IFLR 1000
The Guide to the World's Leading Financial Law Firms

Souza Cescon had a good run of acquisition finance deals this year originating from key client Santander.

In one example, the team advised the bank on a $1.6 billion facility to State Grid for the acquisition of seven energy transmission companies from the Plena Group.

Santander also called in the firm to advise it alongside BTG Pactual, Banco do Brazil and Banco Votorantim on a $1.8 billion investment alongside Cemig in Light. The deal sees the banks take a 26.06% stake in the company.

Another highlight sees the team acting for Union Bank as counsel to a banking syndicate on a $800 million joint export prepayment facility with Fibra Trading International for the financing of a pre-export of wood pulp by Fibria Celulose.

Souza Cescon moves to tier one this year after a strong list of mandates and positive market feedback.

A clear example of the sort of the work the firm is now involved on saw it advise Vale, Votorantim, NeoEnergia and Andrade Gutierrez on the bidding process and subsequent securing of financing for the Belo Monte Dam. The 11,000MW hydroelectric project will be the third-largest in the world upon completion.

The firm has also carved out a niche in the offshore and oil and gas sectors and last year the team advised Petrobras and Santander in the structuring of the financing of 28 deepwater rigs for the exploration of oil in the Santos Basin, southeast of São Paulo, Brazil. The project will need over $20 billion in investments over a 10-year period.

In a similar deal the firm again advised Santander, this time alongside ING on the $850 million financing to OSX for the FPSO (Floating Production Storage and Offloading) OSX II shipyard project.

As a full-service law firm with a strong international client base, Souza Cescon Barrieu & Flesch continues to be regarded as a strong competitor in M&A and private equity. Souza was Brazil's top-ranking M&A firm in 2010 by both Bloomberg and Thomson Reuters, participating in deals valued at $28.6 billion. The firm regularly does pro-bono work, including its recent advice to the United Nations on human rights issues.

In January 2010, the firm advised petrol company Shell on the establishment of a $12 billion joint venture with Cosan Indústria e Comércio and Cosan which combined certain assets from both companies.

In another blockbuster deal, the firm represented Portugal Telecom on selling its 50% share in Brasilcel, which controls mobile telecom business Vivo, to Telefónica, which previously held the remaining 50%. Vivo has a market share of around 30% and the €7.5 billion ($10.6 billion) transaction required regulatory and antitrust approval.