The Legal 500

Mexico

Banking and finance

Banking and finance - ranked: tier 4

Garrigues

Garrigues has a ‘very well-functioning team, that demonstrates above-average flexibility and responsiveness’. The relatively new Mexico office (established in 2014) has a banking and finance practice that handles real estate and infrastructure finance, syndicated and secured loans, and fintech, acting for both borrowers and lenders. In highlight work the team advised Banco Sabadell and BanCoppel on the structuring and negotiation of a syndicated secured loan facility of upto MXP$420m granted to Nemesis Capital (as settlor of FIBRA Avalon, a future Mexican REIT) to finance its debt restructuring; Spanish Grupo Ezentis and its Mexican subsidiaries (operating in the technology, infrastructure and telecommunications sector) on the facilities agreement for a €90m syndicated loan from Santander; and Corporación Andina de Fomento (CAF) on a $50m loan granted to Altán Redes to finance the Red Compartida project. Key client International Finance Corporation also instructed the team on several mandates, including:  a credit facility of upto MXP$2bn granted to Fideicomiso Hipotecario (FHipo) to finance the acquisition of certain pools of eligible mortgage loans from Mexican Housing Institute Infonavit; and on a MXP$1.9bn secured loan granted to a CKD established and managed by Credit Suisse Mexico. Mario Juárez leads the practice; Gabriela Pérez Sierra is 'easy to communicate with’ and a ‘great transaction manager'; other standout names include David Jiménez Romero, Daniel Gonzalez Delgado, and principal associate Miguel Ángel de la Fuente. Clients include Inter-American Investment Corporation, Swedbank, Nordea Bank, Sumitomo Mitsui Banking Corporation, Unicredit Bank, CaixaBank, and Deutsche Bank.

Leading individuals

Next Generation Partners

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Corporate and M&A

Corporate and M&A - ranked: tier 3

Garrigues

Garrigues has a growing presence and is an increasingly popular choice with Mexican, Spanish and US clients, particularly for cross-border transactions. Recently the firm advised the IT and engineering consultants, Alten Europe, on the Mexican aspects of its acquisition of Optimissa Group from Pontinez Cloud. Another highlight was advising Desarrollos Empresariales Hlemeon on the sale of the IT and HR consultancy, Gesfor Mexico, to GFI Informatique. The team also guided JCDecaux through the corporate reorganization of its subsidiaries in Mexico.  Gerardo Lemus leads the well-regarded team.

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Environment

Environment - ranked: tier 3

Garrigues

Garrigues is recommended for its 'very professional, efficient' team, which provides its services at a 'very reasonable' price. 'Analytical and deep thinking' practice head Roberto Torres is praised for his 'accuracy and great attitude'. The practice has been very active, recently, acting for clients in the renewable energy and hospitality sectors. Highlights include advising an energy company on environmental issues linked to the acquisition of a photovoltaic generation project. The team also advised a hotel group on environmental issues linked to its acquisition of a plot for the development of a major hotel.

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Insurance

Insurance - ranked: tier 4

Garrigues

As one client put it, Garrigues is ‘definitely "the new kid in town” and worth watching out for; the firm’s strong international brand gives the local team a good head start’. More specifically, clients appreciate the ‘close follow-up’, ‘clear thinking' and 'the deep analysis of complex problems’. The now 12-strong practice has developed since the arrival of senior associate Miguel Ángel de la Fuente (who co-leads the practice with Mario Juárez) from Nader, Hayaux y Goebel, SC in October 2016. While Juárez provides oversight as head of the banking and finance practice, de la Fuente is the specialist and the practice’s main pull: ‘he is a talented lawyer, with exceptional skills and a refreshing approach to solving problems’. The practice handles corporate, transactional and regulatory matters, along with the development of new insurance products. Recnet work has include advising US insurance company Global Benefits Group on its Mexican business expansion (including joining forces with AXA Seguros to offer international medical-expenses insurance policies on the Mexican market); and Asurion Group on product development for property and casualty (P&C) insurance products fronted through Allianz Mexico. Howden Broking Group is another client.

Rising stars

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Tax

Tax - ranked: tier 3

Garrigues

The ‘knowledgeable’ team at Garrigues ‘has grown to become a relevant player in the Mexican legal market’. The practice was strengthened with the arrival of Manual Llaca and a team of four tax litigation lawyers from KPMG in May 2019, bringing the number of team members to ten. The group specialises in M&A, tax planning and international tax issues related to double tax treaty application; it can also call on the firm's international network in what is it's very much its core practice. In recent work it assisted Edenred Group and Alicorp enter the Mexican market; Cerealto Siro Foods with analysis of the tax consequences and impacts of a re-financing process (involving withholding tax issues and a foreign tax credit controversy related to the financing structure); Autovía Nuevo Necaxa-Tihuatlán (AUNETI) and its shareholders Globalvia and ICA, with analysis of the legal grounds, tax merits and impact of a debt restructuring process; and Aicox Soluciones subsidiary  Alternativas Renovables México, with the validation and re-filing before the Mexican tax authorities of a VAT-refund request that had previously generated a controversy. The ‘very talented and trustworthy’ practice head Santiago Chacón is valued for his knowledge and experience; key support comes from senior associates Ricardo Fernández de Arellano (tax disputes, and tax planning for corporates - especially in the healthcare sector), and Diego López Vargas (tax advice for foreign companies expanding into Mexico, tax planning for corporate restructurings and M&A, and value supply chain transformation projects). Other clients include Viscofan, JC Decaux Group, Latam Logistics, Enertis Solar, Idai Nature, ECG Ingeniería, Windstream Services and Ágora Europe.

Leading individuals

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