M&A Insights 2023

Latin Counsel´s Editor in Argentina Rodolfo Papa is  pleased to present this Q&A Report/Questionnaire, which includes -in its content- the answers to 3 "macro" questions that have been generously answered by 10 corporate lawyers, who, without a doubt, we can qualify as "references" in the negotiation and structuring of mergers & acquisitions of companies (expression more commonly known as "M&A"), recognized as such, not only in their respective jurisdictions of practice, but also, at a continental level, focused on sharing a vision of its development prospects for the recently begun year 2023.

In this sense, we are very grateful to its authors: Vivian Liberman (BLP, Costa Rica), Paola Lozano (Skadden, Arps, Slate, Meagher & Flom, New York), Estanislao Olmos (Bruchou & Funes de Rioja, Argentina), Paula Vieira de Oliveira (Mattos Filho, Brasil), Claudia Barrero (Philippi, Prietocarrizosa, Ferrero DU & Uría, Colombia), Pablo Iacobelli (Carey, Chile), Iván Delgado (Pérez-Llorca, España), Manuel Galicia (Galicia Abogados, México), Alberto Rebaza (Rebaza, Alcazar & de las Casas, Perú) y Fulvio Italiani (D´Empaire, Venezuela) for their contribution. 


1. What is the main reason for the recent reduction in M&A operations?

2. What are the main M&A predictions for the year 2023?

3. Which sectors are currently the most active in M&A?

In addition, due to the outbreak of the global pandemic caused by "Covid-19", during the period 2020-2022, I have had, as a corporate lawyer, academic and author, the opportunity to give 6 professional training events, in format remote, linked to addressing various current substantive issues, with an impact on the negotiation of M&A operations and contracts, sponsored and organized by the staff of LATIN COUNSEL (Spain).

In addition to leading the publicity and diffusion of the main M&A operations arranged regionally, LATIN COUNSEL has positioned itself as an essential source of information, with regard to the knowledge of which have been the most relevant deals celebrated in Latin America.

In addition, due to the outbreak of the global pandemic caused by "Covid-19", during the period 2020-2022, I have had, as a corporate lawyer, academic and author, the opportunity to give 6 professional training events, in format remote, linked to addressing various current substantive issues, with an impact on the negotiation of M&A operations and contracts, sponsored and organized by the staff of LATIN COUNSEL (Spain).

The experience that we have experienced, as a result of the development of such training and professional training activities, in which more than 400 corporate lawyers have participated, representing a large majority of Latin American countries, has been very valuable, professionally. , but even more, in the human.
There is no doubt that, for a Latin American Corporate Lawyer, embarking on providing professional advice, whether in favor of a local or foreign client, before the possible negotiation of an M&A operation, constitutes a complex challenge, which will require, not only the contribution of their diligence and accredited experience in the practice of this type of business, but, in response to the various legal and regulatory areas that usually impact their construction, will require the formation of an interdisciplinary work team, which adequately represents the interest of the client who will contract their services.

Nor can we ignore the challenge that Latin American corporate lawyers face -currently-, which consists of adapting, adapting and adopting as their own, and subject to the particularities of the Local Law that is applicable to the deal, the standards, stages, investigation procedure (due diligence), and the scope of the content structure (or backbone) of the contract that will govern the transaction (in a stock deal, it will be the "stock purchase agreement", better known by its acronym in English, as the "SPA"), which we have received from the practice developed by the Anglo-Saxon world.

In this sense, we could argue that this challenge still remains open. Although it is important to note that, during the last decade, some Latin American jurisdictions have generated a series of doctrinal works, in combination with a current (not consistent) of arbitral awards, which have begun to establish interpretive guidelines tending to determine (under the prism of the Local Law that is applicable), what would be the legal essence of certain relevant clauses of the SPA (we refer specifically to the "Declarations & Warranties" of the Seller, and to the Indemnity, respectively).

In conclusion, given the current state and prospects for the development of M&A operations in Latin America, we would dare to state (not exhaustively) the following as pillars that govern its structuring:

1. Clearly differentiate the consequences and legal risks in implementing a transfer of assets (or asset deal), versus the sale of a controlling interest (or stock deal) in a local target company;

2. Carry out adequate, complete and exhaustive legal and regulatory due diligence work, both on the seller’s side (vendor due diligence) and on the potential buyer’s side, as the case may be;

3. Adapt and adapt the content and scope of certain relevant clauses of a SPA, developed by Common Law, to the application of the Local Law that is applicable to the deal;

4. Proactively identify potential conflict scenarios that could arise during the iter tending to the formation of contractual consent, including those that could result from the due diligence dynamics itself;

5. Evaluate the incorporation of new solutions that limit the exposure to patrimonial responsibility of the seller during the "post-closing" stage. For example, by regulating and contracting a "Representations & Guarantees Insurance Policy", widely used in the Anglo-Saxon world; and,

6. From the beginning of the "pandemic", in terms of its potential disruptive impact caused on the negotiation and execution of a SPA, at the time of its outbreak, anticipate how the contracting parties should self-regulate the eventual irruption of new events with substantially similar effects, as a "next generation" risk.

RODOLFO G. PAPA

(Correspondent for LATIN COUNSEL in Argentina)


CENTRAL AMERICA (Regional Perspective)
BLP

Vivian Liberman



1. What is the main reason for the recent reduction in M&A operations?

In the past year 2022 there were various reports that commented on the decrease in Mergers and Acquisitions (M&A) operations in the world, many affirm that it has been the worst year since the financial crisis of 2009, and therefore, it is reiterated that it has been the biggest setback since then. The reasons for this recession in M&A issues can have different explanations and its variables derive from a set of situations.
It is important to begin by naming the geopolitical tensions that have arisen over the past year, coupled with the severe post-pandemic impact that in some countries caused the rebound in M&A cases to then decrease, while also considering other countries, such as China, that they still do not recover their "pre-Covid" numbers in this type of transaction.
The complex and unpredictable economic scenario that is looming leads us to consider that the reduction in M&A operations stems from the increase in political tensions coupled with a latent possibility of a global economic recession, with which investors have stopped their investments pending to have a clearer economic and world panorama than the current one.
Investors who would carry out M&A operations, in addition to being clear about the above, analyze the rise in interest rates, are affected by the growth of inflation in countries such as Germany, the United States and the United Kingdom, clear on what it will affect directly and indirectly economies that tended to be stable. And they observe a lack of stability in the stock markets that allows us to understand the existing precaution to carry out economically significant operations and therefore the reduction in M&A operations.

2. What are the main M&A predictions for the year 2023?

Despite the difficult economic outlook that is looming, there are always interesting opportunities to take advantage of in various sectors. There are businessmen waiting for economic indicators that allow them to make the decision to proceed with their M&A operations. Large companies will generally keep looking for opportunities to continue growing globally. Many private equity firms are targeting companies with falling valuations or in need of a business line for take-home transactions. While the Special Purpose Acquisition Societies (SPAC) do not seem to be strengthened in this coming year.
Technological development will continue to mark the growth of mergers and acquisitions in telecommunications and technology. It could be expected that the condition of the markets will improve and with it, M&A operations will increase. However, it must be kept in mind that 2023 will be a year of challenges and transitions where investors will navigate the waters of an economy characterized by financial storms. Growth will tend to be slow to allow markets to recalibrate their economies, always creating growth potential for some sectors.

3. Which sectors are currently the most active in M&A?

Currently, the most active sector in M&A operations is the technology sector (including pure technology, media and telecommunications). Then we could highlight the health sector, consumer products (retail), and financial services.
It is interesting to highlight the growth and strengthening in the hospitality sector in terms of M&A as an interesting opportunity derived from the pandemic. And finally, it is worth mentioning the turnaround that the energy sector is taking as a result of the war that is being waged in Europe.


LATIN AMERICA (Regional Perspective)
SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP (NEW YORK)

Paola Lozano



1. What is the main reason for the recent reduction in M&A operations?

The end of 2022 was marked by a global slowdown and inflationary and recessive trends in the United States and other regions of the world. Latin America did not escape the effects of these trends. With higher interest rates and low or negative growth expectations, making significant acquisition decisions is much more risky and complex. Additionally, in various countries of the region, political instability continued to limit the interest of some investment funds and other foreign investors. Among other things, the polarization in Brazil generated fear and anti-democratic reactions (which materialized this year), the situation in Peru is more complex and invasive in the industry than before, and part of the discourse of the administrations in Mexico and Colombia have generated fears of legal certainty and personal security.

2. What are the main M&A predictions for the year 2023?

The beginning of the year will still reflect these negative trends, resulting in barely moderate activity in traditional sectors. We are confident that among the emerging markets, Latin America looks comparatively stronger and manages to continue attracting foreign investment in sectors with growth potential or favored by the administrations in power. In addition, risk appetite among Latin American multinationals is higher than outside the region and many liquid conglomerates continue to seek options to geographically diversify their positions, so we will continue to see "Intra-Latin American" activity and by multinational funds, but with a long history in the region. There are many important transactions started in 2022 that will continue their course and keep the market active for several months and we believe that for the second half of the year there will be more stability in the markets.

3.    Which sectors are currently the most active in M&A?

Energy, especially clean energy, and infrastructure continue to be very active sectors. Technology and Fintech also continue to grow. There are many opportunities in the region to capitalize on skilled labor at lower costs and attract significant transactions and partnerships in that space.


ARGENTINA
BRUCHOU & FUNES DE RIOJA

Estanislao Olmos



1. What is the main reason for the recent reduction in M&A operations?

Mainly, due to external-related restrictions (intervened exchange market, with multiple foreign-exchange rates, without the possibility of remitting foreign currency abroad), high inflation both in Pesos and Dollars, and higher interest rates in USA.

2. What are the M&A predictions for the year 2023?

The year 2023 is a presidential election year in Argentina. Historically, these are years of less activity; however, in the event that the market anticipates a change of political sign and, therefore, a gradual normalization of the foreign exchange market and measures aimed to a moderation of the current monetary policy and a consistent reduction of the fiscal deficit and inflation, there could be opportunities and with it greater activity. Especially, as has happened many times before in similar scenarios, by local groups that are less risk averse than foreign groups.

3. Which sectors are currently the most active in M&A?

Oil & Gas. Renewables. Agribusiness. Technology.


BRAZIL
MATTOS FILHO

Paula Vieira de Oliveira



1. What is the main reason for the recent reduction in M&A operations?

According to many market analysts, M&A transactions in Brazil suffered a drop from January to November 2022, compared to the same period in 2021. In general, we can observe national and international factors that contributed to these results.
Regarding the national scenario, the year was marked by a polarized electoral period, which generated uncertainty about the political agenda that the newly elected President of the Republic would adopt and his economic approach, especially considering sectors highly regulated by the government.
In the international scenario, we can see that the increase in inflation and interest rates was decisive for the fall in M&A operations. Due to this increase, financing has become a more expensive alternative, making these operations less attractive to potential buyers, who rely on financing to raise funds. In addition, falling stock values also reduce the valuation of companies, which discourages sellers from divesting. Finally, the war between Russia and Ukraine deserves to be highlighted, since it generated global economic consequences, such as an increase in the prices of raw materials, affecting the M&A market, which is sensitive to political and economic movements.
 
2. What are the M&A predictions for the year 2023?

Despite the fact that some uncertainties persist on the international scene, the outlook at the national level is positive. Initially, it is important to note that the number of M&A transactions in the first half of 2022 exceeded the number registered in the same period of 2021, with a drop only in the second half. In this context, after the conclusion of the electoral period, we expect greater visibility regarding the economic agenda to be adopted by the President of the Republic, which will contribute to the stabilization of the market and the reduction of uncertainties.
Furthermore, we expect a potential reopening of the equity capital market in Brazil at some point during 2023, especially for companies operating in sectors of the economy considered more resilient. In general, companies capitalize more after raising funds via IPO, which stimulates the search for opportunities in the M&A market. While this does not happen, there are many interesting M&A opportunities involving listed corporations, a trend that could already be seen in 2022. 
Finally, looking at specific sectors, we expect an increase in M&A transactions involving agribusiness, considering the increase in commodity prices and higher profitability of these companies after the pandemic, as well as in the technology sector. Likewise, although the health sector has not reached its transactional potential in 2022, the outlook for 2023 is positive, since significant operations were announced in the last months of the year, indicating a potential warming of this market.
 
3. Which sectors are currently the most active in M&A?

During the year 2022, it could be observed that the hottest sectors of the M&A market, registering the highest number of transactions, were Technology, Energy (and especially Renewable Energies) and Financial Services. Many opportunities also arose in Brazil in the infrastructure (including telecommunication infrastructure), pharmaceutical, health, agribusiness, and transportation and logistics sectors. We found that while the number of transactions declined, many companies sought opportunities to expand their market power through mergers and acquisitions.
 

CHILE
CAREY

Pablo Iacobelli



1. What is the main reason for the recent reduction in M&A operations?

Although the reduction in the number of M&A transactions in Chile has not been dramatic, naturally we are not oblivious to what appears to be a clear trend at both a global and regional level, and which I believe is due to a mix of factors.
One of the reasons, and perhaps the most relevant, is that the projections and prospects for 2023 are not the most encouraging, anticipating a recession. This has caused some transactions to be put on hold, in line with more conservative investment guidance from certain investors.
The uncertainty generated by the constitutional process that Chile is undergoing has also had an impact on investment decisions, although given the result of the 2022 referendum, by 2023 it should no longer be such a determining factor.
Another reason that may be affecting M&A activity is the large inflationary escalation that has been seen in Chile, together with interest rate hikes, which have limited access to financing and impacted valuation requirements and expected returns.
These reasons, together with the geopolitical scenario impacted mainly by the conflict in Ukraine, have had the effect of creating a more cautious general investment environment than during, for example, 2021, although not at levels as low as occurred at the beginning of 2020 in the start of the "Covid-19" pandemic.

2. What are the M&A predictions for the year 2023?

I think that expecting activity levels similar to 2021, or even 2022, would be somewhat ambitious, although it cannot be ruled out if the constitutional process eliminates certain relevant uncertainties. My assessment is that M&A activity in the country will remain at reasonable levels in 2023, since, despite the events of recent years (mainly the social outbreak and the "Covid-19" pandemic), Chile continues to in a solid regional position as an investment destination due to its economy, its rule of law, relatively low levels of corruption, among other factors. However, it is most probable that activity should fall to lower levels than in recent years. This should materialize in a slowdown in activity for small or medium-sized investors, but I do not anticipate a great change in the activity levels of large investors, especially institutional ones, who have the resources to continue with their investment plans. , and even, to take advantage of the opportunities that these times of greater uncertainty can bring, all this added to the high exchange rate that currently exists in our country, which is very attractive to foreign investors.

3. Which sectors are currently the most active in M&A?

Despite the existing more conservative investment climate, we have detected certain sectors that have maintained -or even increased- their levels of activity in M&A operations.
One of the sectors that has had the greatest activity is energy, especially renewable energy. In this matter, we have seen large investors that have entered the country in this area through the purchase of different portfolios of projects, as well as other investors that have increased their positions in the country in this area.
Another sector that has had significant activity is telecommunications, where we have seen both large players, as well as some medium and small ones, who have decided to go out and buy or sell businesses in this area.
Likewise, sectors such as Fintech or health (which, due to the legal and regulatory changes under discussion, have led some players to decide to exit the business, and others to take the opportunity to enter or consolidate), They have also presented interesting levels of activity in the current context.
As a final reflection, something that we have also observed across the board is that many companies and economic groups, from the most diverse sectors, have decided to focus on their core business, and, therefore, have made the decision to divest from companies or lines of business that are not considered as strategic or essential for them.


COLOMBIA
PHILIPPI PRIETOCARRIZOSA FERRERO DU & URIA

Claudia Barrero



1. What is the main reason for the recent reduction in M&A operations?

The year 2022 was an electoral year in Colombia and, as usual in electoral years, transactional activity slowed down. In Colombia it was anticipated that the left would reach the presidency of the country for the first time. Which indeed happened on August 7th.
The new government promoted a tax reform, which created an environment of uncertainty in the business ecosystem and, naturally, slowed down investor appetite, at least until the new tax rules were not certain.
In addition to the change of government and the structural fiscal reform that was approved at the end of the year, the Colombian peso has been one of the most devalued currencies in the region, which, although it makes assets cheaper, also reduces their profitability. .
The foregoing, coupled with inflation not seen in many years and the rise in interest rates, not only in Colombia but also in the United States, reduced transactional activity in the country.
It was expected that 2022 would be the year of reactivation, but despite the fact that we did witness a timid reactivation of the economy, other factors such as those mentioned influenced that said reactivation was not of the expected magnitude.

2. What are the M&A predictions for the year 2023?

The year 2023 is expected to be a complex year.
An announced economic recession threatens the global economy, significant growth in our economy is not anticipated, the rise in rates in strong economies makes emerging economies lose attractiveness for a certain type of investor.
In Colombia, other structural reforms are expected, such as labor and pensions, which could have some impact on investor confidence.
However, against this relatively bleak outlook, we may continue to see transactional activity, fueled by new ventures and good opportunities for those with access to capital and a higher risk appetite.

3. Which sectors are currently the most active in M&A?

The sectors of (i) Internet, Software & IT Services, (ii) Fintech, (iii) Renewable Energies, (iv) Transportation Infrastructure, (v) Pharmaceutical, (vi) Professional Services; and, (vii) Distressed M&A in various sectors.


SPAIN
PÉREZ-LLORCA
 
Iván Delgado
 


1. What is the main reason for the recent reduction in M&A operations?

The global macroeconomic situation (inflation, high interest rates, recession) coupled with the war in Ukraine are making financing M&A transactions much more expensive than a few months ago.
 This weakens the position of sellers, who continue to want a high price for their assets, and reduces the interest of buyers in certain operations, who are looking for assets with higher returns or at a more attractive price.
All of this leads I would not say to a reduction in the number of M&A operations, but to a slowdown in them and also to a higher ratio of operations that do not end up closing.
 
2. What are the M&A predictions for the year 2023?

We are optimistic for 2023. The pipeline continues to look good, investors continue to have a lot of liquidity and a need to invest, and the assets that can go on sale continue to be attractive and have high returns in the medium and long term.
The differences are the types of asset that will be in rotation in 2023, the sectors where operations will take place, which will be fewer than in recent years, and future returns, which are expected to be attractive, requiring a longer period of investment to obtain them. In other words, the M&A market is narrowing in terms of the types of assets and sectors with movement.
 
3. Which sectors are currently the most active in M&A?

Clearly there will continue to be a lot of M&A deals in the energy sector, especially when it comes to renewables. We also see good prospects in the health, food and services sectors in general. Other sectors attracting interest could be those related to defense and transport.
 

MEXICO
GALICIA 

Manuel Galicia



1. What is the main reason for the recent reduction in M&A operations?

Although international M&A activity was very intense in many jurisdictions and broke all records at the end of 2021 as well as in the first half of 2022, we have seen a slight slowdown in the second half of 2022. The region is facing the political instability and electoral processes that, together with geopolitical issues and high interest rates and inflation, will cause the valuation and execution of transactions to be prolonged.

2. What are the M&A predictions for the year 2023?

Despite the current situation described above, Mexico and some of the larger economies in the region will face opportunities as the consumer base continues to grow in the area and there is strong demand for more efficient service offerings. Mexico is experiencing renewed interest today due to geopolitical supply chain issues in China and Europe, as companies seek to move their manufacturing centers closer to the United States.
Also, due to the integration of assets and repositioning for future growth, Brazil, Mexico, Argentina and Colombia have become important technology centers. The dependence on capital flows and the lack of a competitive banking system open the door for Fintech companies to enter the market with disruptive technologies. Its entry into the market is also taking on a regional flavor.
At the same time, private equity and venture capital funds continue to carefully evaluate opportunities in different sectors such as technology, education, energy, healthcare, financial technologies and real estate. Most likely, we will not experience extreme growth as in previous years, but I would expect a rebound towards the second half of 2023. Especially in the case of Mexico due to the start of our presidential electoral process (June 2024). We also expect increased M&A activity due to consolidation in some of these sectors as a result of the instability, as well as part of the strategic recovery.
Even in the energy sector, and despite an administration that has not favored new projects, we expect more activity to mitigate any risk of shortages in future energy supplies. To that end, we will need to help our clients develop creative ways to close deals despite political and valuation uncertainty; provide objective elements of what can be expected from the government; become partners with our clients in the development of diplomatic-business advice; and, become a more active player in the national market.

3. Which sectors are currently the most active in M&A?

Financial sector; Logistics/Supply Chains; Health; Education; Agroindustry; Infrastructure; Real Estate and Hospitality.


PERU
REBAZA, ALCAZAR & DE LAS CASAS

Alberto Rebaza



1. What is the main reason for the recent reduction in M&A operations?

In 2021, the Peruvian M&A market recovered the number of transactions before the pandemic, but the average value fell. Uncertainty is the factor that continues to affect the value of M&A transactions in Peru in 2022. This uncertainty has both local (the political crisis in Peru) and international (inflation and global recession) components.
 In early and mid 2022, the most extreme fears of an extreme left-wing government of Pedro Castillo began to disappear. Specifically, no expropriation was proposed, nor were relevant modifications in fiscal policy attempted. This government gradually collapsed amid accusations of corruption, until it was finally constitutionally replaced, after a failed self-coup on December 7.
 The change of government, now presided over by Dina Boluarte, has not managed to dispel the uncertainties. In the recent past, she has defended extreme left theses like Castillo and has been part of all his ministerial cabinets. Only warned of a possible presidential succession, she withdrew from the government in the last cabinet, a few days before its fall. The groups that supported Castillo in the government do not consider her as part of them and have become their opposition.
 Without a political party to back her, Boluarte will have to build political alliances to govern. The council of ministers that she has appointed, unlike those that Castillo appointed, is composed of people with experience that allows in some way to have hope for the reconstruction of the public administration.
 The new government must implement policies to reduce poverty (which has grown from 20% before the pandemic to 26%), create employment (80% of the economically active population does not have formal employment), by promoting private investment (there are many mining projects paralyzed due to social conflicts) and transparency measures to relaunch public investment (there are many highways and irrigation works paralyzed due to corruption lawsuits).
 The real GDP is much lower than the potential GDP, which means that, despite all the internal political turmoil and the global recessionary scenario, the Peruvian economy can grow much more. That is one of the conditions that investors are looking for and Peru, despite everything, continues to offer very important investment windows.
 
2. What are the M&A predictions for the year 2023?

The political crisis is not yet over. The government of President Boluarte has the responsibility of appeasing social demands and guaranteeing the conditions for public and private investment. There are significant opportunities that investors can take advantage of.
Thus, everything depends on the stability achieved by the new government and the macroeconomic conditions. If the government manages to overcome the political crisis, we expect the number of M&A transactions to increase in 2023.
Peru has maintained a stable, but modest, growth of its economy. We have maintained good levels of internal demand, after the recession caused by the pandemic. In this context, we expect that the number of M&A operations will increase in 2023.
Finally, the number of transactions in the agribusiness, consumer and education sectors will increase in 2023. In the energy sector, Enel confirmed that it will withdraw from the Peruvian market in 2023. This deal is an example of the important transactions that may increase in the medium term and long term.
 
3. Which sectors are currently the most active?

In 2022, the most important sectors were: banking and investment, services, and transportation and logistics. The sector that decreased the most was mining, probably due to low confidence in the government and global macroeconomic problems. In this sense, divestments in the natural resources and energy sector may be frequent this year.
 

VENEZUELA
D’EMPAIRE
 
Fulvio Italiani
 


1. What is the main reason for the recent reduction in M&A operations?

Venezuela is often a "contrarian" country, if we compare it with other Latin American countries. As a result of some economic measures taken by the Venezuelan government (including exchange liberation, disclosure of the official exchange rate, lifting of price controls, dollarization of various sectors of the economy), the number of M&A operations, instead of decreasing, has increased moderately in recent years. Economic measures make it possible to make more realistic valuations in dollars based on discounted cash flows (applying the corresponding discount rate for country risk), which makes it easier for the parties to agree on the price and to close sales operations.
 
2. What are the M&A predictions for the year 2023?

We estimate that the level of M&A activity will remain at the same level (baseline scenario), with a potential increase in operations as political agreements materialize and the existing U.S. sanctions are moderately relaxed, as recently announced.
 
3. Which sectors are currently the most active in M&A?

Pharmaceutical, gas, food, telecommunications.

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INDEX OF AUTHORS AND SIGNATURES
(In alphabetical order according to jurisdiction and/or region)


- INTRODUCTION
RODOLFO G. PAPA
LATIN COUNSEL
Email: rodolfo.papa@latincounsel.com

- CENTRAL AMERICA (Regional Perspective)
VIVIAN LIBERMAN
BLP
Email: vliberman@blplegal.com

- LATIN AMERICA (Regional Perspective)
PAOLA LOZANO
SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP (NEW YORK)
Email: paola.lozano@skadden.com

- ARGENTINA
ESTANISLAO OLMOS
BRUCHOU & FUNES DE RIOJA
Email: estanislao.olmos@bruchoufunes.com

- BRAZIL
PAULA VIEIRA DE OLIVEIRA
MATTOS FILHO
Email: pvieira@mattosfilho.com.br

- CHILE
PABLO IACOBELLI
CAREY
Email: piacobelli@carey.cl

- COLOMBIA
CLAUDIA BARRERO
PHILIPPI PRIETOCARRIZOSA
FERRERO DU & URIA
Email: claudia.barrero@ppulegal.com

- SPAIN
IVÁN DELGADO
PÉREZ-LLORCA
Email: idelgado@perezllorca.com

- MEXICO
MANUEL GALICIA
GALICIA
Email: mgalicia@galicia.com.mx

- PERU
ALBERTO REBAZA
REBAZA, ALCAZAR & DE LAS CASAS
Email: alberto.rebaza@rebaza-alcazar.com

- VENEZUELA
FULVIO ITALIANI
D’EMPAIRE
Email: fitaliani@dra.com.ve