DLA Piper Mexico

DLA Piper advised Empresa Distribuidora y Comercializadora Norte S.A. (Edenor), Argentina’s largest electricity distribution company, in its issuance of new additional Class 7 notes.  The additional issuance of Class 7 notes further increased the outstanding volume, enabling Edenor to strategically harness favorable market conditions in parallel with other prominent issuers. The notes are denominated and payable in US dollars, at a fixed annual nominal interest rate of 9.75 percent. The notes mature on October 24, 2030, under the company’s global issuance program for up to US$750 million (or its equivalent in other currencies), as authorized by the Argentine Securities Commission. The additional notes were issued in the amount of V/N US$90 million, thereby increasing the total nominal value of the outstanding Class 7 Notes to US$475 million. DLA Piper acted as legal counsel under New York and Argentina law to Edenor with a team comprising of Partners Joshua A. Kaufman (New York), Marcelo Etchebarne, Alejandro Nobila, Of Counsel Nicolás Teijeiro, and Associates Daiana Suk and Federico Vieyra (all Buenos Aires). Edenor’s additional issuance of Class 7 notes exemplifies DLA Piper’s international reach, sophisticated cross-border structure, and seamless collaboration and coordinated efforts across the firm’s Latin America and US teams. DLA Piper in Latin America’s team offers full-service business legal counsel to domestic and multinational companies with interests in and operations throughout the region. Our integrated approach to serving clients combines local knowledge with the resources of the DLA Piper global platform. With more than 400 lawyers practicing throughout Argentina, Brazil, Chile, Mexico, Peru, and Puerto Rico, in addition to our US-based cross-border attorneys, our teams frequently work with our professionals throughout the LatAm region, Iberian Peninsula, and around the globe. DLA Piper’s global platform of 90+ offices in more than 40 countries enables us to serve all our clients’ legal and business needs, whether they are based in Latin America or wish to do business there. Related professionals:Josh Kaufman, Marcelo Etchebarne, Alejandro Noblía, Nicolas Teijeiro, Daiana Suk, Federico Vieyra

The Ministry of Economy in Mexico recently published the Institutional Program 2026–2030 of the Federal Consumer Protection Agency (PROFECO) in the Official Gazette of the Federation. The Program establishes the objectives and strategies that will guide PROFECO's actions over the next five years. In accordance with the Program, PROFECO will intensify its regulatory and oversight activity, directing its resources toward correcting commercial practices that it considers structurally harmful to consumers in Mexico. In practical terms, the Program anticipates a more active regulatory environment with higher compliance expectations for suppliers operating in Mexico – particularly in terms of advertising, e-commerce, adhesion contracts, labeling, product quality, and handling of consumer complaints. Strengthening PROFECO's oversight and sanctioning powers will likely involve increased scrutiny of business practices and internal compliance programs over the next few years. For companies that offer goods or services in the Mexican market, the Program is a reference point for regulatory priorities and expectations in the consumer-protection compliance environment. Companies that do not implement this new regulatory approach could face more frequent verification procedures, harsher penalties, and increased public scrutiny of their business practices. Context and assessment of the problems identified by PROFECO PROFECO identified five structural problems in consumer relations that are directly relevant to suppliers’ operations in Mexico: Misleading advertising and marketing of unsafe or poor-quality products Abusive business practices Informational inconsistencies in contracts and contracting processes Inadequate access to information for responsible consumption Low trust in public institutions Strategic objectives and implications for suppliers The Program is structured around five strategic objectives that have a direct impact on the regulatory obligations and risks of suppliers. Ensure access to clear information on goods, products, services, and consumer rights Action plans for information access include the following: Preparation of quality studies on goods and products Evaluation of goods and products through technical analysis and standardized testing methods Dissemination of information on goods, products, and services that could represent risks to the life, health, or integrity of consumers Identification of misleading advertising in mass media and digital platforms Strengthening of the "Who's Who" programs Promote fair consumer relations by suppliers of goods, services, and products The Program lists the following action steps for promoting fair consumer relations: Review compliance with Official Mexican Standards applicable to labeling and commercial information Execute verification and surveillance actions, especially during high-consumption seasons Disseminate information on the behavior of suppliers through the PROFECO Commercial Bureau Promote responsible fair-trade practices and trade information Supervise compliance with obligations related to commercial promotions Strengthen the imposition and execution of administrative sanctions through the Administrative Enforcement Procedure, in its capacity as a tax authority Strengthen mechanisms for the defense of consumer rights In the Program, PROFECO puts forward the following approaches for defending consumer rights: Strengthening digital mechanisms for dispute resolution Modernizing face-to-face and remote conciliation and arbitration systems Promoting the use of class actions and their legal representation Strengthening the processes for registering, reviewing, and approving adhesion contracts Developing additional protection mechanisms derived from the increase in electronic commerce Implementing special projects related to the use of artificial intelligence (AI) and algorithms in digital platforms Promote a culture of responsible and sustainable consumption Action plans for promoting responsible consumption consider: Dissemination of didactic and informative materials on goods and services through physical and digital media Holding of educational sessions on consumer rights in the Consumer Protection Offices Strengthening of institutional mechanisms for the promotion of responsible consumption, including the Consumer Advisory Council Strengthen the institutional performance of PROFECO Among the main actions planned for PROFECO are: Promoting adjustments to the Federal Consumer Protection Law (LFPC), its regulations, and other applicable provisions – particularly in terms of electronic commerce, AI, and algorithms in commercial platforms Promoting inclusive and accessible care mechanisms for groups in vulnerable situations Strengthening the dissemination of PROFECO's functions and the quality of its advisory, conciliation, arbitration, and opinion processes Regulatory exposure and mitigation for suppliers Against this backdrop, suppliers operating in the Mexican market are encouraged to adopt a proactive compliance approach – aligned not only with applicable legislation, but also with the regulatory specifications and supervisory criteria announced by PROFECO in the Program. In the area of adhesion contracts, the Program anticipates a simplification of registration processes, accompanied by more intensive supervision of existing contracts. The review will likely focus on verifying that the content, language, and structure of such regulatory records are accessible to the average consumer. The systematic monitoring of advertising will be one of the regulatory priorities during the period of validity of the Program. Consequently, suppliers must check that all commercial messages – including those disseminated on social networks and digital platforms – are truthful, verifiable, and do not omit information that could lead to error. Likewise, the strengthening of internal compliance programs in consumer protection will be increasingly relevant, not only for the adequate handling of claims and procedures before PROFECO, but also from a reputational perspective – particularly in the face of the public information available in the Commercial Bureau of the authority. Finally, in terms of product labeling and quality, companies are encouraged to ensure that the commercial information accurately reflects the composition and characteristics of the goods and that they comply with the applicable Official Mexican Standards. How DLA Piper can help DLA Piper’s Mexico-based team has extensive experience in consumer protection; regulatory compliance before PROFECO; defense in conciliation proceedings; arbitration, verification, and infringement of the LFPC; design of trade compliance programs; and strategic advice in the face of evolving regulatory environments. We are available to our clients to analyze their specific exposure to the new Program and strategize mitigation measures adapted to each sector and business model.

DLA Piper advised Artistic Milliners, a global denim manufacturer, in its acquisition of a majority stake in denim supplier Cone Denim from textile supplier Elevate Textiles. Cone Denim will continue to operate as a standalone portfolio company under Artistic Milliners. The new entity will seek to operate a global platform spanning both hemispheres and will be comprised of a combination of selected assets from each organization. Cone Denim will also now operate mills in Mexico, China, and the US. “We were excited to work with Artistic Milliners on this strategic matter, showcasing the breadth of our cross-border experience,” said deal lead Michael J. McGuinness, US-LatAm Practice Group Regional Co-Leader, Corporate M&A and Private Equity. “It’s not just the firm’s global reach, but it's cohesive service, that helps clients navigate complex deals with clarity.” "Working with DLA Piper has provided us with a comprehensive global perspective,” said Murtaza Ahmed, CEO of Artistic Milliners. “The firm's ability to integrate insights across multiple jurisdictions exemplifies the level of collaboration we seek as we expand our international operations.” In addition to McGuinness (New York), Of Counsel Violeta Libergott (US/Brazil) co-led DLA Piper’s cross-border and multi-practice team across the US, United Arab Emirates (UAE), China, and Mexico. The team also consisted of Partners Nick Klein, Elyssa Kutner, Brian Janovitz, Larissa Bifano, Amadeu Ribeiro (all US), Therese Abou-Zeid (UAE), Jorge Benejam (Mexico); Partner Tina Xia and Senior Legal and Tax Manager Peter Chen (both China); Head of Sovereign and LP Investment, MENA, Kurt Alfrey (UAE); Of Counsel Andy Eklund (US); Associates Regina Esparza (Mexico), Regine Lewis, and Michael Haggerson, and Syeda Kamal (all US). With more than 1,000 corporate lawyers globally, DLA Piper helps clients execute complex transactions seamlessly while supporting clients across all stages of development. The firm has been rated number one in global M&A volume for 15 consecutive years, according to Mergermarket, and ranked as number one in VC, PE and M&A in combined global deal volume according to PitchBook.

Escrita por: Roberto Ríos Artigas, María Eugenia Ortega Jiménez, Guillermo Enrique Parra Arteaga El 11 y 15 de mayo de 2026, la Secretaría de Energía (“SENER”) publicó en el Diario Oficial de la Federación (“DOF”) la Segunda Convocatoria para la atención prioritaria de solicitudes de permisos de generación de energía eléctrica e interconexión al Sistema Eléctrico Nacional (“Segunda Convocatoria”)1 y la Convocatoria para la Atención de Proyectos Estratégicos de Generación y Almacenamiento de Energía Eléctrica (“Tercera Convocatoria”)2, respectivamente, ambas alineadas a la planeación vinculante. La Segunda Convocatoria establece el mecanismo, requisitos, calendario y criterios técnicos y administrativos para tramitar permisos de generación ante la Comisión Nacional de Energía (“CNE”), buscando agilizar los procesos para desarrolladores independientes de proyectos de energía renovable. La Tercera Convocatoria promueve proyectos en asociación con la Comisión Federal de Electricidad (“CFE”), mediante Esquemas para el Desarrollo Mixto u otra modalidad permitida por la Ley de la CFE. Sin embargo, dado que la asociación con CFE es obligatoria, estos proyectos tienen requisitos adicionales para los desarrolladores. Para solicitar un permiso ante la CNE, los desarrolladores deben primero obtener la aprobación del Grupo de Análisis Técnico (“GAT”) y formalizar su asociación con CFE conforme a la Ley de la Empresa Pública del Estado, CFE (“Ley de la CFE”) y los Lineamientos de los Esquemas para el Desarrollo Mixto. Adicionalmente, la Tercera Convocatoria incorpora proyectos de almacenamiento, una tecnología estratégica para la confiabilidad del SEN, y establece un marco de publicación periódica de capacidades, lo que podría ayudar a identificar oportunidades en cada región del SEN. Posteriormente, la SENER publicó en el DOF cuatro modificaciones a la Segunda Convocatoria: la primera el 26 de mayo de 2026, la segunda el 8 de junio de 2026, la tercera el 18 de junio de 2026 y la cuarta el 10 de septiembre de 20263, con el propósito de ampliar los plazos del calendario originalmente previsto. En consecuencia, las fechas referidas a continuación respecto de la Segunda Convocatoria corresponden al calendario vigente conforme a dichas modificaciones. Segunda Convocatoria Objeto y alcance La Segunda Convocatoria establece un mecanismo de atención prioritaria de solicitudes de permisos de generación de energía eléctrica renovable para asegurar la expansión del SEN, fijando los parámetros técnicos aplicables. Se dirige a personas interesadas en desarrollar proyectos con capacidad igual o mayor a 0.7 MW que se interconecten al SEN, cubriendo los requerimientos de capacidad de generación que no fueron satisfechos a través de la Primera Convocatoria ni de la Convocatoria para Esquemas de Desarrollo Mixto de la CFE, conforme a la planeación vinculante del sector eléctrico, con entrada en operación comercial entre 2027 y el primer semestre de 2030. Se excluyen proyectos de generación distribuida, autoconsumo, cogeneración, Esquemas para el Desarrollo Mixto, proyectos asociados a permisos vigentes y aquellos ubicados en regiones no contempladas en la planeación vinculante. Reglas y requisitos generales La Ventanilla Única de Proyectos Estratégicos del Sector Energético (“VUPE”) es el medio para presentar registros de manifestación de interés e integrar expedientes, mientras que la Oficialía de Partes Electrónica (“OPE”) es el canal para ingresar solicitudes de permiso. Los proyectos previamente en trámite ante el Centro Nacional de Control de Energía (“CENACE”) o la CNE pueden ser reconocidos si las personas interesadas ratifican su solicitud conforme a los mecanismos de la convocatoria y están alineados con la planeación vinculante. El CENACE notifica en un solo documento los resultados de estudios, Obras de Interconexión, Obras de Refuerzo, Nivel de Tensión y costo estimado. Una vez aceptadas las características mediante el Formato de Aceptación de Obras, la ejecución es irrevocable. Evaluación y aprobación La CNE y el CENACE verifican el cumplimiento de requisitos legales, técnicos y procedimentales, incluyendo la manifestación de interés, las Disposiciones de Permisos, el pago de estudios, la alineación a la planeación vinculante y la aceptación de obras. La CNE remite los expedientes que cumplan la normatividad al GAT, que emite opinión técnica y valida capacidades elegibles. La SENER y el CENACE deben entregar a la CNE la información solicitada a más tardar el 28 de octubre de 2026. El Comité Técnico de la CNE resolverá sobre la aprobación en sesión extraordinaria del 4 al 5 de noviembre de 2026, emitiendo los permisos el 9 de noviembre de 2026. Títulos de permiso Los títulos de permisos deben incluir la obligación de acreditar el esquema de financiamiento dentro de ocho meses a partir de la notificación, presentar garantía por las Obras de Interconexión, Conexión y de Refuerzo ante el CENACE previo a la firma del contrato de interconexión, y obtener en un plazo máximo de seis meses la autorización en materia de Manifestación de Impacto Social y la autorización en materia de impacto ambiental. Contratos de interconexión Una vez presentada la garantía financiera ante el CENACE, éste cuenta con diez días hábiles para instruir a la transportista la suscripción del contrato de interconexión, y la transportista, a su vez, cuenta con el mismo plazo para formalizarlo con la persona permisionaria. Seguimiento y obligaciones La SENER, la CNE y el CENACE deben dar seguimiento al desarrollo de los proyectos hasta su interconexión al SEN y su Declaración de Entrada en Operación Comercial, pudiendo solicitar evidencia del avance en estudios, permisos, autorizaciones, gestiones prediales y cierre financiero. El incumplimiento de términos y plazos puede motivar el inicio de procedimientos administrativos, incluyendo los de terminación o revocación. Tercera Convocatoria Objeto y alcance La Tercera Convocatoria incorpora proyectos de generación de energía eléctrica renovable y Sistemas de Almacenamiento de Energía Eléctrica no Asociados, ambos bajo la modalidad obligatoria de Proyecto en Asociación con la CFE. Persigue fomentar proyectos estratégicos alineados con la planeación vinculante, ordenar y agilizar trámites y establecer referencias de Capacidad Requerida.4 Se dirige a proyectos con capacidad igual o mayor a 0.7 MW que contribuyan a la confiabilidad, eficiencia y sostenibilidad del SEN, cuenten con viabilidad técnica, social y ambiental, y manifiesten el Esquema de Desarrollo Mixto bajo el cual se formalizará la asociación, priorizando aquellos con Entrada en Operación Comercial prevista antes de 2030. Se excluyen proyectos de generación distribuida, autoconsumo, cogeneración, centrales con permiso previo, Sistemas de Almacenamiento que no requieran permiso, Sistemas asociados a infraestructura del Servicio Público de Transmisión y Distribución, y Sistemas vinculados a Centrales o Centros de Carga con permisos vigentes. Reglas y requisitos generales La VUPE es el medio para presentar registros de manifestación de interés, incluyendo la solicitud de estudios de conexión y la indicación del tipo de Proyecto en Asociación con la CFE. El CENACE notifica resultados de estudios, Obras de Interconexión o Conexión, Obras de Refuerzo, Nivel de Tensión y costo estimado. Una vez aceptadas las características mediante el Formato de Aceptación de Obras, la ejecución es irrevocable. Participación de autoridades La CNE, el CENACE y la CFE deben realizar las gestiones necesarias conforme a los plazos de la convocatoria. La CFE participa en la evaluación de procedencia de Proyectos en Asociación y en la fase de interconexión o conexión física al SEN. Evaluación y aprobación La CNE remite los expedientes al GAT, que emite opinión técnica y valida capacidades elegibles. El GAT prioriza proyectos con mayores beneficios para el SEN cuando la demanda excede la Capacidad Requerida, considerando entrada en operación comercial, ubicación, confiabilidad, flexibilidad operativa y eficiencia económica. La CNE debe pronunciarse en 2 días hábiles tras recibir la solicitud, notificando el permiso en 1 día adicional. Procedencia de Proyectos en Asociación con la CFE Una vez emitida la opinión técnica favorable del GAT, la CNE debe remitir a la CFE el expediente para que determine la procedencia del esquema de asociación conforme a la Ley de la CFE. La remisión no implica la aprobación del proyecto ni del permiso. Para la formalización se debe estar a la Ley del Sector Eléctrico, la Ley para la Transición Energética, la Ley de la CFE y los Lineamientos de los Esquemas para el Desarrollo Mixto vigentes. Títulos de permiso Los títulos deben incluir la obligación de cumplir con la normatividad aplicable e instrumentos jurídicos correspondientes para Proyectos en Asociación con CFE. Contratos de interconexión y/o conexión CENACE instruye a la Transportista o la Distribuidora la suscripción del contrato de interconexión o conexión, según corresponda, en un plazo de diez días hábiles. Para Sistemas de Almacenamiento se debe estar a la normatividad específica aplicable. Existe una etapa específica de interconexión o conexión física al SEN en un plazo de 10 días, donde la CFE debe realizar las acciones necesarias. Garantías financieras Las personas que hayan obtenido permiso deben presentar la garantía financiera a través de la VUPE. Los estudios de conexión e interconexión deben precisar el monto de garantía. Publicación periódica de capacidades La SENER debe actualizar al menos mensualmente la Capacidad Requerida, la Capacidad Comprometida5 y la Capacidad Remanente6, considerando los resultados en convocatorias previas, los procesos de Esquemas para el Desarrollo Mixto de la CFE y el Programa de Desarrollo del Sector Eléctrico. Seguimiento y obligaciones El seguimiento corresponde a la SENER y la CNE, pudiendo solicitar evidencia del cumplimiento progresivo de requisitos relacionados con avance en estudios, permisos, autorizaciones, gestiones prediales y cierre financiero. La CFE debe realizar las acciones necesarias para la Entrada en Operación Comercial. El incumplimiento de los plazos de 6 meses para obtener autorizaciones sociales y ambientales y para cumplir con la normatividad de Proyectos en Asociación con la CFE constituye causal potencial de terminación o revocación. Referencias de Capacidad Requerida Para generación, la referencia considera los requerimientos y resultados de convocatorias previas, el Programa de Desarrollo del Sector Eléctrico y la planeación vinculante, priorizando proyectos con Entrada en Operación Comercial prevista antes de 2030. Para Sistemas de Almacenamiento no Asociados, se establece una tabla de referencia por Gerencia de Control Regional con un total de 935 MW distribuidos entre Baja California (140 MW), Baja California Sur (50 MW), Norte (245 MW), Noroeste (160 MW), Oriental (180 MW), Occidental (20 MW) y Peninsular (140 MW), sin constituir un límite estricto. Este documento tiene fines exclusivamente informativos y no constituye asesoría ni opinión jurídica formal. Para comentarios, favor de dirigirse a cualquier miembro del equipo de DLA Piper México, S.C.   Read this alert in English.   1Segunda Convocatoria para la atención prioritaria de solicitudes de permisos de generación de energía eléctrica e interconexión al Sistema Eléctrico Nacional, alineados a la planeación vinculante, publicada en el DOF el 11 de mayo de 2026, disponible en: https://dof.gob.mx/nota_detalle.php?codigo=5787117&fecha=11/05/2026#gsc.tab=0. 2Convocatoria para la Atención de Proyectos Estratégicos de Generación y Almacenamiento de Energía Eléctrica, alineados a la planeación vinculante, publicada en el DOF el 15 de mayo de 2026, disponible en: https://dof.gob.mx/nota_detalle.php?codigo=5787666&fecha=15/05/2026#gsc.tab=0. 3Acuerdo por el que se emite la cuarta modificación a la Segunda Convocatoria para la atención prioritaria de solicitudes de permisos de generación de energía eléctrica e interconexión al Sistema Eléctrico Nacional, alineados a la planeación vinculante, publicado en el DOF el 10 de septiembre de 2026, disponible en: https://dof.gob.mx/nota_detalle.php?codigo=5798361&fecha=10/09/2026#gsc.tab=0.   4La “Capacidad Requerida” funciona como un techo regulatorio cuantificable que delimita cuánta capacidad de generación o almacenamiento puede asignarse en una región determinada del SEN a través de la Tercera Convocatoria (Ver Tercera Convocatoria, 2.V. “Capacidad Requerida: Capacidad fija de generación de energía eléctrica o Potencia SAEE, expresada en MW, que se determina para cada Gerencia de Control Regional, Subestación o Punto de Operación Comercial, conforme a la planeación vinculante. La Capacidad Requerida constituye el límite objetivo a cubrir mediante los proyectos que participen en la Convocatoria de Proyectos Estratégicos personas solicitantes acepten los términos aplicables y continúen en el procedimiento previsto en la propia convocatoria”). 5La “Capacidad Comprometida” representa la fracción de la Capacidad Requerida que ya ha sido asignada a proyectos que cumplieron ambas condiciones acumulativas: (a) obtener el permiso de generación o almacenamiento y (b) presentar las garantías financieras asociadas a las obras de infraestructura. En tanto que no se satisfagan ambos requisitos de manera conjunta, la capacidad no se considera “comprometida” y permanece como disponible (Remanente). (Ver Tercera Convocatoria 2.VI. “Capacidad Comprometida: Porción de la Capacidad Requerida que corresponde a proyectos que, al corte correspondiente, hayan obtenido un permiso y hayan presentado las garantías financieras [de Obras de Interconexión, Conexión y de Refuerzo], correspondientes”). 6La “Capacidad Remanente” representa el espacio disponible para que nuevos proyectos participen en la Convocatoria y obtengan permisos en una región determinada (Ver Tercera Convocatoria 2.VII. “Capacidad Remanente: Diferencia entre la Capacidad Requerida y la Capacidad Comprometida al corte correspondiente, respecto de cada Gerencia de Control Regional, Subestación o Punto de Interconexión”).

DLA Piper represented Mexican issuer Cox Asset Mexico, S.A. de C.V. in connection with Grupo Cox’s inaugural US$2 billion bond offering to the US market. Structured as a 144A/Reg S transaction, the offering marks a significant milestone in Cox’s access to the US debt capital markets. The deal was upsized from an initially planned US$1.5 billion following approximately US$8.0 billion in investor demand. The transaction was more than five times oversubscribed, enabling Cox to increase the offering size, achieve improved pricing across both tranches, and allocate bonds to more than 200 primarily U.S.-based, long-only institutional investors.   Proceeds from the issuance were used to refinance approximately two-thirds of the US$2.65 billion bridge loan incurred in connection with the acquisition of Iberdrola México.   The DLA Piper team, co-led by attorneys in the United States and Mexico, included Partners Jamie Knox (New York), Robert da Silva Ashley (New York/Miami), Edgar Romo (Mexico City), and Associates Egzon Sulejmani (New York), Javier Pichardini, and Andrés Fernández (both Mexico City).   DLA Piper advises on all aspects of financing across borders, sectors, and financial products. The firm’s lawyers advise issuers, underwriters, selling shareholders, sponsors, arrangers, lead managers, originators, dealers, trustees, and depositaries on a broad range of capital markets offerings, including equity, equity-linked and debt securities, structured and project financings, and securitizations.   DLA Piper’s Latin America team offers full-service business legal counsel to domestic and multinational companies with interests and operations throughout the region. Our integrated approach combines local knowledge with the resources of DLA Piper’s global platform. With more than 400 lawyers practicing throughout Argentina, Brazil, Chile, Mexico, Peru, and Puerto Rico, together with our US-based cross-border attorneys, our teams frequently collaborate with colleagues across the Latin America region, the Iberian Peninsula, and around the world. DLA Piper’s global platform of 90+ offices in more than 40 countries enables us to serve clients’ legal and business needs, whether they are based in Latin America or seeking to do business there. For more information, visit Latin America | DLA Piper. Related professionals:Jamie KnoxRobert da Silva AshleyEdgar RomoEgzon SulejmaniJavier PichardiniAndrés Fernández

Written by: Sonia Torres Pabón, Nereida Melendez-Rivera, Francisca Franzani, Alberto Rubio, Antonio Cardenas Arriola, José Marcelo Allemant Transparency International recently published its 2025 Corruption Perceptions Index (CPI), which ranks 182 countries and territories by their perceived levels of public-sector corruption. According to the report released on February 10, 2026, Latin America scored an average of 42 out of 100, with two countries – Dominican Republic (37) and Guyana (40) – showing significant improvement. However, 12 of 33 countries’ scores have declined since 2012. This alert summarizes the key findings and implications for businesses and institutions operating in the region. Overview of the CPI 2025 The CPI uses a scoring scale from 0 (highly corrupt) to 100 (very clean) for its rankings. Notably, for the first time in more than a decade, the global average CPI score dropped to 42, with 122 out of 182 countries scoring below 50. The CPI report notes that persistent corruption in Latin America has been associated with challenges in governance, public services, and security. These factors remain relevant for foreign investors, multinational corporations, and legal practitioners operating in the region. Regional rankings – Americas The following table summarizes the CPI 2025 scores and its observations for selected American countries:   Country 2025 CPI score Key observations Uruguay 73 Regional leader; among the strongest democracies in the Americas Chile 63 Recent decline noted despite historically strong institutions United States 64 Sustained decline to its lowest score Argentina 36 Investigations into alleged corruption in the management of funds for medicines for people with disabilities Dominican Republic 37 One of two Latin American countries showing significant improvement since 2012 Guyana 40 One of two Latin American countries showing significant improvement since 2012 Ecuador 33 Decline in transparency and civic freedoms; laws limiting NGOs' access to funding and obstructing operations El Salvador 32 Increased intimidation and hostility toward independent media Peru 30 Corruption in public services has had severe consequences, including scandals involving contaminated food in public schools Mexico 27 Ranked 141/182 globally and last among OECD countries; linked to institutional weakness and organized crime infiltration Guatemala Below 27 Ranked just below Mexico Haiti 16 Among the three lowest in the region; marked by high repression and failed institutions Nicaragua 14 Among the three lowest in the region; entrenched corruption and repression Venezuela 10 Lowest-scoring country in the Americas; widespread corruption has fueled poverty and malnutrition   Key CPI 2025 themes and risks Organized crime and political infiltration: In several Latin American countries, corruption is increasingly linked to organized crime. In Mexico, the CPI findings highlight the infiltration of organized crime into politics, facilitating political influence and undermining accountability. This nexus between corruption and criminality poses heightened compliance and security risks for businesses operating in affected jurisdictions. Weakening of democratic checks and balances: Countries, including El Salvador and Ecuador, are experiencing a decline in transparency and civic freedoms. New laws limiting NGOs' access to funding, combined with intimidation and hostility toward independent media, have reduced citizen oversight and the ability to hold governments accountable. These developments signal heightened regulatory unpredictability and reputational risk. Impact on public services and human rights: In Peru, corruption in public services has resulted in severe consequences, including scandals in which alleged bribes to bypass health inspections reportedly led to contaminated food being distributed in public schools. In Venezuela, widespread corruption has contributed to a rise in poverty and malnutrition as millions of families survive on limited access to food, water, and electricity. These conditions underscore the human cost of unchecked corruption and the importance of robust due diligence. US FCPA enforcement considerations: The temporary freeze of Foreign Corrupt Practices Act (FCPA) enforcement pursuant to an Executive Order issued by President Donald Trump ultimately resulted in the revised FCPA Guidelines promulgated in June 2025. Among other things of note, the FCPA Guidelines prioritize enforcement against conduct involving criminal cartels (even if tangentially) and “transnational criminal organizations” (TCOs) more broadly. Those countries with significant cartel or organized criminal activity are encouraged to be alert to the enhanced risk to legitimate business that may unwittingly have contact with cartel members or organized crime, which is fairly common across multiple industries and sectors. The FCPA Guidelines also underscore “enforcement actions against conduct that directly undermines US national interests” – a broad category. Although DOJ leadership has pushed back on the suggestion that there has been any retreat in FCPA enforcement, the new policies shift the enforcement landscape for companies with operations in Latin America. Implications for businesses and compliance programs The CPI 2025 findings underscore the importance of robust anti-corruption compliance frameworks for companies operating in or expanding into Latin America. Businesses may consider the following: Enhanced due diligence: Companies are encouraged to strengthen third-party due diligence processes, particularly for agents, distributors, and joint-venture partners in countries with persistently low or declining CPI scores. Updated risk assessments: Organizations can update their country-level risk assessments to reflect the latest CPI data and country-specific factors, such as organized crime infiltration, weakened institutions, and civic space restrictions. Training and awareness: Anti-corruption training can be tailored to address the specific risks identified in the CPI, including bribery in public procurement, corruption in public services, and political exposure. Monitoring regulatory developments: Companies are encouraged to closely monitor developments in FCPA enforcement and other anti-bribery regimes, given signals of potential shifts in enforcement priorities. Conclusion Given the anti-corruption landscape in Latin America, as assessed in the CPI 2025 report, businesses and institutions are encouraged to remain vigilant. We will continue to monitor developments and provide updates as warranted. For further information or assistance with anti-corruption compliance matters in Latin America, please contact our US Latin America White Collar practice group: Sonia Torres – US and Puerto Rico Nereida Meléndez – US and Puerto Rico Francesca Franzani – Chile Alberto Rubio – Argentina Antonio Cárdenas – Mexico José Allemant – Peru

Written by: Roberto Rios Artigas, María Eugenia Ortega Jiménez, Juan Pablo Ávila, Andrés Fernández, Guillermo Enrique Parra Arteaga   On August 19, 2026,the Federal Electricity Commission (Comisión Federal de Electricidad, or CFE) published in the Federal Official Gazette (Diario Oficial de la Federación, or DOF) the General Provisions on Procurement, Leasing, Contracting of Services, and Execution of Works of the Federal Electricity Commission (Disposiciones Generales en materia de adquisiciones, arrendamientos, contratación de servicios y ejecución de obras de la Comisión Federal de Electricidad, or the Procurement Provisions). Issued by the CFE’s Board of Directors through Resolution CA-CFE-058/2026, dated July 13, 2026, the Procurement Provisions entered into force on August 20, 2026 in compliance with Article 81 of the Public State-Owned Enterprise Federal Electricity Commission Law (Ley de la Empresa Pública del Estado, Comisión Federal de Electricidad, or CFE Law). The Procurement Provisions repeal the General Provisions on Procurement, Leasing, Contracting of Services, and Execution of Works of the Federal Electricity Commission and its Productive Subsidiary Companies (Disposiciones Generales en Materia de Adquisiciones, Arrendamientos, Contratación de Servicios y Ejecución de Obras de la Comisión Federal de Electricidad y sus Empresas Productivas Subsidiarias), published in the DOF on June 23, 2015, together with their various amendments. On September 18, 2026, the CFE also published in the DOF the Policies Regulating the Circumstances in which the Federal Electricity Commission Shall Refrain from Considering Offers or Entering into Contracts on Procurement, Leasing, Contracting of Services, and Execution of Works (Políticas que regulan los supuestos en que la Comisión Federal de Electricidad se abstendrá de considerar ofertas o celebrar contratos en materia de adquisiciones, arrendamientos, contratación de servicios y ejecución de obras, or the Abstention Policies). The Abstention Policies, which entered into force on September 19, 2026, establish the procedure and criteria for determining the impediments contemplated in the Procurement Provisions and repeal the prior policies (of the same name) published in the DOF on December 22, 2022, together with their amendments. In this alert, we summarize the most relevant changes and aspects of both instruments. Procurement Provisions Legal nature and scope of application: The Procurement Provisions reflect the legal nature of the CFE as a public state-owned enterprise. Their scope of application is limited exclusively to the CFE and its procurements within national territory. The Procurement Provisions shall not apply, among others, to: Procurements carried out by CFE’s affiliate companies; Procurements carried out by the CFE with its affiliate companies; Procurements carried out by the CFE with public entities under the purview of the Ministry of Energy (Secretaría de Energía), the Ministry of Navy (Secretaría de Marina), the Ministry of National Defense (Secretaría de la Defensa Nacional), the Ministry of Economy (Secretaría de Economía), or the Digital Transformation and Telecommunications Agency (Agencia de Transformación Digital y Telecomunicaciones), which shall be governed by common law; and Procurements that do not generate a payment obligation for the CFE. Sustainability: Sustainability is one of the guiding principles of the procurement procedures, pursuant to Article 81, Section III of the CFE Law and Provision 3. This principle may result in environmental, social, and governance requirements or evaluation factors within the bidding specifications; accordingly, it is advisable for contractors and suppliers to anticipate their review when preparing offers. Electronic Procurement System: Procurement procedures shall be conducted, as a general rule, through the Electronic Procurement System (Sistema Electrónico de Contrataciones, or SEC) using electronic identification means. While the SEC is being implemented, procedures shall be carried out through the Procurement Microsite. In-person procedures shall require prior authorization from the Central Contracting Area, except for certain direct awards expressly excluded. Types of procedures: The CFE maintains four types of procurement procedures: 1) open tender, 2) simplified open tender, 3) restricted invitation, and 4) direct award. These procedures shall continue to be of a national character, an international character under treaty coverage, or an open international character. Counteroffers: Solely in matters of procurement, leasing, and services, the Procurement Provisions incorporate a new counteroffer stage in open tenders, simplified open tenders, and restricted invitations that cannot be formalized for reasons attributable to the winning bidder – provided that the bidding specifications contemplate it. This stage applies when: 1) the offers exceed the Maximum Procurement Price (the maximum amount resulting from the analysis of market conditions research, at which the CFE would consider the award of a contract feasible), or 2) there is a tie among offers. As a general rule, counteroffers must include a minimum discount of one percent from the Maximum Procurement Price or improve the originally offered price. Procurement mechanisms: The Procurement Provisions provide for differentiated mechanisms depending on the type of procurement involved. In matters involving procurement, leasing, and services, the mechanisms contemplated under the prior regime are maintained: 1) consolidation, 2) procurement for subsequent fiscal years, 3) on-demand procurement, 4) multiyear procurement, 5) negotiation, 6) joint offer, 7) base discount price, 8) prices subject to adjustment, 9) auctions, 10) subcontracting, and 11) simultaneous supply. Additionally, a new mechanism called “procurement by limits” is incorporated. Procurement by limits is applicable to services whose scope, volume of work, or specifications cannot be determined in advance. For its implementation, the head of the requesting area must provide a written justification of the circumstances preventing the definition of such elements, incorporating such justification into the market conditions research and the file of the corresponding procedure. Likewise, the inputs required for the provision of the service may not consist of goods that must enter CFE’s warehouses or be incorporated into its fixed assets. The maximum contract amount shall correspond to the allocated budget and may be increased in accordance with the Procurement Provisions; however, no minimum amount shall be established. Consequently, participants shall assume the uncertainty regarding the volume actually required and must structure their proposals on the basis of unit prices, without any guarantee of demand. Legal nature: Consistent with the prior regime, the acts within the procurement procedure – up to the moment of the award ruling and all acts tending toward the execution of the contract – are of an administrative nature. Once the contract is executed, the contract and all acts arising therefrom are of a private nature and are governed by applicable commercial or common law. Amendments to goods and services contracts: Contracts for the procurement or leasing of goods and the provision of services may be increased by up to 50 percent of their total amount, provided that the original contract items, prices, and conditions are maintained, pursuant to legally grounded and explicit reasons issued by the requesting area. This adjustment represents a material change compared to the prior regime. Although the 50-percent limit and the obligation to maintain the original contract items, prices, and conditions are preserved, the new Procurement Provisions no longer expressly require that amendments continue to represent the most advantageous conditions for the CFE. Instead, it suffices for the requesting area to issue legally grounded and explicit reasons justifying the amendment. For suppliers, this change eliminates a material benchmark and could broaden the CFE’s margin of discretion in authorizing contractual amendments. Amendments to works contracts: For works contracts at unit prices and mixed contracts, increases in additional work quantities must be formalized through an amendment agreement (convenio modificatorio) provided that 1) there is no substantial variation to the original project and 2) 30 percent of the contract amount is not exceeded. On the other hand, lump-sum works contracts, turnkey lump-sum contracts, or the lump-sum portion of mixed contracts do not admit amendments in amount or term, nor are they subject to cost adjustments. The Procurement Provisions expressly establish that a substantial variation is one that modifies the main characteristics of the contracted works or the object of the corresponding contract, which shall require a new procurement procedure. Subcontracting: As with the prior regime, subcontracting requires express authorization in the bidding specifications and the prior consent of the CFE regarding the technical and financial capacity of the subcontractors. The cumulative amount of subcontracting may not exceed 49 percent of the total contract amount. Assignment of rights: The assignment of rights and obligations is not permitted, except for the assignment of collection rights, which require the prior consent of the contract administrator. Such consent must be granted within a maximum period of five business days; failure to respond within such period shall be deemed a refusal to grant it. Likewise, as with the prior regime, the CFE may authorize or instruct the assignment when circumstances attributable to the supplier jeopardize the performance of the contract. Administrative rescission: The Procurement Provisions establish a rescission procedure similar to that provided for under the prior regime. The CFE may rescind contracts without the need for a judicial or arbitral resolution in the event of a breach of the corresponding contract, through: 1) written notification of the commencement of the rescission procedure; 2) the granting of a period of 15 business days for the corresponding contractor to assert its rights; and 3) an additional period of 15 business days for the CFE to issue the corresponding resolution. The CFE may opt not to rescind when the rescission would cause greater harm. In such case, it may grant an additional period to cure the corresponding breach, without prejudice to the application of contractual penalties or the payment of damages arising from such breach. Social witnesses: The Committee of the Board of Directors shall determine the thresholds above which open tenders must include a social witness, who shall participate as an observer with the right to speak from the issuance of the call for tenders through the award decision. Unlike the prior regime, which contemplated differentiated requirements for individuals and legal entities, the new Procurement Provisions eliminate the category of legal entities as social witnesses and unify the requirements under an individual profile, with the sole exception of nongovernmental nonprofit organizations. Social witnesses shall be selected by the social witness subcommittee from among the persons listed in the corresponding registry. Additionally, the possibility of exempting their participation is incorporated when the procedure contains information classified as reserved. Reconsideration recourse: The new Procurement Provisions broadened the prior regulation’s scope – under which the recourse was available exclusively against the award decision – to also include the determination declaring a tender or a restricted invitation wholly or partially void. This may open an additional defense against decisions that conclude the procedure without an award. The recourse must be filed before the collegiate body provided for in the CFE’s Organic Bylaws (Estatuto Orgánico de CFE), within five business days following the notification of the award decision or of the corresponding determination. Dispute resolution: For disputes arising from the interpretation or performance of contracts, as with the prior regime, the parties may agree on alternative dispute resolution mechanisms in accordance with the rules approved by the Board of Directors. Abstention Policies The Abstention Policies are intended to establish the criteria and the procedure that the CFE’s contracting areas must follow to establish the impediment grounds provided for in the Procurement Provisions. Among the most relevant grounds that shall require the CFE to refrain from considering offers or entering into contracts are the following: Conflicts of interest with the CFE or its affiliate companies; Debarments from engaging in commerce, practicing a profession, or holding public office; Outstanding breaches under contracts entered into with the CFE, or prior rescission of contracts due to causes attributable to the supplier or contractor; Improper obtaining of privileged information; Submission of multiple offers by persons under common control; Failure to formalize awarded contracts due to causes attributable to the bidder; Submission of false information; and Declaration of commercial insolvency proceedings (concurso mercantil). The Abstention Policies broaden certain of the aforementioned impediment grounds. The most relevant is that regarding conflicts of interest, for which a new establishment criterion is incorporated when: The bidder has interests adverse to those of the CFE that obstruct the fulfillment of CFE’s purpose, as said purpose is of public interest pursuant to the Electricity Sector Law; or Such interests cause harm to the public interest arising from legal, technical, or other strategies implemented under contracts entered into between both parties. This expansion is particularly relevant, as it introduces an impediment criterion based on harm to the public electricity interest that had no precedent under the prior policies. The Abstention Policies also establish differentiated periods depending on the contract amount. For procurement, leasing, and services, such periods range from three months for amounts up to MXN510,000 to 24 months for amounts exceeding MXN250 million. For works and related services, the periods range from three months for amounts up to MXN10 million to 36 months for amounts exceeding MXN1 billion. In all cases, the period is computed from the notification of the corresponding determination. Unlike the prior regulation, the Abstention Policies provide that a bidder, supplier, or contractor may be subject to more than one impediment determination. The responsible areas must be notified of each determination for their corresponding registration. In such cases, the abstention periods shall be computed concurrently; however, the change of status in the registry shall only proceed once the last of the abstention periods arising from the applicable determinations has concluded. The Abstention Policies contemplate a specific procedure for determining the occurrence of impediment grounds, which includes: 1) notification to the bidder, supplier, or contractor; 2) a period of five business days for the party to submit any arguments or evidence it deems pertinent in defense of its rights and, where applicable, submit evidence; and 3) the issuance of a legally grounded and reasoned determination by the competent area within a maximum period of 15 business days. The Abstention Policies also provide for justified exceptions, which may be authorized when indispensable due to the absence of alternative goods or services, when there is only one possible offeror, in cases of patents or exclusive rights, or in situations of “acts of God” or force majeure.

DLA Piper advised Grupo Cox (Cox), a leading Spanish multinational water and energy company, on the closing of its US$4.2 billion acquisition of Iberdrola’s Mexico assets and related financing – one of the energy sector’s most significant cross-border transactions of 2025. The deal closed on the terms, timeline, and structure announced to the market last July, when Cox and Iberdrola first signed the agreement. The landmark transaction incorporates a generation platform with 2,600 MW of installed operating capacity, a pipeline of approximately 12,000 MW of renewable projects at various stages of development, and the largest private power supplier in Mexico, with more than 25 percent market share, 20 TWh of commercialization, and 500-plus large corporate customers. Cox secured bank financing totaling US$2.65 billion for the acquisition, structured as a syndicated facility with seven top-tier financial institutions (Citi, Barclays, BBVA, Deutsche Bank, Goldman Sachs, Scotiabank, and Santander). The tranche not covered by bank financing was supplemented by capital contributed by Cox, together with financing from institutional investors such as Allianz Global Investors, Gramercy, and GMO. The DLA Piper team, co-led by attorneys in the United States and Mexico, supported Cox across all workstreams of the transaction. This included corporate, regulatory, financing, and corporate governance matters, working in close coordination with the international lenders and investors that backed the transaction. "The closing of this acquisition is a milestone for Cox and for the energy sector across the region,” said Francisco J. Cerezo, Chair of the US-Latin America and Ibero-American practices, who co-led the deal team. “It has been a privilege for us to accompany Cox in a transaction of this complexity and scale, combining highly sophisticated regulatory, financial, and cross-border components. We are grateful for the trust placed in us by the Cox team and proud of the result achieved.” “This transaction reaffirms Mexico’s strategic role as a long-term investment destination in the energy and water sectors,” said Mauricio Valdespino, US-Latin America Practice Group Regional Co-Leader – Corporate M&A and Private Equity, who co-led the M&A deal alongside Cerezo. “Supporting Cox in the integration of a platform of this magnitude – fully aligned with the country’s public policy priorities – has been an extraordinary opportunity for our team and reflects the depth of our practice across the region,” said Edgar Romo, US-Latin America Practice Group Regional Co-Leader – Finance, who co-led the financing transaction along with Rob da Silva Ashley, Global Co-Chair of the firm’s Energy and Natural Resources sector. In addition to Cerezo, Ashley (both Miami), Romo, and Valdespino (both Mexico City), the broader cross-border team of more than 75 attorneys included Partners Guillermo Aguayo, Roberto Ríos (both Mexico City), Joseline Rodriguez (Miami), Michael McGuinness, Amadeu Ribeiro, Jamie Knox, and Frank Mugabi (all New York). In Europe, the team was led by Yoko Takagi (Madrid) in collaboration with Richard Normington (London) and Xavier Guzman (Luxembourg). With more than 1,000 corporate lawyers globally, DLA Piper helps clients execute complex transactions seamlessly while supporting clients across all stages of development. The firm has been rated number one in global M&A volume for 15 consecutive years, according to Mergermarket, and ranked as number one in VC, PE, and M&A in combined global deal volume, according to PitchBook. DLA Piper advises on all aspects of financing across borders, sectors, and financial products. The firm’s lawyers advise issuers, underwriters, selling shareholders, sponsors, arrangers, lead managers, originators, dealers, trustees, and depositaries on a broad range of capital markets offerings, including equity, equity-linked and debt securities, structured and project financings, and securitizations. DLA Piper's Latin America team offers full-service business legal counsel to domestic and multinational companies with interests in and operations throughout the region. Our integrated approach to serving clients combines local knowledge with the resources of the DLA Piper global platform. With more than 400 lawyers practicing throughout Argentina, Brazil, Chile, Mexico, Peru, and Puerto Rico, in addition to our US-based cross-border attorneys, our teams frequently work with our professionals throughout the LatAm region, the Iberian Peninsula, and around the globe. DLA Piper’s global platform of 90+ offices in more than 40 countries enables us to serve all our clients’ legal and business needs, whether they are based in Latin America or wish to do business there. For more information, visit Latin America | DLA Piper.

Written by: Roberto Rios Artigas, María Eugenia Ortega Jiménez, Juan Pablo Ávila, Andrés Fernández, Guillermo Enrique Parra Arteaga On September 30, 2026, the Resolution of the National Energy Commission amending the resolution issuing the methodology for determining the charge corresponding to the electricity transmission service provided by the Supplier to Permittees with electric power generation plants, which have an interconnection contract and agreement for the electricity transmission service entered into under the Public Electricity Service Law, published on June 18, 2026, or Acuerdo de la Comisión Nacional de Energía por el que se modifica el diverso por el que se emite la metodología para la determinación del cargo correspondiente al servicio de transmisión de energía eléctrica que preste la Suministradora a las Personas Permisionarias con centrales de generación de energía eléctrica, que cuenten con contrato de interconexión y convenio para el servicio de transmisión de energía eléctrica celebrados al amparo de la Ley del Servicio Público de Energía Eléctrica, publicado el 18 de junio de 2026 (Amending Resolution to the Methodology) was published in the Federal Official Gazette (Diario Oficial de la Federación, or DOF) and entered into force on the date of its publication. On June 18, 2026, the Resolution of the National Energy Commission issuing the methodology for determining the charge corresponding to the electricity transmission service provided by the Supplier to Permittees with electric power generation plants, which have an interconnection contract and agreement for the electricity transmission service entered into under the Public Electricity Service Law, or Acuerdo de la Comisión Nacional de Energía por el que se emite la metodología para la determinación del cargo correspondiente al servicio de transmisión de energía eléctrica que preste la Suministradora a las Personas Permisionarias con centrales de generación de energía eléctrica, que cuenten con contrato de interconexión y convenio para el servicio de transmisión de energía eléctrica celebrados al amparo de la Ley del Servicio Público de Energía Eléctrica (Methodology) was published in the DOF. As noted in our June 2026 publication, the Methodology redefines the costs applicable to the transmission service for Permittees remaining in the grandfathered regime of the Public Electricity Service Law. According to its recitals, the Amending Resolution to the Methodology was issued as a result of the amendment to the Guidelines for the voluntary and expeditious migration of self-supply and cogeneration of electricity to the figures provided for in the Electricity Sector Law, or Lineamientos para la migración voluntaria y expedita de autoabastecimiento y cogeneración de energía eléctrica a las figuras previstas en la Ley del Sector Eléctrico (Migration Guidelines), which we also explored in our June 2026 publication. Its stated purpose is to provide legal certainty regarding the period during which the grandfathered rate will exceptionally continue to apply (Exemption Period) and to give Permittees the option to waive that exemption. Accordingly, the Amending Resolution to the Methodology amends the Third and Fourth Transitory Articles of the Methodology. It does not replace the Methodology or modify its formula. Key amendments Exemption Period. The Amending Resolution to the Methodology clarifies that the Exemption Period may not begin before October 19, 2026, will have no retroactive effect, and will end on October 6, 2028. Contractual term. The Amending Resolution to the Methodology specifies that Permittees to which the Exemption Period applies must have an interconnection contract and transmission agreement in effect. As originally published, the Methodology required those instruments to remain in effect beyond October 6, 2028. New termination events. The Amending Resolution to the Methodology adds two events under which the Exemption Period will cease to have effect: Contractual termination: when the term of the interconnection contract and transmission agreement entered into under the former Public Electricity Service Law (Ley del Servicio Público de Energía Eléctrica) ends; and Voluntary waiver: when the Permittee voluntarily waives the Exemption Period before the National Energy Commission (Comisión Nacional de Energía), which it may do at any time. Payment regime. If the Exemption Period ceases to have effect, transmission service charges must be paid in accordance with the Methodology or with the applicable Wholesale Electricity Market rates. Projects with contracts expiring before October 6, 2028. Under the Amending Resolution to the Methodology, energy projects whose grandfathered contracts expire before October 6, 2028 may qualify for the Exemption Period, provided that those contracts are in effect and the projects have initiated the migration procedure. For more information, please contact the authors.

DLA Piper advised Grupo Cox (Cox), a leading Spanish multinational water and energy company, on the closing of its US$4.2 billion acquisition of Iberdrola’s Mexico assets and related financing – one of the energy sector’s most significant cross-border transactions of 2025. The deal closed on the terms, timeline, and structure announced to the market last July, when Cox and Iberdrola first signed the agreement. The landmark transaction incorporates a generation platform with 2,600 MW of installed operating capacity, a pipeline of approximately 12,000 MW of renewable projects at various stages of development, and the largest private power supplier in Mexico, with more than 25 percent market share, 20 TWh of commercialization, and 500-plus large corporate customers. Cox secured bank financing totaling US$2.65 billion for the acquisition, structured as a syndicated facility with seven top-tier financial institutions (Citi, Barclays, BBVA, Deutsche Bank, Goldman Sachs, Scotiabank, and Santander). The tranche not covered by bank financing was supplemented by capital contributed by Cox, together with financing from institutional investors such as Allianz Global Investors, Gramercy, and GMO. The DLA Piper team, co-led by attorneys in the United States and Mexico, supported Cox across all workstreams of the transaction. This included corporate, regulatory, financing, and corporate governance matters, working in close coordination with the international lenders and investors that backed the transaction. "The closing of this acquisition is a milestone for Cox and for the energy sector across the region,” said Francisco J. Cerezo, Chair of the US-Latin America and Ibero-American practices, who co-led the deal team. “It has been a privilege for us to accompany Cox in a transaction of this complexity and scale, combining highly sophisticated regulatory, financial, and cross-border components. We are grateful for the trust placed in us by the Cox team and proud of the result achieved.” “This transaction reaffirms Mexico’s strategic role as a long-term investment destination in the energy and water sectors,” said Mauricio Valdespino, US-Latin America Practice Group Regional Co-Leader – Corporate M&A and Private Equity, who co-led the M&A deal alongside Cerezo. “Supporting Cox in the integration of a platform of this magnitude – fully aligned with the country’s public policy priorities – has been an extraordinary opportunity for our team and reflects the depth of our practice across the region,” said Edgar Romo, US-Latin America Practice Group Regional Co-Leader – Finance, who co-led the financing transaction along with Rob da Silva Ashley, Global Co-Chair of the firm’s Energy and Natural Resources sector. In addition to Cerezo, Ashley (both Miami), Romo, and Valdespino (both Mexico City), the broader cross-border team of more than 75 attorneys included Partners Guillermo Aguayo, Roberto Ríos (both Mexico City), Joseline Rodriguez (Miami), Michael McGuinness, Amadeu Ribeiro, Jamie Knox, and Frank Mugabi (all New York). In Europe, the team was led by Yoko Takagi (Madrid) in collaboration with Richard Normington (London) and Xavier Guzman (Luxembourg). With more than 1,000 corporate lawyers globally, DLA Piper helps clients execute complex transactions seamlessly while supporting clients across all stages of development. The firm has been rated number one in global M&A volume for 15 consecutive years, according to Mergermarket, and ranked as number one in VC, PE, and M&A in combined global deal volume, according to PitchBook. DLA Piper advises on all aspects of financing across borders, sectors, and financial products. The firm’s lawyers advise issuers, underwriters, selling shareholders, sponsors, arrangers, lead managers, originators, dealers, trustees, and depositaries on a broad range of capital markets offerings, including equity, equity-linked and debt securities, structured and project financings, and securitizations. DLA Piper's Latin America team offers full-service business legal counsel to domestic and multinational companies with interests in and operations throughout the region. Our integrated approach to serving clients combines local knowledge with the resources of the DLA Piper global platform. With more than 400 lawyers practicing throughout Argentina, Brazil, Chile, Mexico, Peru, and Puerto Rico, in addition to our US-based cross-border attorneys, our teams frequently work with our professionals throughout the LatAm region, the Iberian Peninsula, and around the globe. DLA Piper’s global platform of 90+ offices in more than 40 countries enables us to serve all our clients’ legal and business needs, whether they are based in Latin America or wish to do business there. For more information, visit Latin America | DLA Piper.

Written by:Roberto Rios ArtigasMaría Eugenia Ortega JiménezJuan Pablo ÁvilaAndrés FernándezGuillermo Enrique Parra Arteaga Context and scope of the Amending Resolution On September 8, 2026, the Federal Official Gazette (Diario Oficial de la Federación, or DOF) published the Resolution amending, eliminating, and adding various provisions of the Guidelines for the voluntary and expeditious migration of self-supply and cogeneration of electricity to the figures provided for in the Electricity Sector Law, or Acuerdo por el que se modifican, eliminan y adicionan diversas disposiciones de los Lineamientos para la migración voluntaria y expedita de autoabastecimiento y cogeneración de energía eléctrica a las figuras previstas en la Ley del Sector Eléctrico (Amending Resolution). The Migration Guidelines were published in the DOF on June 18, 2026. For more information on the Migration Guidelines, read our previous client alert. On June 26, 2026, a clarifying note to the Migration Guidelines was published in the DOF, specifying the date of one of the applicable stages of the migration process. The Amending Resolution entered into force on September 9, 2026. According to the Amending Resolution, the changes respond to requests from sector participants for additional time to carry out the corporate and contractual actions necessary to achieve migration, and extend the dates and deadlines originally established for the migration procedure. The Amending Resolution also clarifies certain technical requirements, in light of the varying conditions under which Power Plants and Load Points (centros de carga) associated with Grandfathered Figures (Figuras Legadas) operate. The following provides a summary of the amendments and key considerations. Extension of the migration procedure deadlines The Amending Resolution extends the deadlines in the migration calendars established in Articles 17 and 18 of the Migration Guidelines for the different migration modalities,[1] as shown in the following tables. Calendar applicable to Modalities I, II, V, and VI: Migration of Power Plants and associated Load Points StageOriginal deadlineNew deadlineFirst: Registration of expression of interestJune 19, 2026 – September 18, 2026June 19, 2026 – December 18, 2026Second: Submission of migration applicationSeptember 21, 2026 – October 16, 2026September 21, 2026 – January 15, 2027Third: Prevention, admission, or rejectionOctober 19, 2026 – December 24, 2026January 18, 2027 – March 26, 2027Fourth: National Energy Commission (Comisión Nacional de Energía, or CNE) resolution and permitDecember 28, 2026 – February 12, 2027March 29, 2027 – May 14, 2027Fifth: Measurement Functionality reviewOctober 19, 2026 – February 12, 2027January 18, 2027 – May 14, 2027Sixth: Pre-registration of physical assetsFebruary 15, 2027 – March 5, 2027May 17, 2027 – June 4, 2027Seventh: Minimum Operating TestsFebruary 15, 2027 – April 30, 2027 for Measurement system and Dispatchable status; and October 1, 2027 – April 28, 2028 for Minimum Operating TestsMay 17, 2027 – August 17, 2028 for Measurement system and Dispatchable status; and October 1, 2027 – April 28, 2028 for Minimum Operating TestsEighth: Execution of contractsAugust 16 – 31, 2028; September 4, 2028 – October 6, 2028August 18 – 31, 2028; September 4 – October 6, 2028Ninth: “Enabled” status and start of operation in the Wholesale Electricity Market (Mercado Eléctrico Mayorista, or MEM)October 6, 2028October 6, 2028 Calendar applicable to Modalities III and IV: Migration of End Users to Qualified Supply or Basic Supply StageOriginal deadlineNew deadlineFirst: Registration of expression of interest in the Migration ProcedureJune 19, 2026 – September 18, 2026June 19, 2026 – December 18, 2026Second: Submission of the migration applicationSeptember 21, 2026 – October 16, 2026September 21, 2026 – January 15, 2027Third: Prevention – Review of applications and notification of preventionOctober 19, 2026 – November 20, 2026January 18, 2027 – February 19, 2027Third: Cure – Cure of the notified preventionNovember 23, 2026 – December 11, 2026February 22, 2027 – March 12, 2027Third: Admission – Admission, analysis, or rejection of the applicationOctober 19, 2026 – December 24, 2026January 18, 2027 – March 26, 2027Fourth: CNE resolution on exclusion of Load Points and registration as Qualified UsersDecember 28, 2026 – February 12, 2027March 29, 2027 – May 14, 2027Fifth: Review and confirmation of Measurement Functionality of Load Points (parallel stage)October 19, 2026 – February 12, 2027January 18, 2027 – May 14, 2027Sixth: Instruction – Instruction from the National Energy Control Center (Centro Nacional de Control de Energía, or CENACE) to the Federal Electricity Commission (Comisión Federal de Electricidad) to execute the connection contract and exclude Load Points from Grandfathered ContractsFebruary 15, 2027 – March 5, 2027May 17, 2027 – June 4, 2027Sixth: Execution – Execution of the connection contract and early termination of Grandfathered ContractsMarch 8, 2027 – April 2, 2027June 7, 2027 – July 2, 2027Seventh: Registration of physical assets with “Enabled” status and notification to the Transmission Company or DistributorApril 5, 2027 – April 23, 2027July 5, 2027 – July 23, 2027Eighth: Compliance with Measurement System requirements (Article 5, section VI)February 15, 2027 – August 15, 2028May 17, 2027 – August 17, 2028 Modernization Program The Amending Resolution clarifies that, for Power Plants in operation to which up to 15 additional years of validity are granted (without exceeding 30 years in total), applicants must submit the Modernization Program evidencing the reliable operation of the Power Plant and, where applicable, the modernization actions, tests, or rehabilitation already carried out. The original text did not expressly contemplate the possibility of submitting actions already performed. Early Minimum Operating Tests and entry into the MEM in 2027 With respect to the calendar for the migration of Power Plants and associated Load Points, the Amending Resolution permits Minimum Operating Tests[2] to be performed early. For this purpose, the applicant must propose the start date for the performance of such tests in the migration application, and CENACE must rule on the feasibility of such tests in the third stage. Applicants who have registered an expression of interest may request CENACE to perform Minimum Operating Tests on a date other than that established in the calendar (the seventh stage, that is, from October 1, 2027, to April 28, 2028), subject to CENACE’s assessment. The Amending Resolution adds a scenario for applicants who wish to enter into operation in the MEM before May 14, 2027. In that case, they must register the expression of interest and submit the migration application with a waiver of the calendar and the conclusion date of the Migration Period, as well as the applications for the procedures necessary to complete all stages of the process through “Enabled” status, for processing through ordinary channels. Contractual relationship with the Market Participant Where, as of the date of submission of the migration application, the contractual instrument with the Market Participant that will represent the Power Plant or the Load Points in the MEM has not yet been executed, the Amending Resolution provides that the Market Participant may be identified by submitting a letter of intent signed by the parties. If the letter of intent is not available, the Market Participant may be identified, and the applicant may state, under penalty of perjury, that the corresponding legal relationship is in the process of being executed. Clarifications on measurement equipment The Amending Resolution amends Article 44 to provide that Load Points with demand of less than one megawatt may migrate with existing measurement equipment, provided they comply with the Minimum Required Measurement Functionality, and may continue using such equipment after migration. In the event of a failure, they must restore at their own expense the minimum functionality pursuant to Article 57 of the Migration Guidelines. They remain subject to compliance with the Market Rules on Measurement Systems upon regulatory update or change of Market Participant following the conclusion of the Migration Procedure. Through the addition of paragraphs to Article 45, the Amending Resolution establishes that when Power Plants or Load Points have Measurement System components that already comply with the Market Rules, they may continue using them during and after migration, without additional procedures and regardless of ownership, with any necessary adjustments permitted to comply with such rules. In the event of a failure, they must restore at their own expense the conditions pursuant to the regulations in force. Shared substation The Amending Resolution adds provisions to Article 56 for Load Points connected at shared substations. They may continue sharing the substation and receive Electricity Supply from different Suppliers through an agreement for the shared use of the substation. During the Migration Procedure, each Load Point within the private network on the low-voltage side of the transformer must be equipped with measurement equipment that complies with the Minimum Required Measurement Functionality. Once the procedure concludes, the Amending Resolution differentiates measurement obligations according to demand, depending on whether demand is less than, equal to, or greater than, one megawatt. Load Points connected at the same substation must grant the Transmission Company or Distributor access to facilities, equipment, or Measurement Systems for the administration and acquisition of measurement records. The responsibility for the transfer of measurement records to CENACE corresponds to the Transmission Company when the Connection Point is on the National Transmission Network (Red Nacional de Transmisión), or to the Distributor when it is on the General Distribution Networks (Redes Generales de Distribución), applying a transformation loss factor of 2 percent, pursuant to the Measurement Manual for Settlements. The CENACE asset registry must associate Load Points with the voltage level of the Connection Point. Grandfathered Figures expiring before March 29, 2027 The Amending Resolution amends the Tenth Transitory Article of the Migration Guidelines so that migration applications with respect to Grandfathered Figures with an expiration date prior to March 29, 2027 (previously December 28, 2026) are resolved under administrative simplification. CENACE must instruct the execution of the interconnection contract prior to the expiration date of the Grandfathered Contract. Transitional regime and next steps Permittees that had already registered an expression of interest or submitted a migration application prior to the publication of the Amending Resolution must confirm, within ten business days of its entry into force, through the Migration Window, their intention to continue with the procedure in accordance with the deadlines in effect at the time of their submission. If confirmation is not submitted within that period, the procedure is subject to the new calendar. Learn more For more information, please contact the authors. Lee la alerta en español. [1] The applicable calendar for the Migration Procedure depends on the modality chosen pursuant to Article 15 of the Migration Guidelines, which provides for six modalities: Modality I applies to the migration of a Power Plant individually, and Modality II to the joint migration of a Power Plant and the Load Points associated with it, to operate in the MEM. Both modalities are governed by the nine-stage calendar of Article 17. Modality III allows End Users with Load Points whose demand is equal to or greater than one megawatt to migrate to obtain registration as Qualified Users and receive Qualified Supply. Modality IV applies to End Users who wish to maintain or receive Basic Supply. Both are governed by the calendar of Article 18; however, under Modality IV, the procedure is shorter: it concludes at the sixth stage and does not require the fifth, seventh, and eighth stages, which are specific to the MEM. Modalities V and VI regulate the joint migration of a Power Plant with local loads to self-consumption permits: interconnected under Modality V and isolated under Modality VI. Modality V follows the complete calendar of Article 17, while Modality VI comprises only the first through fourth stages. [2] The Minimum Operating Tests are the following: 1) voltage range at the interconnection point; 2) reactive power capacity; 3) Volts/Hertz limiter; 4) reactive power capacity below maximum power; 5) frequency range; 6) primary frequency control; and 7) power quality requirements.

Written by: Guillermo Aguayo,Calafia Franco Jaramillo, Ricardo Mendoza, Javier Valenzuela Padilla, Jorge Flores Batres, Mariana Chavez, Roberto Garcia Introduction On March 18, 2026, Mexican President Claudia Sheinbaum submitted to the Mexican Federal Congress a legislative initiative to amend Article 141 of the Mexican Federal Tax Code (Código Fiscal de la Federación, or CFF). The proposed legislative initiative would revise aspects of the tax interest guarantee regime that were published in the Official Gazette on November 7, 2025, and took effect on January 1, 2026.  The November 2025 reform The November 2025 reform introduced a mandatory hierarchical order for guaranteeing tax liabilities. Under this framework, taxpayers are required to offer a cash deposit as the primary form of guarantee to the extent of their economic capacity, and may resort to alternative guarantee modalities only upon demonstrating the impossibility of satisfying each preceding option in sequence. This approach replaced a prior regime under which taxpayers were permitted to select among available guarantee modalities. The revised framework also vested tax authorities with discretion to assess a taxpayer’s “economic capacity” when evaluating compliance with the hierarchy.  The proposed legislative initiative The legislative initiative proposed on March 18, 2026 would revise the existing framework by permitting taxpayers to select among available guarantee modalities without adhering to a mandatory order. Key elements of the legislative initiative include:  Replacing the mandatory hierarchical order with the ability to choose freely among authorized guarantee modalities Eliminating the requirement for taxpayers to demonstrate economic incapacity on a modality-by-modality basis Maintaining the obligation to guarantee the fiscal interest, including updated liabilities and related accessories Introducing transitory provisions allowing taxpayers who constituted guarantees between January 1, 2026 and the decree’s entry into force to request substitution of those guarantees under the revised rules within thirty calendar days The explanatory materials indicate that while the original objective of strengthening protection of the tax interest remains unchanged, the proposed legislative initiative is framed as focusing on “the most appropriate means to reach such purpose” (authors’ translation). The materials may reflect a view that enhancing legal certainty for taxpayers can support – rather than undermine – effective tax collection. Legislative context and challenges Following the entry into force of the November 2025 reform, taxpayers have raised concerns regarding the practical operation of the mandatory hierarchy and the requirement to demonstrate economic incapacity. These concerns have been reflected in constitutional litigation, including amparo proceedings before federal courts.  The challenges assert, among other grounds, violations of access to justice, legal certainty, progressivity, and the constitutional prohibition on confiscatory measures. These proceedings remain pending and form part of the broader context in which the new legislative initiative has been introduced. Practical considerations If the legislative initiative is approved as proposed, taxpayers that have constituted guarantees under the current regime since January 1, 2026 would have a thirty-day period in which to request substitution of those guarantees under the revised rules.  Taxpayers may wish to monitor legislative developments and assess the potential implications of the proposed amendments in light of their specific circumstances.  Conclusion If enacted, the amendments within the proposed legislative initiative would revise the tax interest guarantee regime established by the November 2025 reform by permitting greater flexibility in the selection of guarantee modalities and modifying the conditions applicable to existing guarantees. The proposal is currently under consideration by the Mexican Federal Congress, and further developments will depend on the outcome of the legislative process. This alert is for informational purposes only and does not constitute legal advice. Readers should consult with qualified counsel regarding the specific implications for their circumstances.

Written by:Roberto Rios, Artigas María Eugenia, Ortega Jiménez, Guillermo Parra On April 9, 2026, Mexico’s Law for the Promotion of Investment in Strategic Infrastructure for Development with Well-being (Ley para el Fomento de la Inversión en Infraestructura Estratégica para el Desarrollo con Bienestar) was published in the Federal Official Gazette, amending and adding various provisions of the Federal Budget and Fiscal Responsibility Law. This alert summarizes key provisions and considerations for investors and developers evaluating infrastructure opportunities in Mexico. Overview and purpose of the law The law regulates investment mechanisms that promote the development of strategic public infrastructure projects through the coordinated participation of the public, private, and social sectors, within the “Plan Mexico” framework and the Infrastructure Investment Plan for Development with Well-being 2026–2030 (Plan de Inversión en Infraestructura para el Desarrollo con Bienestar 2026–2030). The Proyectos para el Desarrollo con Bienestar bajo Esquemas de Participación Mixta of the energy sector will continue to be governed by the Electricity Sector Law and the Hydrocarbons Sector Law. The law coexists with schemes provided for in other applicable legislation, including those that govern the financial or infrastructure sectors. Applicable sectors and scope The law applies to projects related to communications, transport, water, environment, housing, energy, health, education, public spaces, industrial parks, and technologies. Mixed participation schemes The law defines mixed participation schemes (Esquemas de Participación Mixta) as the mechanisms through which the state participates jointly with the private or social sector in the financing, design, construction, operation, or provision of services related to Proyectos para el Desarrollo con Bienestar – projects aligned with development plans and programs – sharing risks, costs, investments, and benefits. The law provides for the following schemes: Long-term contracting. The private or social sector participates in the financing, design, construction, operation, or maintenance of infrastructure for a specified period, in exchange for periodic payments, tariffs, or other recovery mechanisms. The transfer of assets at the end of the contract is mandatory. Mixed investment. The public, private, or social sectors participate jointly by sharing risks, costs, and benefits according to each party’s participation interest. The public sector must maintain a stake in the vehicle’s share capital or equity. Payments may not be increased in real terms. Infrastructure and associated assets may be used as collateral. Specific sectoral schemes. The law contemplates the use of schemes provided for in sectoral laws, including those governing the energy sector, as well as co-investment mechanisms, joint ventures, and financial vehicles allowed by applicable legislation. Other schemes. Additional schemes established by the regulations or the guidelines issued by the Ministry of Finance and Public Credit may be used. Specific Purpose Vehicles The law provides that the Ministry of Finance will implement the creation of Specific Purpose Vehicles (SPVs) to coordinate the participation of the public, private and social sectors in the financing of projects. Constitution. SPVs may be constituted as public or private trusts, mandates, or similar figures, as well as in the form of a Sociedad Anónima, Sociedad Anónima Promotora de Inversión, Sociedad Anónima Promotora de Inversión Bursátil, or Sociedad Anónima Bursátil. The public, private, and social sectors may participate jointly or separately. States and municipalities may participate, provided they allocate local resources and obtain the corresponding authorizations. Possibility of issuing debt. To finance their activities, SPVs may issue fiduciary stock certificates or similar debt instruments, subject to the Securities Market Law and other applicable provisions. Supports and benefits. Projects that have the approval of the Strategic Planning Council for Infrastructure Investment may access SPVs to optimize their financial structure or obtain liquidity. Support may include contributions of resources, access to financing schemes channeled through the SPVs, and, in certain cases, the granting of guarantees from the federal government. The law also provides that the federal executive may grant fiscal incentives to promote Proyectos para el Desarrollo con Bienestar. Strategic investment contracts Strategic investment contracts must have a minimum term of four years and, including extensions, may not exceed 40 years. They must include the object, source, and cost of capital; technical specifications and performance levels; risk distribution; causes for termination and early termination; conventional penalties; and dispute settlement procedures. The Strategic Planning Council for Infrastructure Investment The law establishes the Strategic Planning Council for Infrastructure Investment (Council), a permanent consultative body without legal personality or assets of its own, responsible for establishing technical criteria, issuing coordination guidelines, and formulating recommendations on strategic investment policies. Integration. The Council will be chaired by the Federal Executive and made up of the heads of the Ministries of Finance and Public Credit (alternate for the presidency), Environment, National Defense, Navy, Energy, Economy, Infrastructure, Communications and Transportation, Anti-Corruption and Good Governance, Agrarian, Territorial and Urban Development, the Legal Counsel of the Federal Executive, and Banco Nacional de Obras y Servicios Públicos (Banobras). Powers and responsibilities. Among the responsibilities of the Council are to: 1) determine those projects that have the character of projects for development with well-being; 2) define investment priorities with a long-term vision; 3) approve a national investment strategy; 4) issue opinions on financial, economic, and social profitability; and 5) approve the participation of interested parties in Esquemas de Participación Mixta. Procurement and award The law establishes that agencies and entities seeking to develop a project will call for tenders, in which national or foreign legal entities – including consortia – may participate, and the project will be awarded to the participant who submits the compliant proposal that ensures the best economic conditions for the state. Before the tender, the agencies and entities must conduct market research and may hold informational meetings with interested parties in the relevant sector. The law provides for exceptions to tendering by invitation, including direct award in specified cases such as insufficient market options, national security concerns, or contractor substitutions in ongoing projects. Dispute resolution The law prioritizes alternative dispute resolution mechanisms. Where agreed, strict law arbitration under the Commercial Code and Mexican federal law, conducted in Spanish, with a binding award may be used. The revocation of authorizations and acts of authority are excluded from arbitration. Monitoring obligations The law incorporates reporting and monitoring obligations, including quarterly reports, the recording and monitoring of multi-year commitments under the Federal Budget and Fiscal Responsibility Law, and the establishment of information systems with access for legislative commissions. The effective implementation of these mechanisms will depend, among other factors, on the guidelines and regulations to be issued. Current status and entry into force Once published, the law will enter into force the following day. The Federal Executive will have 180 calendar days to issue the regulations. The Ministry of Finance must issue the guidelines within its competence within the same period. The Council must be installed within 120 calendar days following its entry into force. Projects previously entered into may be migrated into the Esquemas de Participación Mixta, subject to the agreement of the parties and the Council’s approval. For more information, please contact the authors.

August 1, 2025 – DLA Piper advised Grupo Cox (Cox), a leading Spanish multinational water and energy company, in its acquisition of Iberdrola’s assets in Mexico for US$4.2 billion – one of the largest cross-border energy deals of the year. “We appreciated the opportunity to work with the Cox team on this landmark acquisition and look forward to advising the company on its future cross-border initiatives,” said Francisco J. Cerezo, Chair of the US-Latin America and Ibero-Américan practices, who co-led the deal team. “I want to express my deep appreciation for the service provided in this transaction by the DLA Piper team, led by Francisco Cerezo and Mauricio Valdespino,” said Antonio Medina Cuadros, Chief Legal Officer and Secretary General of Grupo Cox. “Their professionalism and tireless work ethic went far beyond what one could expect from legal counsel. Without a doubt, their outstanding effort and dedication were among the key factors in the success of this complex transaction.” In addition to Cerezo (Miami), the cross-border DLA Piper team was co-led by Partner Mauricio Valdespino (Mexico City) and included Partners Edgar Romo, Guillermo Aguayo, Roberto Ríos (all Mexico City), Robert da Silva Ashley (Miami), Michael McGuiness, Amadeu Ribeiro, Frank Mugabi (all New York), Yoko Takagi (Madrid), and Senior Associate Joseline Rodriguez (Miami), and Associates Eduardo Gallástegui, Regina Esparza, and Manuel Domínguez (all Mexico City), among a team of more than 40 DLA Piper attorneys. With more than 1,000 corporate lawyers globally, DLA Piper helps clients execute complex transactions seamlessly while supporting clients across all stages of development. The firm has been rated number one in global M&A volume for 15 consecutive years, according to Mergermarket, and ranked as number one in VC, PE, and M&A in combined global deal volume, according to PitchBook. DLA Piper in Latin America’s team offers full-service business legal counsel to domestic and multinational companies with interests in and operations throughout the region. Our integrated approach to serving clients combines local knowledge with the resources of the DLA Piper global platform. With more than 400 lawyers practicing throughout Argentina, Brazil, Chile, Mexico, Peru, and Puerto Rico, in addition to our US-based cross-border attorneys, our teams frequently work with our professionals throughout the LatAm region, Iberian Peninsula, and around the globe. DLA Piper’s global platform of 90+ offices in more than 40 countries enables us to serve all our clients’ legal and business needs, whether they are based in Latin America or wish to do business there.  For more information, visit Latin America | DLA Piper The firm recently received the highest ranking for law firm client service in the BTI Client Service A-Team 2025 report, which identifies law firms providing exceptional service based on client feedback. About DLA Piper DLA Piper is a global law firm with lawyers located in more than 40 countries throughout the Americas, Europe, the Middle East, Africa, and Asia Pacific, positioning us to help clients with their legal needs around the world. In certain jurisdictions, this information may be considered attorney advertising. dlapiper.com Contact Geneva Youel, Media Relations, DLA Piper, +1 213 330 7779