Alfaro, Ferrer & Ramírez

Panama, July 2026 – AFRA is pleased to announce that it advised Grupo Astara, an international company specialized in efficient automobile distribution, on its entry into the Panamanian market as the new official distributor of Volvo Cars. This transaction marks the start of Astara's operations in Central America and represents a milestone in the group's regional consolidation strategy.AFRA's team provided comprehensive legal advice throughout the structuring and execution of the transaction, covering its corporate, regulatory, labor, and tax aspects, and supporting Grupo Astara at every stage of its establishment in the country.The advisory was led by partner Alejandro Alemán, with support from partner Nelson Sales and associates Ana Cristina Negrón and Daniela Meana.Panama, a strategic gateway to Central AmericaThis transaction reaffirms Panama's appeal as a strategic hub for the growth of international companies in the region. Thanks to its geographic location, its dollarized and stable economy, and its well-established logistics, financial, and corporate services platform, Panama continues to solidify its position as the natural gateway for global companies seeking to expand their operations into Central America.Grupo Astara's entry into the country comes amid sustained growth in the Panamanian market, where SUVs account for nearly 90% of sales in the premium segment, an ideal scenario for the company to capitalize on through its alliance with Volvo and its successful business model, already implemented in Colombia.About the transactionWith this expansion, Astara rolls out in Panama its value proposition centered on efficiency, proprietary technology, data-driven insights, and a high-level customer experience, while also ensuring that, during the transition period, Volvo customers can continue to visit their official service center without any interruption.At AFRA, we thank Grupo Astara for the trust placed in our team to support them through this important step, and we congratulate all parties involved on the successful completion of this transaction, which reaffirms Panama's role as a strategic platform for investment and regional expansion.About AFRAAFRA is a leading law firm in Panama, recognized for providing comprehensive legal advice to national and international companies on corporate, regulatory, labor and tax matters.

Panama City — August 2026. Alfaro, Ferrer & Ramírez (AFRA) acted as Panama counsel to FOX Latin America (“FOX”) in its acquisition of the programming and local production operations of the Tigo Sports Channel, a regional transaction spanning Guatemala, Honduras, El Salvador, Nicaragua, Costa Rica and Panama. The transaction closed in April 2026.The acquisition marks a significant expansion of FOX’s presence in Central America. It includes a robust portfolio of local sports content and broadcast rights — among them the full Panamanian Football League — together with a regional production network and on-air talent. Following the closing, FOX announced the launch of the FOX Channel across Central America, combining local football content with its international rights portfolio, which features properties such as the Premier League, the UEFA Europa League, the Bundesliga and Liga MX.Greenberg Traurig (Miami) served as lead counsel to FOX, coordinating local counsel across the region, with a team comprising Yosbel Ibarra (Partner), Alex Capelli (Associate) and Joshua Yagur (Associate). AFRA advised on all Panamanian aspects of the transaction, fielding a multidisciplinary team that covered the corporate, competition, regulatory, telecommunications, labor and intellectual property dimensions of the deal.The AFRA team comprised:Corporate / M&A / Commercial: Alejandro Alemán, Alfredo Ramírez Pabón, Roberto Arosemena and Santiago MesaAntitrust: Ricardo Moreno and Nicole LópezRegulatory and Telecommunications: Annette Bárcenas and Eduardo de la EspriellaLabor: Nelson SalesIntellectual Property / Consumer Protection: Marycarmen GonzálezThe transaction underscores AFRA’s capabilities in complex, cross-border M&A involving the media, sports and telecommunications sectors, and its ability to deploy integrated teams across practice areas to support international clients in high-profile regional transactions.FOX’s official announcement of the transaction is available here: https://www.foxcorporation.com/news/corp-press-releases/2026/fox-latin-america-announces-the-launch-of-the-fox-channel-in-central-america-and-strengthens-its-position-in-the-region/About AFRAAFRA is a leading law firm in Panama, recognized for providing comprehensive legal advice to national and international companies on corporate, regulatory, labor and tax matters.

Panama City, Panama — Cox, through its Santa Cruz Wind project, has been awarded a 20-year power supply contract valued at more than US$350 million, following its successful participation in the public bidding process conducted by Empresa de Transmisión Eléctrica, S.A. (ETESA).The Santa Cruz Wind project is a 68.4 MW wind farm comprising 12 turbines and is expected to generate approximately 260 GWh annually. The project will add new wind generation capacity to Panama’s electric system and marks an important milestone in the continued development of renewable energy in the country.AFRA worked closely with Cox throughout the development of the project, advising on the obtainment of its generation license and other key permits, as well as on its participation in the bidding process.The matter was led by partner Annette Bárcenas O., with the support of Juan Antonio Alfaro (Partner), Valeria Luna (Associate), and Eduardo De La Espriella Kramer (Associate).AFRA congratulates Cox on this important achievement and thanks them for their trust throughout the process.About AFRAAFRA is a leading law firm in Panama, recognized for providing comprehensive legal advice to national and international companies on corporate, regulatory, labor and tax matters.

Panama City, Panama – September 4th 2026 — AFRA acted as Panamanian legal counsel to Tidewater Inc. (NYSE: TDW), a leading provider of offshore support vessels (OSVs) to the global energy industry, in connection with its acquisition of Wilson Sons Ultratug Participações S.A. and its affiliate Atlantic Offshore Services S.A. The transaction, which closed on August 31, 2026, has an enterprise value of approximately USD 500 million.The acquisition adds 22 offshore support vessels to Tidewater's fleet, significantly expanding the company's footprint in the Brazilian offshore energy market and further consolidating its position as one of the world's leading OSV operators.The AFRA team advising Tidewater was led by partner Alejandro Enrique Alemán Ferrari, with support from associate Santiago Mesa García.This transaction reflects AFRA's continued involvement in complex, high-value cross-border M&A transactions in the maritime and energy sectors and underscores the firm's capabilities in advising international clients on Panamanian law matters of strategic significance.About AFRAAFRA is a leading law firm in Panama, recognized for providing comprehensive legal advice to national and international companies on corporate, regulatory, labor and tax matters.