Corporate, Commercial and Banking in Puerto Rico

McConnell Valdés LLC

One of the strongest firms in the market, McConnell Valdés LLC is well equipped to advise on complex corporate and financial transactions, including those between private parties and government counterparties, drawing upon the firm’s strong expertise in government affairs. The firm's strengths in relation to financial institutions, insurance, healthcare regulatory, infrastructure and private-public partnership matters also play a pivotal role in attracting clients. Team co-head Rubén Méndez-Benabe is known for advising banks and other financial institutions on a wide range of transactions and regulatory matters. Vice-chair Ricardo García-Negrón is a specialist in securities and corporate issues. Samuel Céspedes leads the M&A and corporate and public finance groups.

Practice head(s):

Rubén Méndez-Benabe


‘Exceptional service and great resources.’

‘The team have knowledge and experience.’

‘McConnell Valdés compares to and, in many cases, exceeds any recognised firm in New York in its ability to arrange a complex legal strategy. The team has a mastery of federal issues in both the US and Puerto Rico, while offering a personalised service and in Spanish.’

‘The team stands out for its depth of knowledge and extensive experience in complex matters. It differs from its competitors in that it has the depth of talent necessary to handle large issues, particularly Samuel Céspedes and Rubén Méndez-Benabe.’

Key clients

Oriental Bank

AmeriNational Community Services

Waterlogics Holdings

Insigneo Financial Group


Blitz Insurance

Aptiv Technologies

Sol Puerto Rico

AmeriNational Community Services


Kildare Management

Work highlights

  • Acting as lead counsel to Oriental Bank, the holder of approximately $30m of debt issued by the Puerto Rico Metropolitan Bus Authority.
  • Representing AmeriNational Community Services, as servicer of the GDB Debt Recovery Authority, in the sale of over $340m of loans issued by the Commonwealth of Puerto Rico.
  • Assisted Waterlogics Holdings in the negotiation and documentation of the purchase by UK-based Waterlogic of QWS Holding, a Puerto Rican holding company that owns six subsidiaries in Puerto Rico, Colombia and Chile.

O'Neill & Borges

O’Neill & Borges is widely known in the market for acting as counsel to the Financial Oversight and Management Board for Puerto Rico in all proceedings under Title III of PROMESA. The team’s areas of expertise range from commercial lending to M&A and private-public partnerships. Alfredo Alvarez-Ibañez, who acts as chairman of the firm’s executive committee, is the main figure in the department and focuses on commercial law and creditors’ rights issues. José Cacho focuses on assisting US and foreign companies with establishing operations in Puerto Rico.

Pietrantoni Méndez & Alvarez LLP

Pietrantoni Méndez & Alvarez LLP handles a wide range of corporate and commercial matters in Puerto Rico and throughout Latin America and the Caribbean, including M&A, management buyouts and corporate governance issues. Manuel Pietrantoni is a key contact in the corporate department, with experience advising government and private entities. On the banking side, the team advises banks and financial institutions on regulatory and transactional matters, including acquisitions and chartering of financial institutions. Eduardo Arias and Iván Marrero are names to note.

Cancio Covas & Santiago LLP

Cancio Covas & Santiago LLP's corporate department advises on a range of corporate governance issues, as well as the structuring of corporate transactions. Among the firm's areas of expertise are distribution and sales representative agreements, energy-related transactions, government contracts and procurement, M&A and joint ventures. The team also advises on corporate finance. Key clients include corporate department chair Juan Ramón Cancio and Rodney Colón Ortiz, who has experience in real estate transactions.

Cancio, Nadal & Rivera

Cancio, Nadal & Rivera stands out for its expertise in the real estate sector, advising on real estate development reorganisation, in addition to M&A, commercial lending, distribution and franchise agreements, and partnerships and joint ventures. Rubén Medina-Lugo directs the corporate and real estate department, with notable expertise in corporate finance and real estate transactions. Frederick Martínez, who has experience in regulatory and licensing matters, and special of counsel Ana Ruiz-Comas are also noted.

DLA Piper Puerto Rico

The team at DLA Piper Puerto Rico frequently works alongside the firm's other offices in Latin America to handle international corporate matters. The team has experience in M&A, debt financing, project finance, spin-offs and corporate reorganisations. In particular, the practice stands out for advising on public-private partnerships, especially in the energy sector, and assisting international financial entities seeking banking licences in Puerto Rico, with notable expertise in the fintech space. Puerto Rico managing partner Nikos Buxeda leads the practice, handling corporate, finance and securities law transactions. Other key contacts include José Sosa-Lloréns, who is noted for banking and finance matters, deputy managing partner Miriam Figueroa, who focuses on infrastructure projects, PPPs and public finance, and associate Adriana Perez-Rentas.

Practice head(s):

Nikos Buxeda


‘Always accessible and knowledgeable.’

‘Adriana Pérez is very responsible, a hard worker, responsive and always looks for creative ways to serve her clients.’

‘Jose Sosa is the best ally in building strategies and solutions for the group’s daily operations. He is a master of the subject in Puerto Rico and the US, which allows us to structure operations in these locations with simplicity and efficiency.’

‘The M&A team led by Nikos Buxedas and Adriana Pérez is always available to answer questions and guide transactions with a commercial approach appropriate to the drivers of our company. His knowledge of transactions in the US and Europe was of great use and guidance at a time when negotiations stalled due to commercial issues.’

‘The team is committed and has excellent resources. They have a high level of understanding and knowledge in their respective areas of practice. In terms of the client relationship, they are extremely attentive to the needs of the client and come up with various alternatives for their benefit. The collaborative approach they provide is unique.’

‘Our experience with several of the firm’s lawyers has been gratifying. They are always readily available, extremely attentive to details and willing to go the extra mile. They all maintain a high degree of knowledge in their respective areas and the topics that are presented.’

Key clients

LUMA Energy

Puerto Rico Public-Private Partnership Authority

Puerto Rico Aqueduct and Sewer Authority


FirstBank Puerto Rico

Puerto Rico Banking Association

RioBlanco Capital

Sonnedix UK Services

Puerto Rico Housing Finance Authority

Biomass Green Fuels


FV Bank International

University of Puerto Rico


Work highlights

  • Advised Quanta Services and ATCO on their joint venture, LUMA Energy, as the winning bidder in the $1.6bn PPP transaction to operate and maintain the electric transmission and distribution assets of the Puerto Rico Electric Power Authority.
  • Advised the Puerto Rico Aqueduct and Sewer Authority on two refinancing transactions totalling $3.17bn.
  • Advised Sonnedix, a leading global solar independent power producer, on the sale of its interest in certain Puerto Rico solar operations to Arclight Capital Partners’ Infinigen renewables platform.


ECIJA SBGB is particularly experienced in advising real estate developers, but also advises multinationals, commercial banks, government entities, non-profits and investors. The team's practice spans financial transactions, corporate governance, M&A, joint ventures and strategic investments. Other key areas of expertise include private equity transactions and major public infrastructure projects, particularly in the energy, low-income housing and transportation sectors. Practice head Fernando Berio focuses on corporate, real estate and tax matters. Jorge Fernandez-Reboredo has expertise in M&A and energy and infrastructure projects.

Practice head(s):

Fernando Berio


‘What makes the lawyers stand out is the unique and personalised treatment they provide, in addition to their range of knowledge in the services they provide.’

Key clients

NFE Energía (New Fortress Energy)

The Michaels Organization

Luis Ayala Colón & Sucesores

Banco Popular de Puerto Rico


Hispanic Housing Development

Acruva Capital Partners

Bahia Apartments

Montblanc PR Associates LP

Aon Risk Solutions of Puerto Rico

Egida del Medico

Progressive AE

Caribe Pharmacy Management

Dorado Tech Park

Aspen Surgical Puerto Rico

IQTek Solutions Puerto Rico

Puerto Rico Terminals

Energeólica de Puerto Rico

Ad Practitioners

Soli5 Group

Work highlights

  • Advised New Fortress Energy on acquiring capital for the development of state-of-the-art infrastructure facilities in Puerto Rico to supply energy-efficient alternatives to the Puerto Rico Electric Power Authority.
  • Advised the Michaels Organisation on procuring the largest mixed finance award in Puerto Rican history for the development of a 400-unit public housing project.
  • Advised BPPR subsidiary, which constitutes the largest marketplace of foreclosed properties in Puerto Rico, on all real estate title clearance and closing.

Estrella LLC

Estrella LLC handles domestic and cross-border transactions for major companies in the telecoms, oil, energy and retail sectors. The team handles M&A, joint ventures, organised buyouts, spin-offs and restructurings, as well as corporate governance issues. In addition, it works alongside the firm’s litigation department in complex commercial disputes. Practice leader Neysha Natal-Castro handles corporate transactions with a particular emphasis on business reorganisations by way of M&A and corporate divisions, in addition to assisting with corporate governance and due diligence. Managing partner Alberto Estrella is also a key figure in the practice. At associate level, Mayra Artiles Fonseca is a key contact for commercial litigation and Alejandro García stands out for corporate, retail and franchising issues.

Practice head(s):

Neysha Natal-Castro


‘The Estrella team is excellent. Not only do they respond quickly, but they always have a subject matter expert available to touch base with as quickly as possible. They always treat clients with immediacy and professionalism.’

‘Mayra Artiles and Neysha Natal, along with their work teams, are people with a lot of knowledge and empathy, and they respond quickly to clients’ needs.’

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

Liberman Media Group (teleonce)

Microsoft Caribbean

Work highlights

  • Advised Liberman Media Group on negotiating and executing key commercial contracts to conduct the business of a new media channel in Puerto Rico.
  • Advised TiX.By on the acquisition of Ticketpop, a market leader in the ticketing industry.
  • Advised the Alten Group on its corporate and business model, including the operation’s expansion to the continental US.

Ferraiuoli LLC

Ferraiuoli LLC has a solid reputation in the corporate and commercial market, where it provides a full-service offering to clients. Start-ups as well as multinationals turn to the firm for its expertise in advising governmental agencies, and its assistance with workouts, IP transfers and licensing, joint ventures, partnerships and shareholders' agreements. Fernando Rovira Rullán heads the practice, focusing on private equity transactions, corporate governance and fiduciary duties. Jaime Mercado Almodóvar is also a key member of the department, and acts as chair of the banking, financial services and regulatory practice group.

Adsuar Muñiz Goyco Seda & Pérez-Ochoa

The practice at Adsuar Muñiz Goyco Seda & Pérez-Ochoa spans M&A, real estate transactions and commercial lending. The team assists domestic and international businesses with local and cross-border transactions, with experience in the media, real estate, healthcare, automotive, and food and dairy sectors. Other areas of expertise include debt issuances and public finance projects. José Antonio Fernández Jaquete has expertise in real estate matters, commercial leasing, M&A and government procurement.

Antonetti Montalvo & Ramírez-Coll

Antonetti Montalvo & Ramírez-Coll has notable expertise in advising clients in the telecoms, construction and healthcare sectors on a range of corporate and finance matters, including project finance and corporate reorganisations. Special counsel Ana Del Toro-Sabater is the key contact for public and private structured finance, M&A, securities law, and real estate, tourism and hospitality matters.

Casillas Santiago & Torres LLC

Casillas Santiago & Torres LLC draws on its strong tax and labour practices when handling corporate matters, advising on M&A, corporate governance, distribution and franchising issues, and commercial contracts. The firm has expertise in the healthcare, retail, insurance, banking and telecoms sectors, among others. Miguel Santiago-Rivera has longstanding experience in corporate tax.

Reichard & Escalera

The corporate and finance team at Reichard & Escalera is experienced in high-value M&A, as well as advising on corporate governance, antitrust and tax issues. The firm has wide-ranging sector expertise in the technology, healthcare, automotive, insurance and banking industries, with a particular emphasis on the purchase, sale, development and financing of real estate. Juan Carlos Méndez focuses on corporate and banking matters, and has expertise in the energy and real estate sectors. Senior partner Hector Reichard De Cardona is also a key figure in the practice.

Toro Colón Mullet, P.S.C.

Toro Colón Mullet, P.S.C.‘s practice ranges from advice on company and partnership formation, corporate governance, and distribution and joint venture agreements to assistance in M&A, leveraged buyouts and private equity financing. The team also has notable experience in real estate sales and acquisitions. José Toro-Morales stands out for his expertise in corporate and finance transactions involving real estate assets.

Vidal, Nieves & Bauzá, LLC

Vidal, Nieves & Bauzá, LLC handles corporate and financial transactions across a range of sectors, including insurance, healthcare, energy and real estate. Among the firm’s areas of strength are M&A, joint ventures, corporate restructuring and governance issues. Arline Bauzá-Figueroa is experienced in real estate and debt transactions and financings. Pedro Nieves-Miranda advises on corporate matters, particularly relating to energy and the environment.