Corporate and M&A in Paraguay

BKM | Berkemeyer

BKM | Berkemeyer provides a 'very good and reliable service', assisting both domestic and international clients on corporate matters, M&A transactions, real estate, infrastructure, financing and other commercial issues. 'Responsible and proactive' managing partner Hugo Berkemeyer heads the department alongside the 'excellent' Carla Sosa, who coordinates the commercial aspects of transactions, and senior associate Manuel Arias, who joined in 2019 from Estudio Jurídico Gross Brown. PPP project expert Martin Carlevaro is another notable lawyer in the 13-strong team. Recent highlights include advising Uruguayan company Bearing Agro on its incorporation in Paraguay, and Casa Boller on a $100m joint venture. Since publication, Ms Sosa has been raised to the partnership - effective as of April 2021.


The corporate team always shows great teamwork, and always responds to our needs on time and in full.

The strong point that makes the lawyers at this firm stand out is their high level of commitment to and involvement in all of our matters. For my job, I have to work with lawyers in various firms in Latin America and Europe, and Berkemeyer is by far the one with the closest relationship with our company.

Berkemeyer is characterised by its constant dedication to the matters we entrust to the firm. In our experience, we can rely on them to provide appropriate and creative responses and solutions to the legal problems we bring to them, as well as a real commitment to the client, which, in my opinion, makes this the best firm of its kind in Paraguay.

The firm’s principal strength is that it has a very good team of professionals with broad knowledge and experience in the areas we need advice on, as well as strong leadership from those responsible for the team. Our principal contact at the firm is Martín Calevaro, but we also work with other lawyers in the areas relevant to us. The team is made up of Martín Calevaro, the team leader, Manuel Arias and Milena Sljivich, Vivian Maldonado and Sofí­a Suarez.

It is a good team which responds rapidly to queries and handles our matters well.

A very good and reliable service.

Hugo Berkemeyer is responsible, proactive, quick to reply and an excellent professional.

Carla Sosa is excellent.

Key clients

Agar Cross Paraguay

API Movilidad

ARIPESA Paraguay

Astarte Capital Partners LLP

American Tower Corporation


Bearing Agro

Benítez Bittar Constructora

Consorcio Corredor Vial Bioceanico

Casa Boller

Consorcio DC Ingenieria – Stiler

Dow Agrosciences Paraguay


Exxis Paraguay

FNV Capital

Itacamba Cemento

Monsanto/Bayer Paraguay

Ocho A

Líneas Panchita G

Pearson Education

Rutas del Este

Somarco Paraguay


Telefónica Celular del Paraguay

Timac Agro Paraguay

Work highlights


Advising a predominantly international client base on M&A deals and the full range of corporate matters, FERRERE has established itself as a go-to firm in the field of corporate and M&A in Paraguay. Néstor Loizaga heads the department and recently led on some of Paraguay's key M&A deals. Other highlights included partner Carlos Vasconsellos and senior associate Claudia Arietti advising FMO on their acquisition of additional equity of Sudameris Bank. The promotion of Eduardo Ammatuna to partner in January 2020 has further strengthened the team; he brings considerable experience from the logistics sector and is increasing his corporate caseload in his new role. Verónica Franco is another key member of the team.

Practice head(s):

Néstor Loizaga


Ferrere stands out for its speed of response. The team is very efficient and provide a recommendable service. The firm met our expectations and suggests options and solutions that have been very useful internally.

I consider it to be an always available team, agile in the provision of its services and flexible to the needs of the company.

They are available, they care about the customer, they know the market and the sector, and they work quickly and efficiently.

The performance of Claudia Arietti stands out, as well as the work of partners Nestór Loizaga and Carlos Vasconsellos.

Excellent attention, very good level of service from Nestór Loizaga and Eduardo Ammatuna. I have no recent experience in Paraguay with other law firms, but I am confident in Ferrere’s advice.

Verónica Franco is the person I would recommend. She is very experienced, always available for consultation and has a quick turn around of documents / consultations.

Key clients




Syngenta Crop Protection



Abbot Laboratories


Amazon AWS


Work highlights

  • Advised FMO on the purchase of a further 7.5% equity stake in Sudameris Bank.
  • Acted for Amazon Web Services on country due diligence to map the regulatory environment for its service.
  • Assisted Grupo Aldesa on the starting of their infrastructure projects in Paraguay.
  • Provides day-to-day advice to Cargill on corporate, regulatory and financing matters.

Estudio Jurídico Gross Brown

Estudio Jurídico Gross Brown's corporate department advises a wide range of clients on M&A, joint ventures, leveraged and acquisition finance, private equity transactions, investment financing and corporate governance, among other matters. Antitrust work is a notable specialism for the team, which regularly advises multinationals as well as Paraguayan and regional companies. Sigfrido Gross Brown is the practice head and often leads on cross-border transactions; a recent highlight was his advice to Telepizza Chile on the sale of all its assets in Paraguay and its food chain to South Food. Pablo Debuchy is a noted senior associate, with strong experience in drafting commercial contracts and advising local institutions in the Paraguayan market.

Practice head(s):Sigfrido Gross Brown

Key clients




Fly Bondi

Cotecna del Paraguay

Cosan Paraguay

Swiss Re

Munich Re



Compañía de Cervecerías Unidas


Archer Daniels Midland

Shell US Trading Company

President Energy

Fondo de Inversion en Innovacion de Paraguay

Fiat Chrysler

Melitta do Brasil Industra e Comercio

Airbus DS Military Aircraft

Andrade Gutierrez




Work highlights

Peroni Sosa Tellechea Burt & Narvaja

The corporate and M&A practice at Peroni Sosa Tellechea Burt & Narvaja has been established for over 50 years and, with Esteban Burt at the helm, it acts for multinational clients across a wide range of sectors. The team has a particular strength in the transport sector, especially Paraguay's key fluvial transport market, instructing seven major shipping companies. The sizeable department draws on the experience of its partners, including noted compliance expert Victoria Burt, to cover the full range of corporate and commercial advice.

Practice head(s):Esteban Burt

Vouga Abogados

Led by Rodolfo Vouga and Perla Alderete, the 'very attentive' corporate and M&A team at Vouga Abogados is one of the standout practices in the country. It advises multinationals and prestigious domestic companies on high-value, complex transactions as well as corporate antitrust work and precedent-setting compliance issues. The firm works with companies from a wide range of sectors but is particularly strong in the country's key agribusiness market. In recent work, the team assisted Carestream Health on the negotiations and drafting of the termination of a longstanding distribution agreement with a local distributor. Other key clients include Microsoft, Mastercard and Petrobras.

Practice head(s):Rodolfo Vouga; Perla Alderete


The team are very attentive and gave me much confidence in their legal opinion.

The lawyer who attended me could understand all my questions and concerns and then propose the solution to my case.

The team of lawyers attended our calls at all times with great professionalism and objectivity, providing us with a high level of legal support in order to frame our operations with a high level of security.

Rodolfo Vouga, Walter Vera and Perla Alderete are the professionals with whom we work frequently and we are very satisfied in terms of response time, quality of care and results.

Key clients

Procter & Gamble


Archer Daniels Midland (ADM)


Fujikura Automotive

Mediterranean Shipping Company (MSC)

John Deere

Paraguay Refrescos



Amerra Capital Management





McCann Eriksson




Toyota Tsusho

Under Armour

Voith Hydro

Zurich Insurance Company


Estée Lauder

Eurofarma Laboratorios

Yokohama Rubber Co.


Sanofi Aventis

LG Electronics

Unipar Indupa

Yokogawa Electric


Pedidos Ya (Delivery Hero)

Iridium Satellite


British American Tobacco

ILSA Fertilizantes

Carestream Health

Work highlights

Fiorio, Cardozo & Alvarado, Attorneys at Law

The strong corporate and M&A practice at Fiorio, Cardozo & Alvarado, Attorneys at Law has been jointly led by Juan Bautista Fiorio and Marcelo Alvarado, two of the firm's founding partners, for over 30 years. The sizeable team provides advice on a range of corporate matters, from M&A transactions and joint ventures to corporate restructurings. In addition to transactional work, the team provides day-to-day advice to international clients including Samsung and Kimberly Clark. Associate Francisca Peroni re-joined the firm from Dechert LLP's Paris office.

Key clients

Aerolineas Argentinas

LDC Paraguay

Grupo Favero

Samsung Electronics

Nucleo Paraguay (Telecom Argentina)

Nestlé Paraguay

Kimberly Clark Paraguay

Sanofi Aventis Paraguay


Van Hessen Paraguay

DHL (Paraguay)

NIPRO Medical Corporation


Work highlights

Moreno Ruffinelli & Asociados

The 'extremely reliable' and 'always up to date' corporate and M&A practice at Moreno Ruffinelli & Asociados is co-headed by founding partner José Moreno Ruffineli and Maria Esmeralda Moreno. The firm's client list covers a breadth of industries, including agriculture and food production, transport, electronics and infrastructure. Among its international clients is the American Embassy of Asunción, and the team also acts for important companies in Paraguay, including Familiar Seguros, Avianca and Frigomerc. Highlights included Carlos Ruffinelli's advice to the American Embassy of Asunción on all legal and regulatory matters concerning the construction of a new premises.


It is made up of people who care and deal with cases, have empathy and an excellent predisposition. We also know that they are in constant training so they are always up to date.

I would highlight the work of lawyers Maria Esmeralda Moreno, Rocio Penayo and lawyer Alfredo Palacios.

The team is very attentive and committed to understanding the client’s business and helping to solve problems. They care about customers and act in an integrated way with the customer.

They are extremely reliable and always look for the best result for their clients.

Carlos Ruffinelli gives personal and individual advice.

Key clients

American Embassy of Paraguay

Familiar Seguros



Centro de Importadores del Paraguay (CIP)


GICAL Almacenes Generales de Depósito

Consorcio Metropolitano

H Petersen


Work highlights

  • Assisting Avianca Holdings on the establishment of the branches of Tampa Cargo for the cargo flights of Avianca Grupo and Trans  American Airlines.
  • Advised Instituto Radiologico Iribas and Instituto Codas Thompson on a $100m bidding process conducted by the National Social Security Institute.
  • Instructing the American Embassy of Asunción on all legal and regulatory matters concerning the construction of a new premises.

Palacios, Prono & Talavera

Palacios, Prono & Talavera's corporate and M&A practice has expertise in the country's key agribusiness sector, having over 15 years of experience working with domestic and multinationals in this field. The firm also stands out in the shipping and fluvial logistics sectors; clients includes port terminals, charterers, local insurers and foreign carriers. The team is led by experienced partner Raúl Prono.

Altra Legal

Noted for its 'strengths in commercial law and arbitration', the corporate team at Altra Servicios Juridicos is instructed by international and regional clients including Toyotoshi Group, the World Bank and Yazaki Paraguay. The firm's founding partner José Antonio Moreno Rodríguez co-leads the practice alongside Karin Kennedy, an expert on the incorporation of new companies.


Strengths in commercial law and arbitration.

José Moreno is very engaged in a number of international organizations and activities in the field of international commercial law and arbitration. He remains abreast of new developments.

Key clients


Yazaki Paraguay

ICC Paraguayan Chapter


Transporte Fluvial Paraguayo

UBEDOO (Americas Media Services – Guatemala-USA)

CIEMSA (Uruguay)

Centro de Estudios de Derecho, Economía y Política (CEDEP)

The Shipowners Club (England)

The American School of Asunción


Mitsui OSK Lines

World Bank (International Finance Corporation)


Rutas del Este


Caracol TV Colombia

SPILTAG Paraguay

Colegio Japonés Paraguayo


Message Bird




CTC Global

Work highlights

Mersán Abogados

With 75 years' experience, MERSAN Abogados advises an impressive client list that covers a number of Paraguay's most important business sectors, including agribusiness, shipping, banking, mining and technology. Headed by the trio of Pablo Cheng LuDiego Zavala and Carlos Mersán, the corporate and M&A team works closely with the firm's elite tax practice and acts for clients on the incorporation of companies, joint ventures, M&A, liquidations and regulatory issues.


The team has always shown itself to be very well coordinated, with specialist lawyers in different and complementary areas in order to provide the best possible service. The quality and speed of its service makes the team stand out from other firms.’

Pablo Lu is a standout lawyer: he has a great gift for synthesis and analysis, provides rapid responses and has a broad knowledge of the law.

In terms of the associates, Camila Colombo has done a great job in providing us with support. She is always available, has a lot of knowledge and is able to provide creative solutions to our problems.

It is an excellent, multi-disciplinary team with expertise in corporate law, capital markets, patents and trademarks, tax and complex litigation. They have been a crucial support to our business since we arrived in Paraguay.

Oscar Mersan, Carlos Mersan, Pablo Lu, Tomas Mersan, Lorena Mersan and Romina Cardozo Leon are great people: very honest and very professional.

Key clients

Banco Itaú Paraguay

Pepsico Paraguay

Molinos Asunceno Alberto Helbrun

San Francisco (Puerto Caacupemí)

Frigorífico JBS Paraguay

AMX Paraguay


Maersk Line


3M Paraguay

Rina Paraguay

Aseguradora del Este

International Finance Corporation (IFC)


Universidad Columbia del Paraguay

Pure Circle South America

Granja Avícola La Blanca


Laboratorios Almos


International Market

Bitex Paraguay

NB Casa de Bolsa

Verbank Casa de Bolsa


Banco do Brasil

Bolsa de Valores y Productos de Asunción (BVPASA)


ANASAC International

United Nations (ONU)

Cámara Paraguaya de Exportadores de Cereales y Oleoginosas (CAPECO)


Sudameris Bank

Sudameris Leasing



Olmedo Abogados

'Always available' and offering an 'original approach', the corporate and M&A team at Olmedo Abogados is led by Gustavo Olmedo and José Olmedo and operates from offices in Asunción, Encarnación and Ciudad del Este. The firm has over 40 years of experience in the practice area and is instructed by notable international companies, including Caterpillar, Prosegur and Syngenta Paraguay. Its expertise covers M&A, corporate restructurings, product development and compliance. Alejandra Olmedo is recommended for her 'professionalism, her efficiency, her dedication to service and concern for clients'.


Olmedo’s office responds quickly and in a timely manner to the requests we make.

We have worked with 3 or 4 other law firms and Olmedo Abogados stands out from the rest in its efficiency, its professionalism, its quick response and the quality of its work. They have a solid team, they have a full vocation for service, and they care about the client and always go one step further, which makes one feel safe and comfortable working with them.

They are a team that gives us an original approach and are always available for our inquiries.

We have always received cordial and immediate attention, especially from Alejandra Olmedo, Ana Valiente, Rocio Perez and Susana Ramos. Each of them is knowledgeable about the subject they are in charge of and they are very professional.

In our case, our contact point is Alejandra Olmedo, and she then refers those who correspond to the team. Of Alejandra, she stands out for her professionalism, her efficiency, her dedication to service and concern for clients. In addition to being an excellent person and dealing with her is exceptional.

They are always well predisposed and very professional. They know a lot about their business, and where they feel they need to seek additional advice, they do. They are very serious.

Key clients

Elkem Paraguay



Syngenta Paraguay



Nidera Semillas

Puma Energy Group

Plan International

Amtrust Group

Work highlights

Parquet & Asociados

PARQUET & ASOCIADOS specialises in public procurement and represents national and foreign clients in the bidding for public tenders. In addition, the department also provides advice on joint ventures, acquisitions and company incorporation, among other corporate matters. Recent highlights for Javier Parquet and his team include advising GH Medical on incorporating a local company in the country and in obtaining a license from the Paraguayan authorities to produce cannabis oil domestically.

Practice head(s):

Javier Parquet

Key clients

Consorcio Gambling & Boldt

Paraguayan Chamber of Real Estate Developers (CAPADEI)

Paraguayan Association of Meat Producers and Exporters (APPEC)


Terramico Resources

Arkano Soft Paraguay

Compañía de Aviación Paraguaya (Paranair)

Ark Studio


Work highlights

  • Advising Gambling and B-Gaming on a $100m tender for the ten-year concession of a gambling game.
  • Assisting GH Medical on incorporating a local company in the country and in obtaining a license to produce cannabis oil.