Alemán Cordero Galindo & Lee
Alemán Cordero Galindo & Lee, or Alcogal for
short, was founded in 1985. Since then, it has become one of Panama’s premier full-service firms. It is headquartered in Panama City and is a member of Meritas. Arturo Gerbaud is the managing partner at Alcogal.
The firm
is top tier across financial, corporate and project development practice areas.
The banking team represents borrowers and lenders in credit facilities, bridge loans and syndicated loans for acquisition finance, project finance and other general financing matters.
The capital markets team advises issuers and underwriters in securitizations, bond issuances and tender offers.
The M&A team represents strategic buyers and sellers in
acquisition related matters.
The project development team represents developers and bidders in infrastructure, ports, power and oil and gas related projects.
Key clients for the firm include Credit Suisse,
Prival, Banco General, Banco Panamá, Leasing Bogota, Liberty Latin America, Consorcio Loma
Cová, Grupo GEN, PTT Exploration and Production Public Company, Global Bank, Scotiabank and Deutsche Bank.
Research period review: 32nd edition (2022/2023)
During the research period the firm was active in banking, capital markets, M&A, project development and restructuring.
In banking the firm
participated in various
financing transactions such as project financing and general corporate financing. The firm also advised on restructuring deals. Overall, it mostly represented lenders in the energy, real estate, hospitality and aviation sectors in cross-border and local deals.
In capital markets the firm advised issuers,
arrangers and initial purchasers in corporate bond issuances as well as sustainable bond issuances. The firm was involved in conventional and renewable energy transactions and participated in a
high profile sovereign bond issuance.
In M&A the firm advised buyers and sellers, mainly in the energy and telecommunications sectors, on multiple cross-border acquisitions.
In projects the firm is advising on ongoing projects in infrastructure, telecommunications and energy.
In restructuring the firm
advised on restructuring deals and corporate bond issuances intended to settle company debts.
In January of 2021, Partner Alejandro Ferrer rejoined the firm after serving as Secretary of State for the Republic of Panama.
Deal highlights: 32nd edition (2022/2023)
Aeropuerto
Internacional de Tocumen $1.85 billion
bond issuance
Bahía Las Minas $175 million
bond issuance
Bajo de Mina Hydroelectric 115MW power plant
Banco General $400 million bond issuance
Cable & Wireless Panamá $200 million acquisition of Claro Panamá
Evolution Hotel $40 million restructuring
Global Bank Corporation $200 million
financing
Island Power $22.5 million project financing
Arias
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. The Panamanian office is the firm’s newest office, which opened in 2011 and
is located in Panama City.
Siaska Lorenzo is the managing partner of the firm.
The firm is best known for its work in the banking and finance practice area, but also does notable work in the M&A and project development practice areas.
It represents both strategic buyers and sellers across a variety of industries in acquisition and restructuring matters, as well as borrowers and lenders in banking matters including loan and credit agreements.
The project development team has experience in the telecommunications industry.
Arias maintains strong relationships with key clients including Grupo Cobra,
Indecomm Digital Services, Giant Bridge Company and
Teléfonica.
Research period review: 32nd edition (2022/2023)
During the research period the firm was active in banking and finance as well as M&A.
The banking team
focused on domestic transactions including project and asset
financing. The firm also advised on investment fund activities and restructurings. Most of its clients were lenders.
The M&A team also directed its work towards domestic transactions, advising buyers and sellers in strategic acquisitions across various industries including construction and professional services.
Deal highlights: 32nd edition (2022/2023)
Banco La
Hipotecaria $25 million
financing
CrediQ El Salvador/CrediQ CR $100 million financing
Webhelp $575 million acquisition of OneLink
Arias Fábrega & Fábrega
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.
Key clients include Simon Property Group and Medcom.
Research period review: 32ndedition (2021/2022)
During the research period the firm was active in capital markets,
M&A and project development.
In capital markets the firm advised
on bond issuances and debt securities intended to finance metro line projects.
M&A work
included advising buyers and sellers on private acquisitions and asset acquisitions in various industries. Most of the firm’s work was cross-border.
The
projects team worked as counsel on large scale metro line projects, coordinating with the banking team to advise on financing and execution.
Deal highlights: 32nd edition (2021/2022)
Banco General $400 million 5.25% bond issuance
Stonepeak Infrastructure Partners $2.7 billion acquisition of Lumen Technologies
Client feedback: 32nd edition (2022/2023)
"Excellent knowledge of the law; excellent knowledge of the market; responsiveness."
"Available, very knowledgeable, creative."
"Timely feedback, 110% committed to the transaction."
"They are market leaders in Panama for banking and finance."
"Very creative, always available, extremely knowledgeable."
"Legal market leader in all respects."
"Market leading finance lawyer."
"Committed to the work and responsive to meet tight deadlines."
EY Law
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.
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)
“Creative, thorough and efficient. Paid attention to relevant details without losing sight of the big picture.”
Quijano & Associates
Since its founding in 1959, Quijano & Associates has grown into a true international firm. Headquartered in Panama City, the firm has offices in Switzerland, Belize, Seychelles and the British Virgin Islands. Julio Quijano is the managing partner of the firm.
Quijano & Associates is known for its banking and corporate practice.
In banking, the firm
represents borrowers in financing matters.
The M&A team
represents strategic buyers and sellers in acquisition-related matters.
The firm has experience in a wide range of industries including education, retail,
chemicals and financial services.
Grupo Exsusa is a key client for the firm.
Research period review:
33rd edition (2022/2023)
During the research period the firm was active in capital markets and M&A.
In banking the firm advised on
numerous credit agreements, loan agreements and syndicated loans.
Capital markets work included
advising bond issuances, private placements and
equity offerings including IPOs.
The M&A team
represented both buyers and sellers across a variety of industries.
Anzola Robles & Asociados
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.
Included among the firm’s key clients are
Chevron, Ernst and Young,
Frontera Energy,
Mars Wrigley,
Nestlé, Philips and Puma Energy Group.
Client feedback: 32nd edition (2022/2023)
“Rapid
communication,
great
results, and
tax
compliance.”
“Good communication, precise on their advice.”
Cedeño & Méndez
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.
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.
Among the firm’s key clients are Alimentos Kellogg
De Panama, Grupo
Agrocentro, Korsa Chemicals, Panama
Intermoving &
Relocation and Subaru
Del Canal.
Delvalle Escalona Levy Corró
The office
of Delvalle Escalona Levy
& Corróis located in Panama City.
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 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.”
G. Porras y Asociados(Dentons Munoz)
Dentons Muñoz is a Central American firm in collaboration with global firm, Dentons.
Focusses / specialisms
The firm advises on banking, capital markets, M&A and project development. Its projects team is especially experienced in the infrastructure and energy sectors.
Client feedback: 31st edition (2020/2021)
Project development: Infrastructure
"Expertise, local knowledge, availability."
Galindo Arias & López
Galindo Arias & Lopez
was founded in 1968 and is a full-service law firm. It has one office in Panama City. The firm is a member of the TAGLaw professional network of law firms.
Focusses / specialisms
The banking and finance group is well respected and has a strong focus on regulatory compliance and multi-jurisdictional project financing.
The capital markets practice group is focussed on regulatory compliance and public offerings of debt and equity securities.
The M&A team covers all areas of M&A work including corporate transactions and financings, restructurings, debt and equity transactions and joint ventures.
The firm’s project development team is focussed on regulatory, corporate, and commercial matters in the energy sector.
Key clients
Key clients for the firm include Copa Holdings, Drake Group, Millicom and UEP Penonome.
Icaza González-Ruiz & Alemán
Icaza González-Ruiz & Alemán
was founded in 1920 in Panama. The firm also has offices in Cyprus, Hong Kong, Singapore, Switzerland and Uruguay.
Focusses / specialisms
The firm specializes in financing transactions related to government entities. It advises banks and corporations under Panamanian law.
Key clients
Key clients include The Bank of Nova Scotia, Ministry of Economy and Finance of Panama, JP Morgan Chase Bank and Citibank.
Client feedback: 31st edition (2020/2021)
Banking
"Responsible. Competent. Hard-working. Focused lawyers. Commitment to quality."
Financial restructuring
"They were always available to discuss all the legal matters concerning the deal. They were very knowledgeable of Panamanian banking and civil laws. Very helpful in the process of registering the security."
Morgan & Morgan
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.
Key firm clients include Credit Suisse, Deutsche Bank, International Finance Corporation, Maersk Central America, Merrill Lynch, the Ministry of Public Works of Panama,
Mitsubishi Corporation, Sony Latin America, Yamaha Motor Company and 3M Central American Management Company.
Client feedback: 32nd edition (2022/2023)
“In-depth analysis. Swift response. Overarching, as opposed to narrow, view of transactions. Keen sense of negotiation. Excellent process management. Broad knowledge of energy markets and regulations.”
“Well versed in the fields of project finance, energy sector and Panamanian capital market.”
Pardini & Asociados
Pardini & Asociados is an international law firm founded in 1982 in Panama. It now also has offices in Switzerland, Cyprus, Belize, BVI and Seychelles.
Focusses / specialisms
The firm specializes in foreign investments in Panama.
Key clients
Key clients include United Airlines, Exxon, Lufthansa and Bank of America.
Patton Moreno & Asvat
Headquartered in Panama City, Patton Moreno & Asvat is additionally equipped with London and Uruguay offices.
The firm’s practice
emphasises finance and M&A with a unique focus on the aviation, maritime and shipping sectors. The firm is also experienced in real estate and restructuring work.
The firm’s finance team
offers general corporate financing
expertise in addition to
specialised aviation and maritime experience, such as in aircraft leasing extensions.
The firm’s knowledge covers the gamut of matters in the M&A space,
emphasising asset acquisitions, mergers and divestments.
Sigma
Founded in 2016,
Sigma represents clients from its Panama City office.
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.
