Representative Clients

Antitrust Work

  • 3M
  • Abu Dhabi Investment
  • Authority
  • AMIB
  • Atlas Holdings
  • Endeavor
  • BIA Foods Investments
  • Bunzl
  • Bytedance
  • Casa de Bolsa
  • Cementos Chihuahua
  • Chevron
  • DirecTV
  • DuPont
  • Evercore
  • FMC
  • Gentera
  • Global Via
  • Google
  • HBO
  • Hidrosina
  • IFM Investors
  • Kio Networks
  • La Salle Investment
  • Management
  • Lodemo
  • Macquarie Capital
  • Marriot International
  • Mastercard
  • Megacable
  • Nike
  • Ontex
  • Operadora Hotelera
  • BPBI
  • Pattern Energy
  • Prysmian
  • Rappi
  • Red Bull
  • Rotoplas
  • Royal Dutch Shell
  • Siemens
  • Sojitz Corporation
  • Sony
  • Syngenta

Pre-merger approvals

Obtained or participated in obtaining antitrust clearance from the Mexican Antitrust Commission (COFECE) in the following transactions:

  • IFM, in its partial voluntary offer in the purchase of 220 million shares, representing a non-controlling stake of up to 22.689% of Naturgy Energy Group, S.A., by which IFM would acquire an indirect and non-controlling interest of Naturgy’s Mexican Subsidiaries. We obtained the approval of this transaction without COFECE requesting Naturgy to appear as a filing party.
  • Atlas Holdings LLC, in the acquisition of the Mexican Entities of LSC Communications, Inc., a global leader in the business of printing magazines, catalogues, books, direct mail products and in the manufacture of various office supplies, stemming from LSC’s voluntary bankruptcy proceeding before the United States Bankruptcy Court for the Southern District of New York.
  • Rappi, in its strategic alliance agreement with Grupo Financiero Banorte by which both firms will become 50% owners of a newly created company that will offer digital financial services to Rappi’s clients in its initial phase.
  • Bunzl, in the US$70 million acquisition of a 75.1% of participation in six companies in Mexico and one in the United States.
  • Pattern, in the sale of its remaining 50 % stake in a joint venture to EXI, a renewable energy generation company.
  • Marriott International, Inc. in the sale of its St. Regis Punta Mita Hotel to a Mexican investment fund.
  • DuPont, in its US$130 billion global merger of equals with the Dow Chemical Company. This multi-jurisdictional transaction was conditionally approved, subject to global and domestic remedies. This transaction was selected Matter of the Year 2018 by the Global Competition Review, a Law Business Research Publication.
  • DuPont in its US$1.3 billion sale of crop protection assets to FMC in exchange of the transfer of FMC’s health nutrition business in addition to a cash payment of US$1.2 billion. For this transaction we jointly represented both DuPont and FMC before COFECE.
  • Abu Dhabi Investment Authority and TPG in its acquisition of the 22.2% of UPL Corporation shares for approximately US$1.2 billion. The foregoing for the acquisition finance of Arysta LifeScience Inc., a global provider of crop protection solutions, by UPL Corporation for approximately US$4.2 billion.
  • Macquarie Capital and Techint, as sponsors, in the highly complex US$1.2 billion acquisition, development and project financing of the landmark 907MW Norte III power plant in Mexico, which will generate power for the Federal Electricity Commission pursuant to a 25-year PPA. This transaction was named LATAM Power Deal of the Year by Project Finance International (Thompson Reuters); Latin American Power & Overall Deal of the Year by IJ Global (Euromoney), Project Finance Deal of the Year by Latin Lawyer and Best Power Financing Deal by Latin Finance in the Project & Infrastructure Finance Awards 2018.
  • Macquarie Capital in the multimillion-dollar sale to an SPV of InfraRed Capital Partners and Invex Infraestructura, of a 45.5% stake in Norte III Power, S.A.P.I., which owns the 907 MW Norte III power plant in Mexico for the generation of electricity for the Federal Electricity Commission pursuant to a 25-year PPA.
  • IFM Investors in five successive transactions for its approximately US$4.6 billion purchase of assets and capital stock of OHL México.
  • DirecTV in its US$67 billion merger with AT&T, and the implications arising from its 41% ownership of SKY Mexico, the largest DTH satellite Pay-TV provider in Mexico.
  • Syngenta, in its US$44 billion sale of assets to ChemChina. This multi-jurisdictional transaction required significant global and domestic remedies to obtain clearance.
  • Allergan PLC, in the US$40.5 billion sale of its generics business, to Teva Pharmaceutical Industries, Ltd.
  • Prysmian in its US$3 billion acquisition of General Cable Corporation.
  • IFM Investors in the US$1.18 billion acquisition of 49% of the capital stock of FCC Aqualia, S.A., a company engaged in water management activities in Mexico.
  • P.M.I. Holdings B.V., a wholly-owned subsidiary of PEMEX, in the US$900 million transaction for the sale to BlackRock and First Reserve of its 45% equity participation in TAG Pipelines Sur and TAG Pipelines Norte, developers of the Los Ramones II Sur and Los Ramones II Norte pipeline projects.
  • SixSigma Networks México (KIO Networks) in the US$450 million acquisition of 100% of the capital stock of MetroNet, positioning KIO Networks as the preeminent infrastructure IT service provider in Mexico. First transaction requiring antitrust regulatory approval both from COFECE and the IFT.
  • Motus Integrated Technologies in the US$147 million sale of its sun-visor auto part business in Mexico and in France to the Chinese Group, Daimay Automotive Engineering Technology.
  • Gentera in its US$125 million acquisition of the 100% of capital stock of ConCrédito, a company integrated by Fin Útil, S.A. de C.V., SOFOM, E.N.R. and Comfu, S.A. de C.V.
  • BIA Foods Investments in its US$113 million acquisition of a processed food production business, through the acquisition of the 100% of the capital stock of Grupo Industrial Suárez.
  • Operadora Hotelera BPBI, in its US$100 million acquisition of a five-star hotel in Los Cabos, Baja California, previously owned by Vertex.
  • Minera México, in its US$100 million acquisition of El Pilar, a copper mine in Sonora, held by Stingray, a Canadian Mining Company.
  • Sojitz Corporation in the US$68m acquisition of AFASA, leader in the car financing market in Mexico.
  • America Móvil in its US$70 million co-investment with JC Decaux in its out-of-home advertising business.
  • Grupo Rotoplas, a major water solution publicly traded Mexican company, in the acquisition of the 80% stake in Sytesa, a Mexican water treatment plant business.
  • Cinco M Dos, in the acquisition of Grupo Expansion, a leader in Mexico in business’ journalism, through the purchase of an equity interest from Southern Cross Group.

Opinions and participation in public tenders

We currently advise several clients in obtaining favorable opinions from the COFECE regarding their participation in public tenders, as well as opinions in antitrust matters, unfair competition, consumer protection and e-commerce in a wide range of sectors, such as:

  • Auto parts;
  • Aviation;
  • Cement
  • E-commerce;
  • Electricity generation;
  • Financial services;
  • Fluid terminals;
  • Food and beverages;
  • Industrial inputs and production;
  • Oil and gas;
  • Real estate property;
  • Streaming and telecommunications; and
    Transportation infrastructure.

Our team advises and represents economic agents (either as claimants, investigated or collaborating parties) in some of the most relevant investigations initiated by the COFECE, including the following sectors:

  • Air transport services using Mexico City’s Airport (AICM) slots for landing and takeoff procedure (first process led by the COFECE to determine the existence of barriers to entry).
  • Maritime transport services of motor vehicles and rolling machinery.
  • Public service of freight rail transportation of chemical and/or petrochemical products in routes with origin and/or destination in the southern area of the state of Veracruz.
  • The investigation of alleged abuse of dominance in a Mexican maritime port.
  • The investigation for alleged abuse of dominance in the market of electronic commerce platforms services in Mexico and services related to the same.
  • The investigation for alleged barriers-to-entry in the market of payment systems, which processing involves a clearinghouse for payments with credit or debit cards.
  • The investigation for alleged cartel behavior in the market of hygiene products derived from cellulose.
  • The investigation for alleged cartel behavior in the market of maintenance, stabilization and/or protection services of road embankments in the highway section Cuernavaca-Acapulco.
  • The investigation for alleged cartel behavior in the provision of air transport services.
  • The investigation for alleged cartel behavior in the public procurement of health-related services.

Cartel behavior, abuse of dominance, illicit concentrations and barriers-to-entry procedures

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