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Firms To Watch: Corporate and finance

Operating in both Honduras and Nicaragua, ACZALAW, Abogados Centroamericanos Asociados’s office in Managua is led by Minerva Bellorin and Alonso Porras (both former Pacheco Coto lawyers), and provides a full-spectrum corporate offering, advising on transactions and company law, including assistance with contracts, licensing and permits, along with matters related to competition, labour and tax law, and regulatory compliance.
Formed by Pastor Lovo Castellón, who departed Munguia Vidaurre Law in March 2023, Lovo Castellon Abogados provides a wide range of services in the practice space, ranging from company incorporations and corporate governance to joint ventures and M&A.

Corporate and finance in Nicaragua


The powerhouse team at regional firm Arias remains a market leader, bringing strength to advising major financial institutions and multinational corporations on a comprehensive range of matters, including high-value, cross-border M&A, joint ventures, project finance, antitrust, compliance, concessions and credit agreements. The firm’s broad client base spans sectors ranging from banking, apparel, tech, financial services, and food and beverages to pharmaceuticals, energy, telecoms and professional services. The team is led by managing partner and foreign investment authority Ana Teresa Rizo; Bertha Argüello, an expert in financial regulatory compliance; Gustavo-Adolfo Vargas, a specialist in advising multilateral institutions on the granting of credits, including the structuring and negotiation of agreements; and Rodrigo Ibarra, who handles matters involving hydrocarbons, renewable energies, ports, and infrastructure. Key support is provided at the associate level by Maryeling Guevara, who handles complex due diligence for acquisitions, and Uriel Balladares, who manages tax law and fiscal planning issues.

Practice head(s):

Ana Teresa Rizo; Bertha Argüello; Gustavo-Adolfo Vargas; Rodrigo Ibarra


A differentiating factor is the commitment they show and their speed in dealing with the procedures and services required in a timely manner. It is important to mention their willingness to take part in any consultation or review of procedures in question.

They are excellent lawyers with the necessary experience to provide the advice we require. We are very happy with the assistance provided by Uriel Balladares.

What makes this practice unique is its diligence in responding to all requests, combined with legal expertise and experience in the country where the matter is taking place.

The best qualities of Arias’ team are their diligence and knowledge of legislation and practices, with Bertha Argüello standing out as a team leader who applies her experience and her leadership and coordination skills.

This team has excellent response times to calls, emails and messages, and provides very fast solutions.

Arias is a very competent firm. In the areas where we require their support they are always diligent about responding promptly and offer strategic ‘solutions that are in our best interests. I consider it an inclusive firm in every way. Their lawyers are always up to date and this allows them to provide us with thorough advice. They are always willing to collaborate.

What makes this office stand out from the others is how thorough they are in dealing with our matters, as well as their availability to assist us and follow up on our requests. Their best qualities are good client service, confidentiality and proactivity. Outstanding partners and associates include Ana Teresa Rizo, Uriel Balladares and Maryeling Guevara.

The firm has lawyers who are experts in different branches of the law, which makes hiring them very easy since all of our requests can be dealt with by a single firm. In addition, they have exceptional response times, as well as knowledge and experience in their fields, which makes the service really high quality.

Key clients


DEG – Deutsche Investitions- und Entwicklungsgesellschaft


DLA Piper

Next Level

Wind Farms

International Finance Corporation

Work highlights

  • Acted as a local counsel of SK Capital Partners to carry out and coordinate legal due diligence for Apotex Nicaragua, the Nicaraguan subsidiary of Apotex Pharmaceutical Holdings, and advised on all legal issues that may impact its purchase by SK Capital Partners.
  • Assisted Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden with the granting of a $25m senior loan to CISA, a processor and exporter of coffee in Nicaragua,
  • Assisted Grupo Bimbo with the sale of its confectionery business, Ricolino, to Mondelez for $1.329bn.

Consortium Legal

The corporate and finance team at Consortium Legal remains a leader in the marketplace, marshalling deep bench strength and the expertise of its offices in Costa Rica, Guatemala, Honduras, El Salvador and Nicaragua to advise household-name national and multinational corporates and financial institutions on a comprehensive range of matters. The group’s extensive client roster spans the construction, banking and finance, insurance, tech, retail, energy, food and beverages, life sciences and manufacturing sectors. Core areas of expertise include high-value and complex M&A, company incorporations, due diligence and market strategy, project finance, joint ventures, subordinated agreements, and guaranteed and unsecured credit lines, as well as related tax and regulatory compliance issues. Foreign investment authority Rodrigo Taboada and Olga Barreto, a financial and corporate restructuring expert, lead the team. Other senior figures include former General Secretary of the Ministry of Justice of Nicaragua Martha Lorena Icaza, who brings over four decades’ experience to handling M&A. The key names at junior level are senior associates Meyling Sampson (a free trade zone specialist) and Carlos Castrillo (who assists with major transactions and general bidding processes).

Practice head(s):

Olga Barreto; Rodrigo Taboada


Consortium Legal has a team of legal experts in different practice areas, which makes it very efficient when providing its services. The introduction of technologies such as the use of shared folders in the cloud makes collaboration with the team efficient.

An excellent team.

It gives us great peace of mind to know that we are being advised by Rodrigo Taboada and his team.

A team with a lot of experience and knowledge, with a high degree of commitment to the client.

In addition to their knowledge, they are very willing to attend to any concern or problem, looking for a quick and effective solution.

Key clients

Pro Mujer

Productive Business Solutions




Banco de la Producción (Banpro)

Canadian Bank Note

Amerra Capital

Grupo San Jose


Work highlights

  • Advised COFIDES and ICO on financing a fishing company in Nicaragua, which in turn is affiliated with fishing companies in Spain.
  • Advised Banpro, Banco Promerica Costa Rica, St. Georges Bank & Company and BAC on syndicated loans consisting of credit and lines of credit granted to wind generators Casur and Egersa.
  • Advised the Central America Bottling Corporation (CBC) on the issuance and sale of an additional principal amount of 5.25% senior guaranteed sustainability-linked notes due 2029 for an amount of $1.1bn.

García & Bodán

The transactional lawyers at García & Bodán continue to be a force in the marketplace, drawing on the support of offices in eight locations throughout the region and the experience of the team to advise regional and multinational corporations and financial institutions on day-to-day corporate and finance matters and high-value, cross-border transactions. Assisting a high-profile client base across a range of sectors, from energy, food and beverages, aviation, retail, and education to financial services, tobacco, manufacturing, the firm provides a comprehensive service which extends to M&A, concessions contracts, consumer rights issues, due diligence and licensing, as well as regulatory compliance, bond issuances, company incorporations and shareholders’ agreements. Regional managing partner Terencio García and regional director of the corporate and transactional practice Federico Gurdián, an M&A expert who was appointed in May 2022, head the practice. Other notable figures include telecoms and real estate specialist Carlos Téllez and tax practice head Melvin Estrada.

Practice head(s):

Terencio García; Federico Gurdián


I have experience working with García & Bodán in Nicaragua and, in particular, with Terencio García. They are a very strong team, helping clients to navigate the local law despite the political situation.

Terencio García shows great sophistication in his technical knowledge and analysis of the region.

Key clients

Grupo Lala

Puma Energy


United Airlines


Truist Bank

Payless ShoeSource

Hansae International

INCAE Business School

Banco Atlántida

Work highlights

  • Advised Cairn Energy on the process of formal registration and qualification through a local subsidiary as a non-operator contractor for oil and gas operations in Nicaragua, all in accordance with Nicaragua’s laws and regulations on the exploration and exploitation of hydrocarbons.
  • Acted as Nicaraguan counsel to Cosmos, a company organised and existing under the laws of India, in order to operate in Nicaragua and execute contracts with the Ministry of Health of Nicaragua (MINSA) and other Nicaraguan ministries or authorities.
  • Advised Swiss banknote printing house Orell Füssli on the tender process for the Central Bank of Nicaragua for the printing and supply of banknotes.


The business law team at BLP harnesses the full bench strength of its offices in Nicaragua, Honduras, El Salvador, Costa Rica and Guatemala to advise multinational corporates, financial institutions and international development banks on everything from day-to-day corporate and financial matters to complex, high-value, multi-jurisdictional transactions. The team's full-service offering covers M&A, corporate restructurings, distribution agreements, administrative matters, consumer rights issues, credit restructuring and retail banking transactions, with a diverse client base which spans such sectors as tobacco, finance, mining, motor vehicles and textiles. The practice is led by Ernesto Rizo, who brings over 20 years' experience to the practice space, and director Federico Barrios, who specialises in executing business cooperation agreements and handling the purchase and sale of shares or assets.

Practice head(s):

Ernesto Rizo


What makes the service provided unique is the team’s commitment and the quality of the documents they prepare.

What makes Federico Barrios stand out is that he is proactive and constantly monitors the progress of the matter.

BLP is a very professional firm. We had the opportunity to work with them on a financing in which they also gave us advice on corporate matters and we appreciate their professionalism and knowledge.

Federico Barrios and Ernesto Rizo are both lawyers with excellent management of the case, and are always alert to point out any issue that could affect the transaction.

BLP has demonstrated a high standard in terms of quality of service. The answers are clear, the team is responsive and efforts are made to meet the client’s needs.

Ernesto Rizo’s responsiveness is really something that stands out, as well as the top quality and clarity of the documents and communications that he issues.

Key clients

Grupo Teledolar

Arturo Fuente – FSM

Central American Bank for Economic Integration (CABEI)

Desjardins Développement International

Royal Road Minerals

Bean & Co

Volvo Group -Volvo Trade Finance

Grupo Numar



Work highlights

  • Acted for Teledolar Group, an electronic payment services company in Costa Rica and Nicaragua, in the sale of the company.
  • Advised Arturo Fuente – FSM on negotiating and preparing the construction contract for its tobacco factory in northern Nicaragua with Conamerica.
  • Advised the Central American Bank for Economic Integration (CABEI) on the drafting, negotiation and review of a facility agreement with UK Export Finance (UKEF) and the Republic of Nicaragua, under which UKEF will provide a loan of up to $95m.


The experienced corporate and finance team at Central American firm Lexincorp assists household-name multinationals and regional financial institutions with complex, cross-border transactions. With an active client base which encompasses the tech, food, financial services, chemicals and manufacturing sectors, the firm advises on matters ranging from company incorporations, corporate governance, franchise agreements and the drafting and execution of contracts to joint ventures, M&A and distribution, licensing and agency agreements. On the finance front, the firm advises on loan agreements, supplier credit agreements and project financing. Roberto Rodríguez, who brings considerable expertise to contractual issues, asset and securities titling, and portfolio recovery, leads the team. Managing partner Claudia Vivas brings to bear extensive experience in the energy and hydrocarbons space, benefitting from a background as a former senior legal adviser to the Economic Section of the United States Embassy in Nicaragua. Key support is provided by associate Linda Barquero, a banking and finance specialist.

Practice head(s):

Roberto Rodríguez


The team at Lexincorp Nicaragua are always thinking of the client. Our experience with them has been gratifying as they always support us in looking for a solution to our concerns.

Key clients

Banco General de Panamá


Grupo Sacos de Nicaragua



Banco Ficohsa Panama

IMG Servicios Financieros

GSQ Nicaragua

Casa Del Empeño RTV

Cathay Home Group

Work highlights

  • Advised Banco General de Panamá on negotiating terms and conditions in lending contracts that would allow them to be enforced without any physical presence in Nicaragua.
  • Advising Sony on the consumer rights, antitrust and customs regulations relating to the import, distribution and commercialisation of its products in Nicaragua.
  • Assisted Cargill with performing an in-depth due diligence of wholesale distributors that included a review of corporate documents.

Aguilar Castillo Love

The corporate and finance group at Aguilar Castillo Love leverages the bench strength of 11 offices in nine countries across Latin America to advise well-known international corporates and financial institutions from a broad spread of sectors, including financial services, food, tech, textiles, B2B and pharmaceuticals, on in high-value, cross-border transactions. The team’s wide-ranging offering extends to franchising and distribution matters, assistance to business start-ups, project finance and capital markets transactions, as well as due diligence, regulatory compliance and related labour, antitrust and consumer law issues. The team is helmed by managing partner Thelma Carrión, an expert in M&A and private equity transactions, and banking and finance law specialist Violeta Núñez. Associate and experienced litigator Claudia Guevara provides capable support.

Practice head(s):

Thelma Carrión; Violeta Núñez


I think what sets this firm apart is the approachability of the team. They are knowledgeable, yet friendly. They have also been able to counsel our company on a variety of issues including corporate and labour matters.

Thelma Carrión is smart, friendly, earnest, honest, and hardworking. A true pleasure to work with.

Key clients

Mondelez International

JP Morgan

Cupid Intimates

Central Nicaragüense de Valores

Bolsa de Valores de Nicaragua


Global Brigades

Habitat For Humanity International

General Electric

TMF Group

Banco de la Producción

Astra Honduras




Work highlights

  • Advised Mondelez on an antitrust filing before the Nicaraguan regulator in connection with its acquisition of the Ricolino division from Grupo Bimbo.
  • Acting as counsel to the Nicaraguan Stock Exchange, providing continuous advice on all corporate, financial, capital markets and regulatory issues.
  • Providing ongoing corporate advice to Global Brigades, a US NGO, including assisting with all relevant procedures to set up a corporate entity.

Alvarado y Asociados

The experienced corporate and finance team at Alvarado y Asociados is sought after for its advice to national and multinational corporations and financial institutions on high-value, cross-border transactions. With a client base spanning such sectors as building materials, food, aviation, medical devices, financial services, engineering and tech, the firm has a comprehensive offering which covers M&A, financial restructurings, concession contracts, competition law matters, regulatory compliance, joint ventures and franchise agreements. The respected Gloria María de Alvarado and Luz Marina Espinoza, who provides complementary expertise in labour and tax matters, lead the team. Other key figures include senior associates Yuri Cerrato and Claraliz Oviedo, who provides support with due diligence processes and restructurings, and associate Jazmin Garcia, a specialist in real estate and notarial and registration law.

Practice head(s):

Gloria María de Alvarado; Luz Marina Espinoza


They are masters in their field of law, are very up-to-date and are always available to clear up doubts in a precise and accurate way.

Knowledge and personalised service. First-class advice.

The team stands out for its knowledge of the client and their needs, ethics and commitment.

Key clients

Grupo Almo


Grupo Bimbo



Delta Airlines


Pro Harina


Drawing on the support of regional offices in Nicaragua, Honduras, Costa Rica and Guatemala (as well as a vast international network), the team at Dentons is well equipped to advise major multinational corporations involved in high-value, cross-border transactions across such sectors as energy, education, financial services and pharmaceuticals. The firm’s comprehensive expertise takes in project finance, market entry, M&A, debt restructuring and asset securitisation, due diligence, corporate governance, tax planning and shareholders’ agreements. The team is led by office managing partner, experienced litigator and deal structuring expert Edgard Torres and associate Mario Novoa, a specialist in real estate.

Practice head(s):

Edgard Torres; Mario Novoa


The team work in a very fast and orderly manner. I like that they are practical in their solutions and allow us to be agile.

Dentons is a firm that has proven its quality when handling matters. The team is always available, with quick response times.

The team is very helpful, responsive and business-oriented.

The availability of the corporate team is extraordinary. They are always attentive and provide quick responses to our queries and requirements. Compared to other law firms, I consider that the speed of their responses sets them apart.

Mario Novoa is a well-rounded lawyer in the corporate and real estate areas. He looks into matters closely in order to offer clients suitable advice to suit their needs. He is always on call to advise via telephone or email.

Mario Novoa is a lawyer with a lot of experience and provides very good advice on complex issues.

Key clients

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.
  • Assisted with the financing granted by Oikocredit, a cooperative and social investor based in the Netherlands, in favour of Nicaraguan coffee exporters for coffee advances and purchases from small farmers.