The ‘highly trained and experienced’ team at Alemán, Cordero, Galindo & Lee represents buyers and sellers across a large range of local and international deals, including in acquiring majority and minority stakes in public and private companies. It is particularly active in M&A transactions in the banking and energy sectors, with the firm seeing recent success in the latter having advised companies engaged in renewable energy systems on acquisitions. Arturo Gerbaud co-leads the practice alongside Alejandro Ferrer; Gerbaud is active across a full range of banking-related deals and Ferrer has a strong track record in leading in M&A matters for a number of banking and energy clients. Rita de la Guardia is experienced in local and international M&A transactions, and Patricia Cordero provides advisory services in high-profile transactional mandates. Associates Rafael Amar and Diego Anguizola are key contacts.

Arias, Fábrega & Fábrega offers a wide range of services both in general day-to-day corporate matters and in mergers and acquisitions in Panama and the Central America region more broadly. The firm has acted as lead counsel in high-value deals and combines its strengths across multiple practice areas including antitrust, taxation and banking to provide clients with a full service. Ricardo Arango and Andrés Rubinoff co-lead the M&A team, and Estif Aparicio, Fernando Arias F, Javier Yap Endara and Isabella de la Guardia are also key names.

Galindo, Arias & López continues to provide the gamut of corporate and M&A services for large multinationals, including advising companies on cross-border and domestic M&A, as well as corporate restructurings. The firm’s client base covers a vast range of industries, ranging from energy and telecoms to food and beverages, real estate and hospitality. Diego Herrera co-leads the practice and is noted for his expertise in project development and corporate financing mandates for large, multinational companies in deals involving multi-jurisdictional issues. Ramón Ricardo Arias jointly leads the practice and leads on the firm’s financial restructurings for national and international businesses, while Jose Luis Sosa and Beatriz Cabal are experienced in handling M&A and project finance matters for electronic goods retailers, real estate developers and hospitality clients. Senior associate Andrés Sanjur left the firm in May 2025.

Fielding a ‘top-of-the-class international and local team of experts in all legal areas of law‘, Morgan & Morgan assists a wide range of domestic and multinational clients with commercial, corporate and regulatory matters in Panama. The group combines experience from other practice areas such as tax and antitrust to provide a full service, acting for clients across numerous industries, including financial services, food and beverages, real estate and pharmaceutical. Francisco Arias co-heads the M&A practice alongside Roberto Vidal and Aristides Anguizola, with Vidal active in M&A and regulatory matters, having participated in transactions for clients in the insurance, ports, energy and real estate sectors, while Anguizola assists clients in a range of corporate and commercial matters. Inocencio Galindo benefits from his expertise in project development and public procurement in corporate matters, and international associate Miguel Arias M is also a key contact.

The team at Alfaro, Ferrer & Ramírez provides a full service to a wide range of clients, regularly handling local and cross-border M&A, general corporate and commercial law matters, and issues at the intersection of tax law. Recently, the firm has worked in deals involving the aviation, automotive, healthcare and food industries, among others. Alejandro Alemán co-leads the practice; he and international associate Ana Cristina Negrón are noted for having ‘the ability to understand the client’s objectives and concerns, and create an atmosphere of high trust from the beginning of the transaction‘. Ricardo Moreno jointly leads the practice and is experienced in all aspects of M&A, corporate and commercial law, having advised local and multinational companies on a range of commercial matters. Alfredo Ramírez Jr is noted for his active presence in corporate matters involving litigation and alternative dispute resolution, and Alfredo Ramírez Pabón, who was promoted to partner in January 2025, continues to assist local businesses and multinational corporations in corporate transactions.

LOVILL is experienced across a broad range of corporate matters, including local and cross-border M&A, where it acts for domestic and international clients. Elizabeth Heurtematte co-leads the practice alongside Isabel Cristina López, with Heurtematte active in corporate transactions and corporate restructurings, and Lopez combining her expertise in dispute resolution to assist in a full range of corporate transactions. Alejandro Fung has been instrumental in a number of the firm’s corporate deals, and Jeannette Bravo is noted for the assistance she provides to multinational companies on their day-to-day operations.

Noted for its 'excellent client service, specialised knowledge, local experience, and practical and accurate advice', Icaza, González-Ruiz & Alemán is a popular choice among domestic and multinational companies entering the Panamanian market. The team assists in mergers, asset purchase agreements and share purchase agreements. The firm has also actively contributed to the development and amendment of legislation across Panama's legal framework, which is sought after in a range of multi-jurisdiction transactions. Head of the corporate law and mergers and acquisitions practice Alexis Herrera Jr specialises in M&A and corporate services, having advised on public bidding and financing processes, as well as M&A transactions involving energy, infrastructure and trading. Mariano Oteiza Díaz is a key contact.

Pardini & Asociados' corporate practice group represents a wide range of clients, from multinational corporations to small private companies, which turn to the firm for advice on all aspects of corporate and commercial law. Managing partner Juan Francisco Pardini co-leads the practice and has been active in numerous corporate transactions for high-profile aviation clients. Fellow co-head Juan José Espino regularly acts as corporate counsel for international clients, while associate Eduardo Achurra is experienced in regulatory and corporate matters.

Co-led by María Cristina Fábrega and Yuri Moreno, Arias covers a wide range of services related to its clients’ day-to-day business operations, as well as cross-border M&A transactions, where the team advises on strategic planning, due diligence, negotiation and drafting of transaction documents. It is adept in providing assistance to multinational and national companies with regards to their operations within Panama. Associates Denise Littman and Alexandra Lasso are also names to note.

Axios Law Services is active in managing M&A transactions, joint ventures, divestitures, cross-border structuring, spin-offs and corporate reorganisations for a range of clients ranging from private individuals to family offices and domestic companies. The department has gone through a period of growth, with senior associate Chris Effio leading the team and covering the full spectrum of M&A services, as well as guiding clients through complex transactions. Founding partners Dayra Berbey de Rojas and Elda Sansón are key contacts.

Providing a 'personalised service' to a range of clients involved in the oil and gas, pharmaceutical and aviation sectors, Delvalle, Escalona, Levy & Corró provides a wide range of services related to the operations of businesses within Panama, from participating in corporate transactions to providing legal support through due diligence and the implementation of M&A deals. The team is also adept in advising on distressed assets, having seen activity in restructurings and joint ventures involving distressed assets, particularly in the real estate sector. Alberto Levy is active in M&A transactions, while Diego Corró has led on a number of transactions and high-stakes negotiations. Felipe Escalona and Ricardo Delvalle jointly lead the team alongside Levy and Corró.

‘Distinguished by its exceptional combination of knowledge, entrepreneurial drive and commitment to client service‘, ECIJA provides clients with a comprehensive service for clients conducting business in Panama. The team specialises in structuring M&A transactions, advising on corporate governance structures and representing clients in negotiations. The firm has a strong track record in the technology, fintech, healthcare, energy and real estate sectors, with co-head Daniel Shamah noted for his experience in advising national and international companies on corporate structuring and general commercial matters. Armando Córdoba also co-leads the team and has advised a range of clients on commercial contracts, especially companies in the technology sector.

Benefiting from a worldwide network covering Switzerland, the Caribbean Islands and Hong Kong, Quijano & Associates is active in M&A transactions, having advised local and international companies across Panama. Oliver Muñoz leads the practice and brings his experience in a wide range of practice areas including blockchain and cryptocurrency, as well as entertainment and labour law. Luis Miguel Rojer is experienced in advising a range of companies on M&A transactions, including for clients engaged in the education and food sectors.

Boutique law firm ARIAS ABREGO LOPEZ & NORIEGA is experienced in handling a range of corporate services, including M&A transactions and corporate governance, for clients engaged in the retail, tourism, real estate and construction sectors. Mario Arias leads the practice and regularly assists clients in corporate negotiations and M&A transactions. Carlos Abrego is another key name. Associates Eduardo González and Julio Altafulla Montenegro recently joined the team.

Estudio Benedetti‘s department is active in negotiating and managing commercial alliances within Panama and abroad. Recently, the team has seen an increase in activity in the telecoms sector with clients looking to expand their operations into Panama. The team covers cross-border M&A and spin-offs, as well as other services related to supporting daily business operations such as conducting due diligence and advising on documentation and contracts. Ramón Benedetti V, associate Isabella Pecchio and Ramón Benedetti Alemán jointly lead the practice.

LAC Legal is experienced in advising clients on all matters related to M&A, corporate restructuring, joint ventures and international corporate structuring, with the team active in cross-border transactions and aiding in the navigation of regulatory requirements for conducting business in Panama. Founding partner Claudio Lacayo Álvarez and Diego Lacayo Krupnik both lead the team, and associate Rodrigo Vieto is noted for his expertise in commercial transactions.