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GC acted as counsel to IFM Investors and Aleatica

Gonzalez Calvillo, October 5th, 2023 .- We acted as lead counsel to IFM Investors and Aleatica, S.A.U., the latter as offeror (the “Offeror”) – in the up to MXN$8,873,457,068.00 voluntary tender offer launched through the Mexican Stock Exchange to acquire 100% of the free float of Aleatica, S.A.B. de C.V. (the “Offer”).

Citibanamex Casa de Bolsa and Casa de Bolsa Santander acted as intermediaries in the Offer, and Goldman Sachs acted as financial advisor to the Offeror.

Aleatica, S.A.B. de C.V. was incorporated in 2005, and its continued growth since then has positioned it as a relevant transport infrastructure operator in the industry within the metropolitan area of Mexico City, both for the number of concessions awarded and the miles of highways under management. Currently, Aleatica builds, manages, operates, and maintains 7 toll roads and one airport. Of the toll roads, six are in operation and one is under construction.

As for the deal itself, it was highly challenging as it involved a regulated target and it implied having to obtain clearance by Mexican securities regulators, and it also implied launching the Offer through the Mexican Stock Exchange.

The deal involved highly complex players, was subject to market conditions, and required several months to be structured and closed. This also marks the third acquisition tender offer launched by IFM Investors in Mexico during the past 6 years.

Our dynamic Mergers & Acquisitions team was skillfully led by our partners José Ignacio Rivero and José Víctor Torres, supported by our associates Jacinto Ávalos, Rodrigo Poumian, and Héctor Ferrari, with the assistance from law clerk Valeria Camacho.

Find more details about this coverage here.


For almost four decades, González Calvillo has challenged the standards and rewritten the full-service firm model with a solution-oriented approach, evolving the practice of law in Mexico. Our firm is driven by the commitment to doing things differently, having a deep knowledge of the Mexican legal ecosystem, and our behaviour and interaction with today’s globalised business environment. That is how over 150 people between partners, counsel, associates, and other business professionals are responsible for making González Calvillo one of Mexico’s leading law firms. Our firm’s services are designed to help clients solve their most complex and challenging legal issues, finding the best solution for each case. By understanding clients’ business culture and strategy, González Calvillo establishes a close and strategic alliance that enables them to achieve more. For more information, please visit www.gcsc.com.mx.

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