Corporate and M&A in Mexico

Market stalwart and stellar corporate powerhouse, Creel, García-Cuéllar, Aiza y Enríquez, S.C. -always a ‘guarantee of good service’- is a regular advisor to domestic and international blue-chip corporates and private equity funds, who regularly rely on the large department for their most business-critical matters, including mergers, joint ventures, restructurings, privatisations, and spin-offs. The practice group, which boasts a good combination of transactional expertise in private and public M&A, regularly garners praise for being ‘professional, dedicated and technically solid’. It comprises highly sought-after practitioners, including market-veteran Jean Michel Enríquez (M&A, private equity and capital markets); Eduardo González (M&A and other complex transactions); Carlos del Río, who also has broad experience on investments into the Mexican real estate sector; Jorge Montaño, who specialises in corporate and commercial advisory, as well as in private equity transactions across varied sectors; Humberto Botti (M&A, private equity and capital markets), and practice co-head Iker Arriola, who in 2020 advised Grupo Financiero Banorte in its joint venture with Rappi for the creation of a digital bank.

The 28-strong M&A practice at Galicia Abogados S.C. enjoys a solid reputation for housing one of Mexico's most dominant transactional teams. Always ‘working towards the deal and for the client’, the department covers a wide range of corporate mandates, including domestic and cross-border M&A, private equity and strategic investments, joint ventures, buyouts, divestments, spin-offs and split-ups, and public takeovers. Experienced partners José Visoso and Ignacio Pesqueira (who is frequently sought out by private equity clients), head the impressive team, which comprises notable practitioners such as founding partner Manuel Galicia, regarded as an ‘absolute leader in corporate matters’; the ‘practical and business oriented’ Christian Lippert, who also boast good expertise in antitrust matters; Arturo Perdomo; Héctor Kuri, who also focuses on finance and infrastructure; and Ramiro Sandoval who, while ‘not an ego-driven partner’, is ‘exceptional working under pressure’. Major mandates, recently, include advising Abertis on the acquisition of 72% of Red de Carreteras de Occidente in Mexico.

Lauded for never lacking ‘professional ethics and a business vision’, Mijares, Angoitia, Cortés y Fuentes S.C.'s a sizeable, 27-strong practice, represents an impressive mix of domestic and international clients, including some of the most active private equity funds in Mexico, on a wide array of cutting-edge corporate work and cross-border M&A transactions. The accomplished team comprises talented practitioners such as founding partner Pablo Mijares, who is deeply experienced in private equity mandates and bidding processes; Ricardo Maldonado, who also has a focus on capital markets, financing and corporate compliance; corporate finance expert Patricio Trad, who is well-versed in corporate and structured finance; Eugenio Macouzet, who handles joint ventures and strategic partnerships; Lorenza Langarica, who is also a key figure in the firm's real estate practice; Francisco Ibañez and Martín Sánchez. Former senior associates Carlos Jiménez and Francisco Glennie were promoted to the partnership in July 2021 and, together with fellow partner Patrick Meshoulam (who mdae partner in 2020), constitute considerable additional capacity at the practice. Key support comes from senior associates Anacandy Perusquía and Juan Pablo Betancourt. Recent highlights include advising SoftBank as lead investor in a $225m equity investment in Mexican used car platform Kavak.

‘One of the best practices in Mexico’, Nader, Hayaux y Goebel, SC fields a 29-strong team of ’versatile, committed and agile’ practitioners, who are hailed for understanding ‘client's needs from a business perspective’. With the accomplished Michell Nader at the helm, the department regularly handles sophisticated and complex transactions, as well as advisory for a wide variety of international investors on establishing a presence in Mexico, M&A transactions, and joint ventures with Mexican entities. The team also brings to the table some notable expertise in sectors such as insurance, finance and telecoms, exemplified by having acted on recent deals for AXA México, Assurant and Rabobank. Other key partners include Hans Goebel -described by a client as ‘the best lawyer I have ever met’; insurance expert (and head of the firm's London office) Yves Hayaux-Du-Tilly; Julian Garza, who is particularly skilled in handling real estate related mandates; Hector Arangua Lecea and Luciano Pérez. Former partner Diego Sanchez Villarreal moved to Baker McKenzie Abogados, S.C.  in February 2021.

The very well-reputed transactional practice at Ritch, Mueller y Nicolau, S.C. is a favoured option when it comes to complex corporate matters, the team having built a truly impressive track record and maintaining its involvement in major corporate deals and joint venture transactions in Mexico. The sizeable department -which is further strengthened by its partner´s expertise in other areas, notably banking and finance and capital markets- is co-led by well-known market players Carlos Obregón Rojo and Luis Nicolau, who also has a strong niche advising real estate investment funds. This was evidenced, recently, by the team’s recent advice to real estate company Acosta Verde regarding a high-profile investment by Promecap in the company. Other key, noteworthy practitioners include head of real estate Rodrigo Conesa; Jean Paul Farah Chajín, who brings his expertise in capital markets, projects and banking; and Eduardo Triulzi. Since publication, Conesa has moved to an of counsel position at the firm - effective Janaury 2022.

Full-service firm Basham, Ringe y Correa, S.C. houses a large and talented corporate and M&A practice, divided between its offices in Mexico City, Monterrey, Querétaro and León, offering a mix of day-to-day and transactional advice for both domestic and international clients. The accomplished nine-partner team, which is a popular choice -especially among clients from the industrial, energy and service sectors- is led by seasoned market player Daniel Del Rio, who is particularly skilled handling cross-border investments, both inbound and outbound. Other key names include Juan Jose Lopez de Silanes, who works closely with fellow partner Jesus Colunga and handles partnership agreements, M&A, reorganisations, investment, public bids and corporate governance; energy specialist Juan Carlos Serra; competition and antitrust head Amilcar Peredo; Miguel Angel Peralta, who focuses on M&A, finance, capital markets and real estate; Amilcar Garcia; along with Luis Lujan and Carlos Velazquez de Leon in Querétaro and Monterrey, respectively. Senior associate Moisés Gómez Flores, who has been in charge of the León office since its opening, is also noted.

Renowned full-service Mexican firm, González Calvillo, SC, houses a nine-partner team which stands out for its cross-border expertise and its ability to operate in a very wide range of sectors, particularly in energy and infrastructure, and in the fintech sector, where it has positioned itself as a more than solid option when it comes to handling joint ventures and M&A mandates. Proof of this was the firm´s participation in the joint venture between Rappi and Banorte led by co-managing partner José Ignacio Rivero. Partners Jose Victor Torres, Jorge Cervantes Trejo, and the latest promotions to the partnership, Daniel Guaida and Bernardo Reyes, are other prominent members of the practice. Additional developments saw the firm appoint Alberto Bustamante as counsel in January 2021; while at senior associate level, Jacinto Avalos , Alfonso García and Rosa Elena Coto constitute a strong second-line that provides key support. Since publication, Juan Manuel Sancho has left the firm for Bello, Gallardo, Bonequi y García, S.C., effective as of March 2022.

Led by office managing partner José Raz Guzmán, a finance and corporate expert, Greenberg Traurig, S.C.'s experienced Mexican corporate practice sits within a firm with a remarkable international reach; indeed, the sizeable team frequently works in conjunction with colleagues from the firm's Miami and New York offices (in particular), and is regularly sought out by public and privately held companies to handle cross-border mandates, corporate restructurings, private equity and venture capital investments, as well as joint ventures. Bringing their expertise to the practice group are key figures: Miguel Yturbe Redo (M&A, general corporate and financings); seasoned practitioner Juan Manuel González Bernal; José Antonio Butrón, who is experienced in project finance; Carlos Garduño (M&A, securities, corporate and project finance); and ‘rockstar’ practitioner Luis Cortés (corporate and TMT). Associates Gabriela Palomino (real estate and infrastructure) and Rocío Olea Salgado (corporate and competition), provide key, second-line support.

The corporate and transactional practice led by renowned expert Luis Burgueño (‘one of the best M&A lawyers’ our company has encountered’), is one of the cornerstones of full-service firm Von Wobeser y Sierra, SC. Evidencing solid, ‘in-depth knowledge of the market’, the team excels on cross-border mandates and is particularly skilled in the structuring of joint ventures. The eight-partner department possesses a notable niche strength in the automotive and manufacturing industries, especially in the form of Rupert Hüttler, an ‘outstanding expert for German corporations in Mexico’. Other key practitioners include Fernando Carreño, who heads the competition practice; real estate-head Pablo Saez; and Alejandro Orellana (M&A, JVs, financings) who has particular expertise regarding the Brazilian market. The team was reinforced in 2021 with the arrival of Pablo Jiménez (the firm’s first lateral hire in 25 years), who will be based in the Houston (Texas) metropolitan area where he will lead the firm’s US subsidiary. Senior associate Gloria Martínez (corporate.M&A, data privacy and cyber security) was promoted to counsel in January 2021. Since publication, Katharina Roehr (corporate/M&A and foreign investment) and Javier Betancourt (corporate/M&A, real estate and structured finance) have also both been raised to counsel.

Able to draw on drawing upon the firm’s excellent international network, White & Case S.C.´s 16-strong Mexican practice advises major domestic and international corporations, commercial and investment banks, and private equity funds, on a wide range of complex cross-border M&A transactions. Recent headline work saw the department advise Sempra Energy on its $5.81bn acquisition of the remaining stake in Infraestructura Energética Nova (IEnova). The team is led by Henri Capin Gally, who also heads the firm’s antitrust practice in Mexico. Renowned market figure, Vicente Corta is an additional key member of the team. However, after almost 20 years at the firm, former practice co-head Francisco García-Naranjo, moved to Mayer Brown Mexico, S.C. in July 2021.

With over 40 years representing leading multinationals and maintaining a focus on foreign-owned companies investing in Mexico (be it to acquire a Mexican entity, develop a joint venture or open a Mexican subsidiary), Cuesta Campos y Asociados S.C. has impressive credentials in the corporate / M&A sphere. Operating from offices in Mexico City, Guanajuato and Guadalajara, the 18-strong department regularly participates in mid- and upper mid-market transactions. The practice is co-led by name partner Hugo Cuesta, who is highly experienced in cross-border transactions, M&A, finance, commercial law and corporate governance; and Azucena Marín, who in addition to her corporate strength, has also developed a solid competition practice. With additional expertise in anticorruption and compliance matters, the team includes other key practitioners, notably principal associate Rafael Sánchez, and tax-and-corporate focused senior, Franscela Sapien. However, former fellow-senior Carlos R Padilla moved in-house in January 2021.

A team of ‘highly experienced professionals with an extremely precise and accurate business vision’ comprise the Mexican corporate practice at Hogan Lovells. Boasting a solid presence in both Monterrey and Mexico City -and always able to draw resources from the firm´s global reach- the team is regularly engaged by an array of domestic and foreign clients to handle transactional operations, the establishment of joint ventures, and restructuring and corporate governance mandates. Key practitioners in Mexico City include: Juan Francisco Torres Landa, a deeply experienced figure who is well-versed in corporate restructuring and cross-border mandates; Federico de Noriega, who garners praise for his ‘business acumen and strong negotiation skills’; Carlos Ramos Miranda - M&A, particularly in relation to the energy and insurance sectors; and counsel Andrea López de la Campa, who has ‘excellent corporate and M&A know-how’. Experienced market players Guillermo González Frankenberger and Jorge Yañez handle matters from the Monterrey office.

Working seamlessly with the firm's other offices as necessary, full-service giant, Jones Day 's Mexican practice is a respected presence in the corporate sphere. Particularly active in the energy and infrastructure sectors, the 14-strong department is co-led by experienced partners Manuel Romano, Mauricio Castilla and Javier Martínez del Campo, who excel, especially, when handling cross-border M&A, joint ventures and strategic alliances; corporate governance too, is a particular niche strength. Of counsel Antonio Franck is also a genuine corporate specialist whose loyal clientele note his ‘excellence in the provision of legal services'. Recent departmental highlights include acting for Invex Infraestructura 4 on its development of a petroleum products pipeline in Mexico (from Tuxpan to Tula).

Following the dissolution of Solcargo, the entirety of its punch and expertise in the corporate sphere went to Pérez Correa González, which continues to assist national and multinational corporations, banks and non-bank financial institutions on a wide range of corporate transactions, regulatory compliance, and other legal-corporate mandates. Recent years have seen the team increase its work with funds, mainly thanks to practice co-heads, Fernando Eraña and Luis Gonzalez, who excel in venture capital and private equity work, respectively. Key support comes from Vanouver, Canada-located partner Omar Aguilar (corporate/M&A, JVs, contracts and risk assessment), and senior associate Juan Carlos Izaza Avila, who has notable expertise in corporate restructurings in Mexico. Since publication, the firm has continued to develop and broaden its capabilites, adding former IMPI president Mike Margáin as partner-in-charge of the firm's IP offering and Ulises Moreno as head of the firm's nascent ESG practice - effective as of March 2022.

World Law Group alliance-member Santamarina y Steta is a fixture of Mexico's legal market and has long maintained corporate and M&A work as the central pillar of its practice offering. With 25-year veteran transactional specialist Juan Carlos Machorro at the helm, the sizeable team is a regular advisor to a broad mix of domestic and international clients on day-to-day matters (including compliance), as well as significant -generally mid-market- M&A transactions, spin-offs, joint ventures and other operations, where it displays undoubted expertise. The team consists of a deep, partner-level bench of 10 highly experienced practitioners operating from the firm's offices in Querétaro, Monterrey and Mexico City, and backed by an associate group over 25-strong. Key practitioners include former managing partner Alberto Saavedra; firm chairman Jorge León-Orantes, César Cruz, José Ramón Ayala and of counsel Jorge Barrero, along with a younger generation that includes Carlos Argüelles, Pablo Laresgoiti and Ricardo Orea. The department, which is particularly active in sectors such as automotive and infrastructure, launched an M&A "task force" earlier this year, and brought in Ilse Bolaños as a senior associate from Creel Abogados, SC in March 2021.

Sánchez Devanny houses a considerable, 30-strong practice that is well-versed in the handling of a broad range of corporate matters, including joint ventures, M&A, and corporate governance mandates, and that also has particular expertise setting up Mexican operations for foreign clients. The team offers an integrated service while concurrently operating from the firm's offices in Mexico City, Monterrey and Querétaro. It includes highly experienced cross-border transactional specialist Ernesto Silvas-Medina; Francisco Andres Gamez-Garza (corporate transactional work, infrastructure, real estate and commercial agreements); Humberto Morales-Barron, who also heads the corporate governance and regulatory compliance practice; and Mexico City managing partner Jose Antonio Postigo-Uribe.  With a decade at the firm, experienced senior associate Marisol González-Echevarría is also noted.

CMS Woodhouse Lorente Ludlow houses a growing corporate and M&A practice which is becoming more active within the firm´s niche strength areas, particularly TMT, energy, and projects and infrastructure, but also pharmaceutical and automotive. Heading the six-strong team are César Lechuga, whose expertise encompasses the design of complex corporate structures; and the recently promoted Giancarlo Schievenini, who was raised to the partnership in January 2021. Fellow partner Luis Fernández Lagunas and senior associate Gabriel Salinas Ruiz, who focus on M&A mandates in the energy sector, offer key support to the practice, which also boasts significant cross-border capabilities thanks to CMS' global network.

Renowned market presence, Creel Abogados, SC, boasts a nine-partner team with a solid transactional expertise across different sectors and industries –regulated and unregulated-, handling M&A deals, corporate mandates and joint ventures, and a particular experience in corporate governance. The practice, led by senior partner Carlos Creel -who has substantial experience in corporate finance transactions, including acquisition financing, with which he complements his corporate practice- has been notably reinforced over the last year, initially with the May 2020 hire of experienced partner Andrés Nieto, (banking and finance, fintech, capital markets, corporate law, M&A, private equity and arbitration), from Von Wobeser y Sierra, SC. The subsequent October 2020 arrival of transactional specialists Cesar Morales and Diego Valdes, followed by that of Pablo Arellano in February 2021 (all from Deloitte Legal Mexico); constitutes a huge expansion of the firm’s expertise and capacity. With over 20 years representing Mexican and foreign companies, including private equity firms, mainly in the financial and real estate sectors, partner Gustavo Struck Creel is another key member of the team. Since publication, Nieto has moved to Norton Rose Fulbright - effective as of April 2022.

Supported by the firm’s global office network and M&A practice group, DLA Piper Mexico boasts an established corporate practice co-led by managing partner Eduardo Gallastegui and fellow 25-year-veteran Xavier Mangino Dueñas. It receives a healthy flow of inbound investment mandates, and has recently undertaken significant inbound cross-border M&A in the pharmaceutical and media sectors; it is, moreover, a key component in the firm’s increasingly busy regional practice. Additional partner level capability is provided by Jorge Benejam (M&A, anti-trust and regulated markets’ matters); and Edgar Romo, who covers mergers and acquisitions, finance, banking, real estate, capital markets, and corporate governance. Key associate support comes from seniors Manuel Hallivis and Adolfo Obregón. Since publication, the firm has hired former practice co-head Álvaro Garza-Galván and fellow corporate practitioner Mauricio Valdespino, part of a six-strong influx of partners from White & Case S.C. in January 2022.

Spanish full-service firm Garrigues continues to develop its footprint and profile in the Mexican corporate and M&A market, thanks to an ‘excellent team’ -13-strong- which garners praise for its ‘technical knowledge and commitment to the client's needs’. Fronting the team are Gabriela Pérez Sierra, who has a focus on cross-border M&A and financial transactions, real estate, fintech and start-ups; and the ‘outstanding’ Gerardo Lemus, who has over 25 years' experience in M&A and other corporate mandates, and has also developed a niche expertise in telecoms infrastructure, from financing to marketing and operation. The practice, which benefits from its established brand, particularly with Spanish and US companies engaged in cross-border transactions, also houses a capable second line of advisors, most notably senior associates Miguel Ángel Rocha and Eduardo Gómez. However, former senior Miguel Ángel de la Fuente moved to DAC Beachcroft Mexico in August 2020.

Strengthened by the firm's August 2021 merger with the former Thompson & Knight LLP, and benefiting form the firm’s solid international network, Holland & Knight's Mexican office is an outstanding choice, primarily for foreign -predominantly US- clients, arriving and operating nationally, or requiring assistance with joint venture contracts, reorganisations, corporate restructurings, spin-offs, mergers and dissolutions. Managing partner Luis Rubio, who is particularly well-known for his expertise handling transactional TMT mandates, heads the practice, closely supported by TMT-specialist Octavio Lecona, and Alejandro Landa, whose broad corporate practice takes in a range of energy, finance, transactional and real estate matters. Senior counsel Selene Espinosa is another key asset of the department, which also assists with the management and processing of all types of permits or governmental authorisations.

Partner Gerardo Gallego Díaz de León, who garners praise for his ‘extensive knowledge of corporate matters’, heads the practice at Ibarra, del Paso y Gallego, where he deploys his more than 15 years' experience advising foreign and domestic investors doing business in Mexico. The seven-strong department has considerable experience participating in stock and asset transactions, as well as real estate property purchase and sale agreements, joint ventures and mergers and acquisitions, among other matters. Additionally, it assists companies with the preparation, negotiation and review of all types of contracts and commercial agreements. Further partner level input comes from Rodrigo de los Ríos (banking and finance, capital markets, M&A, and real estate); while associate Fernando González Gómez provides key support. However, corporate, project finance and tax partner Carlos Pérez-Chow left the firm in February 2021.

With a four-decade presence in the market, Jáuregui y Del Valle, S.C. houses an experienced department which covers an array of matters including local and cross-border M&A, corporate governance, distribution agreements, joint ventures, and restructurings. Leading the department is Miguel Ishii Yokoyama, who is also actively involved in the structuring, negotiation and documentation of loans and financings. Other key practitioners include María del Pilar Labastida (corporate/M&A, commercial matters, company law and foreign investment), and senior associate Alejandro Creel Ysita, who is experienced in the real estate, automotive, private equity and retail sectors, among others.

Kuri Breña, Sánchez Ugarte y Aznar remains an active name in the corporate transactional arena (particularly among investment-fund clients), thanks to a 19-strong team which has wide-ranging expertise handling cross-border mandates, joint ventures and commercial agreements, among other matters. The department houses prominent practitioners including Daniel Kuri Breña, who also has considerable expertise in capital markets, and mainly handles joint ventures and acquisitions; and Jesús Sánchez Ugarte, who focuses on buyouts and joint ventures, particularly in relation to the real estate, infrastructure, manufacturing and finance sectors. Partners Luis Octavio Núñez and Rodrigo López Márquez are other important members of the team.

Partner Raúl Fernández-Briseño, who boasts a strong track record in M&A, financing and restructuring matters across a wide range of industries, heads the growing corporate department at Mayer Brown Mexico, S.C. The team, which is closely backed by the international firm's offices in Houston and Washington, covers a wide range of matters including acquisitions, shareholders' arrangements, cross-border transactions and corporate disputes, and houses a particular expertise in the spirits and maritime industries. Energy specialist Francisco Mendez also leans into corporate practice, although key support comes from associate Julio Martínez Rivas who is already leading on certain mandates and -given his client-relationship skills- is undoubtedly one to watch. Further evidence of the office's increasing capacity in this area was the August-2021 hire of former White & Case S.C. corporate practice co-head Francisco García-Naranjo, who has considerable experience in regulatory matters and financial and foreign investment transactions.

Sainz Abogados, formally founded in November 2020 following the dissolution of Cervantes Sainz, covers a broad range of corporate transactional matters such as restructurings, M&A, joint venture transactions (including antitrust issues) and private equity transactions, along with governance issues and company law matters. Octavio Hernández Negretti, who is skilled in cross-border corporate and financing transactions – particularly for the private equity segment, heads the department. He is closely supported by accomplished practitioner and founding partner Alejandro Sainz (a 30-year veteran who heads the firm’s signature bankruptcy practice), real estate-head Daniel Saltzberg, and corporate and commercial all-rounder, Santiago Alessio. Experienced associate Rodrigo Guaida is also noted. Since publication the firm has broadened its service offering with the February-2022 hire of leading compliance practitioner Hugo Lopez-Coll, formerly head of the practice at Greenberg Traurig, S.C.'s Mexico office.

The accomplished practice at SMPS Legal demonstrates solid expertise across a broad swathe of corporate activity, boasting a particular niche strength handling transactional strategic planning and the implementation of those strategies. The 11-strong department includes a group of talented partners, notably: Juan Pablo Visoso, who has more than 10 years' private-sector experience heading an investment fund; Iván Pérez, who has financial vision with a banking focus; dedicated M&A and real estate specialist, María Teresa Paillés; Eduardo Pizarro, who is known for his corporate and M&A advisory, and finance and joint ventures expertise; and corporate, transactional, and real estate-specialist, María Esther Rey. US-based partner Alejandro Ortiz specialises in assisting companies establish and operate in Mexico.

Founding partners Luis Alberto Aziz and Allan Kaye head the eight-strong corporate and M&A practice at boutique firm Aziz & Kaye Business Law. Aziz brings notable expertise in transactional and competition mandates to the table, while Kaye's practice focuses on transactions involving share and asset purchases and sales and joint venture structures, along with shareholder agreements and other commercial transactions. Senior associate Rebeca Sánchez Pérez left the firm in 2020.

Mexican tax powerhouse Chevez Ruiz Zamarripa houses a fast-growing transactional practice which, combined with the firm’s first-class tax department, makes it a reliable option to handle domestic and cross-border transactions such as M&A, joint ventures, strategic alliances, shareholders controversies and corporate restructurings. The practice, which is lauded for its ‘excellent knowledge of the subject’, is led by Miguel Valle and Ana Sofía Ríos, and was notably reinforced in May 2021 with the arrival of partner Jimena González de Cossío, formerly the head of legal at EY Mexico. Key support comes from senior associate Fernando González who, since publication, has been raised to the partnership - effective December 2021.

Partner Joaquín Vega Martínez, regarded by a client as ‘an impressive negotiator and an excellent strategist’, heads the transactional practice at Vega, Guerrero & Asociados. Designing ‘a tailor-made suit for each client’, the team has a focus on advising foreign companies on the incorporation, organization, and start-up of their Mexican subsidiaries, as well as obtaining all the necessary licenses and authorizations to operate in Mexico. The firm's client roster encompasses a wide range of industries, particularly automotive, information technology and infrastructure. San Luis Potosi-based associate practice director Aldo Muñoz handles non-transactional corporate matters.