Corporate and M&A in Peru
Miranda & Amado
Miranda & Amado is home to one of the most sort-after corporate transaction teams in Peru. Clients speak of 'problem solvers’ who are 'commercially and technically knowledgeable’, 'creative’, 'dedicated’ and 'connect on a personal level.' For some, the firm is 'the best I have worked with’. Key to success is the leadership of premier M&A lawyer Luis Miranda, who is supported by an expert partner team comprising leading individuals Roberto MacLean and Bruno Amiel, Nathalie Paredes - who specialises in advising investment funds in the real estate sector, and José Daniel Amado, who is also an arbitrator. The partner team fell from six to five, however, with the August 2019 departure of experienced Anahi Com to an in-house role at Volcan Compañía Minera. A 'first-class’ associate bench includes Katherine Torres and María Pía Talavera, who stand out for their experience, while the more junior Mariano Peró has the 'ability to understand and conceptualise any discussion.'
‘They are a transaction-oriented team and problem solvers. Very dedicated and dynamic, always looking for ways to mitigate risks to get the deal done, as opposed to just being on the hunt for risks or problems – sometimes where there isn’t any – just to hinder or complicate deals and/or perhaps to unnecessarily increase billing. They are not only very good lawyers, but also have industry knowledge (commercially and technically) and that sets them apart.’
‘I have been doing business in Peru for the last 25 years in the energy industry and have worked with most of the firms in the country and Miranda & Amado is, in my opinion, by far the best. There are many ‘wannabes’ but very few ‘gurus’ in the industry.’
‘I see them as business lawyers, they understand the intrinsic dynamic of any deal and how they can add real value as advisors to the execution of the deal. They do not waste time drafting or negotiating clauses that don’t serve the real purpose of a deal (unless we instruct them to do so). Instead they focus on advising on risk/exposure and helping the client to make educated decisions for structure, coverage, ease of execution and conflict mechanism. It’s a very rare quality to find in lawyer teams. When I bring the Miranda & Amado team to a negotiation, I know they will push in a practical way to overcome any obstacle in the discussion.’
‘Luis Miranda stands out: humble to acknowledge when he is not correct but decisive when needed to defend a case with creative ideas. Listens a lot to the client, and tries to build bridges instead of getting a win. Great working with him, on a professional and personal level. Mariano Peró, the right hand of Luis Miranda, has an ability to understand and conceptualise any discussion. He is quick thinking and thoughtful with any suggestion.’
‘One of the best law firms I have worked with in 20-plus years of M&A advisory. They take a holistic approach that often includes business considerations as much as legal. The associates are first class and partners stay involved in the deal from start to finish. The team has passion, dedication, and intelligence – and cares. They develop real relationships with their clients and connect with you on a human and professional level.’
‘Very good quality level. A team that works hard, has dedication and professionalism. They are top versus other firms. The people are all of a high professional level, but with a very good level of people skills: ethical, correct, as well as friendly and reliable.’
Primax, Ransa and Alicorp (Grupo Romero Companies)
TGP (Transportadora de Gas del Perú)
International Finance Corporation (IFC)
TC Latin American Partners
Paladin Realty Partners
- Advising US publicly-traded company Laureate Education on its sale, through a private bid, of Universidad Peruana de Ciencias Aplicadas (UPC), Universidad Peruana del Norte (UPN) and Cibertec, one of the main education conglomerates in Peru. Speculated value: $800m – $1.3bn.
- Acted for The Jeans Company on its sale of 80 stores located in Peru, Chile and Bolivia to US retail giant Levi Strauss & Co, as well as the distribution rights of the Levi’s and Dockers brands. In addition, majority investor Eblen sold its controlling stake in The Jeans Company to Levi Strauss. Deal value: $60m,
- Representing Peruvian financial institution Caja Arequipa, which is dedicated to micro financial intermediation (credits and deposits), in its investment by Rabobank for an undisclosed amount, in exchange for an equity interest of up to approximately 20% of shares.
- Advised Experian, part of the global information services company, on the acquisition of Sentinel Peru from Sentinel Holding, one of the leading credit bureau, risk report and information services businesses in Peru.
- Acted forJockey Plaza Shopping Centre in its acquisition of real estate company Inversiones Castelar, owner of the Boulevard de Asia shopping mall in the Asia district south of Lima, via a stock purchase agreement.
Payet, Rey, Cauvi, Pérez Abogados is a heavyweight among Peruvian corporate and M&A firms, its 38-strong team advising industrial buyers and sellers, investment banks, private equity firms and major Peruvian family-owned conglomerates, for example. Founding partner José Payet is a pre-eminent M&A lawyer and has built an experienced team advising on some of the largest domestic and cross-border matters in the market. Lead advisers include: Susan Castillo, who co-heads the practice and represented The Carlyle Group on its 2019 direct and indirect acquisition of Atracciones Coney Island (Peru), Divertrónica Medellín (Colombia) and Yukids (Chile), operators of amusements parks in those jurisdictions; Juan Antonio Egüez, recommended for M&A, takeover bids and capital markets; José Cúneo, who specialises in transactions in the mining sector; and Alfredo Chan, who has niche expertise in agribusiness.
JJC Contratistas Generales
Grupo Gold Fields
Tecnología Química y Comercio
The Carlyle Group
Carlyle International Energy Fund
Emefin, QSI International and QSI Perú
PSA Marine Americas
- Acted for The Carlyle Group on its direct and indirect acquisition of the following companies involved in the operation of amusement parks across Peru, Chile and Colombia: Atracciones Coney Island (Peru), Divertrónica Medellín (Colombia) and Yukids (Chile).
- Advised PSA Marine Americas on its acquisition of 100% of the shares of Tramarsa Flota and its subsidiaries Naviera Tramarsa and Diving del Perú from Grupo Romero.
- Represented JJC Contratistas Generales in its sale of shares in Norvial to Inversiones en Infraestructura Perú. Norvial currently holds the concession to operate the Ancón-Huacho-Pativilca section of the north Panamerican highway.
- Advised Grupo Gold Fields Comercio on the 100% sale of Compañía Transmisora Norperuana to Chile’s Transelec
- Advised agriculture company Tecnología Química y Comercio on the sale of all the outstanding shares issued by Agro Klinge in favour of Adama Agriculture.
Rebaza, Alcázar & De Las Casas acts for a stellar client base of domestic and international clients, attracted to the firm's strong track record for complex, cross-border and high-value transactions. They include acting for Grupo Wiese, which it advised on its $247m sale of a strategic minority interest in SURA Asset Management to Caisse de dépôt et placement du Québec (CDPQ), an admirable transaction in a scarce year for high-value deals. Although the team is smaller than some rivals, it is not lacking in expertise, particularly from the practice leadership team: Alberto Rebaza, who is 'one of the best corporate lawyers in Peru’ and heads on many transactions, despite his managing partner role; and Felipe Boisset, who is dual qualified in Peru and the US. Other key partners are Luis Miguel Elías, who led advice to Grupo Wiese in the $176m sale of its 50% equity stake in Inmuebles Panamericana to Chile's Parque Arauco; Daniel Gonzáles, who has considerable international deal experience; and head of the firm's venture capital practice, Alexandra Orbezo.
‘Rebaza, Alcázar & De Las Casas is brilliantly advising us on a potential ‘Deal of the Year’ M&A transaction that, for the moment, is highly confidential. They provide an excellent service and are always available for any questions we have; they seek to lead the negotiations and discussions between lawyers and provide advice that is not only theoretically correct but, in practice, works very well, since they have a great knowledge of the business that involves each transaction.’
‘Daniel Gonzáles is an excellent lawyer and I feel fortunate to have him on my side in transactions. He has very solid knowledge of civil-corporate matters and, despite being one of the firm’s youngest partners, his extensive experience in transactions means that his advice is of a very high quality. It goes without saying that Alberto Rebaza is one of the best corporate lawyers in Peru. I have not had much opportunity to work with Rafael Alcázar, but his reputation in the market does not make me doubt that we are very lucky to have him on our team.’
‘They have great knowledge of the sector and its dynamics, in addition to an excellent strategic vision of negotiations, allowing the process to be very fluid and to move quickly towards the closing of the negotiation. The integration with the negotiation advisors, our managers and ourselves was very good, achieving a very trustworthy work environment. Another great advantage of the team was the speed with which they managed to carry out the process. Despite having a fairly demanding work schedule, the objectives were achieved within the established deadlines.’
‘In addition to their high professional level, the seriousness, commitment and dedication of Felipe Boisset and Daniel Gonzáles were outstanding, which allowed us to feel very comfortable throughout the process. The dedication and permanent monitoring of the details by associate Rafael Lulli Meyer prevented the type of setbacks and delays that are normal in this type of process.’
‘Very professional team of lawyers with expertise in all areas of law, especially corporate. Good level of customer service.’
‘I liked the M&A team very much for its ability to quickly analyse the context of the negotiation we were working on. The level of involvement to be able to close the transaction was exceptional.’
‘Daniel Gonzáles has a specific weight that allowed us to advance quickly on complicated issues. José Jiménez brings to the table a more considered analysis necessary to see different points of view and make better decisions.’
Grupo El Comercio
Energía del Pacífico
Corporación Monte Azul
- Acted for Grupo Wiese in the $247m sale of a strategic minority interest in SURA Asset Management to Caisse de dépôt et placement du Québec (CDPQ).
- Advised Grupo Wiese on the $176m sale of its 50% equity stake in Inmuebles Panamericana, a holding company with more than 11 shopping centres throughout Lima and provinces, to Parque Arauco (Chile).
- Acted for Grupo El Comercio and other individual shareholders of Atracciones Coney Island on the sale of the 100% stockholding of Coney Park (Perú), Divetrónica Medellín (Colombia) and Happy City (Chile) to The Carlyle Group.
- Advising the shareholders in an agricultural company on the sale of a minor stake through a bidding process with multiple interested international bidders.
Showcasing a sterling deal list in a difficult market, Rodrigo, Elías & Medrano – Abogados is rarely without a role in the country's headline deals. It acted for Sempra Energy in the $3.59bn sale of its Peruvian and Chilean business units to China Yangtze Power International, Peru's largest deal by value in 2019; and represented Entel in its $722m international sale of telecommunication towers to American Tower. Both deals were led by the respected Jean Paul Chabaneix, head of the firm's M&A practice, who worked alongside fellow partner Jorge Trelles on the Entel deal. Heading up the corporate advisory practice is Ramón Vidurrizaga, who is also a litigator, while a string of stand-out individuals include: mining expert Luis Carlos Rodrigo Prado; Luis Enrique Palacios, who led advice to Asterion Capital Partners in its $550m acquisition of 11 data centres from Telefónica; and 'professional’ Juan Diego De Vinatea. Augusto Cáceres was made partner January 2020, bringing the corporate partner headcount to an impressive 16.
‘Very responsive and worked hard to get the transaction completed very quickly. Available at all times to help progress the project and commercially minded.’
‘Juan Diego De Vinatea was the main partner and I enjoyed working with him: professional, easy to discuss legal points with and focused on the legal due diligence report. Available to answer questions as they arose.’
CVC Fund VII
Cerro de Pasco Resouces
Asterion Capital Partners
Solarpack Corporacion Tecnológica
- Acted as Peruvian counsel to Sempra Energy in the $3.59bn sale of its Peruvian and Chilean business units to China Yangtze Power International.
- Acted as Peruvian counsel to Entel in the $722m international sale of a large group of telecommunication towers to American Tower.
- Advised Asterion Capital Partners as local counsel in the $550m acquisition of 11 data centres from Telefónica.
- Represented Levi Strauss in the acquisition of the assets of the authorised brand distributor of Levi´s and Dockers in Chile, Bolivia and Peru.
- Advised a private equity fund managed by Credicorp Capital and Sura Asset Management in the $10m acquisition of a 16.2% stake in Norvial, a Peruvian toll road concessionary.
Estudio Echecopar member firm of Baker McKenzie International
Estudio Echecopar member firm of Baker McKenzie International combines local expertise with global reach to handle demanding cross-border transactions. Indicative of the calibre of work at the firm, it acted as local counsel to LVMH (LVMH Moët Hennessy – Louis Vuitton) in its $3bn acquisition of Belmond, owner/manager of luxury hotels and other businesses across the region. The 19-strong team has thinned at lead partner level in the past two years: Óscar Trelles moved to the recently established Cuatrecasas in July 2019, which followed the stepping down of former practice co-head Jorge Ossio the year before. That said, Liliana Espinosa is a leading individual in the market and heads a 'professionally trained team’ which provides an 'outstanding service, whether there are local or global issues’. Ines Baca takes the lead on many key deals, while Paolo Robilliard was made partner in 2019.
‘They are a professionally trained team.’
‘Our company uses the firm globally for many issues. That said, it continues to treat the company and our local office managers with outstanding service, whether there are are local or global issues. On our last two Latin American transactions, they were simply outstanding: anticipating each new issue and the seller’s next step. Our most recent transaction was multi-jurisdictional and extremely complex. We relied on the Estudio Echecopar member firm of Baker McKenzie International team every step of the way. Their ability to navigate the negotiation, drafting, and ever-changing issues – as well as the multi-language requirements – was extraordinary. I would highly recommend them. I would challenge other firms to have the same market knowledge, understanding of the law and capacity to coordinate the many evolving challenges as Estudio Echecopar member firm of Baker McKenzie International.’
‘I would cite the firm’s outstanding understanding of the law, their ability to move quickly in dealing with the many changing priorities and legal issues present in a cross-border M&A transaction. The sellers for this particular transaction were difficult to say the least, yet Estudio Echecopar member firm of Baker McKenzie International had the capabilities to deal with them professionally, timely and with the complete focus of protecting our interests in both the present and the future. Associate Uldarico Ossio managed the final phases and post-closing requirements of the transaction in the most superior way. We will always be indebted to him. We will undoubtedly place future projects in Estudio Echecopar member firm of Baker McKenzie International‘s hands when considering M&A in Latin America.’
Telefónica del Perú
Takeda Pharmaceutical Company
Bolsa de Valores de Lima
Hemisphere Media Group
MGM Innova Capital
The Nielsen Company (US)
- Advised Parque Arauco on the $120m acquisition of 50% of the capital stock in Inmuebles Panamericana (IPSA) from Grupo Wiese
- Advised Telefónica on the incorporation of, and investment into, Internet para Todos (IpT) through a business reorganisation. Facebook, IDB Invest and CAF are also investing in IpT Peru to upgrade existing voice services and improve internet coverage. Matter value $150m.
- Acted for LVMH on the Peruvian aspects of its $3bn acquisition of Belmond, owner / manager of luxury hotels, restaurants and train and river-cruise properties.
- Provided local advice to Accenture on its global $26m acquisition of Innovation Consulting Worldwide (Insitum) and its subsidiaries.
Garrigues fields a compact, expert team focused on big-ticket transactions, such as South Korean energy company SK Innovation's two sales of interests in Peruvian natural gas blocks to Pluspetrol, one valued at $842m, the other $210m. Clients highlight the commercial acumen of the team, which they describe as 'dynamic' and 'highly experienced in sophisticated and complex matters', while other distinguishing features include the hands-on approach of the partners and their 'knowledge of deal management.' Sergio Amiel heads the practice and enjoys a strong market reputation, as do Thomas Thorndike and José Francisco Meier, making up a powerful partner team. Diego Harman was made partner in October 2019, recently having played key roles in a number of deals, including the SK Innovation matters, which were led by Thorndike. At the associate level, the 14-strong bench includes Héctor Zegarra, a regular on key deal teams, and Miluska Gutierrez Vega, who joined the firm in October 2019 after gaining experience at Simpson Thacher & Bartlett LLP New York. Moreover, since publication, the firm has substantially consolidated its transactional practice with the development of a competition law capacity, following the December-2020 hire of former Indecopi president, Ivo Gagliuffi and economist Javier Coronoado to co-head the practice.
‘The team is dynamic and highly experienced in sophisticated and complex matters. Almost all lawyers have academic and professional experience abroad, which is unusual in most law firms in the country.’
‘Superlative knowledge of complex operations.’
‘The firm’s lawyers easily interact with the counterparty and with foreign financial companies, since they have a wide network of contacts through their offices abroad. They are a very co-ordinated team and all members have knowledge of deal management.’
‘We have dealt with partner Diego Harman, who is quick to attend to the client’s requirements. He is able to interact with public and private sector officials with ease.’
Arval Relsa Perú
Corporación Andina de Fomento – CAF
Red Eléctrica Internacional
Intercorp Financial Services
Andino Investment Holding
- Advised SK Innovation on the twin sales -valued at $842m and $210m, respectively- of its 17.6% stake in the Peruvian Natural Gas Block 88 to Pluspetrol.
- Acted for Corporación Andina de Fomento – CAF in the co-creation and $150m co-investment in a social initiative called Internet Para Todos (IpT), alongside Telefónica, Facebook and IDB Invest.
- Represented Red Eléctrica Internacional in its acquisition of transmission line Bow Power and Cobra (Grupo Cobra) for the acquisition of concessionaire CCNCM from Bow Power and Grupo Cobra, purchase price $34m.
Recent exponential growth is paying dividends at Hernández & Cía. Abogados, which continues to increase market share and won a number of enviable instructions during 2019. They include acting for The Carlyle Group in its $400m sale of a controlling stake in Hermes to CVC Capital Partners Fund VII. The firm's work for Abraaj Group, which sold its Latin American private equity platform to Colony Capital for $500m, is indicative of its strength in private equity, a sector in growth mode in Peru. Clients also refer to the benefit of the firm's tier one tax practice for complex deals. The 16-strong team is led by Juan Luis Hernández, who 'excels in strategic thinking and forward-looking advice’, and includes the recommended Diego Carrión, who co-leads on the bulk of key transactions, and the recently made-up (January 2020) Sandro Cogorno.
‘Extremely competent corporate team, similar to larger-sized firms. Hernández & Cía. Abogados provides timely and precise advice.’
‘Juan Luis Hernández excels in strategic thinking and forward-looking advice, combining several legal aspects, with peerless handling of various client stakeholders.’
‘Flexible team with enough capacity, not only in transactional matters, but also in the development of tax structures.’
‘Hernández & Cía. Abogados has an M&A team that has closed successful investment fund transactions, using complex structures and having successfully transferred risks associated with a transaction to the counterparty. They form work teams led by a partner and with the participation of other lawyers at different levels of seniority.’
‘They are very pragmatic and pro-transaction. Creative in trying to define new structures. They have a strong tax component that helps a lot.’
‘Hernández & Cía. Abogados is an excellent law firm and a market leader. It is one of our go-to firms in the market.’
AB Inbev Group
Colony Capital (formerly The Abraaj Group)
Deloitte Touche Tohmatsu
Graña & Montero
The Carlyle Group
Pan American Silver
- Advised The Carlyle Group on the $400m sale of its controlling stake in Hermes Transportes Blindados to CVC Capital Partners Fund VII.
- Advised Abraaj Group, and joint liquidators PricewaterhouseCoopers and Deloitte, on the $500m sale of Abraaj´s Latam division to Colony Capital.
- Advised AB Inbev Group’s business accelerator arm, ZX Ventures, on its acquisition of 100% of the ‘Barbarian’ business, Peru’s leading craft beer brewery.
- Acted for Grupo Wiese on the sale of NISA Blindados to CVC Capital Partners Fund VII. NISA holds 14.76% of the capital stock of Hermes Transportes Blindados.
Providing an 'outstanding service’, Muñiz, Olaya, Meléndez, Castro, Ono & Herrera Abogados has one of the largest corporate and M&A practices in the country. Its 34-strong team, including ten partners, is spread across a dozen offices nationally, the only firm in the market with this offering. It is increasingly picking up headline mandates, and in 2019 the firm advised China Three Gorges subsidiary, China Yangtze Power (CYP), on its $3.6bn acquisition of electricity distributor Luz del Sur from Sempra Energy, the largest M&A deal of 2019 and the largest ever in the power sector. The engine of the practice is the high-profile and 'brilliant and innovative strategist’ Mauricio Olaya, described as 'a benchmark in the market.' He remains hands-on for much of the key work and is cultivating expertise in his younger partners, particularly Juan Carlos Vélez, who is highly praised by clients for his 'truly impressive’ performance, and Ricardo de la Piedra, who is 'shaping up to do great things.'
‘It is a team with exceptional attorneys. The quality/price ratio is one of its best attractions. Their corporate and M&A area is one of the largest in Peru, allowing them to work efficiently with all the requirements that we usually make of them. Furthermore, it is a firm that has all the areas of law, which allows us to work only with them, without having to go and look for other professionals elsewhere.’
‘The corporate and M&A team at Muñiz, Olaya, Meléndez, Castro, Ono & Herrera Abogados is undoubtedly the best in the Peruvian market. It is worth highlighting the technical competence of the team, the ability to manage customer instructions and the great dedication to service.’
‘The difference is made by Mauricio Olaya, a brilliant and innovative strategist. Ricardo de la Piedra is a young partner who must not be lost sight of – under Mauricio’s guidance and leadership, he is shaping up to do great things.’
‘Partner Mauricio Olaya is a benchmark in the market. His legal and market knowledge is recognised by all. We trust in him a lot. Partner Juan Carlos Vélez is a very talented, creative and an outstanding lawyer. He analyses our problems deeply and is very skilled at dealing with complex questions. We trust his advice a lot too. Partner Alonso Vera is an efficient, responsive and uncompromising lawyer.’
‘Mauricio Olaya is a well-known lawyer in the market. We came to the firm because of the good comments we had heard from other clients about him. His knowledge is vast, and he has a good communication with the clients. We have developed a very strong relationship of trust with Juan Carlos Vélez. He is our reference for many company decisions due to his deep knowledge of legal matters and the market. He has provided us with many alternatives to generate the desired business, and his assurance in the answers are highly recognised in our company. Alonso Vera is a very proactive lawyer and has a very fast response capacity.’
‘I only have words of gratitude for the outstanding service that Muñiz, Olaya, Meléndez, Castro, Ono & Herrera Abogados has provided us in the most important transaction we have experienced. I could describe them as a first-class law firm, whose performance is above the other firms I have worked with.’
‘Mauricio Olaya is a natural leader. He maintains strong communication with his clients, and is perceived by the market as a reference. Juan Carlos Vélez‘s performance is truly impressive. No doubt, he is a benchmark in the corporate and M&A practice. His leadership within his group is remarkable. The constant protection of our interests is one of his main strengths.’
‘Partner Juan Carlos Vélez is an impressive and outstanding lawyer with a great personality. He is very skillful and meticulous. He is informative and handles with great care and sophistication all the subjects entrusted to him. We trust a lot in his leadership. Partner Alonso Vera is a very efficient lawyer, collaborator and has the best attitude to work all the time.’
Canada Pension Plan Investment Board
Oben Holding Group
Tata Consultancy Services
Machu Picchu Foods
Legrand – Bticino
- Advised China Three Gorges subsidiary, China Yangtze Power (CYP), on its $3.6bn acquisition of Luz del Sur, the largest electricity provider in Peru, from Sempra Energy.
- Represented Cerámica Lima (Celima) and shareholders in the $70m sale of its tile adhesive business to Saint-Gobain
- Represented the shareholders of food company Todinno in the $35m sale of the company to Molitalia, a subsidiary of the Chilean conglomorate Carozzi.
- Acted for Tawa Solar Fund, a fund based in the US, in the $51m sale of a 68.26% stake in Tacna Solar and Panamericana Solar to Pantac Holdco, a subsidiary of Spanish group Solarpack.
Philippi Prietocarrizosa Ferrero DU & Uria is an excellent choice for cross-border Latin American deals due to its genuinely streamlined offices in Chile and Colombia. By way of illustration, it acted for power infrastructure business Transelec Group, a conglomerate present in Chile and Peru, on its acquisition of 100% of the outstanding stock in Compañía Transmisora Norperuana. The advice was led by Rafael Boisset, co-head of the practice, who is particularly experienced in transactions across the mining, transportation, construction, energy and financial sectors. Fellow co-head Guillermo Ferrero is widely respected for his expertise in cross-border deals and complex reorganisations. Other individuals to highlight include Javier Ezeta, who has in-house experience in the industrial sector, and principal associates Víctor Abad and Raúl Vizcarra, both regulars on key deal teams. Former name partner Jose Delmar departed in January 2020 to open his own law firm, LegalCorp.
‘Philippi Prietocarrizosa Ferrero DU & Uria has been engaged by us since 2018 for corporate matters and M&A transactions, including amendment of company articles and compliance matters in relation to the Covid-19 outbreak. The firm has extensive experience in advising in corporate and M&A and its responsible team members are accessible around-the-clock, given the time zone difference of our locations. It has done an excellent job in helping the company assess and mitigate the relevant legal risks in association with our recent acquisition by means of bridging the gap between the parties in both cultural and legal perspectives. They demonstrated unique strengths in understanding our objectives, operations and practices. They never failed to meet tight schedules and milestones.’
‘Our main contact was Rafael Boisset, who is committed to enabling the smooth progress of the acquisition and going the extra mile to solve the unexpected legal issues which popped up during the execution stage of the acquisition.’
Orica Mining Services Peru
Inversiones Nacionales en Turismo (INTURSA)
Enfoca Sociedad Administradora de Fondos de Inversión
Inversiones Alto del Alianza (formerly Agroindustrias Inka Gold)
Fraport – Frankfurt Airport Services Worldwide
- Acted for Orica Mining Services Peru on its $203m acquisition of a majority stake in EXSA, a Peruvian manufacturer and distributor of industrial explosives, from Grupo Breca.
- Advised Liberty Mutual in the acquistion of 100% of the outstanding stock of AmTrust Perú Gestión de Riesgo, part of the cross-border acquisition of four businesses from AmTrust Financial Services.
- Advised power infrastructure group Conelsur/Transelec on its acquisition of 100% of the outstanding stock of Compañía Transmisora Norperuana (Gold Fields economic group).
- Acted for three investment funds managed by Enfoca in the $27m sale of their shares in La Gloria Propiedades to Grupo Wiese and Nisa Vivienda.
CMS Grau combines experienced local knowhow with global resources, attracting an impressive array of international companies to the firm's corporate practice. They include Enagás, Río Tinto, Glencore and Repsol, demonstrating the firm's strength in the energy and mining sectors. Clients appreciate the 'commitment’ of the team, especially during tight timeframes, and state it is 'always seeking to provide the greatest possible value to the client.' Managing partner Juan Carlos Escudero V steers the practice while the bulk of transactions are led by Miguel Viale, who is experienced in international M&A, financial transactions and capital markets, and Diego Peschiera, who combines his corporate work with banking and finance.
‘The firm’s strong points are: i) commitment to the transaction (the last transaction had to take place in record time during Christmas and the lawyers showed us a high sense of commitment); ii) quality and focus on detail – which we highly value in reviewing and writing M&A contracts.’
‘Associate Lucero Carpio stood out in the last transaction. She shows a high sense of commitment and quality in her work. CMS Grau differs from other firms in that it goes beyond what one expects, always seeking to provide the greatest possible value to the client from it’s lawyers experience.’
- Advised the controlling shareholders of credit bureau Sentinel Perú and Sentinel Holding, the largest Peruvian creditor, on its 100% share sale to Experian for $38m.
- Acted for media conglomerate Grupo El Comercio in its joint venture with financial Grupo BCP to promote SMEs in the e-commerce sector.
- Advised Grupo El Comercio on the $15m sale of its online advertising platforms Urbania and Aptitus to Navent.
DLA Piper Perú showcased its corporate and M&A credentials in 2019, securing two enviable deals, both in the telecoms sector. Acting in partnership with the firm's Chilean office the team advised American Tower Corporation (ATC) on its $772m acquisition of telecommunications towers across Peru and Chile from Grupo Entel; and assisted IDB Invest with its investment in Internet para Todos (IpT), an SPV to bring internet access to remote parts of Peru (also being financed by Telefónica del Perú, Facebook and CAF). The deals were led by Luis Vargas and Sergio Barboza, respectively; both are highly experienced in international and cross-border transactions. Other lead partners are Fernando Lanfranco and Janilú Badiola, resulting in a strong team that has a growing following among investment funds, private equity and venture capital companies. Clients highlight the value of the firm's international network, particularly across Latin America and the US.
American Tower Corporation
The Carlyle Group
Cables y Conductores Nacionales
- Advised American Tower Corporation (ATC) on its $772m acquisition of telecommunications towers across Peru and Chile from Grupo Entel.
- Advised IDB Invest, the private sector arm of the Inter-American Development Bank, in its investment in Internet para Todos (IpT), a wholesale operator of open access telecommunications infrastructure that will provide 4G and 3G coverage to remote areas of the country. Other investors are Telefónica del Perú, Facebook, and CAF; total investment $156m.
- Acted for Israeli crop protection manufacturer ADAMA Agriculture on its $25m acquisition of Peru’s AgroKlinge.
Long-established firm Estudio Olaechea has a growing client base of SMEs peppered with some domestic and international heavyweights, such as Wiese Group, Viacom and Akzo Nobel. It also acts for Saint-Gobain, recently advising the company on its acquisition of the tile-fixing business of Peruvian ceramics company Ceramica Lima. The corporate and M&A team comprises multidisciplinary advisers who bring additional expertise to transactions, such as José Antonio Honda (energy), Martín Serkovic (banking and finance) and Carlo Viacava (private equity, banking and pension funds). At associate level, the firm is cultivating a bank of expertise, which includes Mariela Angeles, who provides 'sound advice’ and Joanna Dawson, who has a decade's experience including time in the M&A and capital markets practice of a leading New York firm. Clients highlight the firm's efficiency, professionalism and personalised attention, while for some it 'happily exceeded our expectations’ and 'we couldn't be in better hands.'
‘Estudio Olaechea is excellent and has happily exceeded our expectations. We have been working with them since 2012 and they have proven to be a modern, highly-specialised law firm with high standards of ethics. The firm has given us the opportunity to have a partner who is aware of our needs. It is alert to new regulations that may affect us, it offers us timely solutions and responses. Among its strengths we can highlight is the efficiency, punctuality and the way in which the team, led by Martín Serkovic, provides its services. Their support, willingness to work and the professionalism of their lawyers, makes us feel very comfortable and safe. We appreciate its deep analysis, the personalised attention and that they are always are available to us. Advice has always been clear and precise, exactly what we need and want.’
‘We have worked closely with Martín Serkovic, who provides us with excellent legal analysis and has successfully represented us in corporate, competition, commercial, contracts and everything related to education issues. His knowledge and negotiation skills are an asset to us. In our experience, the difference with other firms has been the timely and continuous responses that help us continue with our activities. Since we started working with them, we have received excellent and impeccable advice. We are very satisfied with the service provided. Martín Serkovic is one of the main partners in the area of corporate law and M&A. He has vast experience in corporate law, education, corporate restructuring, investment projects and financing. His responses have always been accurate, precise and impeccable. We also highlight senior associate Mariela Angeles for her experience in corporate and educational affairs. We highlight her sound advice on our disciplinary cases and her interest in learning about our institutional activities. Estudio Olaechea is excellent and we couldn’t be in better hands.’
‘Closeness to the customer, response times and understanding of the customer’s business makes Estudio Olaechea‘s M&A practice unique.’
Hal Investments (GrandVision)
- Advised Saint-Gobain on its acquisition of the tile-fixing business of ceramics company Ceramica Lima.
- Handled the due diligence on behalf of The Fork (Trip Advisor) in its potential acquisition of Restorando, a Latin American restaurant review platform.
- Acted for Chile’s Dartel on its acquisition of Peruvian hardware stores chain Sein.
Rubio Leguía Normand's four-year-old corporate and M&A team continues to increase market share, particularly in deal volume, but is picking up some enviably large transactions too. It advised Grupo Energía de Bogotá on its $270m acquisition of Dunas Energía through a tender offer on the Lima Stock Exchange. Expansion of the team continued unabated with the hire of Claudia Chong from Berninzon & Benavides Abogados in June 2019 - she brings 20 years' corporate experience to the practice; and of the well-known Andrés Kuan-Veng, former head of banking and finance at Muñiz, Olaya, Meléndez, Castro, Ono & Herrera Abogados who adds considerable weight to the capital markets capability of the firm. They join the much-praised Carlos Arata and experienced Jeanette Aliaga. At a more junior level, the associates 'bring a lot of value’ to transactions and include José Francisco Iturrizaga, who specialises in corporate and securities matters.
‘It is a good team with experience in M&A transactions and capital markets. Carlos Arata is one of the best lawyers in his practice in Peru.’
‘Fast response times and very high professional quality. Better than any other firm we have worked with.’
‘They have considerable experience and great technical knowledge. High availability (we have closed a deal working during Christmas) with great delivery and professionalism. Fast and reliable delivery time. I would like to highlight Carlos Arata and Sheerley Cárdenas.’
‘The firm’s intimate knowledge of corporate and tax laws, not only in Peru but also in the United States, makes them extremely valuable in the various subjects that are presented to us as North American investors.’
‘Several of the attorneys in the firm have been trained and practiced corporate law in the United States. Some of them were our attorneys at the American firms with which we have worked. After returning to Peru, they have continued to give us their support.’
‘I have received help in the following areas: corporate, project financing, joint ventures and acquisitions, banking and finance and tax. In all cases, the contribution was first rate, with quick responses and knowledge of the market and legislation. I would highlight their availability and specialised knowledge, especially that of Carlos Arata, Jeanette Aliaga and tax partner Gilberto Ramos.’
‘It is a firm highly involved in the specificities of M&A and whose partners are involved in day-to-day operations, adding value to the transaction. I think their involvement in the process is greater than at other law firms.’
‘The firm’s best qualities are its closeness to the client and the technical and legal capabilities that it contributes to the transaction. They also have extensive experience that allows them to identify the risks of the project. In this case, I would highlight Milagros Maraví, Daniela García Belaunde and Carlos Arata . Also, their associates who support them bring a lot of value.’
Grupo Energía de Bogotá
- Acted for Grupo Energía de Bogotá in the $270m acquisition of Dunas Energía through a tender offer on the Lima Stock Exchange.
- Advised Grupo Energía de Bogotá on its $80m acquisition of PPC Perú Holdings and Cantalloc Perú Holdings, and their corresponding subsidiaries.
- Advised Villa Andina and its shareholders –Pedro Martinto and Daniel Martinto– on the sale of a 30% stake in Villa Andina to Dev Equity II.
With offices in Chile, Colombia and Mexico, BBGS ABOGADOS is a good choice for inter-Latin American transactions. In Lima, the team has notable strength in equity capital markets, as evidenced by its role assisting Nexus Group with the $240m sale on the Lima Stock Exchange of its minority participation (6.3%) in InRetail Perú. Clients highlight the personalised service and hands-on approach of the partners, namely 'outstanding’ Carlos Saco-Vertiz; Eduardo Landerer, who is best-known for his finance expertise; and corporate specialists Gerardo Guzmán and Maritza Guerrero, who both made partner in April 2020.
‘At BBGS Abogados, unlike other law firms, the main partner and founder is involved in all the assignments we give to the firm. This means that the answers to our queries are very solid and consistent, the treatment is personalised.’
‘The outstanding partner is Carlos Saco-Vertiz for his mastery and knowledge of the legal points that support financial issues. He has extensive experience in banking, insurance and funds, as well as activities in and out of the capital markets, whether equity or debt.’
Credicorp Capital / Banco de Crédito del Perú
Nexus Group (Intercorp Group)
Interseguro Compañía de Seguros (Intercorp Group)
La Positiva Seguros (Fidelidade Group)
Kandeo Investment Fund
Nessus Hoteles Peru (Casa Andina)
Banco de Comercio
Colegios Peruanos (Innova Schools)
- Advised Nexus Group on the $240m sale on the Lima Stock Exchange of its 6.3% minority participation in InRetail Perú.
- Acted for Credicorp Capital Servicios Financieros, as structuring agent, in Rhino Investment Holdings’ public offering of its shares in Hermes Transportes Blindados, value $130m.
Dentons Peru is 'very proactive in finding risks and ways to mitigate them in order to move projects forward.’ Its eight-strong team, including three partners, handles a range of corporate advisory matters and transactions for a well-balanced domestic and international client base that includes BASF and JC Decaux, both recent client gains. Co-head Manuel Barrios is highly praised by clients for his knowledge, availability and ability 'to explain Peruvian legal structures in an easy and simple way'. Fellow heads of practice, Julio Gallo and Sandra Lorca are both experienced M&A lawyers, and lead on an equal share of key mandates.
‘The firm has complete vision of the situations. They always seek the best solution and do not limit themselves to describing the risks. Manuel Barrios is very available and knowledgeable in all aspects.’
‘Their professional capacity and quick responses, as well as professional advice – which includes points of view that go beyond the [area of ] law – has resulted in comprehensive advice from Dentons Peru.’
‘Being foreign clients, one of the virtues of Dentons Peru and especially Manuel Barrios, is to explain Peruvian legal structures in an easy and simple way. This allows a quick understanding of the law and the professional advice provided.’
‘The team is very proactive in finding risks and ways to mitigate them in order to move projects forward. It is an advantage that they have over other firms. They are also professionals who will always avoid making false steps in grey areas of the project, which generates a feeling of confidence in real estate investment.’
‘Unlike other offices, Dentons Peru is characterised by proposing practical and complete solutions to the problems that arise so as to always avoid risking the investment. Among its qualities are integrity, proactivity, availability and speed of attention.’
‘They provide personalised attention, immediate and agile responses. I would highlight their honesty, ability and knowledge.’
‘They have a great capacity to be part of the business team, to solve matters, give practical advice and to get involved to find the best approach of business legal issues. Their qualities are time response, involvement and practical advice.’
Gea Holding – Binswanger
- Handled the due diligence on behalf of JC Decaux with regard to its purchase of a Latin American publicity company.
- Acted for Chilean manufacturer Wenco on its share purchase of Plaz Perú, a company dealing in recycled materials.
García Sayán Abogados joins the ranking following a good year in a difficult market, earning roles on some high-value transactions for large companies. It acted for Chilean retail group Cencosud Perú on its $100m joint venture with Scotiabank to convert Banco Cencosud into Caja Rural de Ahorro y Crédito CAT Peru, a deal led by Luis Gastañeta, who focuses on the corporate and financing aspects of foreign investment transactions. Other key partners of the team are: Manuel Gastañeta, who is recommended for capital markets work; Shirley Cardenas, who specialises in corporate reorganisations; and Alfonso Tola, noted for his technology law and finance experience.
‘The size of the firm allows different specialists to be linked together to review various topics.’
‘Strong points: approachable, customer service, commitment, knowledge of the law.’
Compañía de Minas Buenaventura
Sociedad Minera El Brocal
Instituo Peruano de Administración Empresarial (IPAE)
SSK Ingenieria y Construcción
Blue Pacific Oils
CJR Renewables Peru
Cencosud (and subsidiaries)
ChemTrade (part of Sigdo Coopers)
Quanta Services Peru
- Advised Chilean retail group Cencosud Perú on its joint venture with Scotiabank to convert Banco Cencosud into Caja Rural de Ahorro y Crédito CAT Perú (CAJA) and to transfer 51% of the shares of CAJA in favour of Scotiabank Perú. Value $100m.
- Advised Compañía de Minas Buenaventura on its $12.5m acquisition of 19.9% of Tinka Resources, a Canadian company listed in the TSX Venture Exchange, whose Peruvian subsidiary owns the Ayawilca mining project.
Lazo, De Romaña Abogados
Lazo, De Romaña Abogados has a mid-sized but very able team led by firm managing partner Jorge Lazo, 'excellent professional’ Victor Lazo and Claudia Tavara, who was promoted to partner in December 2019. The firm attracts some impressive clients across a range of industries, including General Electric, Grupo Wiese and Dow Chemicals. Clients rate the accessibility and responsiveness of the lawyers, who are 'clear in their opinions’, and the team's personalised service, with one international client citing that the firm 'made us feel local’. High-profile deals secured this year included acting for ZX Ventures, part of Anheuser-Busch InBev, in its acquisition of a 100% stake in local craft beer producer Cerveceria Barbarian. Of note is the firm's growing following of investment funds, demonstrated by its work for Compass Group on its $7.5m acquisition of 50% of the capital of Inversiones Zoberph.
‘I deal specifically with Victor Lazo, who provides an excellent pre- and post-transaction experience. He accompanied us from day one, from simple to complex issues (like any M&A) that made us feel local, even though we are foreigners. Carlos Cerpa, the assistant lawyer, was excellent and fully available to deal with the needs of the transaction.’
‘Lazo, De Romaña Abogados provides security. It has a strong team of professionals and a timely response capacity. They are clear in their opinions, which helps to decide on the situations that arise.’
‘We mainly work with Victor Lazo, an excellent professional who is always available. He also also very calm and builds a lot of confidence in the client.’
‘The firm is able to fullfil any requirement of the company.’
Inchcape Latam Perú
Agrícola Valle Pampa
Nessus Hoteles Perú
Maxxa Holding Perú
Certificaciones del Perú – CERPER
- Advising Banco Pichincha Perú (formerly Banco Financiero) in a large corporate reorganisation involving Carsa (one of its company subsidiaries), El Gallo Más Gallo and Marcimex, all dedicated to the sale of appliances; aggregate value, $137m.
- Acting for Compass Group in its $7.5m acquisition of 50% of the capital of Inversiones Zoberph.
- Acted for ZX Ventures, an entity related to Anheuser-Busch InBev (AB InBev) in its acquisition of a 100% stake in craft beer producer Cerveceria Barbarian.
Martinot Abogados is best known for its finance, bankruptcy and restructuring expertise, but has valuable capability in general corporate and M&A, handling small to mid-sized deals. Its client base comprises both national and international companies from a range of industries, including mining, manufacturing, hospitality, financial services and media. The eight-strong team is led by a trio of experienced partners: Luis Fernando Martinot, who is particularly experienced in corporate workouts, turnarounds and bankruptcies; Jorge Zúñiga Quiroz, who has niche expertise in administrative law, tourism, and hospitality and gaming; and Yanira Becerra Stock , who focuses on corporate law, mergers and acquisitions, contracts, foreign investment and bankruptcy.
‘They have a very complete team of lawyers, and the attention is fast and very professional.’
‘The team is very good, with an excellent combination of experience, discipline and sophistication. The firm’s partners are involved in the transaction, and there are younger but experienced attorneys who collaborate on documentary issues. The experience of the partners is appreciated when identifying sensitive issues that require special attention and business decisions and, at the same time, avoid wasting time discussing irrelevant or immaterial aspects. We have had experiences with other law firms (as clients and as counterparties) and the biggest difference is that in addition to the experience and knowledge in transaction matters, delivery times are met. Also, lawyers have ability, not only in corporate but also in finance, labour and tax etc, which makes it possible to identify topics from different areas and discuss them with specialists.’
‘It has an excellent mix of experience and dynamism. Luis Fernando Martinot has excellent negotiation skills, understanding and debating business issues, and explaining complex concepts in a simple way. Yanira Becerra Stock brings discipline and rigor to the team. She maintains control of all documents and aspects of the transaction, is in charge of meeting the agreed deadlines and following up on pending issues, and is especially helpful in aspects of due diligence. Yuri Montesinos prepares excellent transactional documents and it is very easy to capture in the documents the agreements reached at the table.’
‘A very solid team that we have been working with for more than ten years. It is our benchmark in corporate and M&A matters with which we have worked on several acquisitions, always with successful results. The availability of partners and lawyers in general is very good. Accessible via telephone, Whatsapp, etc. A pro-business attitude and always looking for solutions to the problems that arise when developing transactions. In our experience we have seen them negotiate with larger and more established firms and we have always felt very well represented. Tough negotiators with a lot of knowledge of the M&A process both from the pre-transaction, the transaction itself and the post.’
‘Luis Fernando Martinot is a very experienced, creative and proactive lawyer. He has a very clear vision of the business and is looking for solutions to materialise a transaction. He is not limited to legal issues, but has a broader and more holistic vision. Yanira Becerra Stock is impeccable in her work, a very good negotiator, involved in all the details and always attentive to the different fronts on which she manages a contract.’
Empresa Agro Export Ica
Avla Perú Compañía de Seguros
Empresarios del Boulevard 28 de Julio-Lima
Isiete Grupo Inmobiliario
- Acted for Inversiones Picorp on a spin-off of assets within its group of companies, value $5m
- Advised the shareholders of Mazal Corp on the $2.5m sale of 100% of the company’s shares to Meyer International Holdings
2020 saw the former Estudio Gálvez reincorporate as Vizquerra Córdova & Gálvez Abodados; it enters the ranking with a proven track record of quality deals for some significant clients, often with T1 firms advising the counterparty. The firm's leading reputation in the energy sector (specifically oil and gas) notwithstanding, corporate work is undertaken for companies from a range of industries, such as agroindustry and manufacturing. The eight-strong team stands out for its 'great capacity for solutions in difficult situations’ and is led by 'outstanding’ Carlos Raul Vizquerra, and Luis Córdova, who has 'a capacity to define situations that I have not seen in other lawyers.'
‘They have a great capacity for solutions in difficult situations. They show a lot of dedication to the client and very detailed work. The partners are always very close to the client and willing to perform tasks that were not scheduled as part of the brief.’
‘External attorneys who want to know about the business externally as well as internally. They make themselves feel like part of the team.’
‘Their expertise and speed in day-to-day issues stands out. It is a firm that manages its resources very well and is always available. Definitely, it is a firm that knows its clients and is committed to them.’
‘Their team ranges from juniors to partners, depending on the issues. Carlos Raul Vizquerra is outstanding.’
‘Estudio Gálvez Abogados, has prepared professionals, and the queries we have made have been answered and evaluated promptly and very accurately. The immediate and timely response they have given us has made them better than the teams in other law firms.’
‘Our main adviser is Carlos Raul Vizquerra, a professional who accompanies you through the whole of the process. He gives you the tools and the answers which are also explained. He is responsive, patient and committed to the client.’
‘The main partners take charge of our projects and dedicate time for our meetings, calls and visits. That does not happen in all firms in Peru.’
Agrícola Valle del Sol
Summa Asesores Financieros
- Advised the 100% shareholders of Papelera Panamericana on its stock purchase agreement in favour of Chilean company CMPC.
- Advised the shareholders of GCZ Energía on the transfer of their participation in Empresa de Generación Eléctrica de Junín and Hidroeléctrica Santa Cruz in favour of Latin American Power Perú (LAP).