Corporate and commercial in Puerto Rico

Ferraiuoli LLC

A strong and comprehensive corporate offering has placed Ferraiuoli LLC among the best players in the market. The team has a particular focus on the finance, insurance and technology sectors, and also advises clients from the real estate, media, transportation and food industries, among others. Fernando Rovira Rullán co-leads the department together with Jaime Mercado Almodóvar, who specialises in local and international transactions, as well as IP law. Assocaite Andres Ferriol Alonso is noted.

McConnell Valdés LLC

McConnell Valdés LLC stands out for its ability to work on complex transactions, its advanced regulatory expertise - especially in the financial, insurance and healthcare fields - and its considerable experience in negotiating with governmental bodies. In the M&A market, the firm is particularly active in handling debt and equity investments. Rubén Méndez-Benabe acts as practice head and is an expert in municipal financing, securities, project finance, commercial real estate and public‐private partnerships. He is particularly known for serving as legal counsel and Secretary of the Board of Directors of the Puerto Rico Public‐Private Partnerships Association. Ricardo García-Negrón, who is vice chair of the department, specialises in capital raising transactions and securities regulatory compliance.

Practice head(s):

Ruben Méndez‐Benabe

Key clients

FirstBank Puerto Rico

Antin Infrastructure Partners

Liberty Latin America

LCPR Senior Secured Financing Designated Activity Company

Alvarez & Marsal

Aerostar Airport Holdings

AmeriNational Community Services

Liberty Communications of Puerto Rico

Univision of Puerto Rico

MTPR Warehouse Sabana Gardens

OMG Puerto Rico

Work highlights

  • Served as Puerto Rico counsel of FirstBank Puerto Rico in its acquisition by Santander Holdings.
  • Served as Puerto Rico legal counsel to Antin in the acquisition of 100% of the shares of European Clear Waters.
  • Acted as Puerto Rico local counsel to Liberty Latin America’s rights offering to existing shareholders to subscribe approximately $350m of its Class C common shares, pursuant to an S‐3 Registration Statement.

O'Neill & Borges

O'Neill & Borges provides broad and in-depth corporate advice through a sizable and respected team. The practice focuses on M&A, corporate finance, distribution, franchising and PPP-related matters. Alfredo Alvarez-Ibañez is an expert in M&A and other corporate transactions. José Cacho specialises in the telecoms, retail and manufacturing sectors, where he acts for a number of clients.

Pietrantoni Méndez & Alvarez LLP

Pietrantoni Méndez & Alvarez LLP has notable expertise in advising companies on complex corporate transactions, covering all aspects from structuring to drafting contracts to corporate governance and compliance policies. Founding member Manuel Pietrantoni has longstanding experience in representing financial institutions and governmental entities.

Cancio Covas & Santiago LLP

Corporate and financial services boutique Cancio Covas & Santiago LLP is best known for assisting companies, directors and committees across a broad spectrum of corporate and commercial services, including matters of governance, corporate responsibility and compliance. Practice head Juan Ramón Cancio focuses on municipal finance, commercial lending, M&A and tax matters. Founding member Jorge Covas Mandoza is recognised for his expertise in government-sponsored real estate development projects, among other areas. Rodney Colón Ortiz stands out for his corporate real estate practice.

Cancio, Nadal, Rivera & Diaz

Cancio, Nadal, Rivera & Diaz's corporate department doubles as a real estate advisory group and advises clients on M&A, reorganisations and joint ventures, and the purchase and development of real estate assets. Rubén Medina-Lugo heads the practice and is an expert in corporate finance, governance, franchising and tax. Frederick Martínez stands out for his regulation, licensing and PPP specialisms, and Ana Ruiz-Comas is active in banking, securities and M&A.

DLA Piper Puerto Rico

Highlighted for its 'promptness, attention to detail and professionalism', DLA Piper Puerto Rico specialises in corporate and securities law and international corporate matters. In the corporate area, the team's involvement spans public-private partnerships (PPPs), M&A and regulatory matters, as well as cases that are tightly linked to the banking and finance segment, including debt financing and bank licensing. Project finance, spin-offs and corporate reorganisations complete the offering. Internationally, the group is able to tap into the large capabilities of the firm's global office network, and it also stands out for having a significant number of US-qualified lawyers, including head of department Nikos Buxeda, who works in partnership with the firm's Miami office to assist Latin America clients. In the banking and finance area, José Sosa-Lloréns is a name to note. Associate Adriana Perez-Rentas is noted for her experience in contract drafting and commercial lending.

Practice head(s):

Nikos Buxeda


‘Excellent collaboration with the team, which demonstrates availability, promptness, attention to detail and professionalism.’

‘Adriana Pérez Rentas is a capable lawyer, committed to our mission, and responsive. Her sense of urgency and attention to detail makes her stand out.’

Key clients

LUMA Energy

Puerto Rico Public-Private Partnership Authority

Puerto Rico Aqueduct and Sewer Authority


Banco Popular de Puerto Rico

Puerto Rico Banking Association

RioBlanco Capital

Sonnedix UK Services Limited

Bancredito International Bank

Biomass Green Fuels

UBS Trust Company of Puerto Rico

Aerostar Airport Holdings

University of Puerto Rico


Work highlights

  • Assisting Quanta Services and ATCO in their new joint venture, LUMA Energy LLC, as winning bidder in the $1.6bn PPP transaction to operate and maintain the transmission and distribution assets of the Puerto Rico Electric Power Authority.
  • Assisting Puerto Rico Aqueduct and Sewer Authority in its issuance of $1.37bn of revenue refunding bonds and federally taxable revenue refunding bonds.
  • Representing the Puerto Rico Public-Private Partnership Authority with respect to the long-term concession of the San Juan Bay cruise ship terminals.


ECIJA SBGB particularly stands out for advising private equity firms and local and multinational companies in connection with public infrastructure projects, especially in the energy, housing and transportation sectors. Commercial banks, government entities and non-profit organisations are also important clients for the team. The group is led by Fernando Berio, who has significant experience in the real estate and tax fields. Jorge Fernandez-Reboredo is an 'outstanding partner'; he focuses on business law matters, mergers, acquisitions, energy and infrastructure projects, and commercial litigation.

Practice head(s):

Fernando Berio


‘The ECIJA SBGB team is always very friendly and helpful. They treat all of their clients with respect and are willing to go the extra mile for their clients.’

‘The best thing about ECIJA SBGB partners is that they are very discreet and extremely respectful. They treat all their clients as if each one was the most important.’

‘Fernando Berio and Jorge Fernandez-Reboredo are outstanding partners.’

Key clients

Luis Ayala Colón & Sucres

McCormack Baron Salazar

NFE Energía

The Michaels Organization


Dorado Tech Park

Pontifical Catholic University Services Association

Gallo Entertainment

Drugs Unlimited

Ad Practitioners

Puerto Nuevo Terminals

Asociación de Navieros de Puerto Rico

Work highlights

  • Acted as Puerto Rico local counsel to New Fortress Energy in two transactions involving an $800m term loan facility provided by certain funds and accounts managed by affiliates of Apollo Global Management.
  • Assisted The Michaels Organization with the process of establishing operations in the area and identifying opportunities for the development subdivision.
  • Assisting McCormack Baron Salazar in all aspects of the completion of a housing development in Puerto Rico to use CDBG Disaster Recovery funds to help the island recover from the 2017 hurricane season.

Estrella LLC

Estrella LLC 'works with dedication and the highest professionalism'. The firm has a strong corporate practice, focused on local and cross-border matters and transactions for clients in the telecoms, energy and retail sectors. Its transactional offering sees it advising on subscriptions and stock options, stock and asset purchases and sales, due diligence, joint ventures, buyouts, spin-offs, restructurings and recapitalisations. Other areas of expertise for the team include shareholder covenants, executive compensation and fiduciary duties. Alberto Estrella is the managing partner of the firm and has a good reputation as a litigator. Neysha Natal-Castro is the corporate practice leader and focuses on corporate governance and counselling, M&A and tax counselling especially in the industrial, agricultural and tourism sectors. Associate Mayra Artiles Fonseca is also noted, and associate Alejandro García stood out for his advisory role in the negotiations carried out in connection to a series of transactions for Puma Energy.

Practice head(s):

Neysha Natal-Castro


Estrella’s knowledge and response is what makes them unique. They work with dedication and the highest professionalism. They are always willing to go the extra mile, even in particularly difficult situations. One can count on them.’

The personalised attention they offer according to the client’s needs. I have worked with Neysha Natal and Maite Medero in corporate and labour matters. They worked quickly and they didn’t think twice about making sure I had the information I needed in the time it took. They communicated with each other and gave me important information that they provided me clearly and directly, even when I had doubts.’

The Estrella LLC team always gives us the best attention and helps us in all types of contracts and legal aspects of our company.

‘We have had the opportunity to work with most of Estrella Law’s lawyers and their greatest strength is their teamwork. Alberto’s leadership allows his colleagues to give their best at all times. Among them, Mayra, Neysha, Jean, Rhayza, Tania.’

Key clients

Wal-Mart Puerto Rico

COPA Airlines

Home Depot Puerto Rico

T-Mobile Puerto Rico

Puma Energy Caribe

Mentor Technical Group


Surfside Hotel Corporation

Airport Shoppes & Hotels

Fractal Capital Group


Alten Energy

Work highlights

  • Advised Macfarlanes LLP to undertake for the Puma Energy group a due diligence and restructuring exercise, in order to establish a separate infrastructure division comprising Puma’s storage and terminals business in Puerto Rico.
  • Assisted T-Mobile/Customers Bank with the preparation and obtaining of a ruling for a US Charter Bank regarding the organisation of a mobile bank in Puerto Rico.
  • Represented Home Depot Puerto Rico in an internal restructuring.

Adsuar Muñiz Goyco Seda & Pérez-Ochoa

Adsuar Muñiz Goyco Seda & Pérez-Ochoa maintains a broad corporate department, which is particularly well known for its key focus on local M&A transactions. A sub-team handles corporate and finance law, advising underwriters and issuers of debt instruments, including banks and companies in the energy and pharmaceuticals sectors. Commercial lending and real estate transactions are among practice head José Antonio Fernández Jaquete's specialisms.

Antonetti Montalvo & Ramírez-Coll

Antonetti Montalvo & Ramírez-Coll has a recognised corporate and commercial practice, which focuses on transactions, with an emphasis on the real estate and hospitality sectors. Public finance is special counsel Ana del Toro-Sabater's key area of activity, and she is also well versed in regulatory matters.

Reichard & Escalera

The highly regarded corporate team at Reichard & Escalera is comprised of experts in the Puerto Rico middle market, who provide a full-service corporate law service. M&A, antitrust, real estate, regulatory and advertising matters are frequently handled by the department, with tax matters also handled by a dedicated tax sub-team. Energy projects are another strong area for the firm. Juan Carlos Méndez is best known for handling work connected to bonds, fiscal, tax and financial issues. He leads the group together with former Attorney General of the Commonwealth of Puerto Rico Hector Reichard De Cardona.

Practice head(s):

Juan Carlos Méndez; Hector Reichard De Cardona

Toro Colón Mullet, P.S.C.

Mid-market player Toro Colón Mullet, P.S.C. is particularly active in the entertainment sector, which differentiates it from competitors. The team covers corporate, M&A and real estate matters, notably including agreements, leases, loans, buyouts, sales and acquisitions. Practice head José Toro-Morales's real estate transactional practice is highly regarded.

Vidal, Nieves & Bauzá, LLC

Vidal, Nieves & Bauzá, LLC has a small but strong practice dedicated to insurance, healthcare and energy matters. Transactions are among the firm's main areas of activity, carried out in particular for commercial banks, private equity funds, government financing entities and real estate developers. Arline Bauzá-Figueroa is a name to note in these areas. Pedro Nieves-Miranda is the department's energy and environment expert.

Casillas Santiago & Torres LLC

Casillas Santiago & Torres LLC provides a broad service, covering labour and tax matters as well as corporate law advice for companies in Puerto Rico. M&A and tax are areas of specialism for practice head Luis Torres-Marrero, who is particularly active in transactions, structuring and negotiations. Miguel Santiago-Rivera is known for his hybrid practice, which covers real estate, corporate, tax and employment law.

Goldman Antonetti & Córdova

Goldman Antonetti & Córdova's corporate and banking team offers M&A, joint venture and contract advice as a core line of business. Companies turn to the group when setting up and conducting operations and when selling or restructuring. Of counsel Thelma Rivera is in charge of the practice and focuses on infrastructure projects, PPPs and asset securitisation.

Jiménez Graffam & Lausell

Jiménez Graffam & Lausell concentrates its corporate offering on business and tax matters in relation to the establishment of entities through to day-to-day corporate and regulatory advice. The firm is particularly focused on the admiralty, maritime and transportation sectors, where it stands out for its involvement in the establishment of commercial cargo shipping and logistics businesses. William Graffam's practice is centred around oil pollution, environmental damage and collision matters, including litigation.

Nolla, Palou & Casellas, LLC

The corporate team at Nolla, Palou & Casellas, LLC maintains a particular focus on the structuring and organisation of limited liability partnerships and companies. Contract drafting, acquisitions, reorganisations and restructurings are also part of the firm's portfolio. Founding partner Juan Casellas Rodríguez stands out for his work in audits and due diligence processes.