Argentina

Reviews

Practice area

IFLR1000 Reviews

Overview

Solicitors governing body: Local bar associations

Competition authority: National Commission for the Defense of Competition

Financial regulator: CNV (Comisión Nacional de Valores) 

IFLR1000 ranking categories in this jurisdiction: 

Banking and finance; Capital markets; M&A; Project development

Jurisdiction overview

Argentina’s constitution, first written in 1853 and based on the US model provides the basis for its law. Argentina has a civil law system. 

Those who wish to practice law in Argentina must obtain a masters in law and register with a local bar association. Local lawyers are not allowed to partner with foreign lawyers, but they can employ foreign lawyers and be employed by foreign lawyers or firms. Foreign lawyers can advise on global law but are not allowed to appear in court, unless they re-qualify. The process for re-qualifying depends on the country where the lawyer obtained their original degree.

The market is largely made up of local firms though some global firms such as Baker & McKenzie and Hope Duggan & Silva have a presence in the country. Many local firms are part of larger associations or have alliances with firms in other countries. 

Financial and corporate
Allende & Brea

Allende & Brea has been active on M&A over the research period. The firm has advised buyers on sellers on acquisitions in a range of sectors including agriculture, food and beverage and insurance.

Recent Deal Data highlights

•Ferrero $2.8 billion acquisition of Nestle USA's confectionery business 

•Syngenta acquisition of Nidera Seeds

 

 

Baker McKenzie

Baker McKenzie is active in Argentina on banking and M&A matters.

The firm’s banking team has advised borrowers and lenders on credit facilities in oil, energy and mining this research period. 

The firm has also recently advised buyers and sellers on M&A in financial services, healthcare and fishing.

Recent Deal Data highlights

•Advent International $1.5 billion acquisition of 51% stake in Prisma Medios de Pago

•Alba Capital Partners acquisition of Sidaco Telecommunications 

•Energizer $2 billion acquisition of Spectrum Brands' battery and lighting business 

•Grupo Ibérica Congelados acquisition Pesquera Santa Cruz

•Seqirus $275 million acquisition of Novartis' influenza vaccine business unit

Client feedback

“Strengths include knowledge, expertise, pragmatism, service- oriented attitude and interdisciplinary approach. One weakness is the fact that the firm is expensive and has a lack of a proactive approach towards offering competitive fees arrangement more aligned to the business specific needs.” – M&A 

“The team at Baker McKenzie Argentina is absolutely top notch. We have not been disappointed at all.” – M&A 

Beccar Varela

Beccar Varela is a leading M&A and strong banking and capital markets firm.

The firm’s banking team primarily advised lenders over the research period. The research period saw the banking team work on deals in the education, healthcare and sovereign finance space, among other sectors.

The capital markets group advised a mix of issuers and underwriters on bond issues in the banking, oil and gas and financial services sectors. The firm also advised a social investors group with launching the country’s first social impact bond

The M&A team advises a mix of buyers and sellers. The team works in a range of sectors but has seen recent work in financial services, pharmaceuticals and mining.

Recent Deal Data highlights

•                      BIND Banco Industrial $55 million financing

•                      Buenos Aires Arena $15 million financing

•                      Advent International $724 million acquisition of 51% of Prisma Medios de Pago

•                      Humus Capital acquisition of Biosidus

•                     Telecom Argentina $300 million financing

Client feedback

“Excellent.” – Banking

“The firm's services were outstanding and exceeded our expectations. They have a team of highly motivated, dedicated and capable lawyers with different backgrounds and expertise. By means of a fluent interaction and communication with us, they offered a comprehensive legal service and also provided tailor-made and innovative solutions to each legal obstacle that we had to face during the transaction. The team was led by Roberto Crouzel and María Shakespear (partners) and it is worth highlighting that team has valuable knowledge of the business that many other lawyers do not have. That is probably a result of working for many years for clients of the same industry and continuous academic training.” – M&A  

Maria Shakespear

“Her work was outstanding. She provided innovative solutions and managed the team in the most efficient way in order to obtain a successful result.”

Beretta Godoy

Beretta Godoy has a strong project development practice. Its project development partners often work on corporate matters and M&A related to energy and infrastructure projects.  

The firm is active in mining and this research period advised mining companies on integrating their projects, forming joint ventures, acquiring interests in mining projects and conducting feasibility studies.  The firm counts several Chinese companies among its clients. The firm has also advised developers and concessionaires on constructing energy projects.  

Recent Deal Data highlights 

•Estelar/ Fomicruz joint venture 

•Yamana acquisition of 70% stake in the Organullo Gold Project 

Bomchil

Bomchil is a strong transactional firm. 

The firm’s banking team advises borrowers and lenders and is active in the energy sector. In addition to advising these parties, the firm sometimes advises clients as SPVs (special purpose vehicles) in relation to loan facilities. 

The firm’s capital markets team has advised issuers on bond issues over the research period.  

In M&A the firm has recently advised buyers, sellers and joint venture parties on deals in software, energy and pharmaceuticals.  

Recent Deal Data highlights 

•Acon acquisition of Biosidus 

•Aeropuertos de Neuquén $3.5 million financing  

•Culligan Argentina acquisition of Nestlé Waters Argentina 

•WiseTech acquisition of Posbeyikian Buchter & Asociados 

Client feedback 

“One of the best legal advice in the Argentine financial sector. Always available and with a very solid team.” – Banking  

“Best law firm in town for financial business. 24/7 dedication.” - Capital markets: structured finance and securitisation 

“Very good business approach, flexible, proactive, very good negotiating skills.” – M&A  

Bruchou Fernández Madero & Lombardi

Bruchou Fernández Madero & Lombardi is best known for its banking and capital markets practices but is also a top M&A firm.

This research period the firm’s banking team is active in the project finance of energy projects and primarily advises lenders in this space.

The firm’s debt capital markets team was active in the energy and oil and gas sectors (advising both issuers and underwriters). The firm is also known for its work in the sovereign bond space, advising both underwriters and issuers.  

In M&A the firm primarily advised buyers and saw work in agriculture, mining and energy.

In project development the firm’s work includes advice to mining operators on their exploitation activities and on the acquisition of mining projects; to bidders for renewable energy projects; and to project developers on renewable energy projects.

The M&A team hired Pablo Falabella from Bulló Abogados.

Recent Deal Data highlights

•                      Republic of Argentina $9 billion triple tranche (4.625%, 5.875% and 6.875%) sovereign bond issue

•                      Altiplano-La Puna 208MW photovoltaic power plant

•                      El Llano 60MW wind farm

•                      Grupo Supervielle $20 million acquisition of Micro Lending            

•                      Pampa Energia $300 million 9.125% bond issue

Cerolini & Ferrari Abogados

Cerolini & Ferrari Abogados is an active firm and advises a wide range of financial and corporate clients. 

The firm’s banking team often advises banks as regulatory compliance officers. One notable matter saw the firm help a bank with granting personal loans online.  

This research period saw the firm advise as deal counsel on bond issues in the automotive and financial services sectors. 

The firm has also has advised clients this research period on the incorporation of their Argentine subsidiaries. 

Client feedback 

“Strengths include delivery, efficiency, capabilities, celerity, highly professional team and expertise.” – Capital markets: debt 

“Excellent and personalised service, delivery on time and with very strong relationship with the governmental authority. Early detection of issues and a strong capacity of negotiation.” - Capital markets: structured finance and securitisation 

“Fantastic. Great communication problem-solver. Knowledgeable. No weakness that I can think of. Excellent coffee!” – Private equity  

Errecondo Gonzalez & Funes

Errecondo Gonzalez & Funes is well known for its banking and capital markets practices. 

The firm advises lenders and borrowers on credit facilities. Telecom has been a particularly active borrower-side client this research period, so the firm has seen a lot of recent work in the telecommunications sector. 

The firm advises a mix of issuers and placement agents on bond issues and this research period has been active on issuances conducted under clients’ medium-term note programmes. The automotive sector was active this research period.  

The firm’s M&A team has seen buy-side work this research period in energy and financial services.  

Recent Deal Data highlights  

•Central Puerto acquisition of Brigadier Lopez plant 

•Genneia acquisition of Ullum 1, 2 and 3 photovoltaic power projects 

•Telecom Argentina $450 million loan 

•Vista Oil & Gas $300 million financing  

•Vista Oil & Gas acquisition of APCO 

Estudio Garrido Abogados

Estudio Garrido Abogados is an active M&A firm which advises a mix of buyers and sellers. This research period the firm saw work in oil and gas, life sciences and forestry.  

Recent Deal Data highlights 

•Alianza Petrolera Argentina $54 million acquisition of 11% of YPF’s stake in UTE Llancanelo and farm-in agreement 

•Cryoholdco acquisition of Biocordcell Argentina  

•Inverpack acquisition of Barrier Solution and Printpack 

•Orange Equity Partners acquisition of 5.135% stake in Rofex 

Estudio O'Farrell

Estudio O'Farrell advises YPF, Argentina’s state oil company, and often advises on significant transactions through this relationship. 

YPF is an active bond issuer, so the firm’s capital markets team has experience advising the company on its bond issues. Another recent deal saw the firm advise a financial services company on its bond issue. 

Several recent M&A deals saw the firm advise YPF as purchaser. The firm’s M&A team advises buyers and sellers and is active in the energy and infrastructure sectors.  

Recent Deal Data highlights 

•YPF $31.5 million acquisition of La Plata Cogeneration power station 

•YPF acquisition of Ramos exploitation concession 

•YPF $500 million 8.5% bond issue  

Client feedback 

“The professionalism and the commitment to the work they do are strengths.” – Capital markets: debt 

Estudio Ymaz Abogados

Estudio Ymaz Abogados has seen some notable project development matters over the research period. Project development matters were confidential but a few involved helping clients participate as bidders in public tenders for projects.  

Martínez de Hoz & Rueda

Martínez de Hoz & Rueda has a leading project development team and a specialty in the energy and infrastructure sectors which often results in the firm working on significant transactions in these sectors.

This research period the firm’s banking team has advised borrowers and lenders on project finance matters or loan agreements in the energy and infrastructure sectors.

The firm’s debt capital markets team advises issuers and underwriters and has been active this research period in the banking and energy sectors.

In M&A the firm is also active in the energy sector and has advised buyers and sellers on recent deals.

The firm’s project development team has advised project developers and operators on EPC contracts for renewable energy projects. The firm has also advised bidders on bids for energy projects.

The firm hired banking partner Jimena Vega Olmos from Banco de la Nación Argentina over the research period.

Recent Deal Data highlights

•                      Altiplano-La Puna 208MW photovoltaic power plant

•                      Cafayate 80MW photovoltaic power plant

•                      Iglesia Guañizuil 80MW photovoltaic power plant

•                      Pan American Energy acquisition of Terminal Caleta Paula and 33 service  stations

•                      YPF Luz $75 million financing


Client feedback

“Great service and outstanding dedication and reachability of senior partners who got involved directly in every deal we worked on with the firm.” – Banking, capital markets: debt

“We and our client was satisfied with the legal assistance provided. The team appeared to be responsive and knowledgeable of the legal matters.” – Banking

“Strengths include the flexibility, quick response and proper advice.” – Banking

“It is an outstanding firm, with a great knowledge of the oil and gas industry.” – M&A

“Good knowledge of the market and regulation. Available for urgent matters. Provided professional solutions.” – Project development

Jose Martinez de Hoz (nieto)

"Great service overall. Jose has all the tools needed, he is always reachable and looks for the best solution in every deal. He has not only the legal knowledge but also great client management and the industry expertise needed."

“A great lawyer in whom I can rely all of my operations.”

Jose Martinez de Hoz

“Outstanding.” 

Jose Martinez de Hoz, Fernando Zoppi, Tomás Lanardonne and Tomas Dellepiane

“All of them have strong knowledge and expertise on the different subject matters, and they have a tremendous willingness to help and assist.”

Fernando Zoppi

“Very knowledgeable lawyer.”

Marval O'Farrell & Mairal

Marval O'Farrell & Mairal is best known for its M&A and project development practices but is also a leader in financing work.

The banking team has advised borrowers and lenders this research period and has worked in the energy, telecommunications and automotive sectors.

The firm’s M&A team often works on high value deals and recently has advised sellers and buyers in energy, mining, agribusiness and technology.

Recent work saw the firm’s project development team advise bidders in the tender processes for a range of projects including PPP transmission lines, traditional energy and renewable energy.

Recent Deal Data highlights

•                      Globant $49 million acquisition of Avanxo

•                      Raízen $950 million acquisition of Shell

•                      Telecom Argentina $450 million financing

•                      Transportadora de Gas del Sur $500 million 9.625% bond issue

•                      Zurich Insurance $409 million acquisition of QBE Insurance Group’s Latin American business

MBP Partners

MBP Partners has an active corporate practice. Over the research period, the firm advised on a buy-side M&A of a broker dealer. The firm also advised a PPP contractor and shareholders on a PPP.

Mitrani Caballero & Ruiz Moreno

Mitrani Caballero & Ruiz Moreno is a strong transactional firm.  

The banking team advises borrowers and lenders and is active in the energy and infrastructure space. 

The firm works on high value M&A and is active in a range of sectors, advising buyers and sellers. Energy and oil and gas are active areas for the firm. Other recent work includes advice in agriculture, manufacturing, and food and beverage.  

Mining is an active area for the firm’s project development team which advises mining companies on the exploration and development of projects. The firm has also advised clients on participating in tender offers for PPAs and airport terminals over the research period.  

Recent Deal Data highlights 

•Raizen $916 million acquisition of Shell’s downstream business in Argentina 

•Mitsu $220 million acquisition of 34% stake in Vientos Los Hercules 

•Tenaris $1.2 billion acquisition of IPSCO Tubulars 

•Tenaris $141 million acquisition of 47.79% stake in Saudi Steel Pipe Company, 

•Ternium México $1 billion loan facility   

Client feedback 

“They are outstanding, smart, commercial and always available.” - Banking  

“Mitrani’s banking & finance team shows deep knowledge of the financial markets in general and also shows excellent negotiation skills. They are business oriented and have proved to be very effective in putting together transaction documents in challenging timings. Mitrani’s team has been very successful in highlighting legal and commercial issues and in documentation structuring."  - Banking  

“Excellent. Outstanding. Brilliant experience.” – M&A 

“Overall is a good firm. Knowledge of the market. Fast response.” -  Project development 

“Mitrani is very responsive and practical in providing local law advice.” – Project finance 

“The service we've received has always been very professional and of excellent quality.” – Project development 

Quick, relevant and summarised opinion that feeds our decision making process.” Project development  

“Very focused. Timely advising.” – Project development  

“Among the strengths to highlight, I can highlight the professionalism, the immediate availability and the timely delivery of the work.” – Project development  

“Valuable expertise. Quite expensive.” – Restructuring and insolvency 

Pérez Alati Grondona Benites & Arntsen

Pérez Alati Grondona Benites & Arntsen is a strong on a range of transactional matters including banking, capital markets and M&A.

The banking and finance team has primarily advised lenders over the research period and energy has been an active area for the team.

In M&A the firm advises a mix of buyers and sellers and has seen work in oil and gas, food and beverage and construction this research period.

In capital markets, the firm advised a mix of issuers and underwriters on bond issues over the research period and has seen recent work in the energy, agriculture and banking sectors.

 Recent Deal Data highlights

•                      Central Térmica La Escondida 10MW biomass plant

•                      Equity International and Goldman Sachs $300 million acquisition of Tortugas Open Mall shopping centre

•                      PointState Capital $105 million acquisition of Sheraton Hotel & Convention Center and Park Tower Hotel

•                      Pomona 100MW wind farm

•                      YPF Luz $75 million financing

 

Client feedback

“Strong senior involvement despite our size.” – M&A

“Great team that works together really well. Great care for the client and its needs.” – M&A

Santiago Daireaux

“Senior M&A partner with hands on approach (active in all meetings, draftings, etc.). Strong out of the box thinking to implement business solutions in contracts.”

Salaberren & López Sansón

Salaberren & López Sansón was active on buy-side M&A this research period and saw work in technology, life sciences and agriculture.

Salaverri Burgio & Wetzler Malbran

Salaverri Burgio & Wetzler Malbran is a strong firm for banking, M&A and capital markets work.  

The banking team advises a mix of borrowers and lenders and is especially active in the energy sector.

In capital markets the firm advises a mix of underwriters and issuers and has seen work in the energy and telecommunications sectors this research period. 

The firm’s M&A practice advises a mix of acquirers and sellers. The oil and gas sector has been particularly active this research period and Pampa Energía is key client of the firm. Food and beverage and entertainment have also been relevant sectors over the research period.  

Recent Deal Data highlights

•                      Bicentenario 125.2MW wind farm

•                      ENAP Sipetrol Argentina $100 million financing

•                      Raízen Argentina acquisition of Pampa Energía’s liquid fuels and lubricants storage business

•                      Transportadora de Gas del Sur $500 million 9.625% bond issue

•                      Vista $360 million acquisition of Pelsa

Tanoira Cassagne Abogados

Tanoira Cassagne Abogados is an active capital markets and banking firm.  

The firm is involved in a significant number of the market’s project finance deals, often advising Citibank as trustee though recent work has seen the firm advise the borrower. 

The firm traditionally advises the underwriters on the debt capital markets issues of YPF.  

Recent Deal Data highlights 

•Altiplano-La Puna 208MW photovoltaic power projects 

•MSU Energy $600 million 6.875% bond issue  

•Pomona 100MW wind farm 

•Province of Córdoba $150 million loan facility 

•YPF $500 million 8.5% bond issue  

Client feedback 

“Strengths include service, professionalism, knowledge.” – Capital markets: debt 

Tavarone Rovelli Salim & Miani

Tavarone Rovelli Salim & Miani is a strong banking and capital markets firm. 

Over the research period, the firm tended to advise issuers or act as deal counsel on bond issues in the energy and banking sectors.  

The firm advised lenders and borrowers this research period on credit facilities in the energy and sovereign finance space.  

Recent Deal Data highlights 

•Grupo Sancor Seguros acquisition of 70% stake in Banco del Sol 

•MSU Energy $600 million 6.875% bond issue  

•Pomona 100MW wind farm 

•Province of Córdoba $150 million loan facility

Client feedback  

“The firm is extremely dedicated to the timely and smooth execution of complex structured cross border deals, with a clear expertise on all local law aspects of transactions.” – Capital markets: debt 

"Very responsive with in-depth knowledge of local capital market regulations and very fluid contact with CNV.” – Capital market: debt 

“Great firm. Fast, expedited, always available, dedicated team, not expensive, knowledgeable, experience and good PR.” – M&A  

“I love that they are nimble and provide value without waste.” – M&A  

“The firm provided an outstanding service.” – M&A 

"In my opinion their performance is excellent, the team working for us is a qualified, professional one, highly committed to their clients and with deep understanding of both the local legislation and the way in which business is performed in Argentina, which results in high quality advise.” – M&A

“They work extraordinarily and in a very efficient and professional way. The have a big group of lawyers, allowing us to ask them for advice in several matters and the answers were excellent in every way.” – Private equity 

“They are very professional and trustworthy. They are supporting us in projects that require a high speed of response to adjust to our timeline. They have been able to successfully cope with it.” – Project finance 

Zang Bergel & Viñes

Zang Bergel & Viñes is an active capital markets and M&A firm. The firm is known for its activity in the real estate sector. 

The firm tends to work on local debt capital markets issues and advises issuers and placement agents. Banking and agriculture were active sectors this research period. Banco Hipotecario, known for mortgage lending, is an active client.  

In M&A the firm has advised buyers, sellers and joint venture parties on deals in a range of sectors including entertainment, consumer goods and services and pharmaceuticals.  

Recent Deal Data highlights 

•Frutarom $12 million acquisition of 70% stake in Meroar and Meroaroma 

•Hemisphere Media Group acquisition of 75% stake in Snap Global 

 

•Live Nation Entertainment acquisition of DF Entertainment 

 

•President Petroleum $4 million financing  

 

•Radio Victoria/ TCL joint venture 

Client feedback 

“They are very proactive, coming with fresh ideas and solutions.” – Banking  

“The firm has outstanding professionals with remarkable skills and market knowledge and that is combined with a unique knowledge of the economic group of the bank.” – Capital markets: debt, capital markets: equity