As one of the first foreign law firms to set foot in Mexico, White & Case's New York roots sets it apart from many firms in the country. "They are really known in the world and have a really good image," one client says....
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As one of the first foreign law firms to set foot in Mexico, White & Case's New York roots sets it apart from many firms in the country. "They are really known in the world and have a really good image," one client says. Competitors praise the firm's work in banking and capital markets, with one noting: "They are very good in terms of banking and corporate work," echoed by another: "They have the expertise and do good work. They have a good reputation among issuers and underwriters." The firm's market share in project finance is also recognised by peers, with one stating: "They are busy in the project finance sector, especially infrastructure."
Partner Vicente Corta Fernández, who heads the Mexico City office, is highly regarded by competitors. "He is definitely one of the best lawyers in banking and finance in Mexico," one says. Partner Ariel Ramos Marcín is also singled out for praise by peers. "Ariel has been an active player in project finance. He is a top-tier lawyer and has tons of experience," one says, with another adding: "He gets good deals." Clients also seem happy with Ramos: "Every time we talk to him or send him an email, he is always available and sends documents to us in time," one says.
Deals
In a deal closed in July 2011, White & Case acted for the London branch of Deutsche Bank in connection to a $30 million non-revolving term loan facility granted to Minerales Libertad, the Mexican subsidiary of mining company Zaruma Resources. The proceeds from the debt financing will be dedicated to the completion of the Luz del Cobre Copper Project, located in Sonora, México, including the settlements with various creditors in Mexico and the necessary filings before certain courts and registries in the country resulting in the removal of existing liens on the company's mining concessions.
In another deal led by Corta, the firm represented Kansas City Southern de México (KCSM) as borrower and its subsidiaries in the negotiation and execution of a $200 million amended and restated loan agreement with a syndicate of lenders led by JPMorgan Chase. The agreement included a security package comprised of, among others, locomotives, accounts receivable, and the shares owned by KCSM and its affiliates in the subsidiaries of KCSM.
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White & Case retains a strong reputation for M&A work among competitors and clients. "They are a sophisticated M&A firm," one competitor assesses, echoed by one client, highlighting the firm's strong local connections: "White & Case knows the entities in Mexico very well and has good relationships with them....
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White & Case retains a strong reputation for M&A work among competitors and clients. "They are a sophisticated M&A firm," one competitor assesses, echoed by one client, highlighting the firm's strong local connections: "White & Case knows the entities in Mexico very well and has good relationships with them. We have had good experience with them and would be glad to work with them again."
However 2012 has been a turbulent year so far for the M&A practice. The team saw partner Eugenio Sepúlveda Cosío, who has led the Monterrey office for several years, leaving in June 2012 to join specialised finance firm Heather & Heather. The move followed the departure of M&A partner Iván Libenson alongside partners Juan Pablo Rico, Gustavo Robles and Eugenio Bernal to set up their own firm a month earlier.
Peers cite partner Iker Arriola Peñalosa, who has been active in the majority of the firm's transactions last year, as a leading lawyer. "Iker is a smart guy and a very good M&A lawyer," one remarks. "He is very good all round."
Deals
In a deal closed in January 2012 highlighting the firm's Mexico/New York capabilities, White & Case represented Pfizer and Pharmacia & Upjohn in connection to their acquisition of certain pharmaceutical assets, including trademarks, dossiers and health registrations, from Serral and its affiliates, as well as in relation to their entry into research and development, distribution, and manufacturing and supply arrangements with Serral.
In another transaction led by Arriola, the firm advised Principal Financial Group on its acquisition of the Mexican pension fund Afore HSBC from HSBC for a price of approximately $198 million. The acquisition will enable the former to become the country's sixth largest pension fund manager, adding 1.6 million customers to its portfolio. As part of the transaction and subject to certain authorisations, HSBC will distribute Principal's pension funds products in its bank branches in the country. The deal was closed in August 2011.
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