Hall Of Fame

Leading Associates

Corporate and M&A in El Salvador

Arias

Noted for a ‘comprehensive strategic vision’, Arias‘ team counsels institutions and major multinationals involved in majority stake, major cross-border corporate and commercial transactions and financings at all stages, from due diligence to purchase agreements all the way through to the closing agreements of transactions. Clients often hail from the telecoms sector, with more than 25 years in the Salvadoran market. Co-managing partner Roberta Gallardo stands out for corporate structure expertise, and Ana Mercedes López is also heavily engaged in large-scale commercial transactions. Lilian Arias, co-managing partner, can be distinguished by decades of experience in complex regulatory issues associated with M&A transactions and financings. Arias also has strong regulatory knowledge, for which the whole group is commended, but particularly in the financial services sector, which is a key part of the group’s assistance with the sales and purchases of banks and other financial services institutions. Luisa Rivas is especially active in the renewable energy sector.

Responsables de la pratique:

Armando Arias; Roberta Gallardo; Lilian Arias; Ana Mercedes López; Carolina Lazo; Luisa Rivas; Mario Lozano; Fernando Montano


Les références

‘The attorneys (notably Lilian Arias and Carolina Lazo) at this firm stand out for their comprehensive strategic vision, commitment to innovation and excellent communication skills. They stand out from the competition with their personalised approach, collaborative culture and adaptability. Their strongest qualities include their integrity, analytical skills and empathy.’

‘Arias provided us with creative and effective legal solutions, always keeping us informed. Their dedication and professionalism have made us feel like a valued client.’

‘Arias possesses expertise in the energy sector, regulatory issues and in business.’

Principaux clients

Torrecom


Suramericana


MRO Holdings


LifeMiles


DelSur


Ventus


CMI


PRB


EDP


Principaux dossiers


  • Advised Telefonica on acquiring the Salvadoran operations of IBW, a growing company that is active in the corporate internet and networks market, through the acquisition of its 3 subsidiaries in El Salvador.
  • Advised IMCD, as purchaser from the early stages of the deal in the due diligence phase, negotiation and closing strategy, on purchasing Bretano in Costa Rica, El Salvador, Guatemala and Mexico.
  • Advised Centro Financiero Crecer on all aspects of a transaction, from the initial due diligence process to the negotiation and signing of the definitive purchase agreement.

Consortium Legal

A key port of call for multi-jurisdictional M&A in the Latin American region, in countries such as Costa Rica, Guatemala, Honduras, El Salvador and Nicaragua, full-service firm Consortium Legal is well positioned to handle a varied commercial workload, including joint ventures, incorporations, asset purchase agreements, due diligence processes and corporate governance. Oscar Samour, Diego Martín (who is a go-to practitioner for tax elements of corporate transactions), experienced M&A lawyer Fidel Márquez, Maria Alejandra Tulipano and Felipe Aragón are standout team members. Samour is often involved in majority stake, landmark acquisitions in the consumer goods and retail sectors, sectors in which the broader group are often involved. Tulipano is the practitioner to consider for commercial ventures for public companies, such as public tenders, while Aragón is key for heavily regulated sectors such as the energy sector. Associate Francisco Mendoza and senior associate Gustavo Vega are other names to note, especially in matters related to the formation of international companies in Ecuador.

Responsables de la pratique:

Oscar Samour; Diego Martín; María Alejandra Tulipano; Fidel Márquez; Felipe Aragón


Principaux clients

ArtCap


Grupo Ficohsa


Grupo Calleja


JP Morgan


Grupo Terra


Citi Bank


Unilever


Energizer Holdings


Walmart


La Constancia / AB Inbev


Principaux dossiers


  • Advised Grupo Calleja in its acquisition of Almacenes Éxito in Colombia.
  • Advising Urbanisa on the development of the 5th and 6th phases of the ‘Las Luces’ real estate project in La Libertad, El Salvador.
  • Advised Rentokil Initial, through its subsidiary Sagrip, in its successful acquisition of Clean Air, a Salvadoran company specialising in aroma and industrial hygiene solutions.

Dentons

Dentons utilises its vast global network of firms to assist multinational corporates and regional companies on their expansion either internationally or in El Salvador, with a workload encompassing everything from restructuring corporate governance to commercial agreements, often loan agreements. Daniel Martínez heads up the team, an experienced corporate transactions lawyer with ‘unique knowledge of Salvadoran law, as well as the regional and global economic landscape‘, which is leveraged to work on cross-border M&A. Associate Alessandra Castillo, noted for her ‘client service and proactivity’, is emblematic of the group’s prowess in fintech, often counting cryptocurrency currencies as key clients. Senior associate David Aguilar displays expertise in regulatory matters and public procurement processes.

Responsables de la pratique:

Daniel Martínez


Les références

‘The team has incredible synergy. They are incredibly interconnected, providing unique and multidisciplinary solutions.’

‘They always go the extra mile and don’t limit themselves to simply answering our questions.’

‘Daniel Martinez has unique knowledge of Salvadoran law, as well as the regional and global economic landscape, providing solutions rather than simple answers. Alessandra Castillo’s client service and proactivity make her unique.’

Principaux clients

International Finance Corporation (IFC)


Tether


MSC


Maersk


Grupo Bancolombia


Starbucks


United Airlines


Huawei


Telefonica


Principaux dossiers


  • Advised Tether on the digital use of traditional currencies for successfully relocating its headquarters to El Salvador, and obtaining and receiving approval to be licensed as a Digital Assets Service Provider (DASP).
  • Advised Grupo Arquero on vertical homes and boutique shopping malls, including matters related to the purchase of a land to be developed into an apartment complex, and the legal process for a loan to finance the project for a total amount of $8m.
  • Advised Zettahash on the due diligence process of a local company for the corporate good standing of a potential borrower for a $11m loan.

Aguilar Castillo Love

Lauded as ‘technically sound, and very well-connected’, Aguilar Castillo Love has a strong presence in the Latin American region and a strong client roster of banks, large corporations and, increasingly, well-known global technology companies, involved in high-value, multi-jurisdictional transactions, advising them on corporate operations, and corporate advice on business structures, as well as contractual advice such as advice on product registration contracts. Esteban Agüero Guier and Flor De María Cortez lead the team, the former of whom has a well-established presence in foreign investment matters, and advises on international trade issues and finance structuring matters throughout Central America, particularly in the renewable energy space. Elsewhere, associate Bryan Guevara López is able to support the practice heads with representing manufacturers.

Responsables de la pratique:

Esteban Agüero Guier; Flor de María Cortez


Les références

‘The team is very professional and committed to their work. They serve as the perfect extension of our legal team.’

‘Their service is outstanding.’

‘They are very efficient, quick to respond, and in addition to being technically sound, they are very well-connected.’

Principaux clients

Arabela Mexico


ITG Sarl


Poleoduto


The Coca-Cola Company


Kenvue


Moodys


Diebold Nixdorf


Ingram Micro


Principaux dossiers


  • Advised Mexican company Arabela on establishing an entity in the free trade zone as a means of expanding its operations and presence in El Salvador and across Central America.
  • Assisted Kenvue with a review of its commercial agreements with local companies in El Salvador.

BLP

Heralded as a ‘capable, experienced, dynamic and efficient team’, BLP brings together a network of offices in locations throughout the Central American region to showcase a strength in supporting subsidiaries of multinationals on a range of corporate issues. Locally, the group advises on other operational issues at the start of life for local companies, and assistance includes due diligence processes for corporate restructurings, of which director Luis Vega is an integral part. Experienced M&A lawyer Zygmunt Brett, who is at the helm, is involved in many of the group’s most complex multi-jurisdictional M&A matters. Mariana Nóchez is adept in corporate structure matters, and corporate transactions, and associate Andrea Melara, who joined in May 2024, is skilled in corporate governance.

Responsables de la pratique:

Zygmunt Brett


Les références

‘The BLP team is a multifaceted team with experience in different areas of law, who complement each other very well when working together.’

‘The lawyers have humility and warmth, which makes it very easy to collaborate with them.’

‘It is a very capable, experienced, dynamic and efficient team.’

Principaux clients

JCDecaux


Starlink (Space X)


Google Cloud


Brookfield / Clifford Chance


Principaux dossiers


  • Advised JCDecaux on its acquisition of a 70% majority stake in IMC, an out-of-home advertising company operating across Central America, Colombia and Panama.
  • Advising Starlink (subsidiary of Space X) on its establishment in El Salvador, including the corporate transformation of the local vehicle incorporated by the client.

Central Law El Salvador

The corporate team at Central Law El Salvador which ‘has a consolidated team of lawyers at the regional level, with offices in Central American countries’, has a particular strength in the aviation sector, assisting global industry leaders in this space. Piero Rusconi Gutiérrez, Piero Rusconi Bolaños and Sandra Cabezas are all key team members, along with Fernando Argumedo and Francisco Murillo, both of whom were elevated to the partnership in February 2025. The group advises on corporate matters in heavily regulated sectors, focusing on regulatory adherence and operational integrity in a highly regulated sector, calling upon a notably deep bench at the associate level, including senior associate Adriana Morán, who is key for contractual negotiations and contract drafting.

Responsables de la pratique:

Piero Rusconi Gutiérrez; Piero Rusconi Bolaños; Sandra Cabezas; Fernando Argumedo; Francisco Murillo


Les références

‘This law firm has a consolidated team of lawyers at the regional level, with offices in Central American countries, and offers expertise in the various legal areas that are strategic for clients’ operations.’

‘The customer service provided by the team in El Salvador, especially by Fernando Argumedo, is invaluable. He always anticipates his clients’ corporate needs, is empathetic, and offers prompt and timely service, which is undoubtedly one of the most important differentiators we clients seek.’

Principaux clients

Smart Fit


Acceso Org


Coast to Coast Trading Co


Goddard Catering Group – El Salvador


Interactive Contact Center


Grupo Megapac


Principaux dossiers


  • Advised Grupo Megapaca on its rapid expansion in El Salvador, overseeing regulatory, corporate and labour compliance for 12 new branches with a $10m investment.
  • Advised Goddard Catering Group – El Salvador (GCG Group) on compliance management, contract oversight and investment protection strategies, ensuring 100% regulatory adherence and operational integrity in a highly regulated sector.

GarciaBodan

Displaying a key sector strength in the aviation sector, GarciaBodan‘s group distinguishes itself by its regulatory knowledge of corporate operations, often representing clients before civil authorities. The lawyers in the team have ‘extensive theoretical knowledge of law’, which is exemplified by managing partner Oscar Torres, who oversees the department, and is often involved in cross-border M&A transactions. Key assistance is provided by senior associate David Claros Flores, who specialises in project due diligence and assisting companies looking to liquidate or expand their operations. Rodrigo Benítez is another key contact at associate level, especially for company formation and dissolution.

Responsables de la pratique:

Oscar Torres


Les références

‘Garcia Bodan is a firm that provides excellent quality services, demonstrating extensive knowledge of the various laws and their implications. It is undoubtedly a great partner for businesses.’

‘Good client service, in-depth knowledge of the law. Agile service and proactive lawyers.’

‘The service is personalised and tailored to the needs of each case. Commitment, speed and efficiency.’

Principaux clients

Aeroméxico


Archer-Daniels-Midland Company


First Cash


Grupo Lala


SBA Communications


Grupo Pirámide


Grupo Almo


Global App Services


GTM Caldic


Salud Digna


Principaux dossiers


  • Represented Aeroméxico before authorities in El Salvador.
  • Advised Archer-Daniels-Midland on corporate, labour and compliance matters.
  • Advising INCAE Business School on corporate matters.

Lexincorp

Benefiting from a merger with Cartem Consulting Group in February 2024, Lexincorp handles matters for clients seeking to enter the market, advising on incorporation, corporate governance and joint ventures, with an increased focus on the fintech space.  The group is also adept in a range of other industries, acting prolifically in the energy and banking sectors, heavily engaging in renewable energy projects such as solar plants. Adriana Portillo is active in the financial services industry, regularly assisting banks with due diligence associated with the acquisition of companies. Portillo, Enrique Escobar and Erick Huezo are the trio heading up the team. Antonio Guirola left the group in September 2024.

Responsables de la pratique:

Enrique Escobar; Adriana Portillo; Erick Huezo


Les références

‘Enrique Escobar has 360-degree vision. Adriana Portillo is very well-prepared.’

‘They provide a highly customised service and are always available.’

Principaux clients

Green Planet Energy Corp


Ventus


Puma


Grupo Monge


Al Forno and Corporación JV


Europcar


Principaux dossiers


  • Assisted with the negotiation and obtainment of tax breaks for four solar power plants— Ilopango Solar, Fotovoltaica del Norte, Solar Inversiones, and La Libertad Energy.
  • Providing comprehensive legal support for the operation a wind power plant in El Salvador, a project valued at over $70m.
  • Facilitating for Puma the transfer of assets, permits and licenses as a component of a global infrastructure acquisition.

Romero Pineda

Displaying a strength in cross-border company incorporations, Romero Pineda offers a broad range of corporate advice to local and international companies, excelling in contract reviews. The group leverages strong public law expertise to work on corporate support related to public tenders. Managing partner and vice president José Roberto Romero oversees proceedings in the group alongside senior associate Rodolfo Ramírez, who has strong international law expertise, and heads up the firm’s international law division, offering cross-border corporate support. Senior associate José Luis Chávez offers prominent support in the banking, energy and food and drink sectors.

Responsables de la pratique:

José Roberto Romero; Rodolfo Ramírez


Les références

‘From our perspective, the technology implemented in Romero Pineda’s office is perfect.’

‘They have an unwavering commitment and dedication to their customers, and they always go the extra mile to meet our needs.’

Principaux clients

CORDAID, LOCFUND NEXT, MILAC V, Finnish Export Credit Ltd (FEC), Banco de Sabadell, Banco Aliado, MCE Social Capital


DWM Income Funds SICAV SIF- Banco Cooperativo Visionario de Responsabilidad Limitada (BANCOVI)


FHI 360


Acajutla Project (Invenergy)


Inversiones B.O.S.H.


Internergy Group Limited


Visanto´s


Merino Morataya, Energy and Technology Innovation


Principaux dossiers


  • Advising on Acajutla Project, an investment project for the construction of a 355 MW natural gas power generation plant.
  • Advising Visanto’s, a national brand owned by Pizzeria Gourmet, on its franchise expansion.

Torres Legal

Torres Legal‘s multidisciplinary team specialises in operational advice, especially for digital assets and cryptocurrency companies, throughout the Latin American region. The group pairs day-to-day assistance with routine corporate procedures, with expertise in market expansion, finance, risk mitigation and corporate tax advice. Annette Herrera, who is skilled in corporate governance, and Raquel Santos spearhead the department, the latter of whom assists clients with risk contracts reviews and risk assessments. Associate Adalicia Torres, who leads the firm’s tax and compliance practice, can be noted for the negotiation of purchase and sale agreements. Daniel Leiva is praised for his efficient regulatory compliance documentation advice for corporate transactions.

Responsables de la pratique:

Annette Herrera; Raquel Santos


Les références

‘The team is multidisciplinary and combines its excellent legal and business expertise to ensure its clients receive comprehensive advice.’

‘Hector Torres, Annette Herrera, and Daniel Leiva are excellent professionals who serve their clients promptly, are precise, and are effective in their advice, always seeking the best for their clients.’

Principaux clients

Electrolab


Airline MRO Parts (AMP)


TR Capital


Grupo Bolívar


Grupo Mallo


AirPak


Cubo Pago


SISA Vida, Seguros de Personas


Outsourcing International Services


Alphapoint Global


Binance


Ditobanx


Vitrinnea


Principaux dossiers


  • Assisted TR Capital’s with achieving regulatory compliance with El Salvador’s digital asset regulations, handling governance, contracts, and regulatory filings.
  • Advised STOA Capital on developing an operational framework for digital asset investments.
  • Assisted Ditobanx with expanding its operations across Latin America, guiding the client through regulatory compliance, corporate governance, tax considerations, and labour issues.