Kuri Breña, Sánchez Ugarte y Aznar > Mexico City, Mexico > Firm Profile

Kuri Breña, Sánchez Ugarte y Aznar

Mexico > Capital markets Tier 2

Kuri Breña, Sánchez Ugarte y Aznar fields a busy and specialised capital markets practice, which can claim extensive experience advising bond issuers and financial intermediaries on the design and implementation of securitisation structures for several kinds of assets, as well as issuances of equity and debt instruments. Daniel Kuri Breña, who can take credit for the design and implementation of the first trade receivables securitisation in Mexico, and is constantly involved in securitisations and other structured financing transactions, co-heads the practice with Álvaro Sarmiento, who has solid knowledge of the issuance of debt instruments in the Mexican securities market. Other key contacts include Miguel Vallejo and José Alejandro Casas, who were promoted to partner and counsel respectively in February 2022, and boast strong expertise in equity and debt securities issuances. Industry sector expertise includes banks and financial services, energy, telecommunications, government, construction, and automobiles & parts.

Practice head(s):

Daniel Kuri Breña; Alvaro Sarmiento

Key clients

Vinte Viviendas Integrales

Proyecto Fibraeco Administración


Naturgy México

Bepensa Bebidas

Paccar Financial México


Arrendadora y Soluciones de Negocios

Inter-American Investment Corporation (“BID Invest”)

Sistema de Crédito Automotriz


Corporación Financiera Atlas

Serfimex Capital

Work highlights

  • Advised Paccar Financial México regarding a short and long-term notes program, for a total amount up to MX$10bn and a validity of 5 years.
  • Advised Naturgy México on the first and second issuances of long-term notes (certificados bursátiles), from a five-year, MX$10bn program in the Bolsa Mexicana de Valores.
  • Advised Arrendadora y Soluciones de Negocios on a MX$700m securitisation of accounts receivable deriving from lease and loan agreements originated by Arrendamas.

Mexico > Banking and finance Tier 3

A popular choice for lenders and borrowers alike, Kuri Breña, Sánchez Ugarte y Aznar's seasoned department has developed a competitive structured and asset-backed finance practice, and is also recommended for its expertise in project and real estate-related financing. The group offers additional experience representing Mexico’s development banks, mainly thanks to the expertise of Rodrigo López. He, together with Alejandro Sobarzo (project finance); Álvaro Sarmiento (structured finance); and Guillermo Garay (financial restructuring transactions, syndicated loans, bilateral loans and cross border financing), comprises the four-partner team fronting the practice. Founding partner Daniel Kuri Breña, and senior associate Silvia Roldán provide additional key expertise.

Key clients

Crédito Real



Banco Itaú


BMO Harris Bank


Banco Nacional de Comercio Exterior (Bancomext)


Altum / CKD RF

Altum / Lynx

Work highlights

  • Acted for the consortium formed by Crédito Real and two investment funds managed by Promecap and CS2CK15 on the acquisition of a package of accounts receivable arising from credits granted by Banco Ahorro Famsa, currently undergoing court-ordered liquidation.
  • Advised Vitro and certain of its subsidiaries on the structuring and negotiation of an unsecured credit agreement for the amount of $150m granted by BBVA Bancomer.
  • Advised Mexarrend on the structuring and negotiation of a credit agreement for the amount of MX$3bn granted by certain lenders party thereto, and whereby Credit Suisse (Cayman Islands branch) acted as administrative agent.

Mexico > Corporate and M&A Tier 4

Kuri Breña, Sánchez Ugarte y Aznar's well-established practice is known for advising public and privately held companies on matters ranging from M&A, joint ventures, private equity, venture capital and cross-border transactions, to general corporate matters - particularly in relation to the real estate, energy, manufacturing, banking and automotive sectors. A skilled partner-trio comprised of Daniel Kuri Breña, who provides additional expertise on capital markets and finance matters; Luis Octavio Nuñez, who is especially active in the real estate sector; and antitrust specialist Jesús Sánchez Ugarte, co-heads the department. Associates Elizabeth Tovar, Álvaro Alan Pérez and Selene González are other names to note.

Practice head(s):

Daniel Kuri Breña; Luis Octavio Nuñez; Jesús Sanchez Ugarte


The team has excellent knowledge of the different civil and commercial proceedings, timely recommendations and takes into consideration the company’s legal history. In the relationship with the client they are very accessible, courteous and technically accurate.’

The strengths of the firm are the preparation of the lawyers at all levels. They all have full knowledge of their subject matter, professionalism and a quick ability to resolve doubts in a precise manner.’

Luis Octavio Núñez is an excellent lawyer, with a broad and deep knowledge of the subject, he speaks with great eloquence and technical precision. Alvaro Alan Pérez is a young lawyer with a great future. He is fast and professional.’

Daniel Kuri Breña has an excellent client service and a lot of experience.’

Key clients


Grupo Consupago and Consubanco

Grupo Jumex

Subsea 7

Grupo Motriz

Work highlights

  • Advised Grupo Consupago and Consubanco on the acquisition of Fisofo.
  • Advised Subsea 7 and Blue Marine Technology in relation to a joint venture for the construction and servicing of offshore infrastructure in Mexican waters.
  • Advised Jumex on the due diligence process, and preparation, negotiation and closing of a share purchase purchase agreement for the acquisition of Gold Citrus.

Mexico > Real estate Tier 4

Kuri Breña, Sánchez Ugarte y Aznar's real estate practice has significant strength advising clients from the construction, manufacturing, automotive, retail, commercial and hospitality sectors, among others, on matters including acquisitions, sales, leasing and the development of projects, as well as financing, securitisation, joint ventures and lease agreements, The team is co-led by a trio of experienced partners: Luis Octavio Nuñez is an experienced corporate and finance lawyer with extensive experience in real estate matters; Bernardo Luna has particular experience in the structuring and financing of projects, particularly in the energy and roads sectors, and across the infrastructure area in general; and senior partner Guillermo Garay, who handles mergers and acquisitions, public and private biddings, financing and securitisations, as well as real estate transactions.. Key associate support is provided by senior Elizabeth Tovar who has approaching a decade's specialisation in real estate matters.

Practice head(s):

Luis Octavio Nuñez Orellana; Guillermo Garay Espinosa; Bernardo Luna Gutierrez


‘It is one of the only offices in which the partner is really involved in the operation, who is aware of everything and that, of course, permeates his team, who also have extensive knowledge of the matter being discussed. In terms of the team, they really stand out from many other firms. People from our company ask to work with them because they are a great team and they are very clear about what “customer service” is.’

‘The work of Luis Octavio Núñez is outstanding, he is a highly prepared person who always gets to the heart of difficult negotiations and gives surprising alternatives and answers. He is a highly accessible partner. His associate Alfonso Alfaro is also “outstanding”. He always answers, he is always aware of his client and of the issues. It is a pleasure to work with them.’

Key clients




Salles Sainzs – Grant Thornton

Work highlights

  • Advised Prologis in connection with the acquisition of several plots of land in the State of México for a new development; said plots have a total surface of 100 hectares and arise from agrarian ownership.
  • Advised Prologis in connection with its acquisition of an industrial warehouse located in México City from Stellantis.
  • Advising Terrabrio on a joint venture and the development of a large, mixed-use real estate project in Mérida, Yucatán.

Kuri Breña, Sánchez Ugarte y Aznar is a leading corporate law firm located in Mexico City that provides efficient, dynamic and personal services with a business perspective. Since its foundation in 1990, it has implemented some of the largest Mexican privatisations in the financial and industrial sectors; it has taken part in the design of important infrastructure projects and has conducted the negotiation and implementation of some of the most important financial restructurings in Mexico.

The firm has robust tax and antitrust capabilities led by a highly regarded tax specialist and the former president of the Antitrust Regulatory Commission. With high ethical standards and commitment, the firm participates in the negotiation and implementation of mergers and acquisitions, private equity transactions, financings and equity and debt offerings in the public markets. The firm constantly innovates in structured financing and real estate transactions, as well as in antitrust matters.

Main areas of practice
Mergers and acquisitions: The firm takes an active role in the structuring and implementation of mergers, equity acquisitions, and the purchase and sale of going concerns. The firm offers services such as the preparation and negotiation of contracts, obtaining corporate authorisations, compliance with regulatory requirements and, in general, all aspects necessary to implement and close such transactions. The firm frequently advises clients in matters related to venture capital investments, private equity investments and in the implementation of other investment mechanisms, as well as in the sale of equity participations of such clients in Mexican companies.

Banking, structured finance and restructuring: The firm engages in the drafting, negotiation and closing of credit agreements, debt restructuring agreements, financing plans, as well as other types of contracts related to project and bank financing. The firm has been involved in important securitisation and restructuring transactions concerning multinational companies as well a large number of states and municipalities.

KSA advises domestic and international financial institutions in all their commercial activities, as well as in corporate governance matters. The firm also works with foreign banks and other financial institutions in matters related to their operations in Mexico, including the establishment of representative offices and subsidiaries.

 Securities: The firm advises Mexican companies and sovereign entities in the issuance of debt and equity securities, in Mexico, and in the international markets, in public or private placements. The firm has also advised groups of shareholders of Mexican companies in secondary offerings. In this area, the firm participates in securing the required approvals from the National Securities and Banking Commission and the listing of the securities. The firm performs due diligence, and participates in the drafting of offering memoranda, prospectus and other offering materials, negotiation of underwriting agreements, indenture trusts indentures and other related documents. The firm also advises issuers in connection with their reporting obligations and ruling requests.

 Real estate: The firm is involved in a variety of transactions related to the acquisition, sale, lease and development of real estate, including the financing and securitisation of cash flows originating from real estate properties.
The firm’s experience includes the design and implementation of legal structures for the purchase, sale or lease of real property for resorts, as well as for commercial or industrial purposes, using structures such as trusts, ‘sale and lease-back’, usufruct and development and management agreements, among others.

Antitrust and international trade: The firm has experience in anti- trust matters and has represented domestic and international clients in important cases before the Federal Antitrust Commission, related to mergers, acquisitions and investigations on monopolistic practices. The firm has also developed an important practice on international trade, including the representation of Mexican and foreign companies in connection with investigations on predatory commercial practices and subsidies. The practice includes the participation in procedures before the Ministry of Economy and international panels.

Infrastructure: KSA has represented both international and domestic clients in infrastructure projects including energy, telecommunications, toll roads, mining and steel industries and in securing all governmental approvals necessary to operate or finance these projects, including setting up partnerships or joint venture agreements and corporate structures for financing and investment.

Foreign investment: KSA is usually involved in drafting and negotiating all kinds of agreements to structure business combinations, joint ventures, shareholders agreements and other documentation in connection with the participation of foreign investors in business entities.

Arbitration and alternative dispute resolution: The arbitration practice includes advising clients in all phases of arbitration proceedings and, if necessary, coordination of attorneys with experience in other areas of law, based in Mexico or abroad. The attorneys of the firm advise clients in arbitration proceedings conducted through the International Chamber of Commerce and other organisms of high reputation.

Tax consulting: With a team of recognized experts in tax consulting, the firm advises clients on the tax matters that arise on a daily basis in their businesses. The firm also advises clients in tax consulting regarding mergers and acquisitions, corporate restructuring, financing and other operations, both domestic and international.

Tax and administrative litigation: The firm has experience advising clients in the implementation of defensive measures against tax authorities, including the use of revocations, annulments, appeals and constitutional remedies. The firm defends its clients against disputes arising from governmental activities through any public agency, including those derived from public contracts, the granting of concessions, authorisations or the imposition of fines and other sanctions. The firm’s services include handling review procedures by tax or administrative authorities that give rise to actions affecting its clients.

Procurement and compliance: The team has advised government or public entities through whole tender processes. It has advised on appropriate procurement mechanisms, assisted in drafting tender documentation, and provided advise in legal issues that arise when the tenders are evaluated. For private entities, the firm assisted on responding to government tenders, preparing submissions, and negotiating various government contracts. The Compliance practice focuses on anti-bribery, anticorruption, anti-money laundering and data protection. The firm advise entities in specific issues once they arise as well as risk prevention, by reviewing current practices, developing and implementing enhanced compliance processes, and monitoring the changes and improvements.

Fintech: Kuri Breña, Sánchez Ugarte y Aznar regularly advises domestic and international crowdfunding platforms, digital wallets, challenger banks, exchanges, payment facilitators and private equity and venture capital funds, as well as commercial banks and non-bank financial institutions involved in the Fintech sector. Our services include advice on regulatory and compliance matters under the Mexican Fintech Law and regulations, applications and related filings to obtain authorization from the Mexican regulator to operate as a fintech entity, and general corporate and contractual matters.

Securities Alvaro Sarmiento Lapiedraasarmiento@ksa.mx
Securities Daniel Kuri Breña Romero de Terrerosdkuribrena@ksa.mx
Infrastructure and Procurement Bernardo Luna Guerrerobluna@ksa.mx
Banking, Structured Finance and Restructuring Alejandro Sobarzo Hadadasobarzo@ksa.mx
Mergers and Acquisitions Guillermo Garayggaray@ksa.mx
Real Estate Luis Octavio Núñez Orellanalnunez@ksa.mx
Antitrust and International Trade Jesús Sánchez Ugartejsanchez@ksa.mx
Tax Consulting and Tax & Administrative Litigation Julio Freyssinier Isoardjfreyssinier@ksa.mx
Fintech Rodrigo López Márquezrlopez@ksa.mx
Partners : 9
Total staff : 33