Corporate and finance in Central America

Aguilar Castillo Love

Aguilar Castillo Love benefits from a sizeable footprint in Central America – with offices in Costa Rica, Guatemala, Honduras, El Salvador and Nicaragua (as well as an affiliate branch in Panama) – and has further extended its offering to Bolivia, Ecuador and Paraguay. The firm has a long history of advising international clients with operations in the region, counts many lawyers among its ranks who have practised in the US and Europe, and is frequently engaged to handle high-profile domestic and cross-border mandates, including syndicated loans, project financing, debt issuances, M&A and restructurings. In Costa Rica, where the firm has two offices, Marco Solano Gómez oversees the banking practice; while John Aguilar Quesada, an authority on foreign investments, leads the corporate team. Esteban Agüero Guier and Flor De María Cortez are the key contacts for corporate and finance matters in El Salvador, where the firm is particularly noted for its fintech expertise. The Guatemalan team is led by Juan Carlos Castillo Chacón, a well-known name in the capital markets sphere, and Natalia Callejas Aquino; Enrique Rodríguez Burchard and Juan José Alcerro Milla are the leading figures in Honduras; and Thelma Carrión and Violeta Núñez, experts in M&A and financial matters, respectively, head the practice in Nicaragua.

Arias

Formed after the separation of Arias & Muñoz, the first Central American law firm, Arias fields a 39-partner-strong offering across seven offices located in Costa Rica, Honduras, El Salvador, Nicaragua, Guatemala and Panama. The firm is renowned for its advice to major global and regional banks, multilateral development institutions and household-name multinationals regarding complex, region-wide transactions, along with syndicated loans, project and acquisition finance, and local and cross-border M&A. Fintech specialist Mario Lozano, managing partner Lilian Arias, M&A expert Roberta Gallardo and Luisa Rivas are among the key names from the sizeable corporate and finance teams in El Salvador. In Costa Rica, Diego Gallegos and Vicente Lines lead the banking practice; Linares, who frequently advises clients on market entry, also heads up the corporate team alongside Andrey Dorado and Melania Dittel. Foreign investment expert Ana Teresa Rizo, Bertha Arguello, Gustavo-Adolfo Vargas (who is a key adviser to multilaterals), and Rodrigo Ibarra are the names to note in Nicaragua. In Guatemala, Luis Pedro Del Valle is the “go-to” figure for corporate and finance matters; Evangelina Lardizábal and Mario Agüero head the practice in Honduras (where the firm has offices in Tegucigalpa and San Pedro Sula); and Yuri Moreno and M&A specialist María Cristina Fábrega lead the team in Panama.

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BLP

BLP enjoys a strong presence across Central America, with offices in Costa Rica, Guatemala, Honduras, El Salvador and Nicaragua, which combines with its representative office in Madrid, Spain, to present a formidable offering to international clients – from global banks to Fortune 500 companies – seeking advice on complex, cross-border financings, bond issuances and M&A. In Costa Rica, where the firm has branches in San José and the coastal areas of Puntarenas, Guanacaste and Marina Flamingo (in order to cater to clients in the country’s flourishing tourism and real estate sectors), the corporate practice is led by David Gutiérrez (who also heads the Madrid office) and Adriana Castro, an expert in the telecoms and media sectors; while Vivian Liberman and fintech specialist Andrés López oversee the banking team. Jorge Luis Arenales, who is based part-time in Paris, further bolstering the firm’s capacity to handle multi-jurisdictional mandates, leads the finance practice in Guatemala; he is also the key contact for corporate matters alongside Luis Ruiz, who has additional expertise in IP. José Miguel Álvarez and Karla Aguilar, an expert in the energy sector, are the names to note in Honduras (where the firm has offices in both Tegucigalpa and San Pedro Sula). Zygmunt Brett is a high-profile figure in the corporate and finance arenas in El Salvador, while Ernesto Rizo leads the practice in Nicaragua.

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Consortium Legal

One of the largest firms in Central America, with a deep bench of more than 200 lawyers based across its nine offices in the region, Consortium Legal remains first port of call for advice on cross-border matters, syndicated loans, project finance, bond issuances, M&A and fintech. The firm has a particularly strong platform in Costa Rica, with offices in San José and Escazu, as well as the hospitality and tourism hubs of Guanacaste and Tamarindo; Randall Barquero and Mario Quesada Bianchini are key figures in the sizeable banking team, while Juan Manuel Godoy (an expert in the energy sector and green projects), and Rolando Laclé Zúñiga (a specialist in foreign investment), are prominent names for banking matters. In Guatemala, firm president Alvaro Castellanos heads the banking practice and oversees the corporate team with tax specialist Alfredo Rodríguez. José Ramón Paz Padilla, José Ramón Paz Morales, José Rafael Rivera and Gustavo León-Gómez take the lead on corporate and finance transactions in Honduras (where the firm has two offices). Oscar Samour, who is well versed in multi-jurisdictional transactions, heads the finance team in El Salvador and is also a notable member of the corporate practice, alongside Diego Martín and Maria Alejandra Tulipano; while Olga Barreto and Rodrigo Taboada are the go-to advisers in Nicaragua.

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Alta

Since its establishment as a regional outfit in 2021, following the merger of firms in Guatemala, El Salvador, Honduras and Costa Rica, Alta's star has continue to rise in the Central American market. The firm has an excellent reputation for advising on sophisticated financings, including in relation to energy and infrastructure projects, debt issuances and M&A transactions, with an emphasis on transactions involving multiple jurisdictions in Central America and the US. In Guatemala, the impressive banking offering is spearheaded by Marcos Ibargüen, Alejandro Cofiño (a high-profile name for project finance and capital markets transactions), José Quiñones (who has complementary tax expertise), and Andrés Lowenthal; Ibargüen also leads the corporate practice alongside María Isabel Luján. Óscar Melara, whose broad practice spans banking, corporate, litigation and IP matters, oversees the Honduras office. Alejandro Batalla, Rodrigo Zelaya (an expert in private equity transactions), and Sergio Amador are the names to note in Costa Rica; while Julio Valdés, a specialist in blockchain matters, is a key contact in El Salvador.

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García & Bodán

García & Bodán is the only Nicaraguan firm to have established a regional practice, opening further offices in Costa Rica, Honduras, El Salvador and Guatemala. Counting a slew of major multinationals and multilatinas among its clients, the firm is particularly experienced in advising companies with operations in the region on M&A, corporate, tax, customs and regulatory issues. In April 2024, the firm strengthened its structure in Central America with the appointment of four managing partners: Terencio García, who also serves as regional managing partner, heads the office in Managua with the support of Melvin Estrada (the firm also has branches in San Juan del Sur and Tola); Carlos Téllez has taken the reins in Guatemala; Oscar Torres leads the practice in El Salvador; and Julio Vargas oversees operations in Costa Rica. Other notable contacts include corporate, finance and capital markets specialist Vanessa Oquelí in Honduras (where the firm has two offices); and Nicaragua-based Federico Gurdián, who directs the regional corporate, commercial and transactional practice.

Lexincorp

Working from offices in Costa Rica, El Salvador, Honduras, Nicaragua and Guatemala, Lexincorp offers advice on the full range of corporate and finance matters, from syndicated loans and project financings to M&A, for a client base of leading international and regional banks and multinational corporations; notably, it has extensive experience handling regional mandates. In Guatemala, Julio Aparicio has a strong profile in the financial and commercial fields, particularly for advising clients from the hospitality sector on franchising issues in the region. Engels Zelaya leads the corporate and finance practices in Honduras (where the firm has Tegucigalpa and San Pedro Sula offices), and is particularly well known for its involvement in the procurement and development of major infrastructure projects. Antonio Guirola, Adriana Portillo and Enrique Escobar are the leading figures in El Salvador; Roberto Rodríguez - whose broad practice also takes in real estate, labour and IP matters - is the name to note in Nicaragua; and Alonso Vargas is among the key contacts in Costa Rica.

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Mayora & Mayora, S.C.

Mayora & Mayora, S.C. has expanded its regional reach from its original headquarters in Guatemala to offices in El Salvador and Honduras, and also enjoys close links with international firms through its membership of the Lex Mundi network, leaving it well placed to advise on cross-border M&A and financial transactions, as well as assisting major multinationals in the region with their day-to-day operations. The firm has a growing presence in Honduras, offering services from branches in Tegucigalpa, San Pedro Sula and Roatán, where it opened its doors in September 2023 in order to cater to businesses in the Islas de la Bahía department; Odín Guillén Leiva (who has additional strengths in litigation), is the key contact. Regional managing partner Eduardo Mayora remains a leading figure in Guatemala, alongside Claudia Pereira (who steers the banking team), and corporate department head Sandra Castillo. Manuel Telles oversees the El Salvador office, bringing to bear experience in multi-jurisdictional financings, M&A and business incorporations, and securities matters.

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Central Law

Central Law's extensive footprint in Central America – with offices in Guatemala, El Salvador, Honduras, Nicaragua, Costa Rica and Panama, as well as in the Dominican Republic – positions it well to advise local and international businesses on region-wide mandates. The firm is also noted for its dedicated practice aimed at supporting start-ups in the region. Rafael Quirós Bustamante, Tomás Quirós Jiménez and Mauricio Quirós González are the key names for corporate matters in Costa Rica; while foreign investment expert Juan Pablo Carrasco de Groote heads the team in Guatemala (which was bolstered in April 2024 by the addition of franchising specialist David Sikaffy). Piero Rusconi Gutiérrez is the senior contact in the sizeable team in El Salvador, Álvaro Molina Vaca is the name to note in Nicaragua, and J. Humberto Medina Alva oversees the practice in Honduras, where the firm has two offices.

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Dentons

The first global firm with offices in Central America, Dentons has established a strong presence across Costa Rica, Guatemala, El Salvador, Nicaragua, Honduras and Panama, with considerable expertise in advising international clients on their investments into the region. Central America chairman José Antonio Muñoz is a key contact in Costa Rica (where the firm has offices in San José and Liberia), alongside office head Eduardo Zúñiga and compliance specialist Tatiana Reuben. Luis Abundio Maldonado, who also co-chairs the transportation and infrastructure practice for Latin America and the Caribbean, oversees the Guatemalan office. Daniel Martinez leads the corporate team in El Salvador; Arturo Zacapa and Gustavo Zacapa (both of whom are also skilled in IP matters) are the names to note in Honduras; Edgard Torres heads the Nicaraguan office, and Gisela Álvarez de Porras steers the team in Panama.

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ECIJA

Spanish firm ECIJA has rapidly built a considerable footprint in Latin America, with offices in 15 jurisdictions – including a formidable offering in Central America, where it has branches throughout the region (as well as in the Dominican Republic) – which combines with its alliance with global firm Taylor Wessing to make it a strong choice for international clients, particularly in the TMT sector. In Costa Rica (where the firm has two offices), Guillermo Zúñiga is a standout adviser to foreign investors; while Roberto Williams, who is also a key name in the IP and litigation fields, heads the two offices in Honduras. Daniel Shamah takes the lead on corporate matters in Panama; with Roberto Benard (Nicaragua), Alfredo Navas Duarte (El Salvador) and Marcos Palma (Guatemala) also key contacts in their respective jurisdictions.

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EY Law Central America

EY Law Central America draws on the support of its international network – and link to global consultancy firm EY – to advise on corporate transactions (and all related tax issues) throughout the region, as well as in the Dominican Republic. The firm has a solid base in Costa Rica thanks to its offices in San José and Guanacaste, where it focuses on advising investors in the tourism industry. Arturo Apéstegui heads the finance team; Hernán Pacheco (the managing partner of the Lat Am North practice, which also covers Bolivia, Colombia, Ecuador, Mexico and Peru) and Fernando Vargas are go-to advisers on corporate matters, and co-manage the firm’s operations in Guatemala, El Salvador, Honduras and Panama. Senior manager Carlos Ayón oversees the team in Nicaragua.

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Latamlex

Central American alliance Latamlex houses a strong offering across branches in Costa Rica, El Salvador, Guatemala, Honduras and Nicaragua, frequently advising on region-wide M&A and financings. Firm managing partner Adriana Ramos takes the lead on corporate and finance matters in Costa Rica, where the firm has offices in San José and Guanacaste. Other notable names include Dennis Matamoros Batson - whose areas of expertise include corporate, tax and financial law - in Honduras.

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LatinAlliance

Originally founded in El Salvador, LatinAlliance now has additional offices in Guatemala, Honduras, Nicaragua and Costa Rica, from which the team advises on a steady stream of M&A, foreign investment and financing issues, with additional strengths in the IP and life sciences fields. Firm director José Adolfo Torres (who has extensive experience spanning banking, corporate, insurance and securities matters), and regional corporate director Michelle Sutter oversee the firm’s corporate practices throughout the region; both are based in El Salvador.

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LEGIC Group

An alliance of four firms in the region – Alegalis in Guatemala, Ulloa & Asociados in Honduras, Bufete Valdivieso Berdugo Valdivieso y Asociados in El Salvador and CALA Attorneys & Counselors at Law in Nicaragua – LEGIC Group is equipped to advise clients throughout Central America (and also benefits from operations in Hong Kong). Juan Antonio Mazariegos (a go-to adviser on corporate and real estate matters), and Marielena Ulloa (a specialist in the field of labour law), are the key contacts in Guatemala and Honduras, respectively.

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Nassar Abogados

Particularly noted for its expertise in the aviation industry, Nassar Abogados has had a presence in the Costa Rican market for more than 40 years, and has also extended its offering into Nicaragua, El Salvador, Honduras and Guatemala. Founding partner Tomás Nassar P. is a renowned adviser to a host of international airlines, and Tomás Nassar J. lead the corporate practice in Costa Rica. Alina Nassar, who chairs the firm’s regional aviation practice, is also noted.

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Sfera Legal

With 11 offices spread across Costa Rica, Guatemala, El Salvador, Honduras and Nicaragua, in addition to a branch in the US and connections with a group of consultants based in Spain, Sfera Legal has a robust regional and international platform. In Costa Rica, where the firm has offices in San José as well as the provinces of Guanacaste and Puntarenas, founding partners Eric Scharf, Robert van der Putten and Rafael Cañas (who also oversees the New York branch) are the names to note.

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