Nicaragua

Founded in El Salvador, Arias has since expanded and added locations throughout Central America. The firm currently has offices in Guatemala, El Salvador, Honduras, Nicaragua, Costa Rica and Panama. Ana Teresa Rizo is the managing partner of the firm’s Nicaraguan office, located in Managua. As far as legal networks, the firm is a member of IBA, World Law Group and PRAC.  
   
Focusses / specialisms  
The firm works across the financial and corporate and project development practice areas. It represents both strategic buyers and sellers in acquisition matters, as well as lenders in banking matters including credit facilities, loan agreements and project financing. The team has experience working across a variety of industries.   
   
Key clients  
Arias maintains strong relationships with key clients including Azimuth Group, Cooke Seafood, JP Morgan Chase Bank, IDB Invest and Tegra.  
   
Research period review: 33rd edition (2022/2023)  
During the research period, the firm was active in financial and corporate and project development matters. In the financial and corporate space, the team worked on banking and M&A matters. Banking transactions included acting for lenders in corporate and project financing agreements, in addition to advising clients in the financial services industry on regulatory matters. On the M&A side, the team acted for acquirers and sellers in acquisitions in several different industries including pharmaceuticals and food and beverages. 
In project development, the team was active in the oil and gas and renewable energy industries, acting for project developers. Transactions were related to both greenfield and brownfield developments as well as secondary market matters. 
 
Deal highlights: 33rd edition (2022/2023) 
CISA $25 million financing 
SK Capital Partners acquisition of Apotex Nicaragua 
   
Client feedback: 33rd edition (2022/2023)  
Banking and finance 
“The Arias team has both expertise and knowledge of the country as well as the processes that need to be done. They combine proper legal advice with fast and timely responses and solutions.” 
 
M&A 
“Great customer support and availability, in addition to a very strong legal and tax advisory.” 
 
Project development: Transport 
“They have been very keen on giving support with governmental and municipal authorizations, registries, etc. Always at our disposal when needed.” 
 
Bertha Argüello 
“Bertha has wide experience and knowledge of Nicaraguan legislation, as well as of regulations abroad, communicates fast and interacts with clients and counterparties, always looking for solutions. Also, she knows when and what to delegate and is an excellent team leader.” 
 
Rodrigo Ibarra 
“Strong legal advisory and customer-oriented mindset.” 
 
Ivania Paguaga 
“Ivania is very receptive and kind with her approach. She is always at our disposal, and always with a great attitude no matter the circumstance.” 
 
Gustavo-Adolfo Vargas 
“Extremely knowledgeable and customer oriented.” 

Garcia & Bodán was established in 2000. The law firm has six offices in Central America, in Guatemala, Honduras, Nicaragua and El Salvador.   
   
Focusses / specialisms  
The financial and corporate department at the firm is known for working on complex deals in Nicaragua. The team provides advise on daily legal matters for corporate clients, buy side M&A, corporate restructure and establishing international companies’ operations in Nicaragua.  
The project development team advises clients on regulatory issues, with particular details for energy, mining and environmental industries. The firm is highly experienced in assisting in financing for infrastructure and projects.   
   
Key clients  
Key clients of the firm include Millicom, Cairn Energy and Banco Atlántida.  
   
Research period review: 33rd edition (2022/2023)  
During the research period, the team was active in financial and corporate and project development matters. Financial and corporate matters were related to banking and M&A. In banking, the team acted for lenders in financing agreements. M&A transactions include acting for sellers and merger parties in asset acquisitions and mergers.  
In project development, the team was active in the infrastructure and oil and gas industries, acting for contractors and administrators. 
   
Client feedback: 33rd edition (2022/2023)  
Asset finance 
“They know all the regulatory requirements to do the transaction. Their advice was very comprehensive and professional.” 
 
Banking and finance 
“They are well versed in local tax legislation and react promptly to solve client’s problems.” 
 
Financial services regulatory 
“Terencio J. García Montenegro and his team have done a fantastic job on many issues.” 
 
M&A 
“They are well versed on local regulations. They understand the political landscape of a country characterized as a dictatorship. Their work reflects quality and commitment to the client’s case.” 
“They were very responsive and great work product.” 
 
Project development: Infrastructure 
“Very professional, on time performance and quick response to all our needs.” 
 
Restructuring: Corporate 
“Great experience of the advisors.” 
 
Melvin Estrada 
“Great experience.” 
 
Terencio García Montenegro 
“He’s a fantastic lawyer!” 
“Very responsive and solution focused.” 
 
Federico Gurdian 
“Very well educated and knows his core business.” 
 
Carlos Tellez 
“He knows the regulations inside out.” 
“Extremely committed to his work, brilliant at the moment of finding solutions, always available.” 
“He is committed, extremely professional, well versed and responsible with any task you may trust him with. In addition to his legal skills, he also has a business-oriented mind, which allows him to rapidly understand our client’s point of view.”