in that the profiles complement each other and have professionals for all areas. Additionally, their billing and price reports are very clear and help to have control over the topics consulted. Compare fabourably is that they are honest, clear, concise and have the necessary experience in all matters‘.
‘A boutique firm with excellent quality in its services and availability of its partner‘.
‘Tomás Calderon brings excellent quality in legal services, market knowledge and exceptional customer service‘.
‘Tomás Calderon is a lawyer who is highly knowledgeable of Colombian corporate law, foreign exchange and foreign investment regulations in Colombia. He is a highly capable professional committed to providing services with practicality. I have great confidence in him‘.
‘Indeed, the firm fares well when compared to other law firms. This is a small firm that adapts easily and gets to know the client’s needs in depth. With this said, the support becomes transversal with respect to any legal requirement‘.
Allflex Europe Sucursal Colombia
South American Investment Latin
Termo Mechero Aguazul (en liquidación)
Club Turavia Sucursal Colombia (Hotelbeds)
SEC+LATAM Comunicaciones Estratégicas
Liberty /Project Thor
Soluciones Creativas de Diseño
- Advised Ingesaenz and Constructora Valderrama in relation to the consortium led by Emparque, which acquired Cintra Aparcamientos.
- Advised Allflex Europe on the private contracting process advanced by the Colombian Association of Pork Farming, (Porkcolombia).
Well known IP specialist-firm, Cavelier also maintains a business law department that assists clients establish their business locally, both as a national or foreign investor, as well as providing continuous support on corporate compliance matters (specifically regarding AML), corporate governance and data protection. The firm also provides relevant support in IP, labour, and tax matters. Department head Martha Bonett, a corporate lawyer with senior in-house experience both in private and state-owned companies, heads the five-strong practice. Relevant support comes from senior associate Eliana Arellano and associate Laura Rodríguez.
Energy boutique Chalela | Abogados’ legal offering, including dispute resolution and tax support, is oriented primarily towards the oil-and-gas industry, but also attracts a wider, commercial-related service company clientele. Noted for his industry expertise, founder Federico Chalela heads a nine-strong team with associate director Ana María Iregui, who specialises in corporate and commercial law. Sources also highlight the team's strength in dispute resolution, which was further consolidated with the incorporation of María Isabel Paz as associate director for litigation. The practice also benefits from tax expertise advice from off counsel Camilo Cubides.
Nacional de Chocolates
Ponce de León
- Represented Pacific Midstream on the sale of three Panamanian subsidiaries that held its interests in the Oleducto Bicentenario de Colombia to a Frontera subsidiary.
Deloitte Asesores y Consultores provides corporate advisory for national and multinational companies with cross-border operations in regard to foreign exchange, tax and transfer pricing, compliance and labour related matters. Practice head Juan German Osorio is experienced in commercial and contractual law, as well as in M&A, and leads a 12-strong practice area praised for the specialisation of its lawyers. Fellow practice co-heads, associates Esteban Jimenez and Paola Otero are legal and labour manager, respectively, of the consultancy's legal services division. Mario Andrade, lead partner at global trade advisory division of the firm, is also noted.
‘They are highlighted for their service quality, offering competent professionals and specialists in the required areas‘.
‘They stand out for their human quality, although they always have a lot of work, they are willing to help, showing the best disposition, and delivering the best and most complete answers‘.
‘They are recommended for their extensive knowledge on various topics, labour, commercial, foreign exchange. Also, for their services level, opportunity and good attention. Juan Germán Osorio, Esteban Jiménez and Mario Andrade are highlighted.’
Rolls Royce International Limited Branch Colombia
CMR de Colombia
Clyde Beggermann Colombia
Canacol Energy Colombia
Danone Baby Nutrition Colombia
- Provided foreign exchange advisory to formalise and regulate foreign investment operations, and other mandatory channelling operations before the Central Bank.
- Offered permanent legal services related to the oil and aviation industry.
DG&A-Abogados' corporate practice provides a wide range of corporate services to national companies and international investors, including those in distress. The firm has specialised knowledge of franchising, foreign investment procedures and managing foreign-exchange operations, as well as a focus on liquidation and restructurings. María del Rosario Gómez heads the six-strong group, which also provides administrative representation and litigation; associate María del Pilar Delgado provides relevant support.
‘The team members have a very good knowledge of the issues, and they are constantly updated. Responses are quick and timely‘.
‘María del Rosario Gómez is a diligent lawyer with extensive experience and knowledge, mainly in commercial and contract matters. She is always available and is very practically minded‘.
‘The lawyers of this practice have sense of urgency, opportunity, legal knowledge and good customer service. It fares well compared to other firms‘.
‘The involvement of their partners in the issues, María del Rosario Gómez in our case; they are always aware of the customer’s needs and are not only present at the beginning of the relationship. Total availability and constant support‘.
Celplan Colombia (in liquidation)
Terumo Colombia Andina
Outsourcing Informatic Services
United States Embassy to Colombia
American Apparel Colombia
Nissin Foods de Colombia in liquidation
Itau Bba Colombia Financial Corporation in liquidation
- Legal advice to Celplan Colombia on all aspects of its ongoing liquidation process.
The Bogotá office of Miami-based Diaz Reus International Law Firm & Alliance, makes an entry on the back of both its expertise and positive feedback, with clients highlighting the firm's 'personalised service, attention to detail and going beyond requirements'. Led by three expert partners, the office is also the anchor of the firm's wider DRT International Law Firm & Alliance. The practice has a broad service in corporate and compliance matters - handling capitalisations, entity selection and formation, operating and partnership agreements - although it remains best known for its niche knowledge of international economic sanctioning matters (including OFAC). Local practice co-head Marcela Blanco handes international business transactions and cross-border disputes.
‘They have clear information regarding Colombia’s different regulations and laws; this has allowed us to take firm steps in each decision that has been made‘.
‘Marcela Blanco disposition, dilligence and capability are highlighted, while Javier Coronado analyst, visionary and disposition.‘
‘The team is very trained and keeps updated. They have a clear conception about what treatment and attention to the client’s needs are required in a timely manner‘.
‘Personalised service, attention to detail and going beyond requirements. They see the “big picture”, which makes them anticipate the consequences of a particular transaction’.
Karisma Hotels & Resorts
Disargen Oil Services
Boutique firm Gallego Abogados is recommended for companies establishing their businesses in the country. 'In addition to having experience in the areas of their speciality’, the team’s eight members ‘are proficient in foreign languages’ - and the boutique is a frequent choice for Austrian, German and Swiss companies. Founding partner Helmuth Gallego, who possesses a ‘comprehensive and holistic vision’, leads the practice; with firm deputy director Camilo Franco also noted. Past work includes advising Busch Vacuum México on legal strategy and operational design for import and export activity in relation to Colombia. Other 2018 highlights included acting for C3 (Critical Communication Caribbean) on the structuring and conclusion of an IT-equipment supply agreement.
Gamboa Abogados is experienced in advising national and international clients in their commercial dealings. The firm's core strength in dispute resolution serves to shape a corporate practice with a preventative orientation when advising clients on the drafting of commercial agreements. Gamboa Abogados, an expert litigator in the areas of public, sports and entertainment law, heads the seven-strong area. Eduardo Gamboa focuses on commercial, corporate and procedural law matters and Paula Isaza also specializes in commercial law, as well as in competition and labour matters.
Compañía de Puertos Asociados – Compas
Dimayor (División Mayor del Fútbol Colombiano)
Federación Colombiana de Fútbol (FCF)
Centro Nacional De Consultoria
JQ Business (Agrilat)
- Provided legal advice to the shareholders and board of directors of Imbanaco regarding the sale of the company to Quironsalud (Fresenius).
The former Godoy Hoyos, now known as Goh, undertakes complex corporate transactions such as capital reductions and spin-offs, as well as M&A, for domestic clients and foreign companies looking to enter the country. Acting for major construction and energy companies, the eight-strong practice benefits from the expertise of noted practice head Jaime Moya, who also handles project finance. Associate director for infrastructure, mines and petroleum, Álvaro Sabbagh is also a key member of the team. Partner-in-charge of the Medellín office, José Andrés Rojas left in June 2020.
R&R lubricantes / Zeuss Petroleum
Seguros Generales Suramericana
Allianz Seguros de Vida
Auteco Mobility / Autotécnica Colombiana
Sacyr Concesiones Colombia
Concesionaria Vial Montes de Maria
Concesionaria Vial Unión del Sur
- Advised Empresas Públicas de Medellín on the organisation of an energy project with strategic ally Invenergy, involving a collaboration agreement whereby Invenergy is acting as the project developer with a future purchase option on behalf of EPM, which allows the latter to consolidate a synthetic participation in the project.
Sanclemente Fernández Abogados S.A.
Best known for its niche expertise in the oil and gas industry, Sanclemente Fernández Abogados S.A. also offers one-stop-shop service to a broader industry spectrum of significant local and multinational clients. The mid-size firm fields three expert partners providing comprehensive counselling on the negotiation and structuration of transactions, contracts and company law, as well as support in tax matters, administrative representation and litigation. Energy practice co-heads Diana Sanclemente and José Gabriel Fernández are also both experienced in project finance, and lead the practice with corporate specialist Ignacio Giraldo. Recent highlights include a shale gas project, due diligence on a purchase of Petrobras’ assets, and asset-sales on behalf of two multinational oil-services companies.
Ceva Freight Management de Colombia / Agencia de Aduanas Ceva Logisticis Nivel 2
Schweitzer Engineering Laboratories Colombia
Mera el Dorado
First Cash Colombia
Compromiso Empresarial para el Reciclaje – CEMPRE Colombia
- Advised Scandinavia Pharma on the implementation of new policies related to anticorruption policies, as well as representing the company before the Colombian National Industry Association’s commission on transparency in relation to its ethics code.
Scola Abogados' corporate law and international business department provides a broad service to clients across an array of industries, particularly in the pharma, construction, services and technology sectors. Carolina Solano, who has past experience as advisor to the Ministry of Commerce, Industry and Tourism; and Carolina Munar, whose experience includes time in-house at pharma and chemical companies, co-lead the eight strong group. The practice benefits from the deep experience of former president of the Supreme Court, Pedro Munar, who leads the civil law and litigations unit as well as participating in corporate matters.
‘The knowledge and sensitivity of Diego Valdivieso towards the labour issues of our organisations, allow us to have the confidence that the consultancy has elements of professionalism, analysis and criteria in relation to particular situations. It is a very professional firm‘.
‘Diego Valdivieso is a rigorous, professional lawyer who is sensitive to the experience of legal practices, both in terms of advising and dealing with judicial actions in the workplace‘.
‘Speed of response is key. Scola guarantees it. Their willingness for multiple iterations is inherent in the value offering‘.
‘Carolina Munar has excellent communication skills‘.
Corporacion Club La Hacienda
Valrex – Ondina
Nipro Medical Corporation
- Advised Inelec on designing the negotiation strategies and proposals for its relations with companies including Cementos Argos, Ecopetrol, Hikvision, Buenaventura Port and Regal Beloit among others.