Mexico

DLA Piper advised Empresa Distribuidora y Comercializadora Norte S.A. (Edenor), Argentina’s largest electricity distribution company, in its issuance of new additional Class 7 notes.  The additional issuance of Class 7 notes further increased the outstanding volume, enabling Edenor to strategically harness favorable market conditions in parallel with other prominent issuers. The notes are denominated and payable in US dollars, at a fixed annual nominal interest rate of 9.75 percent. The notes mature on October 24, 2030, under the company’s global issuance program for up to US$750 million (or its equivalent in other currencies), as authorized by the Argentine Securities Commission. The additional notes were issued in the amount of V/N US$90 million, thereby increasing the total nominal value of the outstanding Class 7 Notes to US$475 million. DLA Piper acted as legal counsel under New York and Argentina law to Edenor with a team comprising of Partners Joshua A. Kaufman (New York), Marcelo Etchebarne, Alejandro Nobila, Of Counsel Nicolás Teijeiro, and Associates Daiana Suk and Federico Vieyra (all Buenos Aires). Edenor’s additional issuance of Class 7 notes exemplifies DLA Piper’s international reach, sophisticated cross-border structure, and seamless collaboration and coordinated efforts across the firm’s Latin America and US teams. DLA Piper in Latin America’s team offers full-service business legal counsel to domestic and multinational companies with interests in and operations throughout the region. Our integrated approach to serving clients combines local knowledge with the resources of the DLA Piper global platform. With more than 400 lawyers practicing throughout Argentina, Brazil, Chile, Mexico, Peru, and Puerto Rico, in addition to our US-based cross-border attorneys, our teams frequently work with our professionals throughout the LatAm region, Iberian Peninsula, and around the globe. DLA Piper’s global platform of 90+ offices in more than 40 countries enables us to serve all our clients’ legal and business needs, whether they are based in Latin America or wish to do business there. Related professionals:Josh Kaufman, Marcelo Etchebarne, Alejandro Noblía, Nicolas Teijeiro, Daiana Suk, Federico Vieyra

Written by: Sonia Torres Pabón, Nereida Melendez-Rivera, Francisca Franzani, Alberto Rubio, Antonio Cardenas Arriola, José Marcelo Allemant Transparency International recently published its 2025 Corruption Perceptions Index (CPI), which ranks 182 countries and territories by their perceived levels of public-sector corruption. According to the report released on February 10, 2026, Latin America scored an average of 42 out of 100, with two countries – Dominican Republic (37) and Guyana (40) – showing significant improvement. However, 12 of 33 countries’ scores have declined since 2012. This alert summarizes the key findings and implications for businesses and institutions operating in the region. Overview of the CPI 2025 The CPI uses a scoring scale from 0 (highly corrupt) to 100 (very clean) for its rankings. Notably, for the first time in more than a decade, the global average CPI score dropped to 42, with 122 out of 182 countries scoring below 50. The CPI report notes that persistent corruption in Latin America has been associated with challenges in governance, public services, and security. These factors remain relevant for foreign investors, multinational corporations, and legal practitioners operating in the region. Regional rankings – Americas The following table summarizes the CPI 2025 scores and its observations for selected American countries:   Country 2025 CPI score Key observations Uruguay 73 Regional leader; among the strongest democracies in the Americas Chile 63 Recent decline noted despite historically strong institutions United States 64 Sustained decline to its lowest score Argentina 36 Investigations into alleged corruption in the management of funds for medicines for people with disabilities Dominican Republic 37 One of two Latin American countries showing significant improvement since 2012 Guyana 40 One of two Latin American countries showing significant improvement since 2012 Ecuador 33 Decline in transparency and civic freedoms; laws limiting NGOs' access to funding and obstructing operations El Salvador 32 Increased intimidation and hostility toward independent media Peru 30 Corruption in public services has had severe consequences, including scandals involving contaminated food in public schools Mexico 27 Ranked 141/182 globally and last among OECD countries; linked to institutional weakness and organized crime infiltration Guatemala Below 27 Ranked just below Mexico Haiti 16 Among the three lowest in the region; marked by high repression and failed institutions Nicaragua 14 Among the three lowest in the region; entrenched corruption and repression Venezuela 10 Lowest-scoring country in the Americas; widespread corruption has fueled poverty and malnutrition   Key CPI 2025 themes and risks Organized crime and political infiltration: In several Latin American countries, corruption is increasingly linked to organized crime. In Mexico, the CPI findings highlight the infiltration of organized crime into politics, facilitating political influence and undermining accountability. This nexus between corruption and criminality poses heightened compliance and security risks for businesses operating in affected jurisdictions. Weakening of democratic checks and balances: Countries, including El Salvador and Ecuador, are experiencing a decline in transparency and civic freedoms. New laws limiting NGOs' access to funding, combined with intimidation and hostility toward independent media, have reduced citizen oversight and the ability to hold governments accountable. These developments signal heightened regulatory unpredictability and reputational risk. Impact on public services and human rights: In Peru, corruption in public services has resulted in severe consequences, including scandals in which alleged bribes to bypass health inspections reportedly led to contaminated food being distributed in public schools. In Venezuela, widespread corruption has contributed to a rise in poverty and malnutrition as millions of families survive on limited access to food, water, and electricity. These conditions underscore the human cost of unchecked corruption and the importance of robust due diligence. US FCPA enforcement considerations: The temporary freeze of Foreign Corrupt Practices Act (FCPA) enforcement pursuant to an Executive Order issued by President Donald Trump ultimately resulted in the revised FCPA Guidelines promulgated in June 2025. Among other things of note, the FCPA Guidelines prioritize enforcement against conduct involving criminal cartels (even if tangentially) and “transnational criminal organizations” (TCOs) more broadly. Those countries with significant cartel or organized criminal activity are encouraged to be alert to the enhanced risk to legitimate business that may unwittingly have contact with cartel members or organized crime, which is fairly common across multiple industries and sectors. The FCPA Guidelines also underscore “enforcement actions against conduct that directly undermines US national interests” – a broad category. Although DOJ leadership has pushed back on the suggestion that there has been any retreat in FCPA enforcement, the new policies shift the enforcement landscape for companies with operations in Latin America. Implications for businesses and compliance programs The CPI 2025 findings underscore the importance of robust anti-corruption compliance frameworks for companies operating in or expanding into Latin America. Businesses may consider the following: Enhanced due diligence: Companies are encouraged to strengthen third-party due diligence processes, particularly for agents, distributors, and joint-venture partners in countries with persistently low or declining CPI scores. Updated risk assessments: Organizations can update their country-level risk assessments to reflect the latest CPI data and country-specific factors, such as organized crime infiltration, weakened institutions, and civic space restrictions. Training and awareness: Anti-corruption training can be tailored to address the specific risks identified in the CPI, including bribery in public procurement, corruption in public services, and political exposure. Monitoring regulatory developments: Companies are encouraged to closely monitor developments in FCPA enforcement and other anti-bribery regimes, given signals of potential shifts in enforcement priorities. Conclusion Given the anti-corruption landscape in Latin America, as assessed in the CPI 2025 report, businesses and institutions are encouraged to remain vigilant. We will continue to monitor developments and provide updates as warranted. For further information or assistance with anti-corruption compliance matters in Latin America, please contact our US Latin America White Collar practice group: Sonia Torres – US and Puerto Rico Nereida Meléndez – US and Puerto Rico Francesca Franzani – Chile Alberto Rubio – Argentina Antonio Cárdenas – Mexico José Allemant – Peru  

DLA Piper has added Nicolás Orezzoli as a Partner in the firm’s Tax practice, strengthening the firm’s ability to advise clients on complex international tax matters from Chile. Orezzoli focuses on the design and implementation of tax-efficient structures for cross-border transactions. His experience spans the full transaction cycle, and he regularly advises strategic and financial investors on both buy-side and sell-side processes. He also guides multinational groups, private equity funds, family offices, and local companies on corporate restructurings, capital markets and financings, cash repatriation strategies, and disputes with the Chilean Internal Revenue Service. Orezzoli will collaborate with colleagues across the firm’s Corporate, Finance, Projects, and Emerging Growth teams, as well as Disputes, to support multinational companies, foreign investors, and Chilean business groups on complex cross-border mandates. "International tax sits at the center of how transactions are structured across the Americas. It directly impacts value and outcomes. Nicolás understands that, and his addition reflects our continued focus on building depth in the areas that most directly impact cross border dealmaking," said Francisco Cerezo, Chair of DLA Piper’s US-Latin America practice. “We are pleased to welcome Nicolás to our team,” said Matías Zegers, Co-Managing Partner of DLA Piper Chile. “His international tax practice bolsters our integrated, cross-jurisdictional support for clients in Chile, across the Americas, and beyond.” “Chile remains a key destination for regional and international investment,” said Francisca Franzani, Co-Managing Partner of DLA Piper Chile. “Nicolás’ arrival strengthens our tax capabilities at a time when clients increasingly require seamless, cross-border advice that is closely aligned with broader business and expansion strategies. We are very pleased to welcome him to the team.” DLA Piper's Tax practice delivers significant client value by offering sophisticated, globally integrated legal advice focused on tax and business planning issues designed to maximize efficiency and minimize risk. We provide actionable legal guidance across a wide range of complex domestic and cross-border tax issues, so that our clients’ tax strategy aligns seamlessly with their core business goals. DLA Piper in Latin America’s team offers full-service business legal counsel to domestic and multinational companies with interests in and operations throughout the region. Our integrated approach to serving clients combines local knowledge with the resources of the DLA Piper global platform. With more than 400 lawyers practicing throughout Argentina, Brazil, Chile, Mexico, Peru, and Puerto Rico, in addition to our US-based cross-border attorneys, our teams frequently work with our professionals throughout the LatAm region, Iberian Peninsula, and around the globe. DLA Piper’s global platform of 90+ offices in more than 40 countries enables us to serve all our clients’ legal and business needs, whether they are based in Latin America or wish to do business there. Related professionals: Nicolás Orezzoli, Francisco Cerezo,Matías Zegers,Francisca Franzani  

DLA Piper advised Artistic Milliners, a global denim manufacturer, in its acquisition of a majority stake in denim supplier Cone Denim from textile supplier Elevate Textiles. Cone Denim will continue to operate as a standalone portfolio company under Artistic Milliners. The new entity will seek to operate a global platform spanning both hemispheres and will be comprised of a combination of selected assets from each organization. Cone Denim will also now operate mills in Mexico, China, and the US. “We were excited to work with Artistic Milliners on this strategic matter, showcasing the breadth of our cross-border experience,” said deal lead Michael J. McGuinness, US-LatAm Practice Group Regional Co-Leader, Corporate M&A and Private Equity. “It’s not just the firm’s global reach, but it's cohesive service, that helps clients navigate complex deals with clarity.” "Working with DLA Piper has provided us with a comprehensive global perspective,” said Murtaza Ahmed, CEO of Artistic Milliners. “The firm's ability to integrate insights across multiple jurisdictions exemplifies the level of collaboration we seek as we expand our international operations.” In addition to McGuinness (New York), Of Counsel Violeta Libergott (US/Brazil) co-led DLA Piper’s cross-border and multi-practice team across the US, United Arab Emirates (UAE), China, and Mexico. The team also consisted of Partners Nick Klein, Elyssa Kutner, Brian Janovitz, Larissa Bifano, Amadeu Ribeiro (all US), Therese Abou-Zeid (UAE), Jorge Benejam (Mexico); Partner Tina Xia and Senior Legal and Tax Manager Peter Chen (both China); Head of Sovereign and LP Investment, MENA, Kurt Alfrey (UAE); Of Counsel Andy Eklund (US); Associates Regina Esparza (Mexico), Regine Lewis, and Michael Haggerson, and Syeda Kamal (all US). With more than 1,000 corporate lawyers globally, DLA Piper helps clients execute complex transactions seamlessly while supporting clients across all stages of development. The firm has been rated number one in global M&A volume for 15 consecutive years, according to Mergermarket, and ranked as number one in VC, PE and M&A in combined global deal volume according to PitchBook.