Hall Of Fame

Next Generation Partners

Rising Stars

Firms To Watch: Corporate and finance

Operating in both Honduras (Tegucigalpa / San Pedro Sula) and Nicaragua, ACZALAW’s seven-strong office in Managua is led by partners Minerva Bellorin and Alonso Porras (both former Pacheco Coto lawyers), and has a full spectrum corporate offering ranging from transactional matters to company law, and including associated matters such as contracts, licensing and permits; along with relevant competition, labour, tax and regulatory matters.
Led by Pastor Lovo Castellón , the corporate and finance team at Munguia Vidaurre Law  (founded in 1991) advises its domestic and multinational clients on cross-border transactions and an array of day-to-day operations, and can also offer a range of ancillary services including civil, commercial and administrative law, along with notarial services.

Corporate and finance in Nicaragua


The powerhouse team at regional firm Arias remains a market leader, advising major financial institutions and multinational corporations on a comprehensive range of matters, including cross-border M&A, project finance and infrastructure matters, joint ventures, concessions and credit agreements. The team's client base spans the banking and financial services, telecoms, media, food, insurance and energy sectors. The practice is headed by managing partner and foreign investment authority Ana Teresa Rizo, Bertha Arguello, a financial regulatory expert, and deal-structuring specialist Gustavo-Adolfo Vargas. Roger Pérez and Rodrigo Ibarra, who was promoted to partner in August 2021, are both experienced in high-value transactions. Key support at the associate level is provided by Uriel Balladares and Maryeling Guevara.


‘The Arias team is very efficient in its work, showing great availability and team work. The team is accessible on your schedule.’

‘Availability, efficiency, collaboration, friendliness.’

Consortium Legal

Backed by offices throughout the region, the team at Consortium Legal continues to be a leader in the corporate and finance practice areas, assisting national and multinational corporations and financial institutions with a comprehensive range of matters. Headed by foreign investment authority Carlos Taboada and financial and corporate restructuring expert Olga Barreto, the full-service practice covers company incorporation and market strategy, M&A, due diligence, regulatory compliance and related tax matters, in addition to subordinated agreements, guaranteed and unsecured credit lines, joint ventures and project finance. Former General Secretary of the Ministry of Justice of Nicaragua Martha Lorena Icaza and senior associate Meyling Sampson, a free trade zone restructuring specialist, provide support. The team’s active client base includes household names Nestlé and Caterpillar and spans the food and beverages, financial services, energy, retail, telecoms and tech sectors.

Practice head(s):

Olga Barreto; Rodrigo Taboada


‘It is a well-rounded firm with many years of experience and an excellent team that enjoys great prestige nationally and internationally and has quality professionals.’

‘The team’s experience, knowledge and time in the market is what makes its client service so high quality. The firm’s lawyers are available seven days a week, and they are creative, intelligent, able to work under stress and able to provide solutions.’

‘We appreciate the constant follow-up and attention, over the years, to our company’s legal matters, which means the team has an immediate understanding of any issues raised and can advise on the correct approach to the problem. This is efficient in time and cost.’

‘Martha Lorena Icaza and Olga Barreto stand out for their intellectual capability, legal knowledge, interest in our affairs, honesty and professional attitude.’ 

‘Efficient. Immediate responses. Personalised client service.’

Key clients



Grupo San José


Canadian Bank Note

Amerra Capital

Work highlights

  • Advised the Central America Bottling Corporation (CBC) on the  issuance and sale of an additional principal amount of 5.250% senior guaranteed sustainability linked notes due 2029 for an amount of over $1bn.
  • Assisted Deutsche Investitions with a transaction consisting of the ratification of addenda, waivers and consent to a loan agreement, term extension and maintenance of security interests by Momotombo Power Company – MPC.
  • Advised COFIDES and ICO on the financing of a fishing company in Nicaragua, which is affiliated with fishing companies in Spain.

García & Bodán

Experts in the field’, the corporate and transactional lawyers at García & Bodán remain a force in the marketplace, coordinating with the firm's partner offices in Central America to advise regional and multinational corporations and financial institutions on day-to-day issues and high-value transactions across multiple jurisdictions. The team is led by regional managing partner Terencio García and regional director of the corporate and transactional practice Federico Gurdián, who was appointed senior partner in May 2022. The group provides comprehensive support on regulatory issues, bond issuances, company incorporations and shareholders’ agreements, as well as concession contracts, consumer rights issues, licensing, due diligence processes and M&A. Supported by telecoms and real estate specialist Carlos Téllez and tax practice head Melvin Estrada Canizales, the team advises a broad client base that features household names United Airlines, Payless ShoeSource and Stanley Black & Decker, with expertise in the aviation, energy, education, food, apparel and financial services industries.


‘In my opinion, Garcia & Bodan’s corporate law team ranks among the best in Nicaragua.’

‘The García & Bodán team has well-rounded lawyers who are experts in the field.’

‘The best feature of the lawyers at García & Bodán is their attention to detail. Melvin Estrada is an outstanding lawyer.’

‘Total dedication to the client and continuous monitoring of the matter. Complete availability through virtual meetings with the experts in the field.’

Key clients

Grupo Lala

Payless ShoeSource


United Airlines


Grupo Invercasa

Tola Development Group

INCAE Business School

Stanley Black and Decker

Scala Higher Education

Puma Energy


Banco Atlántida

Work highlights

  • Advised Instacredit on the constitution of guarantees in Costa Rica and Nicaragua to support the issuance of corporate bonds on the Panama Stock Exchange, which was carried out through its holding company, Marevalley Corporation.
  • Advised Scala Higher Education regarding the corporate and tax structure needed to provide services to universities in Central America.
  • Advised Cairn Energy on the process for formal registration and qualification – through a local subsidiary – as a non-operator contractor for oil and gas operations in Nicaragua, in accordance with Nicaragua’s laws and regulations on the exploration and exploitation of hydrocarbons.


The business law team at BLP employs the full bench strength of its office across the region to assist major multinational corporations, financial institutions and international development banks on day-to-day matters and complex, high-value transactions. Ernesto Rizo leads the team, bringing over 20 years of experience in corporate and finance matters to the table, and is supported by associate Federico Barrios, a specialist in due diligence and the negotiation and execution of business cooperation agreements. The practice’s full service extends to M&A, corporate restructurings, distribution relationships, administrative procedures, credit restructuring, consumer rights issues and retail banking transactions. Acting for key market players Mastercard, Volvo and IDB Invest, the practice has an active client roster across the mining, tobacco, insurance, automotive and financial services sectors.

Practice head(s):

Ernesto Rizo

Key clients


Grupo Orbis (Pintuco)

Royal Road Minerals

IDB Invest


Plasencia Cigars

Allied Universal Security Services

Arturo Fuente

C&B Produtos Agrícolas

Grupo Volvo

Work highlights

  • Assisted Mastercard with the completion of a multi-jurisdictional survey regarding the applicable regulations for a proposed service.
  • Provided Grupo Orbis (Pintuco) with due diligence and competition analysis on a regional transaction, alongside the firm’s offices in Costa Rica, Nicaragua, Honduras, El Salvador and Guatemala (as well as co-ordinating work in Panama).
  • Advising Royal Road Accelerator on carrying out a joint venture with a university to develop agrochemical products and on related intellectual property issues.


Highlighted for its ‘extensive knowledge of Nicaraguan law’, the corporate and finance team at Central American firm Lexincorp assists household-name multinationals (including Sony and Nokia) and regional financial institutions with high-value, cross-border transactions. Spearheaded by managing partner Claudia Vivas, who served as a senior legal adviser to the United States Embassy in Nicaragua, the department offers an extensive service covering company incorporations, corporate governance, franchise agreements and M&A, in addition to financial matters such as complex loan agreements, project finance and supplier credit agreements. International banking adviser Roberto Rodríguez is also a key contact. The team’s client base spans the manufacturing, tobacco, apparel, telecoms, food and financial services industries, with recent growth displayed in the mining sector.

Practice head(s):

Claudia Vivas


‘The team at Lexincorp is very professional and attends to our requirements in a timely and accurate manner. I think their strength is offering a personal service – they really care about the client’s concerns and problems.’

‘The team stands out for its understanding of the client’s requirements and extensive knowledge of Nicaraguan law.’

Key clients


Banco General de Panamá

Banco Industrial


BlueOrchard Microfinance Fund


Banco Ficohsa Panama

Scandinavian Tobacco Group

Bay Island Sportswear

Grupo Atlas

Work highlights

  • Advising Pintura Sur on its legal matters in Nicaragua.
  • Assisted Cargill with conducting an extensive due diligence process.
  • Advising Sony on its legal matters in Nicaragua.

Aguilar Castillo Love

With 11 offices in nine countries across Latin America, the corporate and finance group at Aguilar Castillo Love is well positioned to advise major international corporations and financial institutions (including Dell, LG, General Electric and JP Morgan) involved in high-value, multi-jurisdictional transactions. Helmed by Thelma Carrión Blandón, an expert in M&A and private equity transactions, and banking regulation specialist Violeta Núñez, the team has a comprehensive service which extends to franchising and distribution matters, business start-ups, project finance, capital markets transactions, due diligence and regulatory compliance. Key support is provided by Claudia Guevara, a seasoned litigator. In addition to spanning the food, textiles, tech and major appliance industries, the firm’s active client base continues to display strength in the financial services sector.


‘They are accessible and they have good communication. We would like to highlight Thelma Carrion, Violeta Nuñez and Claudia Guevara.’

‘The firm has a young, well-qualified team focused on client service. Violeta Nuñez is creative and intelligent, capable of working under stress and able to find solutions to different situations.’

‘What stands out is the personalisation of the service and the team’s agility when an issue arises.’

Key clients

JP Morgan (via Simpson Thacher & Bartlett)

International Paper do Brasil

General Electric

Bolsa de Valores de Nicaragua

Central Nicaraguense de Valores

LG (via McDermott Will & Emery)




Martex Fiber

TMF Group

Global Brigades

El Colono

Crisan Dell

Work highlights

  • Advised JP Morgan as administrative agent in relation to the multi-billion dollar debtor-in-possession financing of Colombian airline Avianca and its subsidiaries across multiple jurisdictions in Central America.
  • Advising International Paper do Brasil on its entry to the Central American market and compliance with Nicaraguan law.
  • Advising Central Nicaragüense de Valores (CENIVAL) on its day-to-day operations; a co-operation agreement with Panama and El Salvador to expand its operations with those countries; and in relation to a new project regarding electronic billing.

Alvarado y Asociados

The corporate and finance team at Alvarado y Asociados has expertise in advising national and multinational corporations and financial institutions engaged in high-value, cross-border transactions. Led by the respected Gloria María de Alvarado and Luz Marina Espinoza, who has complementary strength in labour matters, the comprehensive practice covers financial restructurings, M&A, concession contracts, competition law matters, regulatory compliance, joint ventures and franchise agreements. The team’s active client base includes major international players Delta Airlines, Grupo Bimbo and Cemex, and spans the aviation, food, building materials, insurance and telecoms sectors. Senior associate Yuri Cerrato provides key support.


‘The A&A team are highly technically proficient and specialised in their area.’

Key clients

Grupo Almo


Grupo Bimbo



Delta Airlines

Transunion Pro Harina

Dentons Muñoz

Working alongside its offices throughout the region, the corporate team at Dentons Muñoz pairs the deep bench strength of its experienced team with its Dentons Direct online platform (which allows for the secure uploading and exchange of documents) to provide a comprehensive service to major multinational corporations involved in high-value, cross-border transactions. Headed by office managing partner and deal structuring expert Edgard Torres and associates Mario Novoa and Sarybel Abad, who was promoted in September 2021, the group assists with matters ranging from market entry, M&A, project finance, debt restructuring and asset securitisation to corporate governance, tax planning, shareholders’ agreements and due diligence. The team’s broad client base has recently seen growth in the food and beverages, hospitality and food delivery sectors.

Key clients

Aqua Oceanfront Resort

Delivery Hero

Oikocredit, Ecumenical Development Cooperative Society

Work highlights

  • Advised German company Delivery Hero on the cross-border acquisition of Hugo, a food delivery company with operations in other countries in Central America and the Caribbean, in a deal valued at approximately $150m.
  • Advised Aqua on updating its corporate documentation to comply with local requirements.

ECIJA Castillo & Fiallos

Connected to an extensive global network, the corporate and finance department at ECIJA Castillo & Fiallos provides a full service to regional and international corporations and financial institutions, which includes advising on project finance, debt restructuring, due diligence, M&A, corporate governance, commercial contracting and regulatory compliance. Edmundo Castillo and Maria Antonieta Fiallos are the key contacts.

LatinAlliance Nicaragua

With partner offices throughout Central America, the experienced team at LatinAlliance Nicaragua harnesses its regional strength to provide a comprehensive service to local and multinational corporations, insurance companies and financial institutions. Headed by founding partner and banking transaction and M&A expert José Adolfo Torres, regional corporate director Michelle Sutter (both based in El Salvador) and head of legal in Nicaragua Ana Carolina Barquero, the practice advises on a diverse range of matters, including foreign investment strategy, shareholders’ agreements, securitisations, syndicated loans, due diligence and regulatory compliance. The team’s active client base spans the mining, professional services, hospitality, banking, textiles and construction sectors.


‘They inform us immediately about any changes to the law that may affect us, and they are also attentive to our requirements, giving us an answer in the shortest possible time. We work hand in hand with Ana Barquero, who attends to our matters efficiently.’

Key clients

Selina Operations Nicaragua

Servicios Corporativos De Personal Nicaragua

Ganaderia Integral Nic (GINSA)

Alutech Nicaragua

Grupo Prival

La Casa de las Baterías

Work highlights

  • Assisted Omnigreen Nicaragua with the incorporation of a public limited company dedicated to commerce and industry.
  • Advising Servicios Corporativos De Personal Nicaragua on ongoing corporate and labour matters.
  • Advising La Casa De Las Baterias on the possible dissolution of its operation in Nicaragua.