Consolidating Academic and Professional Dialogue: Successes of the Third M&A Congress in Colombia  

Semillero Fusiones y Adquisiciones Universidad de Los Andes

With the participation of both local and international experts, the congress has become a benchmark of excellence, contributing to the development of the practice of mergers and acquisitions in Latin America.

The Third Mergers and Acquisitions (M&A) Congress in Colombia has marked a significant milestone in the intersection between the academic and professional spheres, consolidating itself as a crucial space for the exchange of knowledge and experiences in this vital field.

The Congress has been the result of an articulated work between the M&A Seminar of the Universidad de los Andes and the main corporate law firms in the country, fostering an enriching dialogue that transcends borders.

This event not only honours the memory of prominent figures in the industry, but also responds to a latent need to create a specific forum to discuss current trends and challenges in M&A that could be replicated in other jurisdictions.

From the outset, it was conceived as a space that would promote dialogue between academia and practice, collective reflection, deepening of collegial relationships, and strengthening of the M&A community.

In this context, the following are the highlights and reflections on this third edition, which has exceeded expectations in terms of attendance and quality of content.

To meet these objectives, four guiding principles have been defined: (i) Gender Parity; (ii) Equal treatment among firms; (iii) Promotion of new faces and rotation of guests; and, (iv) Regionalisation and internationalisation.

Its genesis lies in the interest expressed by some leading local law firms, and their partners, during the year 2022, in developing their own space for the practice of M&A, similar to that which existed in other areas of law.

It was strange that such a relevant practice did not have its own Congress; it would also allow to honour the memory of Andrés Hoyos, partner of Gómez Pinzón, who had recently passed away. Moreover, it was in line with the vision of the Semillero which, from the beginning, had as one of its objectives to serve as a bridge between academia and practice and to contribute to the development of an active community around M&A transactions.

For the first edition, an Organising Committee was formed with the participation of the Semillero, Brigard Urrutia, Dentons Cárdenas & Cárdenas, Gómez Pinzón, Martínez Quintero Mendoza González Laguado & De la Rosa (at that time DLA Piper- Martinez), Posse Herrera and Philippi Prietocarrizosa Ferrero DU & Uría. Baker McKenzie Colombia joined as a sponsor. The first edition was held in October 2022 at the Universidad de los Andes and was attended by 100 participants (to date the first edition has had more than 3,000 views on YouTube).

In October 2023, the second edition was held, with the participation of 220 attendees (2,000 reproductions). Cuatrecasas, Garrigues and Serrano Martinez CMA joined the project as sponsors.

With this momentum, the Third M&A Congress was held on 17 October 2024 in the main auditorium of the Universidad de los Andes. A total of 300 people attended in person (and an average of 200 via streaming).

(Access the full recording of the morning and the afternoon session of the Third M&A Congress)

For this third edition, the Organising Committee (which included Garrigues) decided to take a significant step forward in the consolidation of the Congress and invited leading partners from the United States and Latin America as panellists. Holland & Knight, Lloreda Camacho and PGP joined the project as sponsors. In this way, the III Congress was supported by 13 firms.

The opening was in charge of Paola Lozano, partner at Skadden, Arps, Slate, Meagher & Flom LLP (New York), who reflected on the practice of M&A and the qualities that a lawyer requires to carry out a transaction. Natalia García (Gómez Pinzón) and Ana Restrepo (Semillero) also participated.

The first panel focused on ‘M&A Trends in Listed Companies from a Chilean, Colombian, Brazilian and Peruvian perspective’. The panel was moderated by Jaime Robledo (Brigard Urrutia) and Isabella del Río (Posse Herrera) and included the participation of Jairo Gónzalez (Nutresa), Pablo Guerrero (Barros & Errázuriz - Chile), Paula Vieria de Oliveira (Mattos Filho - Brazil) and Sergio Amiel (Garrigues - Peru).

The second panel analysed the most dynamic markets (‘Hot Trends in M&A’) in LATAM. The panel was moderated by Santiago Miramón (Dentons Cárdenas & Cárdenas). Eduardo Calderón (BLP - Costa Rica), Ignacio Pesqueira (Galicia - Mexico), Juan David Quintero (Gómez Pinzón), Nicolás Tirado (Philippi Prietocarrizosa Ferrero DU & Uría) and Tatiana Uribe (Banco Itaú) participated as panellists.

The third panel focused on dispute resolution in SPAs and SHAs in Latin America. Juan Manuel de la Rosa (Martinez) and Natalia Ponce de León (Baker McKenzie) moderated the panel integrated by Paola Lozano (Skadden - United States), Diego Pérez (Pérez Bustamante - Ecuador), Felipe Boisset (Rebaza Alcázar - Peru), and María Luisa Mesa (Mesa González Abogados).

After lunch, the fourth panel discussed exit mechanisms. Juan Diego Martínez (Serrano Martínez CMA) and Andrés Hidalgo (Lloreda Camacho) moderated a panel formed by José Humberto Frías (D’Empaire Reyna - Venezuela), Diana Silva (Promigas - Colombia) and Lucas Marulanda (Advent).

Finally, the fifth panel focused on ‘Acquisition Finance’. The panel was moderated by Andrés Ordoñez (Garrigues) and María Juliana Saa (Holland & Knight), and included Juan Pablo Moreno (Mayer Brown - United States), Juan Pablo Barrera (Decameron Hotels), María Camila Silva (Bancolombia) and Manuel Quinche (Cuatrecasas).
Undoubtedly, it resulted in an extraordinary congress, with leading guests in the region. The level of discussion was very high and knew how to combine theory and practice. It was an enriching space where experiences were exchanged which, we hope, will contribute to the development of practice in Latin America.

Below, we share some reflections from those who led the event, and also followed it (remotely) from all over Latin America.

We highlight the comment of one of the Congress speakers, Paola Lozano (partner at Skadden, Arps, Slate, Meagher & Flom LLP, New York), on the event:

"I was proud to return to the Universidad de los Andes, my alma mater, as a guest speaker to open the Third Colombian M&A Congress, and to participate in a panel on M&A disputes. The Congress was an excellent forum, of a very high level on various M&A topics. The students of the M&A Semillero attracted the presence of speakers who are recognised leaders in their field in various countries, and educational, practical and inspiring talks were delivered at a very high technical level, but also in a clear and accessible manner to the audience. This is a great example of collegiality between the best Colombian corporate firms and their interaction with academia. Hopefully the event will be repeated at this level and the example will be replicated in other forums and countries".

On the other hand, Claudia Barrero (partner at Philippi, Prietocarrizosa, Ferrero DU & Uria - Colombia), one of the main referents in the organisation of this third edition of the Congress, on behalf of the Colombian law firms that participated in its realisation, shared with us her opinion about the Congress:

"The Universidad de los Andes M&A Semillero and the most active Colombian law firms in the field have managed to create this important forum to share knowledge and discuss current issues in this practice so important for our profession. The M&A Congress reached its third edition, and did so with first class international guests. On this occasion, the first ‘Deal Points’ study in Colombia was also launched. Led by Sergio Carreño, and with the collaboration of the most active Colombian firms in mergers and acquisitions, a very relevant product for the practice was achieved. A study that is a common tool in Anglo-Saxon jurisdictions, which did not exist in our jurisdiction. The study we have today is an example of the maturity of the Colombian M&A market and the good collegiality and interest in academia of Colombian firms. We hope to continue collaborating with the UniAndes M&A Semillero and to have this study in the years to come".

Likewise, LATIN COUNSEL’s correspondent in Argentina, corporate lawyer specialised in the structuring of M&A transactions, author and lecturer, Rodolfo G. Papa, shares his reflections on the Third M&A Colombia Congress:

"I have followed the Third M&A Congress live on Youtube, which I qualify -without a doubt- as an event of academic excellence and professional practice, taking into account the quality of its contents and the authority of its speakers. It is worth noting that, unlike its two previous editions, the Third Congress has been a truly international academic event, since it has included speakers from leading firms in Chile, Peru, Ecuador, Brazil, Costa Rica, Mexico, and the United States. In addition, it has incorporated representatives from leading companies in the region, which in practice, reflect the profile of clients with whom we corporate lawyers normally interact in the negotiation of a deal. In its agenda, the event exposed a series of ‘state of the art’ and disruptive issues for the Latin American corporate practice, such as the contracting of a ‘Representations & Warranties Insurance’ (which modifies -substantially- the SPA’s regime of warranties and indemnities), the choice of law and forum applicable to a SPA between domestic and common law parties, and also the adoption of post-closing exit mechanisms, agreed under a ‘shareholders agreement’, and financing for acquisitions, among the most relevant ones. I highly recommend accessing the recording of this event. As part of my academic work, I have had the pleasant privilege of having seen the birth (during the year 2021), this initiative of study and research of the main legal issues applicable to the conclusion of an M&A transaction, as has been the ‘Semillero’, from the stage of the training of undergraduate students, and to have made some contributions in its favour, which has been an unforgettable experience, both personally and professionally. I especially congratulate my friend, Professor Sergio Carreño Mendoza, who has recently been generous enough to write the foreword to my latest book ‘M&A Transactions. Cuestiones Jurídicas de Actualidad‘, who has been a "maker" of the creation and growth of this "Semillero", which I hope will be replicated in other countries of our region".

During the Congress, the report ‘Mergers and Acquisitions. Deal Points 2024 (Colombia)’ was also presented. This report is another plausible result of the articulation between academia and practice. The study aims to contribute to the understanding of the dynamics and development of the M&A market; it could also serve as an input for negotiation. 

This unique and innovative report for the practice of M&A transactions in the Colombian market, has been prepared by Professor Sergio Carreño Mendoza, Academic Director of the Mergers and Acquisitions Semillero of the Universidad de Los Andes, and one of the fellows and outstanding students that make up this ‘Semillero’, Santiago Archila Correa.

Professor Carreño Mendoza holds a PhD in Law from the Universitat Pompeu Fabra. He is a lawyer from the Universidad Externado de Colombia and holds a master’s degree in liability law from the same university. Professor at the Faculty of Law of the Universidad de los Andes, director of the Mergers and Acquisitions Seminar and co-director of the Business and Entrepreneurship Legal Clinic. His research focuses on contract law, tort law, commercial law and M&A. He recently published two books entitled ‘Agreements of intent and the management of uncertainty in corporate acquisitions " and "Mergers and Acquisitions. Information asymmetry and uncertainty management".

Diego Pérez (Pérez Bustamante, Ecuador), Felipe Boisset (Estudio Rebaza, Perú),
Paola Lozano (Skadden, New York), Juan Manuel De la Rosa (Martínez Quintero),
María Luisa Mesa (Mesa González), Natalia Ponce de León (Baker McKenzie)



Pablo Gerrero (Barros & Errazuriz, Chile), Paula Vieira (Mattos Filho, Brazil)



Eduardo Calderón (BLP, Central America), Ignacio Pesqueira (Galicia, Mexico)