Garrigues > Lima, Peru > Firm Profile


Peru > Banking and finance Tier 1

Garrigues fields a deep bench of experienced banking and finance practitioners, and acts for large international banks and financial institutions, as well as smaller domestic players. Its wide-ranging experience sees the practice handle deals in the energy, retail and consumer, banking services, heavy industry and mining areas. The team is led by Oscar Arrús, a finance-sector veteran with over 30 years’ experience acting for borrowers, and local and international financiers on a range of cross-border financings. Sergio Amiel and Thomas Thorndike are recommended for acquisition financings and project finance, and José Francisco Meier handles corporate finance and structured finance transactions. Diego Harman, in turn, acts for a roster of top international banks and has notable expertise in corporate and leveraged finance matters. A strong second line includes: counsel Héctor Zegarra and principal associates Jorge Fuentes and Miluska Gutierrez Vega (all three handle capital markets’ matters, along with project finance and M&A, corporate transactions, and project finance and financial-compliance matters, respectively; along with senior associate Jorge Calle, who undertakes both transactional and banking mandates.

Practice head(s):

Oscar Arrús


‘Experience in complex cases’.

‘The team is excellent as a whole’.

‘Stands out in customer service and speed of response’.

‘The legal advice they provide is of quality and they are recognized in the market’.

‘Sergio Amiel stands out and has a recognised track record in the field’.

Key clients

HPS Investment Partners

PNC Bank, National Association

Banco de Occidente (Panamá)

Investec Bank


Banco Latinoamericano de Comercio


Scotiabank Perú

Bank of America


Banco Santander

Deutsche Bank

Credicorp Capital

ATP Tower Holdings

BNP Paribas

The Bank of Nova Scotia

JP Morgan

Banco de Crédito del Perú

Gas Natural de Lima y Callao – Cálidda

Work highlights

  • Advised Credicorp Capital and Banco de Crédito del Perú (as arranger and lender, respectively) on a $22m financing provided to Espinosa Arquitectos.
  • Advised ATP Group companies (from Peru, Chile, and Colombia) as borrowers and guarantors on a revolving credit facility subject to New York law for up to $45m to finance ATP’s telecom connectivity and infrastructure plans in Latin America.
  • Advised Andean Telecom Partners Chile, Andean Tower Partners Colombia, and Andean Telecom Partners Peru on a cross-currency swap transaction (controlled by and subject to an ISDA 2002 Master Agreement), with Goldman Sachs International acting as hedging bank.

Peru > Capital markets Tier 1

The capital markets team at Garrigues is experienced in a wide range of equity and debt capital markets transactions, including investment-grade bonds, project bonds, private placements, liability management and sovereign debt offerings. The team is led by Oscar Arrús who has over 30 years’ experience in the field; he is well versed in both cross-border and domestic deals. Sergio Amiel and José Francisco Meier act for both issuers and underwriters, with Amiel -in particular- having handled a sizeable number of Peruvian IPOs. Diego Harman is the name to note for asset-backed securities, structured capital markets work and high-yield debt issuances, and is experienced in the US, Latin American and Peruvian markets. Maria Grazia Vallejos joined as associate from Rodrigo, Elías & Medrano Abogados in early 2021 and joins an associate team that includes principal associate Jorge Fuentes (complex liability management matters and debt capital markets transactions) and Miluska Gutierrez Vega, a senior who specializes in capital markets regulatory matters and cross-border debt and equity transactions.

Practice head(s):

Oscar Arrús


‘Sergio Amiel stands out for business acumen, proactiveness, and highly efficient management of complex transactions’.

‘Good knowledge, disposition, and they manage a good team’.

‘The firm’s work was spectacular’.

‘They managed to help us negotiate anoperation that was challenging from several angles’.

‘The advice was always precise and correct’.

‘The team is highly competent, they deliver what they promise and do it on time’.

‘They have tons of experience with complex transactions and know the relevant issues well’.

‘They have excellent up-to-date market intelligence’.

Key clients

Andean Telecom Partners

Credit Suisse Securities (USA) and Santander Investment Securities

BBVA Sociedad Titulizadora

World Bank

IDB Invest


CCLA Group

Bank of America


Work highlights

  • Advised ATP Tower Holdings, ATP Colombia, ATP Chile, ATP Peru Co-guarantors: ATP Fiber Colombia, ATP Fiber Chile and Redes de Fibra del Peru (co-issuers and co-guarantors) on the issuance of 4.05% senior secured notes (due 2026), for an amount of $375m, pursuant to Rule 144A/Reg.S of the US Securities Act of 1933, with Goldman Sachs, JP Morgan Securities, Deutsche Bank Securities, and Scotia Capital (USA) as initial purchasers.
  • Assisted Credit Suisse and Santander Investment as deal mangers on two tender offers by Orazul Energy for its 5.625% senior notes (due 2027); the offers were valued at up to $150.4m and $41.8m, respectively.
  • Advised IDB Invest on the design and investment in tier 2 capital-subordinated bonds that also qualify as social (gender) bonds, for P$57,640,000 (equivalent to $16m), issued by Caja Municipal de Ahorro y Crédito de Arequipa (Caja Arequipa).

Peru > Corporate and M&A Tier 1

Garrigues handles high-end M&A work for both large international and smaller domestic clients and is well placed to do so by virtue of fielding a number of New York-trained lawyers. The team’s multidisciplinary approach sees it draw on strength from practitioners in finance, capital markets and banking, and practice head Sergio Amiel -‘the best M&A lawyer in Peru‘ for some- is recommended for transactional matters, project development and finance, and capital markets work. Thomas Thorndike is also well known for finance matters but is also increasingly visible leading on high-profile corporate deals; while José Francisco Meier is the name to note for corporate, structured and project finance. A strong associate tier is led by principals Jorge Fuentes and Miluska Gutierrez Vega, along with senior Héctor Zegarra, all of whom undertake corporate M&A work, as well as banking and finance, project finance, and capital markets. Isabella Barba Cavigiolo, who joined as associate from an in-house role at Banco de Crédito del Perú, is currently undertaking her LLM.

Practice head(s):

Sergio Amiel


‘Perfect balance between technical and commercial expertise‘.

‘Really smart and accessible‘.

‘The Garrigues team is undoubtedly superior to the teams of the other firms with which I have worked this year‘.

Apart from having experience and a technical level above the market, the common denominators are partners who get very involved in the project and ensure good quality’.

They have a good balance of men and women. It’s good to have different perspectives and to attack negotiations in different ways‘.

The lawyers below partner level manage projects very well‘.

Sergio Amiel is the best M&A lawyer in Peru‘.

‘This year we have seen two transactions, one where the counterparty was a local team and one where the counterparty was a US team; the management is different and the contractual structure too. Sergio Amiel handled both very well, he has a lot of experience doing it‘.

Key clients

Green Gold Forestry Peru

SC Johnson & Son del Perú

Playtech Lima

Grupo Romero

Liberty Latin America

Andean Telecom Partners



Limba Services

Intercorp Financial Services

Nexus Group

Colca Capital

Vira Capital

Grupo GTD


SK Innovation



Andino Investment Holdings

Inmobiliaria Huanwill


GSS Peru

Special New Fruit Licensing Peru

Family Farms Peru

Rentaequipos Leasing Perú


CCLA Desarrollo y Rentas Urbanas

Work highlights

  • Advised Grupo Romero on the sale of a majority stake in Ransa Comercial Group (21 companies with headquarters in Peru and with operations in various countries in South and Central America) to HIG Capital.
  • Advised Corporación América Airports (CAAP) on the transfer of ownership between the shareholders of Aeropuertos Andinos del Peru (AAP), a public-private partnership that holds the concession for several airports in Peru.
  • Continuing to advise SK Innovation, as seller, on two purchase-and-sale agreements (SPAs) for the sale of Blocks 56 and 88 of Peru’s gas reservoirs to buyer Pluspetrol.

Peru > Projects and infrastructure Tier 1

The projects and infrastructure team at Garrigues handles a range of high-profile projects in the transport, oil and gas, telecoms and energy sectors, among others. A leading force in the project finance space, where it acts for both lenders and sponsors, the group also offers support in the context of PPPs, private tenders, engineering, procurement and construction (EPC) contracts, operation and maintenance (O&M) agreements and permitting. Department head Oscar Arrús possesses over 30 years of experience acting for sponsors, government agencies, and financiers, with a focus on road, rail and sanitation projects. Thomas Thorndike and Diego Harman are names to note for project finance work, with Thorndike bringing experience in the energy, health, transport and port segments. Sergio Amiel and José Francisco Meier are also active in the practice, while of counsel Victor Baca is recommended for regulation and public law; principal associate Johanna Holz is routinely instructed by public and private clients in financing, regulatory and contractual mandates.

Practice head(s):

Oscar Arrús

Key clients

Metro de Lima Línea 2

Banco Santander

Sumitomo Mitsui Banking Corporation

Banco de Crédito del Perú

Andean Telecom Partners

Inter-American Investment Corporation

Credit Agricole Corporate and Investment Bank


Concesionaria Desaladora del Sur (CODESUR)


Work highlights

  • Advised Metro de Lima Línea 2 as the sponsor in a $811m off-balance sheet financing from Cassa Depositi e Prestiti, KfW, Société Générale, Banco Santander, and Instituto de Crédito Oficial – ICO guaranteed by the Italian export credit Agency SACE.
  • Advised SMBC, Banco de Crédito del Perú, Banco Santander, Itaú Corpbanca, Inter-American Investment Corporation, Credit Agricole, and ING Bank on the EPC and credit document negotiations related to the replacement of the EPC Contractor for the Red Vial No. 4 expansion project (operated by Autopista del Norte).
  • Acted for BNPP, as lead arranger, lender book runner, and administrative agent, and The Bank of Nova Scotia, as lender, in a $200m revolving term credit facility granted to Fortuna Silver Mines for the financing and development of its global mining projects, including the Caylloma mine in Peru.

Peru > Competition and antitrust Tier 2

With the hiring of Ivo Gagliuffi , the former head of INDECOPI, in late 2020, Garrigues kickstarted the development of its competition and economic market regulation practice, to which the firm subsequently added economist Javier Coronado , another INDECOPI alumnus, further bolstering its unique capabilities. The result is a team that ‘exceeds expectations‘ and has attracted high-profile merger control mandates in the Peruvian market since the enactment of Law N° 31112 in mid-2021, and which also provides support with antitrust issues and other competition matters. Gagliuffi brings over 20 years’ experience in a broad range of competition and antitrust issues, including the elimination of bureaucratic barriers, unfair competition, advertising, consumer protection and international trade defence. An experienced second line is composed of principal associate Johanna Holz  and senior associate Maria Isabel Alvarado  are active on a range of cases; with Holz bringing ancillary expertise in public and regulatory law, while Alvarado’s practice is informed by experience in the public sector and in house, as well as in private practice.

Practice head(s):

Ivo Gagliuffi


‘Garrigues’ competition and antitrust law team has solid knowledge of the subject and knows both the theoretical and practical aspects‘.

‘They are always willing to listen and innovate in the strategies that are required to solve a case‘.

‘I feel that the team is always “by your side” and has a lot of agility to answer the questions and queries raised‘.

‘Very high-profile lawyers, with in-depth knowledge of the matter and a recognised track record‘.

‘In spite of everything indicated, they are always willing and available‘.

‘They are very responsive, very friendly, a complete team, they have lawyers and an economist’.

‘They know the local market and how the industry operates, I was impressed by how they have dedicated themselves to looking for examples and cases close to the topic that I have submitted to them‘.

‘Ivo Gagliuffi and Javier Coronado have exceeded expectations, a complete team very dedicated to clients‘.

Key clients

Advent International


Telefónica del Perú

Urbanova (Grupo Breca)

SK Innovation



Universidad San Ignacio de Loyola


World Bank

Andean Telecom Partners


Línea Directa



Sociedad Nacional de Pesquería

Work highlights

  • After advising SK Innovation on two deals regarding the sale of its 17.6% stake in Peruvian Natural Gas Blocks 56 and 88 to Pluspetrol, the team continues to advise SK on the process of obtaining all local conditions precedent to closing, including merger control and antitrust issues.
  • Advised Heineken on the potential merger-control issues regarding its entry into the Peruvian market through the acquisition of local beer brands Tres Cruces, Aje Grunn, Club Especial, Caral and Franca from Aje Group, with which the company has also entered into a strategic partnership.
  • Advising Telefónica on antitrust issues related to the sale of its telecoms towers division, Telxius Telecom, to American Tower Corporation.

Peru > Dispute resolution Tier 2

Garrigues acts for an impressive array of clients which includes the Peruvian government and large international corporations, as well as smaller domestic players. Hugo Forno Flórez and Melissa Nuñez Santti head the practice; with Flórez being a veteran litigator who specialises in civil, commercial, contracts and torts law, as well as arbitration; and Santti offering experience in arbitration and judicial disputes, with a focus on civil and commercial claims. Principal associate Javier Bueno Zúñiga is experienced in representing companies against the government and state entities and has a particular focus on the telecoms, energy, security, and construction sectors; and senior associate Javier Jimeno Goicochea is also an experienced litigator who has handled disputes in the infrastructure sector. Former senior associate Joel Campos Camargo left the firm in November 2021 for Rodríguez Angobaldo Abogados.

Practice head(s):

Hugo Forno Flórez; Melissa Núñez Santti


‘The team is close to the client and has a lot of experience‘.

‘They always seek to have a 360° view of the cases, for which they allow other practice areas to intervene that can add value to strategies‘.

‘Its differentiating qualities are the quality and experience of its consultation, as well as its closeness to the client‘.

‘Melissa Nuñez and Javier Jimeno make an exceptional team’.

‘Having worked with multiple counsel in the jurisdiction it is clear that they are in the top echelon of lawyers present’.

‘They are responsive and have a mastery of the applicable law‘.

‘They are true subject matter experts‘.

Key clients


Peruvian Government

SK Innovation (Peru branch)

Korea National Oil Corporation

Posco International Corporation

SK Innovation Co

Veolia Servicios Perú

Peruana de Moldeados

Banco de Crédito del Perú


Financiera Confianza

Telefónica del Perú

Viva GyM


Taxi Beat

Sociedad de Beneficencia del Cusco

Productos Tissue

Rentaequipos Perú Leasing

Andean Telecom Partners Perú

Productos Roche Q.F.S.A.

Work highlights

  • Represented Sociedad de Beneficencia del Cusco in a process initiated by the Machu Picchu Consortium to obtain the annulment of an arbitral award that was favourable to our client.
  • Representing Productos Tissue del Perú (Protisa) in a dispute against Rímac Seguros over the enforcement of an insurance policy against all risks of physical or material damage.
  • Defending Financiera Confianza in a judicial claim to recognise ownership of a commercial slogan that was improperly granted by INDECOPI to a third party.

Peru > Public law and regulation Tier 2

The ‘very capable and results-oriented’ team at Garrigues is led by of counsel Victor Baca, who has 22 years’ experience in public law. The firm has particular experience of in high-profile infrastructure projects, public procurement matters, public contracts and concession agreements, as well as arbitration and sanctioning proceedings. Baca acts for public and private clients on regulatory matters and administrative issues, and is well-supported by senior associate Eduardo Ortega, who is experienced in public law matters and project development in relation to the telecoms and energy industries, and environment and natural resources sectors. Principal associate Johanna Holz can draw on in-house experience in the telecoms sector and is a name to note for contractual matters, with a focus on project development; while senior associate Giancarlo Vignolo handles environmental and education-sector related matters. Lissy Vega Centeno is another key senior associate with a focus on construction law and public tenders, among other areas. Rodrigo Ramos joined as associate from EY Law in early 2021.

Practice head(s):

Victor Baca


‘Team with very high quality and specialisation‘.

‘Flexibility to adapt to the client‘.

‘Knowledge of the industry in which my company is active‘.

‘Highly prepared lawyers with recognised experience in both the public and private spheresi

‘They are totally accessible and always willing to help‘.

‘Highly capable and results-oriented attorneys‘.

‘The advice is personalised and is provided based on the interests and needs of the client‘.

‘Lissy Vega Centeno and Victor Baca are very capable attorneys’.

Key clients

Universidad San Ignacio de Loyola (USIL)

Gas Natural de Lima y Callao (Cálidda)


Sociedad Nacional de Pesquería (SNP)


Concesionaria Desaladora del Sur (CODESUR)

Asociación para el Fomento de la Infraestructura Nacional (AFIN)

Andean Telecom Partners Perú (ATP)



Work highlights

  • Representing USIL in an administrative investigation initated  by the higher education supervisory authority (SUNEDU) and the competition authority (INDECOPI) into the legality of fees charged by USIL to its students.
  • Advised Cálidda on the concept of “administrative silence” in the context of an administrative request submitted by the client to Osinergmin, the regulator for the natural gas sector.
  • Advising telecoms infrastructure company ATP in an administrative proceeding against the Municipality of Miraflores before INDECOPI’s Court for Bureaucratic Barriers to challenge a regulation that prohibits the installation of aerial telecommunication cable networks in the local government jurisdiction.

Peru > Tax Tier 4

A ‘specialised team' at Garrigues offers corporate and finance transactional support, with practice head Javier De La Vega singled out as ‘a clear and precise expert' on general tax consultancy, structuring and compliance  matters. The team also benefits from its notably strong principal associate pair; Rosa Chevarría leads on the litigation side and is well experienced in administrative proceedings against tax assessments performed by the Peruvian authorities; while the ‘exceptional' Rafael Martinelli is singled out for his ‘personalised customer service’, often on cross-border work.

Practice head(s):


‘So far we have had great treatment and order with respect to the service provided by Garrigues, both in terms of delivery of information, queries, including the order for billing for each service.’

‘Javier de la Vega and Ana Sousa: both have worked impeccably, being at our disposal for all our tax and corporate questions.’

‘It is a very specialized team, clear in explaining matters, very methodical and orderly in case management. Javier de la Vega stands out as a clear and precise expert, who knows how to explain complex matters in a simple way.’

‘Among their strengths is the availability and agility in responses. In addition, in general, a fairly solid knowledge is noted. I would say that they compare favourably against some competitors and somewhat below competitors such as EY who are also able to provide an answer considering accounting aspects.’

‘José Francisco Meier seems to me to be a partner who stands out for his speed of attention, an aspect that I highly value. Javier de la Vega is also a partner who is quite agile and who provides answers that are simple to understand and apply.’

‘The level of knowledge of the regulations and their correct applicability is the greatest differential of the Garrigues firm. The level of involvement in the objectives of their clients.’

‘Rafael Martinelli is exceptional. I not only highlight his technical skills and knowledge of tax matters, but also his quality as a person. His way of serving the client is very personalized and he always seeks to provide practical solutions to his clients that allow him to operate properly in the market.’

‘Personalized customer service and mastery of tax law. Rafael Martinelli is an outstanding lawyer.’

Key clients

Banco de Crédito del Perú (BCP)

Mercado Libre Perú

Government of Peru (through ProInversion)


Seche Environnement




Agua Lima

Inka’s Berries

Garrigues’ Peru office offers expert multidisciplinary advice, providing support to both local clients and international investors on entering and pursuing their business activities in the Peruvian market.

When it decided to open its office in Lima, in 2014, Garrigues knew that it needed to put together a top-tier team of lawyers to lead the Peruvian practice, bearing in mind the extremely competitive nature of this market and Garrigues’ high standards of client service worldwide.

Over the last few years, Garrigues’ immediate positioning as one of the leading firms in Peru has been clear, having provided advice on some of the highest-level projects, corporate transactions and matters, acted as legal counsel to top-tier international and domestic clients who are industry leaders in Latin America.

Garrigues’ team in Peru now comprises 44 professionals, all highly respected in the Peruvian legal services market and with extensive expertise in the area of international investment.

The firm has more than 100 professionals in the whole of Latin America, distributed among its five offices: Lima, Bogota, Mexico City, Santiago de Chile and Sao Paulo. Garrigues has the largest network of its own offices in the region among the major European law firms. It also has its own offices in Spain (in 20 cities), Belgium, China (Beijing and Shanghai), Portugal, Poland, Morocco, the United Kingdom and the United States.

Garrigues’ office in Peru offers a broad range of business law advisory services, with a team of professionals specializing in banking and finance, corporate law, mergers and acquisitions, infrastructure, public law, capital markets, tax, labor and employment, dispute resolution, real estate and energy, among other practices.

Senior contact
Oscar Arrus – partner ( Oscar has extensive expertise advising issuers and borrowers, as well as domestic and international financial entities (as lenders, structuring agents, underwriters, etc) in the most complex international and domestic finance transactions. Before joining Garrigues, he was a partner at Rubio Leguia Normand, and as an associate in Baker & Hostetler (Washington DC).

Banking Oscar Arrús
Banking Thomas Thorndike
Capital markets José Francisco Meier
Capital markets Sergio Amiel
Capital markets Oscar Arrús
M&A Sergio Amiel
M&A Thomas Thorndike
Tax Javier de la Vega
Infrastructure Oscar Arrús
Infrastructure Victor Baca
Labor Franco Muschi
Public law Victor Baca
Energy Victor Baca
Immigration Franco Muschi
Dispute resolution Hugo Forno
Dispute resolution Melissa Nuñez
Other fee-earners : 36
Partners : 9