Rising Stars

Antonio Montes - IO·Epik

Firms To Watch: Corporate and M&A

Ulloa & Asociados – which established a Florida practice in January 2023 with the aim of generating further work in Honduras – is highly active in corporate matters, spanning M&A, company liquidations and contractual issues. The firm is also highly regarded for its strength in labour law.

Corporate and M&A in Honduras

Aguilar Castillo Love

Corporate powerhouse Aguilar Castillo Love leverages the firm’s extensive network (with offices throughout Central America as well as in Bolivia, Ecuador, Panama and Paraguay) and close links with international firms to advise on a wide array of multi-jurisdictional M&A, including regional deals. The team acts for a growing roster of multinational clients, as well as major local companies, demonstrating particular strength in the energy, technology (including fintech) and pharmaceutical industries. In addition, the broad practice covers corporate restructurings, the establishment of operations in Honduras, and related commercial and antitrust issues. The firm fields a sizeable four-partner team, headed by office managing partner Enrique Rodríguez Burchard, who has considerable experience in M&A, and Juan José Alcerro Milla, the leader of the firm’s antitrust and fintech and start-up groups. Carolina Aguirre Larios and Victor Alejandro Martínez, who has complementary tax expertise, are other names to note, alongside a deep bench of associates, including Ondina María Santos and Leonel Contreras. The firm also has an active D&I initiative, Proyectos ACL Mujeres, which promotes the participation of women in business, including through its pro bono work.

Practice head(s):

Enrique Rodríguez Burchard; Juan José Alcerro Milla

Key clients

Grupo Don Julio

Total Eren

Mondelez International Holdings



Coats Group


Fundación Nasser para el Desarrollo Educativo de Centroamérica

Grupo Deli

Work highlights

  • Acted as lead counsel for Grupo Don Julio on the sale of its business to Peruvian retail group Corporación Castillo.
  • Advising Mondelēz International Holdings on the acquisition of shares in the Mexican entities of Ricolino, a subsidiary of Grupo Bimbo.
  • Advising Total Eren on the acquisition of 100% of the shares in an SPV and certain assets of a second SPV set up to hold the rights to a 112.5MW wind farm project located in San Marcos de Colón, owned by Nordex.

Consortium Legal

Regional heavyweight Consortium Legal houses a comprehensive corporate practice in Honduras, based in offices in Tegucigalpa and San Pedro Sula, with wide-ranging expertise spanning M&A, corporate reorganisations and commercial issues. Taking advantage of the firm’s presence throughout Central America, the team is particularly active in advising multinational clients across sectors including retail, finance, technology and manufacturing, and is also well versed in multi-jurisdictional M&A, acting on both the buyer and seller side. Further strengths include advising on compliance with anti-money laundering regulations and the structuring of cross-border agency, franchise and distribution agreements. The team is led by José Rafael Rivera, whose broad practice encompasses the acquisition of companies in Honduras and Central America more widely, and José Ramón Paz Morales, who is commended for his experience in cross-border M&A, corporate reorganisations and capital markets transactions. José Ramón Paz Padilla, the managing partner and co-founder of the Honduras office, lends further expertise to the practice. As a member of the Central American Network for Corporate Social Responsibility (INTEGRARSE), the firm also promotes various sustainability programmes in the region.

Practice head(s):

José Rafael Rivera; José Ramón Paz Morales

Key clients

Financiera Credi Q

Fyffes Banana International

Caterpillar Financial Services

Bella Canvas

Work highlights

  • Advised Credi Q on the structuring and execution of a $15m initial public offering on the local stock exchange.
  • Advised Bella Canvas on the purchase and sale of assets of two local entities whose operations focus on exporting goods from a free trade zone.
  • Advised Fyffes Banana International on a complex subsidiary liquidation process in Honduras.

Alta Melara & Asociados

Following its merger with firms in Guatemala, El Salvador and Costa Rica in May 2021, Alta Melara & Asociados benefits from a regional presence which makes it a strong choice for multinational and multilatina clients. Winning high praise for its ‘outstanding knowledge‘ and ‘experience and professionalism‘, the corporate team frequently joins up with its counterparts in Central America to advise on regional M&A, in addition to assisting international companies with local transactions and incorporations in Honduras, with expertise in a wide range of sectors, from banking and telecoms to energy and call centre services. The full-service firm also offers complementary advice on antitrust, regulatory and tax issues, and has a growing focus on labour matters. Office managing partner Oscar Melara, who is commended for his ‘second to none‘ client service, leads the compact team, ably supported by senior associate Andrea Idiáquez, whose practice focuses on highly regulated sectors such as banking (particularly fintech) and telecoms. Since publication, Idiáquez has left the firm for a role as a government legal adviser.

Practice head(s):

Oscar Melara


Very professional and knowledgeable about the subject matter.

Timely and personalised attention.

We are pleased to work with this firm, that is characterised by being a small firm compared to other firms in the region, but whose service is personalised and immediate.

Key clients

Millicom/Tigo Honduras

Corporación AG

Banco de Desarrollo Rural (Banrural) Honduras

HIG Capital

Corporación Multi-Inversiones (CMI)

Imperia Capital


Grupo Salinas (Banco Azteca Honduras, Elektra, TV Azteca Honduras)


The Results Company

Universidad Tecnológica Centroamericana (UNITEC)

Hugo Technologies

Pagadito Honduras

VANA Guatemala


Work highlights

  • Advised Aceros de Guatemala on the acquisition of 100% of the equity in Tubac in Guatemala and Typsa in Honduras, including obtaining approval from the Honduran competition authority.
  • Acted as local adviser to Hugo Technologies on the sale of its operations in Central America to Pedidos Ya, including related antitrust issues.
  • Acted as local counsel to CMI on the acquisition of a company with operations in Guatemala, Colombia, Mexico, El Salvador and Honduras, as part of its growth strategy in the region.


With offices in Tegucigalpa and the industrial hub of San Pedro Sula, Arias has a strong platform in Honduras, which combines with its broad regional network to allow the firm to advise both domestic and multinational clients on the full spectrum of corporate work. The team of ‘excellent advisers‘ routinely handles cross-border matters, including M&A, with notable recent activity in the renewable energy and mining sectors, and also has a busy antitrust practice, where senior associate Antonio Montes is the key contact for pre-merger notification processes. Honduras managing partner Evangelina Lardizábal is frequently sought after for her experience in multi-jurisdictional M&A, as well as related tax issues; she leads the team with Mario Agüero, a go-to specialist in the structuring of local business operations for international companies. Associate Rodolfo Salgado also provides capable support. Since publication, Montes has left the firm.

Practice head(s):

Evangelina Lardizábal; Mario Agüero


Their experience in the local area and laws goes beyond other firms’. We always receive timely, accurate advice, and they are always ready to assist their clients at any time, and always present options so that clients can choose the best one.

They are always willing to assist, and very friendly and respectful; it is always nice to meet them. They are very intelligent and their experience is what makes the difference.

Excellent advisers.

Very good collaboration. A good team that takes the initiative.

Evangelina Lardizábal is always attentive and proactive. Very proficient in the area of cooperative law.

Work highlights

  • Advising Grupo Bimbo on the sale to Mondelēz International Holding of its shares in Ricolino, Productos Ricolino and Productos Leche Coronado, and the related antitrust filing.
  • Advising non-profit organisation El Comité para la Defensa y Desarrollo de la Flora y Fauna del Golfo de Fonseca on the community development programme to generate carbon credits from the reforestation of mangrove areas on the Pacific coastline of Honduras.


BLP‘s star continues to rise in Honduras, with its corporate practice rapidly establishing an impressive track record in advising Fortune 500 companies and handling high-profile, cross-border M&A, drawing on the firm’s region-wide network and two offices in the jurisdiction for support. Singled out as ‘the gold standard‘ for ‘the communication, ability of the team and understanding of the client’s business‘, the team is also experienced in joint ventures and corporate restructurings, and is highly active in the energy sector, reflecting the wider firm’s expertise in this space. José Miguel Álvarez, who is hailed as a ‘titan of corporate law‘, oversees the practice alongside Karla Aguilar, a renowned specialist in the energy and environmental spheres. The talented cohort of junior lawyers includes director Roy Zavala, who has a focus on antitrust matters; senior associate Rafael Chicas, an expert in the energy sector; and associate Ivis Alvarado. The firm has also introduced an Innovation Commission with the aim of implementing new technologies to support clients.

Practice head(s):

José Miguel Álvarez; Karla Aguilar


Excellent response times. The communication, ability of the team and understanding of the client’s business are the gold standard in Honduras.

José Miguel Álvarez is a titan of corporate law, with extensive experience and knowledge, and is always ready to deal with issues and resolve them with creative and successful solutions. The work that Roy Zavala does is impeccable and his negotiation skills are an invaluable asset to an operation in Honduras.

BLP in Honduras are very supportive at the management level. They handle corporate matters with efficiency, speed and quality, and are a strategic partner in the legal area.

José Miguel Álvarez and Ivis Alvarado are both lawyers whose level of follow-up and diligence make them stand out from the rest of the lawyers in Honduras with whom I have been able to work.

BLP stand out for the agility in the service they provide to us. They are always very quick to respond to our concerns and keep us very informed of the processes. Their charges are transparent and above all they have a multidisciplinary team that allows all issues that may arise in practice to be addressed in the best way.

‘José Miguel Álvarez is recognised for his professionalism, seriousness, and transparency in working and communicating information.

The firm has significant strengths. Their knowledge and specialisation in environmental issues give them an advantage over their competitors.

The firm’s lawyers, in addition to having vast knowledge, also provide a personalised service when we require it.

Key clients


Hidroeléctrica El Volcán

BID Invest

Azucarera La Grecia

Grupo Orbis


DBS Bank

Zip San Jose

Barentz International

Oliva Cigars

Work highlights

  • Assisting Celsia with all corporate matters and with obtaining environmental licences and registering suppliers for the equipment and materials for electricity generation in Colombia, Panama, Costa Rica and Honduras.
  • Advised Grupo Orbis on the acquisition of the company and subsidiaries in various Latin American jurisdictions by AkzoNobel, as well as related regulatory approvals.
  • Advised Barentz International on the acquisition of 100% of the shares of Distribuciones Industriales Variadas (Divsa) in eight jurisdictions in Central America, the Caribbean and Mexico.

García & Bodán

The corporate practice at García & Bodán, which is highlighted as ‘one of the most prestigious firms‘ in Honduras, has robust experience in complex cross-border transactions, frequently teaming up with the firm’s offices throughout Central America on regional deals. The department is well versed in corporate matters across the full range of industry segments, but has a particular emphasis on heavily regulated sectors including energy, infrastructure, insurance and telecoms, with growing strength in the fintech space. Office managing partner Vanessa Oquelí ‘brings a lot of experience‘, particularly in M&A and related tax matters. Other key names include Godofredo Siercke, a specialist in the energy sector, and capable senior associates Gabriela Aguirre, Astrid Villeda and San Pedro Sula-based Melissa Ayala, who contribute complementary tax, real estate and labour expertise.

Practice head(s):

Vanessa Oquelí


We have been working with García & Bodán for many years and we can affirm that they are one of the most prestigious firms in our country. They are innovative and solve cases in the way that best suits their clients.

The firm’s lawyers are very efficient and always have a solution to the issues raised.

Vanessa Oquelí brings a lot of experience to the table. She is one of the best lawyers in Honduras.

G&B has an excellent team of professionals who are aware of country risk and remain up-to-date on the most relevant issues in our industry. Likewise, G&B demonstrates proactivity by anticipating the future needs of our operations.

Godofredo Siercke is a lawyer who has the necessary experience to give timely advice in the corporate area, standing out for his focus on risk management.

Key clients

Aerovías de México (Aeroméxico)

Arch Reinsurance




INCAE Business School

Software One

Payless ShoeSource

Inversiones Centroamericanas

United Airlines

Work highlights

  • Advising Intelsat on the renewal of its licence to provide satellite services in Honduras.

Gufa Law

Well-established domestic firm Gufa Law brings strong experience in the Honduran market when advising an extensive roster of multinationals on the full range of corporate mandates, from day-to-day operations and governance issues to M&A and related antitrust and regulatory matters. Recognised for its robust capabilities in the energy sector, the team is also sought after for its expertise in multi-jurisdictional transactions, including M&A and global restructurings, benefitting from close connections to a number of major international firms. Managing partner Mauricio Villeda Jr steers the practice and is commended for his strength in foreign investment, M&A and commercial contracts. Julia Sandoval, who focuses on cross-border transactions and taxation, and Javier López are the names to note at associate level, while co-founding partner Mauricio Villeda Bermúdez remains a key figure in the team.

Practice head(s):

Mauricio Villeda Jr


‘Personalised attention, quick and effective responses to urgent matters.’

‘Specialised knowledge on the subject and client service.’

Key clients

Puma Energy

Standard Fruit Company (Dole)

Iglesia de Jesucristo de los Santos de los Últimos Días

BL Harbert International




BIA Brands

HAS Development Corporation

Diamonds International

First Solar

Café Maya


La Santé

Plásticos Industriales Hondureños

Work highlights

  • Advised BIA Brands in connection with the acquisition by BIA Coffee Investment of a majority participation in Molino de Café Maya for $8m, and the subsequent corporate restructuring.
  • Advised Softys on the acquisition of the Latin American business activities and related exports to regional markets of Ontex for €285m.

López Rodezno & Asociados

One of the oldest firms in Honduras, López Rodezno & Asociados combines its nearly six decades of experience in the local market with close links to international firms, established through its membership of Club de Abogados Iberoamérica (an association of law firms across Latin America, Europe and Asia), to advise on the full scope of corporate matters. Operating from offices in Tegucigalpa and San Pedro Sula, the firm handles M&A and commercial issues, as well as the financial, taxation and real estate aspects of corporate deals. The widely recognised René López Rodezno leads the department, while banking and finance specialist Jorge López Loewenberg is also noted.

Mayora & Mayora, S.C.

Singled out by clients as ‘not only knowledgeable but honest and forthcoming’, the Honduran team at Mayora & Mayora, S.C. taps into the wider regional firm’s strength in the corporate and M&A field to handle a growing range of transactional, commercial and compliance-related mandates. Odín Guillén Leiva oversees the firm’s offices in Tegucigalpa and San Pedro Sula (where it recently expanded into new premises) and frequently takes the lead on domestic M&A and day-to-day advisory matters, in addition to joining up with the firm’s Guatemalan and Salvadoran practices on cross-border transactions. He is supported by senior associates Iván Flores and San Pedro Sula-based Andrea Tercero, and associates Daniel Fléfil and Andrea Pereira. Moreover, in March 2023 the firm hired counsel Roy Millares from Banco Centroamericano de Integración Económica (BCIE), both broadening its service offering and allowing the opening of its third local office, in Roatan, in September 2023.

Practice head(s):

Odín Guillén Leiva


The firm is incredibly helpful with whatever is necessary and quick to respond to every question.

The individuals I have worked with at Mayora & Mayora are ethical, loyal, explain in detail, knowledgable and, above all, patient. The billing department is up to date, timely, patient and accurate. Their presentations are commendable, well thought out and valuable. I have found people to be not only knowledgable but honest and forthcoming. I have great trust in this firm.

Key clients

Volta Energy

Ecologica – Glasstek

Latam Hotel Corporation (Hyatt)

ICOMS (Escolaria)

Asheboro Elastics Corporation

Liceo Franco Hondureño

Coats Honduras

CG Products

Grupo SML (SML El Salvador)

Friedrich Naumann Foundation

Work highlights

  • Advising Volta Energy on the commercialisation of the energy sector and compliance with the modified Honduran energy law.
  • Advising Ecologica – Glasstek on the local aspects of the merger process.
  • Advising ICOMS (Escolaria) on its corporate restructuring and transformation.


CENTRAL LAW fields an active corporate team from its office in the industrial centre of San Pedro Sula, which also benefits from the support of the firm’s branch in Tegucigalpa and broad network across the region, putting it in prime position to advise Central and Latin American clients on their establishment in Honduras. In addition, the team assists with day-to-day governance and regulatory and contractual matters. Honduras managing partner J. Humberto Medina Alva focuses his practice on foreign investment and M&A, while senior associate Patricia Mejía assists with administrative law issues. Claribel Medina de León co-heads the practice from Tegucigalpa, where senior associate Marcela Aguilar is also a key contract for corporate and regulatory advice. Since research concluded, the firm has hired Jorge Romero as a senior associate in the San Pedro Sula office, where he focuses on administrative, customs and tax law - effective as of September 2023.

Practice head(s):

J. Humberto Medina Alva; Claribel Medina de León


The lawyers at Central Law have proven their ability to work as a team when advising us. When we first hired them, this was one of the main reasons for doing so: they were well referred and have done a great job in covering our needs because they work as a team. Within their staff they have lawyers who specialise in governmental licences and permits, others in brand registration and others in labour issues. We are able to solve any issue very quickly.

We believe all of the team members are very good and they are careful not to provide any advice unless they are sure about it. Claribel Medina’s leadership abilities are very evident and she has been able to establish good communication within her team as well as with us as clients. This gives us confidence that the legal advice they provide as well as the contracts that we need them to draft are well prepared.

Availability and skill.

Key clients

Smart Ticket

Match Agency


Transportes Medrano

Simplex Group

Medici Holding


Aquatec Water Technology


Goddard Catering Group

Work highlights

  • Advising Salvadoran company Smart Ticket on its incorporation and establishment in Honduras, as part of its regional expansion.
  • Advised Transportes Medrano on its establishment in Honduras, as well as regulatory issues and obtaining permits for its heavy equipment transportation operation.
  • Advising Econored various changes to the company’s corporate structure.


Dentons‘s corporate practice takes advantage of the firm’s extensive regional and global footprint to advise a host of multinationals on their operations in Honduras. In addition to assisting with day-to-day corporate and compliance issues, the team has a strong recent record in multi-jurisdictional M&A and the incorporation of businesses in the country. Office managing partner Arturo Zacapa is widely recognised for his IP expertise, but also has considerable strength in foreign direct investment matters. The practice also benefits from the wealth of experience of Gustavo Zacapa and the support of senior counsel Humberto Salgado, a specialist in corporate and labour law.


Spanish firm ECIJA has established a strong platform in Latin America – and has continued in expansion mode, most recently formalising a strategic alliance with Taylor Wessing LLP in March 2023 – which makes it a strong choice for multinationals seeking advice on their operations in Honduras. The firm, which has two offices in the country, frequently assists companies with their expansion in Central America, as well as handling restructurings, capital raises (and related regulatory approvals), and distribution and licensing matters. Honduras managing partner Roberto Williams shares leadership of the team with the highly experienced Rosalinda Cruz Sequeira. Jorge Arturo Reina provides support, alongside business manager Daniel Williams and associate Guillermo Matamoros. The firm’s ECIJA Tech offering, which assists companies with digitising their legal departments, is also an asset for clients.

Practice head(s):

Roberto Williams; Rosalinda Cruz Sequeira


They have a good relationship with the relevant authorities, which is an important point to consider. They are available for calls or meetings to address our issues.

Daniel Williams and Guillermo Matamoros are friendly, they are transparent and they do not only discuss work issues, which makes the contact and relationship even more personal.

Key clients

DHL (Honduras)

Cure International

Sinohydro Corporation


Distribuidora La Florida (Fifco)


Comercializadora Mar Azul (Aliss)

GFA Consulting Group

Ahern International de Centroamerica

Work highlights

  • Advising NGO Cure International on the closure of its operations in Honduras, including on a cooperation agreement with Hope Walks to continue a programme to treat infant clubfoot.
  • Advised Distribuidora La Florida (Fifco) on a capital increase and the restructuring of its Honduran subsidiary, Florida Bebidas y Alimentos Honduras.
  • Advised Credigo on the start of its operations in Honduras, including on corporate, tax and consumer protection issues.

Latamlex / Matamoros Batson y Asociados

Latamlex / Matamoros Batson y Asociados has a wide-ranging corporate offering, spanning M&A, commercial contracts, company incorporations, restructurings, joint ventures and franchising matters. As part of an alliance of Central American firms, the Honduras team is also well versed in regional transactions. Senior partner Dennis Matamoros Batson plays a leading role on corporate and M&A mandates; his extensive practice also encompasses consumer protection, antitrust, tax and insurance matters. Manuela Bueso is another key practitioner in the team, with experience in the M&A, energy and hydrocarbons, and commercial fields.


The corporate team at regional firm Lexincorp draws on the wider firm’s signature strength in public-private partnership law and the energy and infrastructure spaces to handle a steady stream of corporate and commercial mandates relating to the construction of major projects. In addition, the department is routinely active in the establishment of companies in Honduras, benefitting from a presence in both Tegucigalpa and San Pedro Sula. Engels Zelaya, who is skilled in corporate matters in the public and energy sectors, leads the experienced team, which also includes Honduras managing partner Benito Zelaya; Nora Amaya, whose practice spans company incorporations, corporate governance and commercial contracts; and San Pedro Sula office head Sylvia Zelaya.

Practice head(s):

Engels Zelaya

Key clients

Secretaría de Infraestructura y Servicios Públicos (Insep)

Grupo Uma

Grupo Monge

Empresa Hondureña de Infraestructura y Servicios Aeroportuarios (EHISA)



Colegio de Ingenieros Civiles



Work highlights

  • Advising Genesis Energías on the due diligence process prior to seeking investment to improve the cash flow of its operations.
  • Advising Molden on obtaining permits for the import of batteries for recycling purposes and the set-up of a recycling plant, including assisting with the corporate and ownership structure, and environmental permits.
  • Advising Grupo Monge on all its day-to-day corporate, labour and tax matters.