Latin America corporate transactions took a hit during 2023 and into 2024 with fundraising difficulties and the higher cost of debt impacting deal activity. General uncertainty and significant shifts in political direction have hindered investor confidence. Mexico adopted a protectionist stance under outoging president Andrés Manuel López Obrador and this is expected to continue under the newly-elected Claudia Sheinbaum; there are some shafts of light notably as part of the nearshoring trend in the north of the country. In Latin America’s largest economy, Brazil, deal activity also suffered in 2023 with some brighter signs in 2024. Political volatility and economic uncertainty have tended to drive capital to flow outside of the region, particularly to the US. Neertheless, the demand for power and infrastructure remains an important factor in maintaining respectable levels of deal and investment activity and this is expected to maintain international law firms’ interest in the region. This may explain the decision of Paul, Weiss, Rifkind, Wharton & Garrison LLP to hire Latin America M&A specialist, Maria-Leticia Ossa Daza, as its new head of Latin America; and also Simpson Thacher & Bartlett LLP‘s move to bring in digital infrastructure specialist Gabriel Silva from Vinson & Elkins LLP.

Cleary Gottlieb Steen & Hamilton remains at the forefront of Latin America M&A, including outbound deals from Mexico into the US, along with Brazil inbound, outbound and intra-country deals under New York law. Much of the practice continues to centre on natural resources; it advised Brazilian mining giant Vale on two major divestitures including the sale of its stake in MRN to Ananke Alumina, and on the $2.2bn sale of CSP to ArcelorMittal. The Latin America team has achieved further growth in renewables and energy transition transactions; it is advising a number of private equity funds, sovereign wealth funds and pension funds on investments into renewable energy assets. More broadly, the department has worked on many of the headline transactions in the region in recent times and has landed a number of new clients that previously engaged competitor firms. It also continued to advise the Puerto Rican P3 Authority on a series of transactions that are part of the transformation of Puerto Rico’s electricity sector. It it also noted for its presence in Brazil, Mexico, Chile and Argentina deals, along with transactions in Colombia, Peru, Paraguay, Uruguay, Ecuador, Panama and other Latin American jurisdictions. Chantal Kordula remains at the forefront of deals involving Mexico and multiple other Latin American states. Jeffrey Lewis is a senior name in natural resources and oil-and-gas deals, including for key client Vale. Juan Giráldez is an integral figure in Sao Paulo, where he leads many of the firm’s Brazil and Southern Cone region deals. Francesca Odell has historically worked on big-ticket transactions in Brazil and elsewhere, including private equity and venture capital deals.

Latham & Watkins LLP has a well-developed Latin America M&A and private equity practice that has a longstanding focus on energy and infrastructure. It has further extended its presence in energy transition and renewables deals, while it has also established a foothold in emerging company and venture capital transactions; it advised fintech operation Evertec, on its headline acquisition of Brazil-based financial management software solutions business, Sinqia. It has further deepened its presence in big-ticket private equity transactions, including advising Global Infrastructure Partners (GIP) on its investment in Trabajos Maritimos as part of a joint strategy with Grupo Romero to expand and develop port and mining-adjacent infrastructure throughout the Andean region. The firm remains close to a number of major multinationals that have interests or assets in the region, along with a growing group of multilatinas. Antonio Del Pino chairs the Latin America practice and is a recognised leader in M&A and private equity transactions. Madrid partner Ignacio Pallarés plays a key role in representing Spanish corporates in cross-border transactions involving Latin America. Young Washington DC partner Carlos Ardila remains active in energy and infrastructure M&A and private equity deals, while Eli Curi has played a central role in building the firm’s standing in emerging growth technology company transactions in the region. Francisco Lanusse is a key associate on many of the firm’s prime Latin America deals. All named individuals are based in New York unless stated otherwise.

Simpson Thacher & Bartlett LLP operates a versatile Latin America team with members that cover a broad range of transactions. Its long history of working on headline and highly complex transactions in the region means it is widely considered to be a true market leader. Indeed, M&A and private equity transactions form an integral part of its esteemed Latin America practice. The firm’s immense reputation in private equity has brought the Latin America team an increasing number of engagements, including in the digital infrastructure sector; the firm then cemented this with the hire Gabriel Silva from Vinson & Elkins LLP in 2023 to reinforce its capabilities in digital infrastructure M&A and private equity deals, especially in Brazil. In early 2024, it advised KKR on its proposed acquisition of 1,100 wireless communications towers in Colombia from Tigo Colombia. The team has also seen further growth in private equity investments in Mexico’s burgeoning industrial real estate, storage and logistics sectors connected to the nearshoring boom. Todd Crider heads the Latin America team and has an outstanding record in Latin America M&A and private equity deals, having amassed a multitude of headline engagements over the years. Grenfel Calheiros leads the São Paulo office and is an experienced figure in Brazil transactions. Juan Francisco Méndez, Juan Naveira and Borja Marcos are also key partners. Named individuals are based in New York unless stated otherwise.

Skadden, Arps, Slate, Meagher & Flom LLP is a global giant in M&A and its elevated standing is routinely proven in Latin America transactions. The firm’s history in the region has brought it a steady pipeline of headline and high-value deals across the region, from Mexico down to Argentina. Operating across multiple industries, the Latin America team has advised on a series of renewable energy and energy transition deals, along with transactions in the financial institutions sector. The highly-rated Paola Lozano is co-head of the Latin America group, is head of the firm’s Spanish language corporate practice and continues to earn accolades for her record in landmark transactions, which includes recently advising Actis (United Kingdom) on its sale of Atlas Renewable Energy to Global Infrastructure Partners. The immensely experienced Paul Schnell has worked on many of the milestone deals in Latin America over the last two decades and is an integral member of the Latin America team. Head of the Sao Paulo office, Mathias von Bernuth, and Sao Paulo-based Filipe Areno, are also experienced in cross-border Brazil M&A and have additionally worked on a series of recent SPAC transactions. Based out of Chicago and Houston Ralph Pérez - who focuses on private equity and M&A - is an experienced figure in Latin America deals and was elevated to the partnership in May 2024. Named individuals are based in New York unless stated otherwise.

White & Case LLP has a dedicated Latin America M&A practice, which has achieved considerable growth over the past five years. The team is primarily centred in Houston and has a major focus on energy and power transactions. Financial services and an increasing number of technology deals are also core to the practice, with the team working on a series of growth capital transactions, particularly in fintech. Real estate transactions connected to the nearshoring arena in Mexico are also fortifying the practice. The team has a fine record in Brazil, Mexico and Chile, along with a growing presence in Peru, Costa Rica and other smaller economies. William Parish is a leading Latin America M&A practitioner in energy and power, as is Rodrigo Dominguez, who is also building the group’s presence in growth capital and technology transactions. Emilio Grandío is another key member of the team, both in Latin America M&A and private equity, as is associate Luisa Muskus. In São Paulo, Donald Baker is at the pinnacle of the profession among international practitioners, bringing his reputation and expertise to a range of deals, notably in the technology and growth capital fields. All named individuals are based in Houston unless stated otherwise.

Clifford Chance targets Latin America corporate and M&A work, primarily through its New York and Sao Paulo offices. In addition, the launch of a Houston office in 2023 has enabled the firm to bolster its standing in energy transactions in Latin America, particularly in Mexico; Spanish speaking counsel Joshua Bernard joined the Houston team in January 2024 from Simpson Thacher & Bartlett LLP, bringing Latin America-specific expertise in M&A, joint-ventures and private equity transactions. Over recent years, the firm’s efforts have centred on South America, particularly energy and infrastructure transactions, and financial sponsor-led deals. It frequently advises consortiums on their bids for brownfield and greenfield projects. In Sao Paulo, the large team has developed a fine record in financial institutions M&A and fintech transactions, along with energy and infrastructure. The Sao Paulo office is also working with private capital investors in the distressed asset space. The firm’s connections in Asia and the Middle East have also brought it a number of M&A and investment engagements relating to Latin America. Sao Paulo managing partner Anthony Oldfield is a leading name in Brazil M&A and is a growing force in venture capital and fintech transactions in the jurisdiction. Splitting her time between Sao Paulo and New York, Thais Garcia (‘highly visible in LatAm and a stand-out M&A partner‘) has become a pivotal figure in the team, particularly in representing private equity and financial sponsors in their investments in energy and infrastructure assets. New York’s David Brinton remains a prominent figure in energy and infrastructure transactions, including financial sponsor-driven deals in Latin America. New York-based Carla Ruggero (dual-qualified in Argentina and New York) was promoted to the partnership in May 2024 and continues to advise a range of financial sponsors and Latin American corporates. Madrid based Javier Amantegui and Samir Azzouzi are also active in Latin America private equity transactions.

Debevoise & Plimpton LLP has a longstanding presence in Latin America M&A where it continues to be particularly noted for financial services and insurance deals. More broadly, the practice has developed a further reputation for energy and infrastructure transactions and is at the forefront of private equity and financial sponsor-related deals in the region; one recent headline mandate involved advising Southern Cross Group on its sale of Esmax Distribución to Aramco. The Latin America team is also noted for its work in emerging technologies. 'Outstanding' David Grosgold is a Colombia native with an increasing focus on Latin America, particularly Colombia and Chile, and is widely recognised for his financial services and insurance expertise. Counsel Sergio Torres is from Brazil but his practice is primarily centred on Latin America as a whole and he plays a pivotal role in many of the firm’s M&A and private equity deals in the region. The core Latin America corporate and M&A team frequently works alongside colleagues in its leading white-collar and regulatory defence practice, including Latin America-focused Andrew Levine, in relation to anti-corruption due diligence. Co-head of the Latin America group and ‘excellent M&A lawyer’, Maurizio Levi-Minzi is to retire in 2024. All named individuals are based in New York.

Paul Hastings LLP has broad sectoral and geographic coverage, with a particularly strong history in Peru, followed by Colombia, Central America, Mexico and the Dominican Republic. Increasingly, the corporate and M&A team is working closely with the energy and infrastructure group to target the energy, infrastructure, mining and commodities sectors. Telecoms, retail and agriculture area also significant sectors for the department. The M&A group represents a large number of Latin America-based businesses, including family-owned corporates. It has advised Peru-based retail group Intercorp in a series of major deals over the years; and Glenfarne Group is another longstanding client, for which the team has worked on a number of energy and infrastructure transactions in the region. Centred primarily on the energy, natural resources, infrastructure and retail sectors, Robert Leung has a strong focus on Latin America, particularly Peru and Colombia. Mike Huang is another key partner with a fine background in Latin America, while head of the São Paulo office Jonathan Kellner stands out for his expertise in big-ticket Brazil deals and other transactions across the region; of counsel Filipe Lima provides further senior-level support in São Paulo. Houston based Luis Gomar and Rocio Guadalupe Mendoza have further experience in energy-related deals. Named individuals are based in New York unless stated otherwise.

Sullivan & Cromwell LLP has retained its elevated reputation in Latin America M&A with a string of headline deals. It advised Cementos Argos on the combination of its US operations, Argos North America Corp, with Summit Materials in a $3.2bn cash and stock transaction in 2023; and also represented Rhône Capital in its $1.1bn sale of restaurant brand Fogo de Chão to Bain Capital Private Equity. Along with its range of headline deals, the small Latin America team is widely recognised for its expertise in mining and metals, along with financial institutions M&A. A veteran practitioner with over 30 years' experience, Sergio Galvis leads the Latin America team and is highly rated for M&A transactions, along with Werner Ahlers, who has an extensive record in headline deals in the region, and Christopher Mann.

Winston & Strawn LLP is capitalising on its established and fast-growing Latin America practice. The nascent Miami office has cemented its commitment to the region, bringing a further flow of inbound and outbound transaction engagements. The Latin America team also has a growing number of clients from the region, including numerous family offices and family-controlled groups. The department has gained prominence in energy sector-transactions, linked to the firm’s projects practice, and is increasingly active in the early-stage company and venture capital sector. Head of the Latin America practice Talbert Navia is a key figure in private equity transactions and fund formation engagements, along with cross-border strategic M&A deals. Miami office managing partner Enrique Martin is another seasoned M&A lawyer, along with fellow Miami partner Nicholas Rodríguez. São Paulo’s Rodrigo Carvalho is making a big impression in Brazil, while Kevin Smith and Sey-Hyo Lee are also key members of the Latin America team. Miami associate Alexander Iparraguirre is helping to build the firm’s presence in growth company, venture capital and private equity deals. São Paulo associate Flávia Stievani is another key practitioner on Brazil deals. Allen Miller has retired. All named individuals are based in New York unless stated otherwise.

Having stood out for its physical presence in multiple Latin American states for many years, Baker McKenzie LLP has nevertheless upped its standing considerably with the addition of a powerful Latin America-focused team in New York. It has also seen an up-tick in carve-out, spin-off and divestiture mandates, while maintaining a good mix of multinationals and multilatinas among its client base. The arrival of heavyweight Latin America practitioner Michael Fitzgerald, along with Joy Gallup and Arturo Carrillo, from Paul Hastings LLP in 2023 has significantly heightened the firm’s Latin America credentials. Based in New York, the group is probably best known for capital markets transactions, but has also worked on a series of de-SPAC transactions and other M&A deals across the region - the legacy Baker McKenzie LLP team had already established a fine record in intra-regional deals and inbound investments by multinationals. Miami-based Federico Cuadra Del Carmen is another experienced Latin America M&A specialist with a fine record in cross-border deals involving large multinationals; he was part of the team that advised Johnson & Johnson on its separation and spin-off of Kenvue from its pharmaceuticals and medical devices business, a deal which involved multiple Latin American jurisdictions.

DLA Piper LLP (US) has significantly expanded its US-based Latin America corporate and M&A capabilities in the past few years with top-drawer senior names in New York now operating alongside leading practitioners in Miami. The firm also has an extensive network of offices across the region itself. The enlarged team has further extended its connections to large global corporates and private equity funds, while retaining its leadership in mid-market deals. The Latin America team has become more prominent on inbound and outbound Brazil transactions due to senior New York-based Brazilian partners Marcello Hallake and Bruno Soares (a new recruit who joined from A&O Shearman in February 2024); Hallake is an 'amazing lawyer' and a 'highly qualified lawyer for international deals' who is also noted for representing large French corporates in their Latin America acquisitions and investments. Another Brazilian, Amadeu Ribeiro brings additional antitrust expertise to the team in New York. A further New York-based partner Michael McGuinness is a hugely experienced Latin America M&A specialist with an active recent record in Mexico deals. Colombia is another key jurisdiction for the wider team. Miami-based Francisco Cerezo is chair of both the US-Latin America practice and the Latin America corporate and finance team; a 'pro-deal practice leader', he continues to lead a multitude of headline transactions in the region. Dividing his time between San Diego and New York, Raul Farias is another key partner, particularly in relation to energy deals in Mexico. In Puerto Rico, Nikos Buxeda is highly rated for his expertise in cross-border deals. Miami associate Joseline Rodríguez also impresses.

Greenberg Traurig LLP has a broad-based Latin America corporate and M&A practice, driven in large part by its very sizeable team in Miami. The group handles deals in a wide variety of sectors, notably in renewable energy, digital infrastructure and technology (including fintech); the firm has made a further impression in start-up, growth company and venture capital work, including in the blockchain and cryptocurrency fields. It has experienced additional growth in education transactions and maintains a strong focus on the entire region through its impressive client list of Latin America-based corporates and North America headquartered multinationals, along with private equity funds and other financial sponsors. Long-nurtured connections to the region ensure it continues to land numerous inbound and outbound engagements, including cross-border capital flows into South Florida. The firm houses considerable M&A talent, including standout Latin America practitioners Yosbel Ibarra, who co-heads the Miami office; and Antonio Peña, Latin America group co-chair. Carol Barnhart, Arnaldo Rego, Henry Roque and Geiza Vargas-Vargas are also key members of the Latin America M&A team. Anthony Fernandez is a prominent corporate and transactional associate. All named individuals are based in Miami. Moreover, in addition to the firm's strong on the ground presence in Mexico, since research concluded the firm has announced the opening of a new office in Sao Paulo -with effect from September 2024; unlike the Mexico office which practices local law, the Sao Paulo team will operate as foreign legal consultants.

Hunton Andrews Kurth LLP's dedication to Latin America brings it a wealth of inbound and outbound deal engagements, along with a number of intra-regional matters. It has an experienced team in Miami that has served the region for decades, complemented by colleagues in New York, Washington DC, Houston and elsewhere. The practice is particularly noted for cross-border financial institutions M&A, including Latin American banks acquiring assets in the US. It is also at the forefront of digital infrastructure deals, and is growing its presence in representing family offices and private equity funds; the firm has advised a series of Latin American family offices on their investments into the US and is increasingly active in fund formation engagements for Latin American financial institutions. Moreover, it is widely recognised for its advice to multilateral agencies in connection with their investments in Latin American entities. Long having had a focus on Central America, the Caribbean and the Andean region, the team is now gaining increasing profile in southern Latin America - particularly Chile. Fernando Alonso chairs the Latin America and Iberia practice groups and has an outstanding reputation in M&A, joint ventures and other corporate transactions. Fernando Margarit is a leader in subsea and terrestrial networks, while Uriel Mendieta has further developed the team’s position in digital infrastructure deals and remains active on a broad range of corporate deals.

Jones Day has deep connections to Latin America, through its Miami, New York, Houston, Washington DC, Madrid, Mexico City and São Paulo offices, among others. It has a history of representing US and Europe-based clients in headline investments and acquisitions in the region, although it is now increasingly active on outbound transactions by Latin American businesses; it recently advised Agencias Universales (AGUNSA) on the acquisition of a 75% equity interest in Carver Maritime Manatee, a terminal operator at SeaPort Manatee, Florida. The Mexico City and other international offices are increasingly active in transactions connected to the nearshoring sector in Mexico. New York’s Wade Angus has over 25 years' experience in mid-cap and bulge-bracket M&A, private equity, joint ventures and restructuring transactions in Latin America, including advising Sanofi on the sale of 11 Dermacyd line products in Brazil and 13 Lactacyd line products in Mexico, Peru, and Argentina to Grupo NC. Manuel Romano is another key figure in Mexico City, as is Luis Vélez in Miami. Of counsel Artur Badra provides further senior expertise in São Paulo.

Mayer Brown has an energy and resources focused practice, which is centred in Houston and successfully leverages the firm’s direct presence in Mexico and engagment with Brazil through its associated firm Tauil & Chequer Advogados; the two firms recently combined to advise multinational steel conglomerate ArcelorMittal on its $2.2bn acquisition of the entire capital stock of Brazilian steel company Companhia Siderúrgica do Pecém (CSP). The US-based Latin America team features a number of Latin American natives and others that have deep cultural links to the region. Houston partners Pablo Ferrante and Jose Valera come from Argentina and Peru respectively, and have extensive records in energy-related transactions in Mexico, Brazil, Peru, Chile, Argentina and the Dominican Republic; the two continue to work on headline oil-and gas-transactions, along with deals in the broader energy sector. Rebecca Seidl and Gabriel Salinas are also key partners in Houston; the latter joined the firm from Shearman & Sterling (now A&O Shearman), in 2023. Carlos Motta and Alexandre Chequer are prominent figures in the Sao Paulo and Rio de Janeiro offices, providing further expertise on inbound and outbound Brazil transactions.

Milbank has significantly increased its exposure to Latin America M&A and private equity over recent years. Much of this stems from its focus on energy and infrastructure, and its expanding collection of private equity and financial sponsor clients. Sovereign wealth funds, pension funds and infrastructure funds have become a major driver of the practice, including Actis, which the firm now advises on regular deals in the region. The Latin America team is also working for a range of corporates and private equity-backed companies. Mexico remains a major market for the firm, along with Colombia, Chile and Peru. John Franchini leads the firm’s global infrastructure practice and has an increasing focus on Latin America, where he represents key client Actis on a regular basis, including its recent acquisition of 11 data centres from Nabiax across various Latin American jurisdictions and the US. Highly rated practitioner and native Spanish speaker Francisco Nuñez has become central to the firm’s Latin America M&A practice including deals in the energy and infrastructure, industrials and manufacturing, telecoms, technology, financial services and retail sectors. Aaron Stine also plays a key role on Actis deals and other Latin America transactions; while head of the US-based global M&A group, Dean Sattler, is an additional key figure in the team. All named individuals are based in New York.

Morgan, Lewis & Bockius LLP continues to stand out for its experience in energy transactions across Latin America, especially in Mexico and Brazil. Banking and telecoms are also key sectors for the Latin America team. Many senior names in the group were educated or have worked in the region itself, and it is replete with native Spanish and Portuguese speakers. The team has developed a hugely impressive client base, which includes a spread of prominent Latin American businesses, along with North American corporates and private equity funds. In particular, the group has worked on a string of deals for Mexican clients of late - including Grupo Elektra and Grupo Mexico - and  is also building its presence in transactions connected to Mexico’s real estate sector. Humberto Padilla Gonzalez ('a star in Latin America') has emerged as a pivotal figure in Latin America M&A, particularly in Mexico. Brazilian partner Felipe Alice has a background in oil-and-gas deals, along with technology transactions. A Bolivia native, John Crespo is co-chair of the Latin America team and a prominent name in oil and gas transactions. Washington DC-based Ulises Pin is a telecoms specialist with a major focus on Latin America. Named individuals are based in Houston unless stated otherwise.

Proskauer Rose LLP's Latin America practice is largely located in New York and São Paulo. It has demonstrated a longstanding commitment to the region, including deals in the mining and metals, financial services, energy and natural resources, forestry & paper, life sciences, real estate, technology and telecoms sectors. The New York office has worked on a series of headline and high-value deals, including advising Jaime Gilinski on his contentious bid for a majority interest in Grupo Nutresa, Colombia’s largest food maker. The São Paulo office features a number of native Portuguese speakers and long-term residents (including both UK and New York qualified lawyers), with the team making further headway in private equity and venture capital transactions, along with fund formation engagements. In New York, veteran regional specialist Carlos Martinez leads the Latin America group and can draw on more than 35 years' transactional experience. Also in New York, Daniel Ganitsky is global co-head of the private equity and M&A group, and a key member of the Latin America team. São Paulo’s Fábio Yamada is noted for fund formation and investments in private investment funds and buy-side secondary transactions.

Akin has a burgeoning Latin America practice, built on the firm’s expertise and experience in representing asset managers, which includes key Latin America-focused New York partner Sergio Urias. With strong activity across the region, the firm has advised private equity and financial sponsor clients on a multitude of Brazil investments, including in the food, agribusiness, sports and entertainment sectors; Urias led the team that advised Mubadala Capital on its its acquisition of IMM Holdin, the operator of the Brazilian Rio Open. The practice also has a solid history in energy transactions, particularly in Mexico, and has a fine reputation for corporate reorganisations and distressed investments. London partner Daniel Walsh also has a lengthy track record in Latin America M&A transactions, especially energy deals, as do senior counsel Cesar Gimenez Villamil (in New York), and Houston-based counsel, Eduardo Canales.

Covington & Burling LLP's Latin America corporate practice group is led by deeply experienced practitioner, Gabriel Mesa, with dual-qualified (Brazil/New York) special counsel Gustavo Akkerman heading the Brazil team. Much of the practice centres on venture capital and private equity investments, and strategic acquisitions. The departmenthas been active on a solid flow of technology deals and a number of corporate restructurings; recent mandates include advisng Amazon Web Services on transactions in a number of Latin American countries. The group is also increasingly active advising Brazilian businesses on funding arrangements and commercial agreements with partners elsewhere in Latin America and in the US. At associate level, Laura Bleier provides key support across corporate matters, M&A and project finance.

Cuatrecasas combines its long association with Latin America from Madrid and other international offices, with a rep office in New York and its physical presence in Latin America provided by offices in Bogota, Lima, Mexico City and Santiago. The Latin America team regularly handles significant cross-border transactions, including investments, acquisitions and disposals by private equity funds and other financial sponsors. One recent headline mandate saw the group advise Patria Investments on the sale of Odata, an operator of data centres in Latin America, to Aligned Data Centers. It also advises a range of multinationals and Latin American corporates on inbound and outbound transactions. Alfonso Ugarte relocated from Santiago to New York in 2022, where he remains focused on Latin America M&A matters, distressed debt and corporate restructuring. Antonio Baena is head of the international practice, and continues to work on transactions in Spain and Latin America, including acquisitions and disposals by financial sponsors. Diego Pérez-Yarza is another senior figure in the Latin America team, along with Madrid-based Alfonso Reina, who is primarily focused on the Colombia market having been previously located in the Bogota office. Lima partner Oscar Trelles heads the Latin America M&A team, which includes Santiago’s Roberto Guerrero, Juan Felipe Vera in Bogota, and Mexico City-based Santiago Ferrer. Named individuals are based in New York unless stated otherwise.

Gibson, Dunn & Crutcher LLP has gained further traction in Latin America M&A and financial sponsor transactions. With an established record in energy and infrastructure, the team is now building its presence across geographies and industries. It continues to advise the infrastructure investment manager I Squared Capital on multiple transactions across the region. Tomer Pinkusiewicz is chair of the Latin America practice and primarily advises on energy and infrastructure transactions, particularly for asset managers. Marwan Azzi is also focused on Latin America infrastructure investments by financial sponsors. Both are based in New York.

Holland & Knight LLP has a major focus on Latin America through its New York, Miami, Mexico City and Bogota offices. It has attracted a wealth of Latin American clients along with a range of financial investors. The firm’s exposure to the region, brings it a steady pipeline of inbound and outbound deals, along with intra-regional transactions; it advised Peru-based Oben Holding Group on its $116m purchase of Brazil-based flexible packaging films business Terphane. Roberto Pupo is co-chair of the Latin America group and has an extensive record in M&A, joint-ventures, private equity transactions and venture capital investments. Enrique Conde is co-head of the emerging companies and venture capital group in South Florida, providing further Latin America experience, along with Aymee Valdivia, who is noted for her experience in Latin America transactions and Cuba matters. Alexandra Aguirre is recognised for private equity and venture capital investments in Latin America.

Linklaters' São Paulo office has a strong focus on M&A transactions, including de-SPAC deals and the acquisition of Brazilian businesses; the Latin America team is also increasingly active in outbound investments by Brazilian clients. Among a number of de-SPAC deals, it advised Latin American science-based food ingredient company, Moolec Science, on its business combination agreement with LightJump Acquisition Corp. Other key markets for the Latin America team include Argentina, Chile, Colombia, Mexico And Peru. Highly-rated São Paulo office head Matthew Poulter leads the Latin America M&A team, which includes a number of fluent and native Spanish and Portuguese speakers. In New York, corporate-finance veteran Conrado Tenaglia provides further gravitas for the Latin America team. Madrid managing associate Alberto García Linera heads the Mexico group at the firm and Sao Paulo managing associate Marcelo Lopez is also rated by clients.

Sidley Austin LLP is at the forefront of fund formation in Latin America. It covers funds based in or targeting the entire region, achieving considerable growth in the Brazil market. Buyout funds, venture capital funds, and climate change and impact funds form much of the practice, which has experienced further growth in co-investment vehicle engagements. Along with fund formation, the firm is also active in investments and M&A, notably in the fintech, agtech, edtech, and food and beverages sectors. Energy, life sciences, real estate and sports are also key industries. New York-based Alyssa Grikscheit is a leader in Latin America fund formation with the majority of her practice focused on the region. Boston’s Alexander Temel and Daniel Rawner are also active in private equity investments in Latin America, while Miami’s Juan Delgado and associate Axel Miranda are noted for venture and growth capital investments.

Uría Menéndez handles a signicant volume of deals involving Latin America. Much of this is down to its long-term focus on the region from its Madrid office and its presence in the continent through Philippi Prietocarrizosa Ferrero DU & Uría (its associated regional firm which has offices in Colombia, Chile and Peru). The firm's deal flow in Iberia often involves a Latin America connection, and it frequently advises large European corporates on their investments and acquisitions in the region; the firm recently advised Publicis on its acquisition of 100% of Practia Group, one of Latin America’s leading independent technology companies with operations in Argentina, Chile, Mexico, Peru, Brazil, Colombia and Spain. The firm is also noted for its expertise in corporate reorganisations and restructurings, as well as for its experience acting for private equity funds and other financial sponsors. Eduardo Rodríguez-Rovira heads the Latin America practice group, which includes Juan Martín Perrotto and Pablo González-Espejo, the latter specialising in Brazil investments. Rafael Jiménez is also active in Latin America deals, particularly in Chile.

A&O Shearman has a burgeoning presence in Latin America corporate and M&A transactions, building on the history of both legacy firms Allen & Overy and Shearman & Sterling, prior to their landmark merger in May 2024. The combined Latin America team is noted for its experience in energy and infrastructure M&A, including telecoms and digital infrastructure, renewable energy, and power and electricity transmission. The firm’s global standing brings it a wealth of international clients that have interests or assets in Latin America, providing a stream of M&A engagements. New York-based Simon Clark has a background in energy and infrastructure transactions, including numerous deals in Latin America. Former senior counsel André de Paiva Teixeira left the firm in May 2024.

Brown Rudnick LLP is especially known for advising start-ups and growth companies, especially in the crypto, AI, fintech and blockchain areas. This includes both transactional and regulatory advice. Renewables is another forte for the team, which also has an impressive record in distressed transactions. On the tech front, the team continues to provide regulatory advice to clients that are launching blockchain, tokenisation and other programmes. Co-chair of the digital commerce team, the highly rated Clara Krivoy leads the Latin America practice and is widely noted for her knowledge of the region and its regulatory landscape. Isabel Munárriz is also highly rated for digital commerce matters in Latin America. Former practice chair Alejandro Fiuza left the firm in October 2023.

CMS has a broad geographic presence in Latin America with offices in Chile, Colombia, Mexico and Peru, along with its association in Brazil, FAS Advogados, in cooperation with CMS. The firm is frequently involved in significant cross-border deals involving Latin America, including both private equity and strategic M&A transactions. Technology, media and communications continue to be key sectors for the firm, along with automotive, hotels and leisure, consumer goods, insurance, financial services, construction and infrastructure, healthcare and life sciences. Ramón Valdivieso and Jorge Allende Destuet are key partners in Chile, and continue to work on headline transactions for major private equity funds such as KKR. Juan Camilo Rodríguez is managing partner of the Bogota office and a specialist in cross-border M&A transactions, having spent much of his career at US and Europe-based firms. Juan Carlos Escudero is managing partner of the Lima office and has over 20 years of experience in M&A, while Giancarlo Schievenini is a key name in Mexico City. Head of the Brazil desk, Ted Rhodes, has returned to London after spending 14 years in the Rio de Janeiro office; he continues to focus on oil and gas, mining and minerals, and offshore and renewables deals.

Freshfields Bruckhaus Deringer LLP's rapid expansion in the US has resulted in increased exposure to Latin America M&A transactions, with the firm now achieving a significant market share of larger deals involving the region. The firm covers both private equity and strategic M&A, along with joint-ventures and other corporate transactions, covering a broad range of industries. Andrea Basham and Paul Humphreys have an established record in M&A, joint ventures and equity investments, including deals in Latin America. Counsel Enrique Dancausa is ‘a top-level transactional lawyer’, ‘knows Latin America very well’ and has represented a series of multinationals, multilatinas and private equity clients in headline deals. All named individuals are based in New York.

Nelson Mullins Riley & Scarborough LLP has maintained its presence in growth company and venture capital transactions, along with inbound and outbound M&A, and corporate restructurings. The Latin America team has a strong focus on Brazil’s tech sector with co-chair of the practice Leandro Molina (an 'incredible leader'), being a Brazil native and qualified to practice in São Paulo and New York. Beyond Brazil, Mexico, Colombia, Peru, Argentina, El Salvador, Honduras and Guatemala are also key jurisdictions for the department., with the team advising on a high volume of venture capital financings and emerging company transactions (notably seed financings, Series A and Series B financings) and advising an impressive mix of companies and venture capital funds. New York-based Caio Prado is also admitted to practice in New York and São Paulo. John Haley has extensive Latin America corporate and M&A experience and Rebecca Lester is a key Miami associate with a major focus on Latin America. Jackson Hwu has left firm in February 2024.

Norton Rose Fulbright's sizeable offices in Sao Paulo and Mexico City continue to provide the basis for a quality Latin America M&A practice that is backed by Latin America-focused practitioners in US offices. The firm frequently advises on headline energy and infrastructure M&A deals, and is noted for its strength in the oil and gas, agribusiness, mining and resources, commodities and the renewable energy sector. Silvia Fazio is a key partner in Sao Paulo, who also heads the Brazil desk in London. Mexico City’s Hernán González focuses on energy and infrastructure projects, including related M&A transactions. Mexico-based corporate and finance practitioner Andrés Nieto left the firm in March 2024.

PAG Law is Miami-based firm with an additional office in New York. Its fast-growing Latin America M&A credentials were accelerated by the hire of New York partner Alejandro Fiuza, the former chair of Brown Rudnick LLP‘s Latin America practice and ‘an outstanding VC and M&A attorney‘. On the corporate and M&A side, the firm now has nine partners focused on Latin America. Many team members are dual-qualified, having practised in major Latin American jurisdictions such as Chile, Argentina and Brazil. Much of the firm’s work centres on the start-up tech sector in Latin America, with it frequently advising clients on the entire lifecycle from start-up to early-stage financing and going public. It is also known for its expertise in venture capital fund formation, with Brazil, Colombia, Mexico and Argentina among its primary jurisdictions for deal activity. Beyond tech, the firm has an established record in private M&A in the hospitality, healthcare, media and marketing sectors. Other key figures in the team include founding partners Juan Pablo Cappello and Lizbeth Flores, along with Esteban Elias in Miami and Peter Eccles in New York.

Willkie Farr & Gallagher LLP has been building its Latin America expertise in recent years, with a notable emphasis on private equity investments, strategic M&A deals and transactions linked to energy and infrastructure assets. Insurance is another key sector for the firm. It now has a strong emphasis on Brazil through native Brazilian and New York-based partner Anna Martini Pereira, although she is also active in deals across the region, including transactions in the financial institutions, technology and consumer goods sectors. Washington DC, New York and Houston-based Jorge Kamine provides further senior expertise in energy and infrastructure transactions. Former Latin America department head Maria-Leticia Ossa Daza left the firm in May 2024. Since the conclusion of research, the firm has hired a group of 11 capital markets and M&A specialists from Mayer Brown (effective as of August 2024), including five partners and six associates, to the firm's Chicago office; among them capital markets expert Jennifer Carlson has considerable experience of Latin America.