Corporate and M&A in Latin America: International firms

Clifford Chance‘s substantial emphasis on M&A and private equity within its Latin America practice, continues to land it major engagements across the region. This includes a group in Sao Paulo that impresses in Brazil transactions, notably seeing particular growth in fintech deals during 2020; it advised Neon Pagamentos, a Brazilian fintech business, on its $161m funding round, among other deals. The firm continues to be at the forefront of energy and infrastructure deals, and is noted for Asia and Middle East investments into Latin America; it represented China’s JCHX Mining Management on its strategic investment in Cordoba Minerals, the Canada-listed business that runs exploration projects in Colombia. David Brinton heads the Americas M&A group and has a fine record in energy transactions across Latin America, including private equity-led deals. Sao Paulo managing partner Anthony Oldfield has strong connections to Brazilian corporates and is a major player in Brazil M&A and fundraisings. Thais Garcia is an emerging name in Latin America private equity and infrastructure M&A. Madrid’s Javier Amantegui and Samir Azzouzi are also key names.

Latham & Watkins LLP maintained strong activity levels in 2020, in both strategic and private equity transactions. Much of the team's work centres on infrastructure and energy. It has also experienced an uptick in distressed M&A in the upstream oil and gas sector. Chile has been a bright spot for the Latin America group, along with Central America; it continued to advise Telefónica on the sale of its wireless operations in Costa Rica. Mexico, a long-term forte for the team, provided a steady pipeline of deals, leading into advisory engagements linked to changes in the political climate. With no office in Brazil, the firm is slightly behind some of its natural competitors in that particular jurisdiction. Antonio Del Pino is co-chair of the Latin America group, and has an extensive record in strategic and private equity deals in the region, including those in the energy and infrastructure sectors. Christopher Cross is another experienced figure in energy deals in Latin America, while Ignacio Pallarés is playing a pivotal role from Madrid, where he represents a number of big-name Spanish clients in their Latin America transactions and interests. Javier Stark has been elevated to the partnership, having advised a number of key clients in Brazil, Mexico and other Latin American jurisdictions. Associate Alan Rozen has supported a number of the team's key deals.

Simpson Thacher & Bartlett LLP remains one of the benchmark firms in Latin America for cross-border M&A, private equity and other transactions such as PIPE deals. These are fortes for the firm globally, but the core Latin America team has built its own elevated standing in these areas. It has assembled a mightily impressive client list of multinationals, multilatinas and private equity houses. Todd Crider is head of the Latin America practice and has emerged as a true leader in private equity and strategic M&A in the region. Head of the Sao Paulo office Grenfel Calheiros has played a pivotal role in extending the firm’s status in Brazil, notably in both M&A and private equity, and in key sectors such as FinTech and financial services. Juan Francisco Méndez and NewYork/Sao Paulo partner Jaime Mercado are also key senior names, along with emerging partner Juan Naveira and counsel Borja Marcos. Founder of the Latin America group David Williams has retired from the partnership. All named individuals are based in New York unless stated otherwise.

Debevoise & Plimpton LLP remains best known for insurance sector deals, private equity transactions and cross-border strategic M&A in Brazil. Chile, Peru, Colombia and Mexico are also key markets for the Latin America team, which features a number of citizens from the region. Maurizio Levi-Minzi has extensive cross-border M&A and private equity expertise with deep experience of Latin America deals; he led the team that advised International Paper on the sale of its Brazilian corrugated packaging business to Klabin, the biggest paper producer, exporter and recycler in Brazil. Michael Gillespie is a veteran dealmaker with deep knowledge of the Brazil market. Native Spanish speaker David Grosgold is a prominent figure in insurance and financial services deals across Latin America.

Jones Day has landed a series of big-ticket M&A and private equity engagements involving Latin America in recent years. Despite depressed deal activity in 2020, the firm maintained steady activity levels, especially in Mexico and Brazil, where it has sizeable offices. Moreover, its impressive corporate and private equity client base has brought it deals in multiple jurisdictions;  it advised Chevron as lead outside counsel on the divestiture of its 43% interest in its upstream natural gas assets in Colombia. In private equity, the firm advised Greystar Real Estate Partners in its joint venture with Canada Pension Plan Investment Board (CPP Investments) and a Brazilian real estate developer's existing partnership to develop a portfolio of rental housing assets across São Paulo. Wade Angus, who splits his time between New York and Sao Paulo, and Sao Paulo partner Marcello Hallake, have excellent records in bulge-bracket Brazil deals, including ENGIE's $8.6bn acquisition of Transportadora Associada de Gás (TAG) from Petrobras in 2019. New York's María Luisa Cánovas and Miami partner Enrique Martin are also key names, as is Sao Paulo of counsel Artur Badra.

White & Case LLP‘s longstanding commitment to Latin America has been reinforced by a series of team hires in New York and Houston in recent years. These offices now work closely with colleagues in Miami, Mexico City and Sao Paulo, to attract a significant portion of mid-market and $1bn+ Latin America deals. The Latin America team remains best known for private equity, energy (including oil and gas) and infrastructure deals.  It continued to advise on big-ticket deals for Sempra Energy, including its sale of Chile-based Chilquinta Energía to State Grid International Development. It also represented Occidental Petroleum Corporation in its $825m sale of Colombian onshore assets to The Carlyle Group. Moreover, it remains active in the private equity field, most notably advising I Squared Capital on a series of headline deals.  Rodrigo Dominguez and William Parish have brought additional Latin America weight to the Houston office, after joining the firm in 2019. New York’s global co-head of private equity Oliver Brahmst is also experienced in Latin America deals, while Sao Paulo office founder Donald Baker has built a hugely impressive Brazilian client portfolio. In the Houston office, former counsel Emilio Grandío focuses (domestic and cross-border M&A transactions with an emphasis on cross-border transactions in Latin America) was raised to the partnership  in October 2021; while associate Luisa Muskus also impresses clients. Prominent New York M&A and private equity partner Marwan Azzi has left the firm.

Cravath, Swaine & Moore LLP's celebrated standing in cross-border M&A, involves a substantial flow of Latin America deals. It represents both multinationals and multilatinas in big-ticket transactions. It advised OLX Brazil in its R$2.9bn acquisition of Grupo ZAP; OLX Brazil is the 50/50 joint venture between Prosus and Adevinta, and is one of the fastest growing tech companies in Brazil. David Mercado has huge experience in Latin America deals, while many of his New York partners also have executed numerous deals in the region.

DLA Piper LLP (US)‘s ability to consistently land big-ticket engagements is a testament to its growing corporate and M&A platform in Latin America and the US. Having built out its Latin America offices, including an especially strong team in Bogota, it has expanded its US-based team. The group has an extensive international corporate and private equity client base that frequently turns to it for Latin America transactions. This has resulted in a series of major mandates, such as representing Quanta Services and ATCO in their new joint venture LUMA Energy as winning bidder in the $1.6bn public-private partnership transaction to operate and maintain the transmission and distribution assets of the Puerto Rico Electric Power Authority (PREPA). The firm’s impressive Puerto Rico office had a key role in the mandate alongside Miami partner Francisco Cerezo, who is co-chair of the Latin America corporate and finance practice; he leads many of the firm’s headline Latin America deals. Energy and natural resources is another key sector for the team, which brought in senior San Diego partner Raul Farias from Sempra Energy in 2020.

Greenberg Traurig LLP‘s deepening connections to Latin America are bringing it a growing spectrum of engagements, both regionally and across transaction types. Mexico and Central America have been key regions for the firm over the years, though it is also building a flourishing practice in South America. Looking to leverage the firm’s expertise and standing in sub-sectors, including SPAC-driven M&A transactions and Latin American asset managers making investments into the US,  Yosbel Ibarra is co-managing shareholder of the Miami office and is an experienced figure in Latin America M&A and corporate transactions, as is Antonio Peña. Giovanni Biscardi and of counsel Arnaldo Rego are key for cross-border Brazil transactions and mining deals. Emilio Alvarez-Farré  is another immensely experienced practitioner with extensive Latin America M&A expertise. The Latin America group also benefits from a large and impressive office in Mexico City, which has earned a significant market share of large Mexico M&A transactions. Since publication the team has been strengthened further with the incorporation of domestic and cross-border M&A specialist Geiza Vargas-Vargas, formerly at Nelson Mullins Riley & Scarborough LLP, as of February 2022. All named individuals are based in Miami.

Mayer Brown is intensely focused on the Latin America energy sector with much of this emphasis stemming from its Houston office. Although the team has experienced a slowdown in oil and gas deals in the Mexico exploration and production sector, driven in part by the changing political climate there, it has gained further activity in renewables in Chile and elsewhere, along with oil and gas M&A and privatisations in Brazil. Financial institutions M&A is another forte for the firm globally, including in Latin America. With its sizeable office in Mexico City and its Tauil & Chequer Advogados presence in Brazil, it is well-suited to local and international law engagements in those jurisdictions. Pablo Ferrante is an experienced name in oil and gas transactions throughout Latin America. Jose Valera and Vera de Gyarfas are also key names in the oil and gas space. Carlos Motta is an experienced M&A specialist in Sao Paulo and Rio de Janeiro's Alexandre Chequer is at the forefront of Brazil-related oil and gas transactions. Raúl Fernández-Briseño is a key figure in Mexico City. All named individuals are based in Houston unless stated otherwise.

Morgan, Lewis & Bockius LLP has achieved further growth in the power sector, thanks in part to the Latin America group being largely centred in Houston. It is also building its standing in Brazil tech deals, with Brazil licensed Felipe Alice leading the firm's relationships with a range of emerging corporates in the jurisdiction. Private equity is another forte for the group, which operates across a wide range of industries, from real estate to financial institutions, telecoms and aviation. In 2020, the team represented Enel in its proposed purchase of certain distribution and generation companies in Peru owned by Sempra Energy. It is also increasingly active in advising Mexican high-net-worth individuals and family offices on investments in the US and elsewhere. John Crespo has extensive deal experience in Latin America, as does Humberto Padilla Gonzalez, particularly in Mexico. Washington DC's Ulises Pin is at the forefront of telecoms transactions in the region. All named individuals are based in Houston, unless stated otherwise.

Proskauer Rose LLP impresses with its strength of Latin America-based client list, along with its range of inbound acquisitions and investments by multinationals and private equity houses. Accor, Votorantim Industrial and Frontera Energy are amongst its notable clients. Healthcare, telecoms, hospitality, media and financial institutions are key sectors for the Latin America team. Head of the group, Carlos Martinez, has some 30-years experience in Latin America M&A, including numerous deals for Frontera Energy, the Canada-listed oil and gas business with principal operations in Peru and Colombia. Daniel Ganitsky is now global co-head of the private equity/M&A practice and maintains a strong focus on Latin America; he advised British Telecommunications (BT) on its sale of selected domestic operations and infrastructure in 16 countries in Latin America to CIH Telecommunications Americas.

Winston & Strawn LLP‘s thriving Latin America M&A and private equity practice saw particular growth in outbound transactions into the US, particularly California and Texas, during 2020; this included deals out of Argentina and Brazil, notably in the food and beverages industry. Beyond M&A, the firm remains at the forefront of private equity, thanks in part to the presence of co-chair of the Latin America team Talbert Navia, a former co-head of investments for two private equity funds. He and the team are active in fund formation and buyout transactions, including recent growth in secondary deals. The Latin America group is also making an impression in SPAC transactions, including listings and de-SPAC deals. Fellow co-chair of the Latin America group Allen Miller provides additional public M&A expertise and represents some of the biggest listed companies in the region. Kevin Smith is another key team member in Latin America M&A and private equity. All named individuals are based in New York. In a significant development, former Bank of America in house, Rodrigo Carvalho was hired in April 2021 to develop an affiliated foreign legal consultancy firm in Sao Paulo, which should significantly deepen the firm’s involvement in Brazil-related matters; Carvalho’s practice reaches across banking and finance, capital markets and corporate transactional work.

CMS continues to make a further impression in cross-border M&A, driven in part by the firm’s global presence. The Latin America group has experienced an upsurge in distressed M&A engagements, including deals in the hotels and leisure sector, along with infrastructure, energy and renewables investments, and private equity transactions. With prominent teams in Brazil, Mexico, Colombia, Chile and Peru, it has strong connections to local and regional businesses, while making use of the firm’s global network and relationships with US-based firms. Jorge Allende Destuet and Ramón Valdivieso are key names in Chile, Juan Carlos Escudero  is a prominent figure in Peru, Juan Camilo Rodríguez is a leader in Colombia, and Ted Rhodes is an experienced energy M&A specialist in Brazil.

Dechert LLP has strong connections to Latin America-based businesses, including those in Mexico, Colombia, Brazil and Chile. The firm is also especially active in private equity deals that involve Latin America assets and subsidiaries. It advised Quilvest Capital Partners on the $450m sale of its portfolio company Command Alkon to Thoma Bravo; Command Alkon is a global business and a leading concrete producer and building materials supplier in Brazil. New York partner Howard Kleinman is a recognised Latin America specialist with extensive corporate relationships in the region. Washington DC partner Bernardo L. Piereck is another emerging talent in Latin America deals.

Hogan Lovells US LLP is best known for its work in Mexico, Central America, Ecuador and Venezuela. The firm has a sizeable team in Mexico and large Miami office that has deep connections to the region. The firm is well known for energy transactions. Juan Francisco Torres Landa leads the Latin America practice group from Mexico City. Jorge Diaz-Silveira is another key figure in Miami.

Hunton Andrews Kurth LLP has an excellent record in Latin America M&A, principally driven by its core Latin America team in Miami. The group has deep experience in financial services, telecoms and food and beverages transactions, among others. Fernando Alonso leads the Latin America team and is a seasoned veteran of M&A, corporate transactions and commercial agreements in the region; he led the team that advised Diageo on its various distribution agreements and arrangements through Latin America. Fernando Margarit  is a leader in telecoms and digital infrastructure matters, while Uriel Mendieta has become an established name in Latin America M&A in multiple sectors and jurisdictions.

Linklaters LLP‘s core Latin America team, spread across its Sao Paulo and New York offices, continues to land headline corporate and M&A engagements. Much of this work now centres on the multi-skilled and versatile Matthew Poulter, who splits his time between Sao Paulo and New York; he led the team that advised Union Acquisition Corp. II, a special purpose acquisition company (SPAC), on its agreement to combine with Latin America’s Crynssen Pharma Group (Procaps) to form a new holding company Procaps Group to be listed on Nasdaq. Gabriel Silva left the firm in January 2021. In an additional development of note, in June 2021 the firm announced it's establishment of a dedicated Mexico group, anchored throught the presence of managaing associate Alberto García Linera in Mexico City - although the firm has clearly noted that it will neither be opening an office or offering Mexico-law services.

Milbank has deepened its Latin America M&A and private equity credentials with the hire of Neil Whoriskey from Cleary Gottlieb Steen & Hamilton in September 2020, the promotion of Francisco Nuñez to partner in January 2020, followed by the elevation of Aaron Stine to the partnership in January 2021. This builds on the longer-term efforts of global corporate head John Franchini to build the firm's standing in cross-border M&A and private equity, including numerous deals involving Latin America. He and Stine recently advised Actis on the sale of the Zuma Energia renewable energy portfolio in Mexico to China’s State Power Investment Corporation (SPIC). The team is particularly known for private equity and financial sponsor-driven transactions in the energy and infrastructure sectors, a forte for the firm globally.

Shearman & Sterling LLP‘s M&A work has been somewhat overshadowed by the Latin America team’s prominence in capital markets and project finance transactions. Despite that, the firm’s historical commitment to the region continues to land it some important engagements, such as continuing to advise Banco Bradesco, the Brazilian bank, on its $500m acquisition of BAC Florida Bank. It also continued to represent Abertis Infraestructuras and Singapore’s GIC in their acquisition of a 70% stake in Red de Carreteras de Occidente (RCO) from Goldman Sachs Infrastructure Partners. George Karafotias and Clare O’Brien are amongst a number of partners with Latin America M&A experience. Houston partner Manuel Orillac is also recognised for Latin America corporate and capital markets transactions. Houston counsel Gabriel Salinas is noted for oil and gas investments by private equity funds, particularly in Mexico. Alexandro Padrés leads the Latin America group. All named individuals are based in New York unless stated otherwise. Since publication, Padrés has departed the firm – effective as of May 2022.

Uría Menéndez is a leader in Spanish law-governed transactions and continues to deepen its presence in Latin America through Philippi Prietocarrizosa Ferrero DU & Uría, its associate firm in Chile, Peru and Colombia. Eduardo Rodríguez-Rovira leads the Latin America group and has over 20 years experience in the region. Juan Martín Perrotto is noted for cross-border Latin America transactions involving investments from Europe and Asia. Pablo González-Espejo is key for Brazil deals, having focused on the jurisdiction for over 20 years; he led the team that advised Telefonica on its binding offer for the mobile assets of Oi, the Brazilian telecoms operator, jointly with Telecom Italia and America Movil, in relation to the  judicial reorganisation of Oi in Brazil.

Willkie Farr & Gallagher LLP is a growing force in Latin America deals, especially in energy and infrastructure, insurance and technology transactions. The core US-based team, primarily in New York and Washington DC, works closely with the Paris office, which represents a number of Europe-based clients with Latin America interests. Brazil, Chile, Colombia, Costa Rica, Mexico, Panama and Peru are amongst its primary jurisdictions. Native Colombian Maria-Leticia Ossa Daza  leads the Latin America team and has an extensive record in the region, covering a variety of industries and jurisdictions; this includes investments in power and infrastructure projects. Washington DC partner Jorge Kamine is noted for energy and infrastructure M&A, including transactions involving metro projects, renewable energy and LNG.

Brown Rudnick LLP has made a considerable impression in distressed M&A, building on the firm's standing in insolvency and restructuring. The Latin America team is also noted for venture capital transactions in the FinTech sector in Brazil and Argentina. The group is further recognised for its work in restructurings involving businesses that Brazilian and Argentine funds are invested in and in representing Latin America investors in targeting real estate assets in the US and Europe. Alejandro Fiuza leads the Latin America team and has an especially strong record in venture capital and private equity investments in Argentina and several other Latin American jurisdictions; he is a former partner at Marval O’Farrell Mairal, the largest firm in Argentina. Adolfo Garcia is another senior Latin America specialist, as is New York partner Clara Krivoy who is dual qualified in New York and Venezuela. Named individuals are based in Boston unless stated otherwise.

Gibson, Dunn & Crutcher LLP remains best known for energy and infrastructure-related M&A and corporate transactions. The firm has a long track record in Latin America and a long-established office in Sao Paulo. Given its strength in white-collar crime and investigations, it is also well-suited to transactions involving anti-corruption due diligence. Tomer Pinkusiewicz is co-chair of the Latin America team and is a versatile practitioner, covering corporate and financing transactions, principally in the energy and infrastructure sectors. The arrival of Marwan Azzi from White & Case LLP in August 2021 is a major boost to its private equity credentials in the Latin America energy and infrastructure segments.

McDermott Will & Emery LLP has a notable private client and family office driven practice, with key team members having extensive experience in international tax and pre-immigration matters. Much of the practice centres on Latin America private equity and real estate fund formation, and subsequent investments in the US. Miami partner Michael Silva has a deep focus on Brazil, while Dallas partner Manuel Rajunov -who previously practised in Mexico City- has extensive client contacts across the region, including in Chile and Colombia. Real estate and healthcare are particular areas of activity for the Latin America team; the firm is a world leader in healthcare.

Morrison Foerster's nascent Miami office has a principal focus on M&A, private equity and venture capital with especially close connections to SoftBank Vision Fund II and SoftBank Latin America Fund; the Miami partners previously worked alongside Patricia Menendez Cambo, the current general counsel at SoftBank Latin America Fund, before they left Greenberg Traurig LLP in 2019. The highly prominent Randy Bullard co-chairs the Latin America group, which includes senior names Alexandra Aguirre and Juan Delgado.

Nelson Mullins Riley & Scarborough LLP's flourishing Latin America practice is substantial driven by growth company and venture capital work in Brazil. Since joining the firm in 2019, Jackson Hwu, a Brazilian native, has become co-chair of the Latin America group, frequently advising emerging Brazilian entities on  series A financing rounds through to M&A deals. Partners Leandro Molina and Caio Prado are also Brazilian natives and are key members of his group, which is also at the forefront of fund formation for entities looking to invest in technology (including fintech), the cannabis industry and other sectors. Co chair of the Latin America group John Haley is also noted for M&A and corporate restructurings in Spanish speaking jurisdictions.

Ropes & Gray LLP continues to impress in private equity investments and private equity portfolio company M&A, along with strategic M&A transactions for corporates. The firm is also at the forefront of Latin America fund formation engagements, and has an extensive record in anti-corruption due diligence for M&A deals. The Carlyle Group, HIG Capital and Wynnchurch Capital are key clients. Matthew Posthuma is co-chair of the Latin America group and is a leader in fund formation.

Vinson & Elkins LLP has longstanding roots into Latin America, particularly in energy (including oil and gas) transactions. It has further deepened these connections in recent years, including through the January 2021 hire of Brazil and New York qualified partner Gabriel Silva from Linklaters LLP along with a group of associates; Silva specialises in Brazil deals and has intensive experience in digital infrastructure transactions. Alongside him is Eamon Nolan, another experienced Latin America specialist, particularly in Mexico power and renewables transactions. In Houston, Mark Brasher is also noted for power deals, which includes a number of engagements from New Fortress Energy. Named individuals are based in New York unless stated otherwise. Boyd Carano has retired.