The Legal 500

Mexico

Banking and finance

Banking and finance - ranked: tier 4

Garrigues

Garrigues opened its Mexico office in 2014, and, to a certain extent, it is still in formation, most recently hiring principal associate Miguel Angel de la Fuente from Nader, Hayaux y Goebel, SC in May 2017. Gradually gaining recognition from peers, the team comprises three partners and ten associates who advise a growing client roster on project finance, structured financing and commercial bank lending, and regulatory and day-to-day matters. Practice head Mario Juárez had a very busy year, including advising Inter-American Investment Corporation (IIC) on the structuring and formalisation of a $12m loan to Mexican company Hortícola Cimarrón; and new client Acrecent Mexico on a $10m loan granted by the Overseas Private Investment Corporation (OPIC), with the aim of expanding the client’s equipment lease origination capabilities. Acting in conjunction with Juárez, new partner Gabriela Perez Sierra assisted International Finance Corporation (IFC) with a partial credit guarantee related to a MXN$200m bond issue by Consejo de Asistencia al Microemprendedor on the Mexican Stock Exchange, and the execution of a guarantee issuance and revolving stand-by loan agreement related to said guarantee; de la Fuente (also in conjunction with Juárez) advised the ICC on a MXN$420m credit facility to one of its funds, Mezzanine Mexico Uno. Key support comes from Daniel González Delgado (also a principal associate) whose practice focuses on regulatory law and financing transactions. Other work included advising new clients Log Creek, Startive, PM Capital and Sypkes, as underwriters, on an issuance of up to AUD$10bn convertible notes by LatAm Autos on the Australian Stock Exchange (including the granting of certain securities in Mexico by LatAm Autos’ Mexican subsidiary); and the IFC with a credit facility of up to MXN$80m to fintech business Konfio’s Mexican subsidiary Red Amigo Dal (which providing loans to SMEs via a digital platform). Other clients include BNP Paribas, Wells Fargo, UniCredit Bank, BBVA Bancomer, and Banco Sabadell.

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Corporate and M&A

Corporate and M&A - ranked: tier 3

Garrigues

Garrigues is starting to make a sizeable impression on the market following several high-profile hires in recent years. It is also investing internally, as illustrated by the promotion of Gabriela Pérez Sierra to the partnership. The firm acts for a mix of Mexican, Spanish and US clients. It recently advised Irelandia Aviation on the sale of a 49% stake in low-cost Mexican air carrier VivaAerobus to majority stakeholder IAMSA. Other highlights were advising specialty packaging company CCL Industries on the Mexican aspects of its takeover of Innovia Group; and representing OHL Concesiones in a joint bid, with IFM Global Infrastructure Fund, to take over OHL Mexico for over €600m. The highly experienced Gerardo Lemus leads the team, which includes the well-regarded Mario Juárez.

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Tax

Tax - ranked: tier 4

Garrigues

The tax lawyers at Spanish powerhouse Garrigues work on clients’ matters with ‘involvement and high reactivity. They make themselves available for our last-minute meetings, and they have a good knowledge of our group which allows them to provide us with the most adapted solutions for our needs, at reasonable fees’. In addition to this, the practice has the added value of ‘understanding the concerns and concepts of international companies, and consequently suggests the best solutions’. The five-strong team handles tax related to corporate and M&A, tax planning and international taxation connected to the application of double taxation treaties; it also has a growing litigation practice. In fact, the whole department is still regarded as in development and appears to be doing so healthily with a growing caseload and several new clients. Work highlights include assisting new clients Howden México Calentadores Regenerativos (a subsidiary of Colfax) with the contestation of a post-audit MXN$100m tax assessment (which the team helped reduce to MXN$31m); Corporación Andina de Fomento regarding the tax regime applicable to it given an agreement entered into with the Mexican government; Equipamientos Urbanos de México (part of JC Decaux) regarding the Mexican and Argentinian tax implications (and a possible tax loss) arising from the transfer of an Argentine company owned by the client in Mexico; and another new client, Prodemex, with the tax treatment applicable to a public-private partnership (in this case with the Instituto Mexicano del Seguridad Social (IMMS)). Practice head Santiago Chapón leads on all cases and, in addition to having impressive experience spanning almost 20 years and including periods in São Paulo and London, his practice covers international tax, disputes and M&A; clients value him for his availability and commitment, as well as his understanding of their businesses, which allows him to provide tailor-made solutions. 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), who are also noted. In other work the team assisted new client Avenger Flight Group with the tax planning for the initiation of its operations in Mexico; and Grupo Iberdrola with the tax planning of a transaction to exchange assets maintained in Bulgaria by a third-party. Other clients include Telefónica, OHL, Aernnova Aerospace, International Finance Corporation, Navigator Company, Instituto de Empresa, and Aicox Solutions.

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