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Next Generation Partners

Rising Stars

Firms To Watch: Corporate and M&A

The corporate team at Torres Legal, led by legaltech specialist Héctor Torres, advises foreign investment companies and financial conglomerates on M&A and the establishment of operations throughout the region and abroad, with a rapidly expanding offering in the fintech and cryptocurrency space.

Corporate and M&A in El Salvador


The corporate team at regional powerhouse Arias remains a mainstay on high-value, multi-jurisdictional corporate transactions. The firm's broad client base includes financial institutions and major multinationals in sectors ranging from telecoms, financial services and tech to energy, chemicals and hospitality; some key names include Citibank, Telefónica and Chevron. The team is jointly headed by founding partner Armando Arias; El Salvador co-managing partner Lilian Arias, who brings to bear over 26 years of experience in the corporate space; M&A authority Roberta Gallardo, who also assists clients with day-to-day matters such as corporate governance and regulatory issues; Ana Mercedes López, who provides expertise on major restructurings; and energy sector specialists Luisa Rivas and Carolina Lazo. They receive capable support from senior counsels Adán Araujo, who has expertise in highly regulated sectors such as energy, telecoms and financial services, and Ernesto Sánchez, whose practice covers matters in the financial services and tech industries, and senior associate Rafael Burgos, who handles deal negotiations, the drafting of contracts and structuring of collaterals.

Practice head(s):

Roberta Gallardo; Ana Mercedes López; Carolina Lazo; Lilian Arias; Armando Arias; Luisa Rivas


A very attentive and super agile team.

Arias is one of the most well-rounded firms out there, with the greatest coverage.

The team led by Ana Mercedes López has a very high level of commitment to the client’s objectives, a deep knowledge of Salvadoran law and a very good ability to adapt to complex situations and problems. It is really a pleasure to work with them.

They are quite open to clients’ requests, they have very good response times and they are able to understand clients’ priorities and needs in environments that involve certain regulatory complexities.

The team displays openness and great professionalism, deftly managing the difficult conversations that can arise during an acquisition and helping to move towards a successful close.

Luisa Rivas is extremely diligent and was instrumental in a recent transaction. Mario Lozano also provides great support in corporate matters.

They are highly trained, with extensive legal knowledge.

Key clients






Del Sur

Grupo Cassa




Work highlights

  • Advised Zurn Water Solutions on its merger with Elkay Manufacturing to create water services provider Zurn Elkay Water Solutions.
  • Acted as local counsel to the R&W underwriter, ASQ Insurance, in the merger of private equity firm Sentinel Capital Partners and apparel manufacturer and designer L2Brands.
  • Assisted with the sale of the operations of Telefónica’s subsidiary in El Salvador, Telefónica Centroamérica Inversiones.

Consortium Legal

The corporate practice at Consortium Legal continues to lead in the Salvadoran market, leveraging the deep bench strength of locations in El Salvador, Costa Rica, Guatemala, Honduras and Nicaragua to advise national and international corporations, insurers and financial institutions involved in high-value, multi-jurisdictional transactions. The firm’s active client base includes household-name brands such as Amazon, PepsiCo and Walmart, and spans sectors ranging from telecoms, food and beverages, and retail to tech, fintech, pharmaceuticals and real estate. The comprehensive practice extends to cover M&A, asset purchase agreements, company incorporations, due diligence processes, licensing issues and corporate governance. An experienced trio of partners oversees the team – El Salvador managing partner Oscar Samour, who draws on multidisciplinary expertise when handling M&A transactions; Diego Martín, who has over 20 years of experience in the infrastructure, insurance and tech sectors and in the tax aspects of corporate transactions; and Maria Alejandra Tulipano, who assists private and public companies with strategic regional expansion, public tenders and concession contracts. The deep bench of junior lawyers includes senior associates Fidel Márquez, who advises on M&A and the sale and purchases of assets, and Felipe Aragón, who, in addition to major transactions, handles issues in heavily regulated sectors, and associate Gustavo Vega, who assists domestic and multinational businesses with the participation in and award of public tenders.

Practice head(s):

Oscar Samour; Diego Martín; María Alejandra Tulipano


Their support and collaborative strategies are exceptional and differentiate them from the competition.

The versatility to adapt to challenges and overcome them is the plus that makes each of their lawyers stand out, in addition to their best qualities: a personal touch and professional attitude.

What, in my opinion, distinguishes the Consortium Legal team from other firms is the ability to quickly resolve the issues entrusted to them, with their characteristic excellent client service, kindness and teamwork.

The Consortium Legal team stand out for their high level of experience and knowledge when handling delicate and complex operations, as well as their cordiality and close communication with the client until the issues entrusted to them are resolved.

Key clients

AB Inbev



Energizer Holdings




Canadian Bank Note Company



Amcor Rigid Plastics

Airline MRO Parts



Work highlights

  • Advised General International Telecom on the acquisition of Telefónica Móviles El Salvador.
  • Advised Cemex in El Salvador and Costa Rica on the sale of its assets and operations in Central America to Cementos Progreso Holdings.
  • Advised Sentinel Capital Partners on its acquisition of apparel manufacturer L2 Brands, assisting with the due diligence process, the merger agreement, and the representations and warranties’ insurance policy.


Bolstered by the March 2022 addition of the entire team from domestic practice MCM Legal, Dentons has strengthened both its regional presence and its corporate team in El Salvador. Advising domestic and multinational corporates, including household names such as United Airlines, Fiat Chrysler Automobiles, Huawei and Telefónica, on high-value, multi-jurisdictional matters, the firm has a strong presence in sectors ranging from telecoms, aviation and automobiles to hospitality, fintech and transport. The practice’s full corporate offering extends to governance issues, market expansion, and complex service and distributorship agreements. Daniel Martinez, who brings to the table over 20 years of experience assisting clients with major transactions in the corporate arena, leads the team. Other notable names are Ricardo Milla, who specialises in restructurings and company formations, and senior associate David Aguilar, who advises on regulatory matters and public procurement processes.

Practice head(s):

Daniel Martinez

Key clients

United Airlines

Huawei Telecommunications

Volante Technologies


DEG (Deutsche Investitions-und Entwicklungsgesellschaft)

AGS Protect

Nature’s Sunshine Products

Hamburg Süd



Fiat Chrysler


Icards Solutions

Grupo Silkcroft

Grupo Arquero


Preferred Hotel Group


Smart Strategic Marketing

Diper Exhibitions



Work highlights

  • Assisted Puma Energy in a complex corporate restructuring process and with antitrust approvals.
  • Advising Equifax on the acquisition of the share capital portion of the company from one of the shareholders, a regional bank.
  • Advised on the acquisition of a Salvadoran company for German multinational online food-delivery service Delivery Hero.

Aguilar Castillo Love

Aguilar Castillo Love utilises its regional presence (with 11 offices in nine countries across Latin America) to advise prominent multinationals and financial institutions (including Coca-Cola and JP Morgan) involved in high-value, cross-border transactions. The team is well versed in joint ventures, divestments, spin-offs and M&A, as well as related issues such as regulatory compliance, customs tariffs and labour contracts. Sectors of strength include financial services, tech, food and beverages, e-commerce and energy. At the helm are El Salvador managing partner and M&A expert Esteban Agüero Guier and Flor De María Cortez, who has expertise in foreign investment, free trade zone and compliance matters, as well as assisting in the renewable energy and cryptocurrency spheres. The capable pool of junior lawyers includes associate Lorena Madrid, whose practice also covers antitrust, sanitary registrations and intellectual property matters, and new additions Bryan Guevara López (also an associate), who joined in May 2022 from Muddock Legal, and of counsel Silvia Nasser, who joined from Dentons in February 2022.

Practice head(s):

Esteban Agüero Guier; Flor De María Cortez

Key clients

Glas Americas

Apollo Global Funding/Wilmington Trust

JP Morgan


Ingram Micro

Paxos Trust Company

The Coca-Cola Company

Banco Ficohsa

Banco de América Central

Diebold Nixdorf



CPPIB Credit Investments



Work highlights

  • Advised Ingram Micro LATAM Export Division on the successful tender through its local resellers to provide laptops and tablets to school children in El Salvador’s public education system, nationwide.
  • Providing ongoing advice to Coca-Cola on a variety of corporate, commercial, regulatory and labour matters in El Salvador.


Leveraging the bench strength of locations throughout Central America (in Nicaragua, Honduras, Costa Rica and Guatemala), the Salvadoran business law practice at BLP advises major multinationals, banks and financial institutions, development agencies and insurers on day-to-day matters and complex, multi-jurisdictional transactions, with a client base spanning such sectors as energy, real estate, life sciences, building materials and financial services. The practice’s comprehensive service covers M&A, restructurings, contract drafting and negotiation, due diligence, regulatory compliance and corporate governance. Zygmunt Brett, who has over 20 years of experience in the practice area and is widely regarded as an authority in M&A, heads the team. Other key figures at senior level include Mariana Nóchez, who, in addition to major transactions, is an expert in due diligence and regulatory processes. The strong junior line-up includes director José Góchez, who has notable expertise in the telecoms and aviation sectors, and associates Luis VegaDelmer Rodríguez, a specialist in both corporate matters and tax administrative procedures, and Julio Meléndez, who assists clients with entry into the region.

Practice head(s):

Zygmunt Brett


We have worked with BLP’s corporate and M&A practice for many years. It is a highly trained team with enviable experience.

Zygmunt Brett is one of the most experienced M&A lawyers in the Central American market.

Mariana Nóchez is a tremendous specialist in complex issues and a great negotiator.

Highly specialised in their field and always ahead of the curve.

Zygmunt Brett has a direct and personal relationship with his clients.

Key clients

Grupo Unicomer

Barentz International

Cementos Progreso Holdings

Inversiones Financieras Grupo Azul y Banco Azul

Grupo Ransa


Work highlights

  • Advised Grupo Unicomer on its acquisition of CrediScotia Financiera, a consumer credit finance company in Peru.
  • Advised Barentz International on acquiring all shares of Divsa, a distributor of life science industry ingredients and specialty chemical products in Central America.
  • Advised Cementos Progreso Holdings on its $335m acquisition of assets from Cemex in Costa Rica and El Salvador.


With offices in seven countries across Latin America, CENTRAL LAW El Salvador pairs regional strength with the experience of its team to handle day-to-day corporate matters and complex, multi-jurisdictional transactions. Advising domestic and multinational corporations (such as household names Nokia and Smart Fit) in sectors ranging from food and beverages, education and utilities to fitness, banking, energy and aviation, the group offers a comprehensive service covering sales and distribution contracts, expansion strategies, corporate restructurings, due diligence and regulatory compliance. The team is headed by office founding partner Piero Rusconi Gutiérrez; energy and infrastructure expert Piero Rusconi Bolaños; franchise development and expansion specialist Sandra Cabezas (who also has IP expertise and directs the firm's IP department); senior associate Francisco Murillo, whose areas of strength include energy, infrastructure, real estate and new technologies; and associate Fernando Argumedo, who is well versed in international commerce issues.

Practice head(s):

Piero Rusconi Gutiérrez; Piero Rusconi Bolaños; Sandra Cabezas; Francisco Murillo; Fernando Argumedo


The Central Law team are always available and look at matters from the client’s point of view. This is vital, as it makes them a commercial ally and not just a service provider.

The team (particularly Francisco Murillo) stand out for their personalised client service, human touch and flexibility.’

Key clients

Towerbank International

Lipman Family Farms

Smart Fit

Airplus Lufthansa

Palladium International

Mabe Group

Keiser University/Everglades College

Grupo Ferrer Internacional

BMR Energy


Kerry Group


Pontificia Universidad Catolica De Chile (Academics CA)

Santillana Group

Megapaca Group

Nokia Corporation

Transatlantic Holdings



Agroindustrias San Francisco

Servicios De Personal

Goddard Catering Group

Clinton Foundation (AOL)

NGO Ayuda En Acción

ICAP – Columbia University

Societá Dante Alighieri


Interactive Contact Center

Pacific Strategies & Assessments

Work highlights

  • Advised Smart Fit on the labour, regulatory and corporate matters relating to its establishment in El Salvador.
  • Advised Palladium International on the proper development of its activities within the framework of the USAID Project for Economic Competitiveness.
  • Assisted education company Editorial Santillana with a $465m carve-out in the sale of its business, which includes its Salvadoran branch.

García & Bodán

With offices in Costa Rica, Nicaragua, Honduras, El Salvador and Guatemala, the team at García & Bodán benefits from a regional presence when advising domestic and multinational companies from a range of sectors, including aviation, manufacturing, education, retail, telecoms, food and beverages, healthcare and financial services. The team's experience ranges from day-to-day corporate matters to the incorporation of companies in El Salvador, the expansion of operations, and M&A. The team is overseen by Oscar Torres, who was appointed as the firm’s regional director of labour in April 2022 and has considerable expertise in the labour aspects of corporate matters, in addition to tax, energy and aviation issues. Key support in major transactions is provided by senior associate David Claros Flores and associate Rodrigo Benítez Nassar, who specialises in assisting with the constitution, dissolution and liquidation of companies.

Practice head(s):

Oscar Torres


The García & Bodán team in El Salvador, specifically in the corporate and M&A area, are great professionals. They are characterised by providing excellent service and the most reliable advice in their field.

The plus that makes them stand out is the personalised and prompt attention to clients. David Claros stands out as an outstanding associate.

The firm cares a lot about the client’s well-being, and about protecting all their interests.

The lawyers at the firm are very professional, and always express their opinions clearly.

Key clients


Logística Comercial El Salvador

First Cash Financial Services

Grupo Lala

Industrias La Constancia

Stanley, Black and Decker

Grupo Almo


Aliados Agroindustriales El Salvador

Work highlights

  • Advised Scala Higher Education regarding the corporate and tax structure to provide services to universities in Central America, as well as on day-to-day operations.
  • Advised Herbalife distributor Logística Comercial El Salvador on ongoing contractual issues, as well as on day-to-day matters.

LatinAlliance El Salvador

The multidisciplinary corporate department at LatinAlliance El Salvador works closely with the firm's offices in Costa Rica, Honduras, Nicaragua and Guatemala to advise domestic and multinational banks and corporations on diverse corporate issues, with sector strengths spanning the automotive, manufacturing, construction, healthcare and logistics industries. Key contacts include firm founding partner José Adolfo Torres; regional head of corporate Michelle Sutter, who has expertise in M&A, compliance and telecoms-related matters; senior associate Mario Costa, who leads the corporate practice in El Salvador and handles M&A and company liquidations; and senior associate Norma Villalobos, who provides additional support with labour matters.

Practice head(s):

José Adolfo Torres; Michelle Sutter

Work highlights

  • Providing corporate advice to all the companies of Yobel SCM Logistics, specifically regarding commercial contracts, transportation and real estate.


Harnessing the support of locations in Honduras, Guatemala, Costa Rica and Nicaragua, the Salvadoran corporate and M&A team at Lexincorp advises regional and national corporations on a wide range of matters across the practice area. Displaying particular strength in the energy and food sectors, the group is led by transactional specialist Antonio Guirola, who routinely assists clients with incorporation and the establishment of a foothold in the region, and Enrique Escobar, who provides additional expertise in banking issues and corporate governance. Adriana Portillo is a key name for advice on joint ventures and M&A.

Practice head(s):

Antonio Guirola; Enrique Escobar


They stay up to date and protect my interests. The team are focused.

They are very professional. Enrique Escobar and Adriana Portillo keep everything in order at my company.

Key clients


Green Planet Energy



Grupo Monge

Al Forno and Corporación

Work highlights

  • Advising Puma on the transfer of assets, permits and licences valued in excess of $10m to a newco.
  • Advising Ventus on the development and operation of a wind power plant, valued at over $70m.
  • Advising retailer Grupo Monge on corporate, contractual,  and consumer protection issues.

Mayora & Mayora, S.C.

Frequently working with the firm's offices in Guatemala and Honduras, the multidisciplinary Salvadoran team at Mayora & Mayora, S.C. advises domestic and multinational clients on a diverse range of corporate issues across the pharmaceuticals, energy, telecoms, energy and financial services sectors. The group is particularly adept at M&A, restructurings, due diligence, corporate governance and the registration of foreign entities. Experienced senior partner Manuel Telles, who heads the El Salvador office and has strengths in major transactions as well as business creation, incorporation and ongoing management, steers the team. Other key figures include senior associates Jennifer Rodríguez and Lorena Villacorta, a specialist in international trade, the free zone regime and customs procedures, and Andrea Cuellar, who provides expertise in matters involving real estate clients, shopping centres and laboratories.

Practice head(s):

Manuel Telles


The lawyers are proactive, they have experience in the area for which their services have been requested and they have excellent relationships with public institutions, which has allowed them to have good communication for the requested procedures.

They are fully available to support clients. Their advice is broad and forceful.

Manuel Telles and Andrea Cuellar are always available.

Manuel Telles is a pleasant, very competent professional who treats his clients with a high level of care and respect. Jennifer Rodríguez has given our company complete support and is equally competent in terms of her knowledge of the law and of how to solve the different problems facing our firm. I have worked with other legal firms but this one clearly stands out because of its prestige, and the professional qualities of its partners and associates.

Manuel Telles has a plethora of legal experience, contacts and prestige in El Salvador. His knowledge of the law – especially corporate law – is second to none and his approach to assisting clients gives one comfort when speaking to him and his associates.

Key clients

Neoen (Capella Solar/Providencia Solar)


Romero Pineda

The multidisciplinary team at full-service domestic firm Romero Pineda combines expertise in corporate, commercial and banking issues to advise major regional and multinational corporations on cross-border M&A and entry into the Salvadoran market, as well as related competition, customs, e-commerce, fintech, real estate and environmental issues. Sectors of expertise include construction, aviation, food, NGOs, manufacturing and banking. The practice is headed by Francisco Martinez, whose practice takes in corporate maintenance, distribution contracts, due diligence and compliance with anti-money laundering laws. Other key figures include banking, finance and insurance division head Camila Villafuerte, who was promoted to partner in March 2023; senior counsel Irene Arrieta, an expert in all aspects of corporate and commercial law; and associate Roberto Pocasangre, who assists with labour matters, company incorporations and public tenders.

Practice head(s):

Francisco Martínez

Key clients

Acajutla Project/OPIC (DFC)



BID Invest


Inversiones BOSH

La Nueva Aerolínea (Wingo Airlines)

Copa Airlines






Work highlights

  • Providing continual support to Copa Airlines with regulatory compliance and authorisations.
  • Advising Visanto’s, a national brand belonging to Pizzeria Gourmet, on the expansion of the franchise, including the review of a master franchise agreement and a compliance review of the new franchisees and their corporate structure.
  • Providing La Nueva Aerolínea (Wingo Airlines) with continued advice on corporate and compliance matters.