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Sullivan & Cromwell LLP

125 BROAD STREET, NEW YORK 10004, USA
Tel:
Work +1 212 558 4000
Fax:
Fax +1 212 558 3588
Email:
Web:
www.sullcrom.com

Latin America: International firms

Banking and finance
Banking and finance - ranked: tier 2

Sullivan & Cromwell LLP

Sullivan & Cromwell LLP is best known for top-end project finance, bank regulatory matters and financial institutions M&A. The firm has an especially strong standing in mining-sector project finance and has a fine record in complex oil and gas and infrastructure financings. The core Latin America team members operate primarily as transactional generalists who link up with specialist colleagues on issues such as crisis management, corruption investigations and litigation work; this ensures sophisticated specialist expertise in higher risk transactions and in finding solutions to especially challenging situations. In 2017, the practice advised Fiduciaria Bancolombia (as trustee of Fideicomiso Concesión Ruta Al Mar), on its $178m project bond offering to finance the construction and improvement of a toll road that will connect Antioquía and Bolivar, the two major economic centres of Colombia. Led by Ari Blaut, the team also advised AT&T, as guarantor, on an inaugural Mexican-peso facility (a two-year unsecured delayed draw term loan facility) to subsidiaries AT&T Comunicaciones Digitales and AT&T Telecom Holding. Head of the Latin America practice Sergio Galvis is a big name in the region, having the experience and versatility to advise on highly-challenging and transformational transactions. Seasoned figure Christopher Mann is ‘calm’, ‘a person of good will’ who is ‘willing to take a fresh look at the transaction’ where necessary; he has an especially strong record in project finance. Washington DC partner Robert Risoleo is also recommended for project finance, including transactions with a capital markets component. John Estes is a prominent leveraged-finance specialist who has considerable experience in Latin America, while Washington DC partner Dennis Sullivan is noted for structured finance transactions. All partners are based in New York unless stated otherwise.

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Capital markets
Capital markets - ranked: tier 2

Sullivan & Cromwell LLP

Sullivan & Cromwell LLP continues to impress in headline and innovative transactions, representing both underwriters and issuers in some of the most noteworthy deals in the market. It also continues to operate as designated underwriters’ counsel for sovereign issuances by Mexico, Brazil, Colombia and Panama, and has an established reputation in cutting-edge liability management and project bond transactions. Moreover, it gained additional recognition for its advice to the International Bank for Reconstruction and Development on the issuance of three classes of floating rate catastrophe-linked capital-at-risk notes under its global debt issuance facility; led by Washington DC partner Dennis Sullivan, the transaction is designed to provide Mexico with emergency funding in response to certain natural disasters. In other headline deals, the practice group advised on a series of significant sovereign deals, including representing the underwriters in a number of offerings by the United Mexican States and advising the underwriters on three major SEC-registered bond offerings by the Federative Republic of Brazil. It also represented the underwriters on a $1.4bn SEC-registered bond offering by the Republic of Colombia and advised the underwriters on the $1.4bn SEC-registered bond offering by the Republic of Panama. Christopher Mann has an almost unrivalled reputation in sovereign offerings with Washington DC partner Robert Risoleo providing able support in sovereign deals, as well as handling private sector bond issuances and project bonds. Sergio Galvis heads the Latin America practice and provides additional gravitas and senior knowledge.

Leading lawyers

Christopher Mann - Sullivan & Cromwell LLP

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Corporate and M&A
Corporate and M&A - ranked: tier 1

Sullivan & Cromwell LLP

Sullivan & Cromwell LLP’s record in big-ticket Latin America M&A is virtually unrivalled. Despite operating a relatively small Latin America team, it maintains a high market share of high-value and complex transactions. Team members operate more as generalists than many peers at other international law firms and are noted for their experience in handling political, cultural and regulatory considerations; it has gained a reputation for trans-continental deals including M&A involving Chinese acquirers. The team is ‘top of the market’, ‘the service is consistently extremely good’ and is backed up by ‘sharp legal skills’, ‘great business acumen’, ‘spectacular negotiation skills’ and partners who ‘ensure that deadlines and in-depth assessment of the transaction are observed’. Peers at leading Brazilian and Latin American firms indicate that the team’s ‘level of service and commitment’ is above the average of other ‘premium firms’ and that the practice is ‘one of the top choices for US law M&A transactions, especially for large tickets and blue-chip clients’. Major engagements include advising UnitedHealth Group on its wholly-owned subsidiary’s definitive purchase agreement with Empresas Banmédica and tender offer for all of Banmédica’s outstanding shares, which valued the company’s equity at some $2.8bn. The team also continued to advise China’s State Grid International Development on its $4.53bn acquisition of a 95% interest in Brazil’s largest privately-owned electric energy generation and distribution group, CPFL Energia; as well as representing a consortium led by China Three Gorges Corporation on its proposed $1.39bn acquisition of Empresa de Generación Huallaga from Odebrecht Energia del Perú and Odebrecht Energía. On the private equity side, the team advised PointState Capital on the acquisition of Sheraton Buenos Aires Hotel and Convention Center, the Park Tower Hotel and adjacent development property located in Buenos Aires by its wholly owned subsidiary Argentum Investments III. Head of the Latin America practice Sergio Galvis is ‘a hands-on senior strategist’ who ‘reviews drafts carefully’ and is ‘a beacon in the Latin America practice’. Werner Ahlers is a ‘brilliant right hand’ to Galvis and ‘an extremely capable negotiator’ in his own right who impresses with this ‘intelligence and knowledge of M&A contracts’; Ahlers is noted for his record in private equity transactions for clients such as PointState Capital and Canada Pension Plan Investment Board (CPPIB). Christopher Mann is another senior name with outstanding experience in Latin America M&A.

Leading lawyers

Christopher Mann - Sullivan & Cromwell LLP

Sergio Galvis - Sullivan & Cromwell LLP

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Projects and energy
Projects and energy - ranked: tier 2

Sullivan & Cromwell LLP

Sullivan & Cromwell LLP is ‘a fixture in the mining and oil and gas scene’, primarily for sponsors. It is also noted for complex and big-ticket infrastructure projects. The firm has operated at the forefront of Latin America project finance for decades and is typically engaged in a relatively small number of top-strata transactions. It is ‘the best in the business’, with a team that is ‘strong and deep’ and ‘extremely good at giving business focused advice that addresses the key issues and focuses on problem solving’; one client says its ‘knowledge of Latin America mining is unparalleled’. The firm does indeed have a significant market share of mining projects in Latin America, especially on the sponsor side, and with the recovery of commodity prices, it is experiencing higher levels of activity in the sector. In addition, it has advised on a series of bulge-bracket acquisitions in the energy sector, including a number by Chinese investors. It continued to represent State Grid International Development on its acquisition of a 95% interest Brazil’s largest privately-owned electric energy generation and distribution group, CPFL Energia. It also advised Canada Pension Plan Investment Board (CPPIB) on a series of transactions, including its acquisition of a majority stake in Transportadora de Gas del Perú. Head of the Latin America practice Sergio Galvis is ‘the leading mining lawyer in Latin America by a long margin’, according to one client who says he is ‘smart, calm, insightful and a pleasure to work with’. Christopher Mann, who heads the firm’s global infrastructure practice, also impresses in infrastructure, power, energy, mining and natural resources. John Estes is noted for mining sector transactions and Werner Ahlers has worked on a series of M&A deals involving energy assets. All partners are based in New York.

Leading lawyers

Sergio Galvis - Sullivan & Cromwell LLP

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Further information on Sullivan & Cromwell LLP

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Latin America: International firms

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