Panama

Founded in 1985, commonly known as Alcogal, has swiftly risen to prominence as one of Panama’s leading full-service law firms. Based in Panama City, Alcogal is renowned for delivering timely, efficient, and top-tier legal counsel. The firm prides itself on its highly collaborative approach, catering to both domestic and international clients with exceptional service.

Highlights

The firm has been instrumental in various significant matters, including the first sustainable syndicated loan in Panama and the Americas’ banking sector, without a Development Financial Institution. Representing BAC International Bank, the team secured a syndicated loan from Wells Fargo Bank and Standard Chartered Bank. The landmark financing will support social and environmental projects focused on clean energy and sustainable mobility. The firm has also handled complex financings as well as revolving facilities, parallel acquisitions, and transactions with multijurisdictional security packages. 

Key clients  

Grupo Celsia, Grupo AES, Grupo EPM, Liberty Latin America, Banco Davivienda 

Testimonials 

“Outstanding job by Rita de la Guardia and Patricia Cordero. Very efficient, great advise along the whole process. They work fast despite being detail oriented.” (M&A) 

“in-depth knowledge of relations with public authorities” (Projects) 

Founded in 1942 in El Salvador by Dr. Francisco Armando Arias, Arias is a law firm rooted in humanistic principles and values of honesty, integrity, and professionalism. Renowned for its banking and finance expertise, the firm also excels in M&A and project development. Arias represents strategic buyers and sellers across various industries in acquisitions and restructurings, as well as borrowers and lenders in banking matters, including loan and credit agreements. Committed to quality legal services, Arias strives to innovate and lead in the legal and business world. 

Highlights

The firm consistently represents lenders in their banking practice and handles complex matters like securities packages involving subsidiaries across various jurisdictions. Arias represented Banco Santander as lender in H.I.G. Capital’s acquisition financing of multiple Latin American logistics entities. The team meticulously reviewed the Credit Agreement, drafted, and registered security documents through the Securities Over Movable Assets System. They collaborated with Collateral Agents and prepared a comprehensive Legal Opinion for the Loan. This showcases their expertise in intricate transaction structuring and cross-border operations, ensuring robust legal support for clients. 

Key clients 

Hencorp, Cargill, Leader Global Solutions, United States International Development Finance Corporation, 1st Source Bank  

Testimonials  

“Fast responses. They understand our business’ needs.” 

Arias Fábrega & Fábrega is a full-service firm founded in 1914 in Panama City. The firm now also has offices in London, Hong Kong, British Virgin Islands, Belize and Uruguay. The firm advises on some of the largest and most complex lending transactions, bond issuances and acquisitions involving Panamanian and international companies. 

Highlights 

ARIFA represented Bacardi International Limited in the acquisition of Ilegal Mezcal through a unique competitive bid process. Bacardi, already an existing minority shareholder, emerged as the acquirer. The firm demonstrated creativity in managing this time-sensitive deal, which spanned multiple jurisdictions and involved over 140 selling shareholders. Additionally, ARIFA was innovative in incorporating a special mechanism for simultaneous closing with all selling shareholders, avoiding the need to trigger drag-along rights. 

Key clients 

Citigroup Global Markets, The Bank of Nova Scotia, Banco General, IDB Invest  

Testimonials 

"Excellent knowledge of the law; excellent knowledge of the market; responsiveness." (Banking and Finance) 

"Available, very knowledgeable, creative." (Capital Markets Debt) 

"They are market leaders in Panama for banking and finance."(Project Finance) 

While EY’s Panama-based office is located in the Costa del Este district of Panama City, the international firm boasts offices in more than 150 countries. 

Focusses/ specialisms 

The firm is noted for its activity in the M&A practice, where the team offers comprehensive representation to acquirers, sellers, joint venture partners and merger parties in all types of M&A transactions at both the local and cross-border level. The firm is experienced in the consumer products, hospitality, financial services and automotive sectors, among numerous others.  

The EY team is also active in the corporate restructuring space. 

Client feedback: 32nd edition (2022/2023) 

Restructuring  

“Creative, thorough and efficient. Paid attention to relevant details without losing sight of the big picture.” 

Since its founding in 1959, Quijano & Associates has evolved into a truly international firm. Headquartered in Panama City, the firm boasts offices in Switzerland, Belize, Seychelles, and the British Virgin Islands as well as representative offices in Liechtenstein and Hong Kong. Quijano & Associates is renowned for its expertise in banking and corporate practice. In the banking sector, the firm represents borrowers in financing matters, while its M&A team advises strategic buyers and sellers on acquisition-related issues. The firm has extensive experience across a wide range of industries, including education, retail, chemicals, and financial services. 

Highlights 

The firm highly values its relationships with clients, often assisting them in achieving their business goals. The firm provided legal assistance to TAD Real Estate, the real estate holding company of a leading retail group in Panama, for its first bond issuance. The bonds, totaling $50 million, will be issued in both a senior secured series and a subordinated series, registered with the Superintendence of the Securities Market, and listed on the Latin America Stock Exchange. 

Key Clients 

Grupo Exsusa 

Testimonials 

“They were incredibly responsive, knowledgeable, and, efficient.” (M&A) 

For over 15 years, the team at Anzola Robles & Asociados has represented clients from its Panama City office. The firm is most active in the finance, M&A, project development and project finance practices. The firm’s finance involvement emphasises acquisition financing relating to power generation. In M&A, the firm focuses on representing acquirers and sellers in energy sector acquisitions, particularly those pertaining to hydrocarbons. As in the case of the firm’s other practices, its project development group similarly emphasises energy dealings, focusing on procurement.  Working closely with the project development group, the project finance team represents both lenders and borrowers. 

Founded in 1992, Cedeño & Méndez’s flagship office is located in Panama City. Today the firm boasts numerous locations beyond Panama including offices in Colombia, Costa Rica, El Salvador, Guatemala, Honduras, Mexico and Nicaragua. 

Focusses/ specialisms 

The firm’s focus falls heavily upon a variety of M&A matters on both the acquirer and seller side, as well as on regulatory guidance, incorporations and other corporate client needs.   

Key clients 

Among the firm’s key clients are Alimentos Kellogg De Panama, Grupo Agrocentro, Korsa Chemicals, Panama Intermoving & Relocation and Subaru Del Canal. 

The office of Delvalle Escalona Levy & Corróis located in Panama City.  

Focusses/ specialisms 

The firm is equipped to attend to a diversity of client needs, most notably those pertaining to investment funds and M&A, as well as real estate. The firm is also noted for its particular strength inaviation law. 

In investment funds, the team is active in fund formations on the behalf of corporate entities and financial institutions alike. 

In the M&A sphere, the firm participates on both the buy and sell-side, in addition to representing joint venture partners.  

The firm’s real estate group regularly attends to real estate acquisitions, emphasising those relating to residential and hospitality projects and other development deals.   

Key clients 

Key firm clients include Amador Holdings, Gate Gourmet, Norfolk Financial Group, Petróleos Delta and Turkish Airlines. 

Client feedback: 32nd edition (2022/2023) 

Investment funds: private equity funds 

“Incredibly attentive and responsive. Quick and efficient turnarounds.” 

Morgan & Morgan specialises in capital markets, M&A and project dealings regarding development and finance. In the capital markets space, the firm emphasises the debt side, chiefly representing issuers and underwriters in public and private share offers. The firm offers comprehensive M&A representation, representing sellers and acquirers in a wide variety of local and cross-border deals.  In project development, the firm provides counsel to bidders, contractors, concessionaires, developers and investors in both the implementation and financing of various infrastructure and energy projects. 

Founded in 2016, Sigma represents clients from its Panama City office.  

Focusses/ specialisms  

The firm focuses on capital markets, M&A and project development, emphasising the banking, finance and renewable energy sectors. 

In capital markets, the firm emphasises debt-side transactions including bond and note issues.  

The firm’s M&A practice is most active in transactions between private companies and joint venture work. 

In the project development sphere, the firm highlights green energy finance.