Dealmaker Q&A

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TTR Dealmaker Q&A with Machado Meyer Advogados Partners Elie J. Sherique and Guilherme Bueno Malouf

Machado Meyer Advogados

Elie J. Sherique

Sherique is a specialist in corporate law, national and cross-border mergers and acquisitions, private equity operations, capital markets, and corporate governance, besides joint ventures, corporate reorganizations, international investments, structured operations, business transactions, financial products and operations involving publicly-held companies. He has previous experience in operations concerning several sectors, in particular, automotive, banking, construction, electronics, energy, pharmaceutical, real estate, mining, oil and gas, financial services, general services, technology, telecommunications, and retail. Is part of the Latin American & Iberian Desk of Machado Meyer, assisting some of the main Spanish and Latin American investors in Brazil.

Guilherme Bueno Malouf

Expert in M&A transactions, private equity investments, organization of structured investment funds, especially Equity Investment Funds (FIP), Real Estate Investment Funds (FII), and Credit Rights Investment Funds (FIDC). Malouf has extensive experience in the food and beverage, steel, cement, real estate, energy, services, technology, and retail. In addition to serving as head of our M&A practice, Malouf is also a member of the Asian Desk of our firm.

TTR: ¿What are your main conclusions for the M&A market in 2022?

The 2021 was an exceptional year to M&A transactions carried out in Brazil and we expect the market to remain warm for at least the next few months. We can relate this expectation to some factors, among them: the fact that in 2021 many companies capitalized themselves through IPOs and follow-ons with the objective of financing acquisitions in line with their expansion plans and the “unlocking” of the pipeline of ongoing operations that had been frozen because of the pandemic. We have been very active in operations in the technology, energy, financial services, healthcare and agribusiness sectors. We believe that in 2022 we will still see the effects of such trends, despite the turmoil arising from a very polarized election year and an external scenario with wars and rising interest rates in the US. In particular, we believe that the aforementioned sectors, especially technology and healthcare, will continue to be very strong and attract interest from strategic players and financial sponsors.

TTR: What are the most relevant drivers for consolidating the M&A market in Brazil, in 2022?

The post-pandemic, macroeconomic aspects and the presidential elections at the end of the year bring challenges for local companies as well as impact on investment decisions. Due to these factors, activity in the mergers and acquisitions market has been quite intense at the beginning of the year and consolidation movements have been noticed in several sectors of the economy. The availability of capital from certain publicly-held companies that in recent months have raised funds through the capital market, the less leveraged valuation value of companies in certain sectors of the economy and the need for funds to carry out investments for those companies that have not accessed the market of capital and/or received investments in recent years, are essential factors to drive consolidation in the M&A market. We have seen that the retail, health, technology and energy sectors have stood out in this consolidation movement.

TTR: In which sectors might international investors find the biggest opportunities in Brazil? Why?

We understand that the energy market has been generating good business opportunities in the M&A market, as several companies in the sector have been investing in renewable matrices and developing new forms of energy generation (not to mention the energy transition movement). Brazilian agribusiness deserves to be highlighted due to the high global need for such commodities in the post-pandemic period, as well as the current exchange rate value that maximizes the return of companies in the sector on exports. We believe that the technology sector will remain one of the most active sectors, attracting the attention of strategic and financial investors. Finally, we also bet on the health sector, in several of its aspects (clinics and hospitals, pharmaceuticals, healthtech). This sector proved to be heated in 2021 and continues with a strong trend.

TTR: Machado Meyer ha sido uno de los asesores líderes en operaciones de energías renovables en Brasil, ¿Cuáles serán las perspectivas de este sector en el mediano y largo plazo?   

We have been working quite often for companies in the renewables sector, both on the buying and selling side. In recent months we have represented local players and foreign investors who have shown a lot of interest in renewable energy matrix projects. As Brazil has a favorable regulatory environment and a very advantageous geographic capacity, we believe that the renewable energy sector will remain very active and heated in the medium and long term.

TTR: How will the conflict between Russia and Ukraine impact the energy sector, and what does this mean for M&A market?

The conflict between Russia and Ukraine has unleashed an unprecedented impact on gas supplies to Europe. The dependence of several European countries on this energy source was evident. This scenario has made the discussions regarding the need to implement the energy transition to cleaner and renewable energy sources to gain strength, which in a way can even help the flow of operations in Brazil. On the other hand, wartime generates greater conservatism on the part of investors, who may choose to “play safe” and postpone expansion plans. The increase in US interest rates may intensify this scenario.

TTR:  How has Machado Meyer handled the crisis in terms of advising clients and what opportunities has the company identified through the current situation in the country?

In recent years Machado Meyer has been consolidating its leadership position in the execution of M&A transactions, both in terms of the number of transactions carried out as well as the volume of transactions handled by the firm’s partners. In recent years, the firm has worked on a large number of multi-billion M&A transactions. In 2021, we were the leading firm in Latin America in terms of the number of operations carried out in M&A, capital markets and debt issuance transactions. We understand that our experience in relevant M&A transactions, combined with our relevant client base and the level of seniority of the partners working in M&A transactions, has made Machado Meyer’s M&A practice have had an exceptional performance in recent times of crisis.

In times of crisis, like the current one, we always try to put ourselves in the position of our customers and help them navigate the (more or less strangled) processes they were going through. Such assistance even includes the adoption of more flexible billing arrangements. In terms of opportunity, we understand that the resilience of agribusiness and the attractive price of our assets (especially after the devaluation of the real) represent important attractions for investors and times explored in the investor market.

TTR: What will Machado Meyer main challenges be in terms of M&A deals in Brazil during 2022?

Surely the biggest challenge we will have in 2022 will be the presidential elections in October. Historically, presidential elections in Brazil end up generating uncertainty and distrust of certain investors regarding the continuity of regulatory, economic and political agendas. In any case, our M&A team is very confident that despite the current political scenario, we have enough subsidies to support our clients in order to carry out M&A transactions with confidence and security even in adverse political and electoral conditions.

Portuguese version

Machado Meyer Advogados

Elie J. Sherique

Especialista em direito societário, fusões e aquisições domésticas e cross-border, operações de private equity, mercado de capitais, governança corporativa, além de joint ventures, reorganizações societárias, investimentos estrangeiros, operações estruturadas, transações comerciais, produtos financeiros e operações envolvendo companhias de capital aberto. Tem experiência em operações envolvendo diversos setores, principalmente automotivo, bancário, construção, eletroeletrônico, energia, farmacêutico, imobiliário, mineração, petróleo e gás, serviços financeiros, serviços em geral, tecnologia, telecomunicações e varejo.

É membro do Latin American & Iberian Desk do Machado Meyer, assistindo a alguns dos principais investidores espanhóis e latino-americanos no Brasil.

Guilherme Bueno Malouf

Especialista em operações de M&A, investimentos de private equity e constituição de fundos de investimento estruturados, principalmente Fundos de Investimento em Participações (FIP), Fundos de Investimento Imobiliário (FII) e Fundos de Investimento em Direitos Creditórios (FIDC). Malouf tem ampla experiência nos segmentos de alimentos e bebidas, cimento, serviços de segurança, imobiliário, energia, serviços, tecnologia e varejo. Além de atuar como head da nossa área de M&A, Malouf também é membro do Asian Desk do nosso escritório.

TTR: Quais são suas principais conclusões para o mercado de M&A no 2022?

O ano de 2021 foi um ano excepcional em termos de operações de M&A realizadas no Brasil e temos a expectativa que o mercado se mantenha aquecido pelo menos pelos próximos meses. Podemos relacionar tal expectativa a alguns fatores, dentre eles: o fato de que em 2021 muitas empresas se capitalizaram por meio de IPOs e follow-ons com o objetivo de financiar aquisições em consonância com seus planos de expansão e o “destravamento” do pipeline de operações em curso e que haviam sigo congeladas por conta da pandemia. Temos estado bastante ativos em operações nos setores de tecnologia, energia, serviços financeiros, saúde e agronegócio. Acreditamos que em 2022 ainda observaremos os efeitos de tais tendências, em que pesem as turbulências advindas de um ano eleitoral muito polarizado e um cenário externo com guerras e elevação dos juros nos EUA. Em particular, acreditamos que os setores acima mencionados, especialmente tecnologia e saúde, seguirão muito forte e atraindo interesse de players estratégicos e de financial sponsors.

TTR: Quais são os fatores mais relevantes para a consolidação do mercado de M&A no Brasil, em 2022?

O pós-pandemia, os aspectos macroeconômicos e as eleições presidenciais no fim do ano trazem desafios para as empresas locais bem como impactam nas decisões de investimento. Em razão de tais fatores, a atividade no mercado de fusões e aquisições tem sido bastante intensa neste início de ano e movimentos de consolidação vêm sendo percebidos em diversos setores da economia. A disponibilidade de capital de certas companhias abertas, que nos últimos meses captaram recursos através do mercado de capitais, o valor menos alavancado de avaliação de empresas de certos setores da economia e a necessidade de recursos para realização de investimentos para aquelas empresas que não acessaram o mercado de capitais e/ou receberam investimentos nos últimos anos, são fatores essenciais para impulsionar a consolidação no mercado de M&A. Temos visto que os setores de varejo, saúde, tecnologia e energia tem se destacado neste movimento de consolidação.

TTR: Em quais setores os investidores internacionais podem encontrar as maiores oportunidades no Brasil? Por quê?

Entendemos que o mercado de energia vem gerando boas oportunidades de negócio no mercado de M&A pois diversas empresas do setor vêm investindo em matrizes renováveis e desenvolvimento de novas formas de geração de energia (sem contar o movimento de transição energética). O agronegócio brasileiro merece destaque em razão da alta necessidade mundial por tais commodities no pós-pandemia, bem como pelo valor atual do câmbio que maximiza o retorno das empresas do setor nas exportações. Acreditamos que o setor de tecnologia se manterá como um dos setores mais ativos, atraindo atenção de investidores estratégicos e financeiros. Por fim, apostamos também no setor de saúde, em várias de suas vertentes (clínicas e hospitais, farmacêutico, healthtech). Esse setor se mostrou aquecido em 2021 e segue com tendência de forte movimentação.

TTR: Machado Meyer é um dos principais assessores em operações de energia renovável no Brasil. Quais são as perspectivas desse setor no médio e longo prazo?

Temos atuado com bastante frequência para empresas do setor de renováveis, seja na ponta compradora bem como na ponta vendedora. Nos últimos meses temos representado players locais e investidores estrangeiros que têm mostrado bastante interesse nos projetos de matrizes de energia renovável. Em razão do Brasil possuir um ambiente regulatório favorável e uma capacidade geográfica bastante vantajosa, entendemos que o setor de energia renovável seguirá bastante ativo e aquecido no médio e longo prazo.

TTR: Como o conflito entre a Rússia e a Ucrânia afetará o setor de energia, e o que isso significa para o mercado de fusões e aquisições?

O conflito entre Rússia e Ucrânia desencadeou um impacto sem precedentes no fornecimento de gás para a Europa. Ficou evidente a dependência de diversos países europeus a esta fonte de energia. Tal cenário fez com que as discussões relativas à necessidade de se implementar a transição energética para formas de energias mais limpas e renováveis ganhassem força, o que de certa forma pode até ajudar o fluxo de operações no Brasil. Por outro lado, tempos de guerra geram maior conservadorismo por parte de investidores, que podem optar por “play safe” e postergar planos de expansão. O aumento de juros norte-americanos pode intensificar esse cenário.

TTR: Como o Machado Meyer lidou com a crise em termos de assessoria aos clientes e quais oportunidades o escritório identificou na situação atual do país?

Nos últimos anos o Machado Meyer vem consolidando sua posição de liderança na execução de operações de M&A seja pela quantidade de operações realizadas bem como pelo volume das operações trabalhadas pelos sócios do escritório. Nos últimos exercícios, o escritório trabalhou em um grande número de operações de M&A multibilionárias. Em 2021, fomos o escritório líder da América Latina em quantidade de operações realizadas em M&A, mercado de capitais e transações de emissão de dívida. Entendemos que nossa experiência em operações relevantes de M&A, aliada à nossa relevante base de clientes e o nível de senioridade dos sócios que atuam em operações de M&A, fez com que a prática de M&A do Machado Meyer tivesse tido um excepcional desempenho nestes últimos tempos de crise.

Em tempos de crise, como o atual, tentamos sempre nos colocar na posição de nossos clientes e ajudá-los e navegar pelos processos (mais ou menos estrangulados) por que passavam. Tal auxílio inclui, inclusive,  a adoção de arranjos de cobrança mais flexíveis. Em termos de oportunidade, entendemos que a resiliência de nosso agronegócio e o preço atrativo de nossos ativos (especialmente após a desvalorização do real) representam atrativos importantes para investidores e tempos ao explorado junto ao mercado investidor.  

TTR: Quais serão os principais desafios do Machado Meyer em termos de transações de M&A no Brasil durante 2022?

Seguramente o maior desafio que teremos em 2022 serão as eleições presidenciais no mês de outubro. Historicamente, eleições presidenciais no Brasil acabam por gerar incertezas e desconfiança de certos investidores quanto à continuidade de pautas regulatórias, econômicas e políticas. De toda forma, nossa equipe de M&A está bastante confiante que apesar do cenário político atual, temos bastante subsídios para apoiar nossos clientes de forma que realizem transações de M&A com confiança e segurança mesmo em condições político-eleitorais adversas.

Dealmaker Q&A

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TTR Dealmaker Q&A with Auriga Global Investors Head of Financial Services Diego García de la Peña

Auriga Global Investors

Diego García de la Peña

Head of Hedging Consulting for Private Equity, infrastructure, real estate, family offices and corporate funds, as well as Head of Debt Alternative Investments for corporates at Auriga. In both activities, the objective is to provide solutions for the capital structure of companies and help them and their sponsors to develop their business plans.

Previously, he worked as Structured Solutions Sales for Financial Sponsors at European level, as well as for Spanish corporates at Unicredit Bank, London (2007-2011). Previously, he was Director of Interest Rate Hedging Sales for the Network and Corporates at Cajamadrid and Corporate Treasury Sales at Banesto.

TTR: 2022 promises to be a record year for private equity and venture capital investment in Spain, given the strong investment activity in the second half of 2021, which will result in the closing of a large number of deals in the coming months. Have you seen this positive evolution in your business? 

Yes, definitely. 2021 was an anomalous year for us because many deals were analysed but not closed and started to crystallise in 2022. However, since the beginning of this year, we are closing all those deals and with a lot of new transaction activity, so we expect it to be a record year in terms of number and size of deals. In terms of segments, we are seeing a lot of activity in the renewable energy sector and in private equity, with a less movement in real estate. 

TTR: Are Sponsors and Corporates’ cost analysis changing in order to take into account and tackle inflation risks derived from Commodities, rentals, energy and others? 

In fact, what is happening is that it has come to the forefront of concerns. During the long period of low inflation, it was factored into the analysis, but there was no concern that inflation could spike in such a way that it could dramatically change costs. Now, recent inflation developments are impacting the cost line in such a way that clients are looking at ways to limit this impact risk from the outset, either through financial instruments or through specific contractual arrangements. 

TTR: Are you seeing an increase in Renewable Energy Development Projects’ Financing deals? 

Yes, we are seeing a significant increase. In terms of operational assets, there continue to be sale and purchase operations of assets and platforms, which are generally accompanied by the corresponding refinancing. But where we are experiencing a notable increase is in assets under development. 2021 was a year of impasse in these assets due to the delay in administrative procedures and authorisations, so this year there are a large number of projects in RTB status and, therefore, in the construction period, which means that all financing is being articulated. 

TTR: Are you observing an increase in pre-hedging analyses for expected deals resulting from the increase in estimated interest rates? 

Rising interest rates are a greater concern than even rising inflation costs. As the risk is more determinable and easier to hedge than inflation’s, we are seeing a lot of demand for pre-hedging analysis for deals under consideration. We are seeing this in two segments in particular: in Renewables projects under development, between the signing of the Framework Financing Agreements and the actual drawdown of the financing once RTB status has been achieved; and in the Private Equity segment between the signing of the Sale and Purchase Agreement and the expected availability of the financing. 

TTR: Are sponsors and corporates challenged by the Libor-SOFR transition? How are you handling the decisions on new loans granted in USD due to the change of Reference Index? 

Generally, the recommendation is to enter directly with SOFR reference and not to have a period of Libor with transition to SOFR in 2023. The important thing in these cases is to negotiate well with the banks the spreads that they apply when making the loan with SOFR reference and that they are really equivalent to the spread they would apply if they did it with Libor. 

TTR: Some studies highlight that the most attractive sectors for investors in Spain are those related to energy, technology, education and healthcare. Are you seeing deals in these areas? 

Indeed, the energy sector remains one of the most active. In the health sector, there are operations by manufacturers and distributors of capital goods or high-value devices for specialists. And in education we are also seeing a lot of movement. Another tremendously dynamic sector is agriculture and food, where we have been involved in several transactions. 

TTR: What transactions would you highlight from those you have recently closed? 

Taking advantage of the opportunity, a leading private equity firm, after discussing rate hikes, decided to hedge 50% of a syndicated loan it had in place since 2021 with a cap in anticipation of rate hikes. On the other hand, we have advised a company in the oil sector on the closing of a syndicated loan and in order to adapt the hedging to its business and financial strategy it had to close a mixed strategy of short-term cap and a longer-term swap starting forward start. In addition, we supported a renewable energy fund which, taking advantage of having an existing derivative in the financing to be refinanced, kept that existing derivative complemented with a new derivative, in order to optimise its cost and financial structure.

Spanish version

Auriga Global Investors

Diego García de la Peña

Responsable de Consultoría de Coberturas a fondos de Private Equity, infraestructuras, inmobiliarios, family offices y empresas, así como responsable de Inversiones Alternativas en Deuda para corporates en Auriga. En ambas actividades, el objetivo es proveer soluciones para la estructura de capital de las empresas y ayudar a las mismas, así como a los sponsors a desarrollar sus planes de negocio.

Anteriormente, trabajó como Structured Solutions Sales para Sponsors Financieros a nivel europeo, así como para corporates españoles en Unicredit Bank, London (2007-2011). Previamente, fue director del departamento de Ventas de coberturas de tipos de interés para la Red y Empresas en Cajamadrid y Corporate Treasury Sales en Banesto.

TTR: El 2022 promete ser un año de récord de inversión en private equity y venture capital en España, dada la gran actividad inversora del segundo semestre de 2021 que se derivará en el cierre de un elevado número de operaciones en los próximos meses. ¿Habéis apreciado esta evolución positiva en vuestro ámbito de negocio? 

Sí, claramente. El 2021 fue un año anómalo para nosotros porque que se analizaron muchas operaciones, pero no se cerraron y han empezado a cristalizar en 2022. En cambio, desde que ha empezado este año estamos inmersos en el cierre de operaciones y con mucha actividad de transacciones nuevas, por lo que prevemos que sea un año récord en número y en tamaño de los deals. En cuanto a segmentos, estamos viendo una gran actividad en el sector de las energías renovables y en private equity, siendo un año menos activo en Inmobiliario para nosotros. 

TTR: ¿Está cambiando el análisis de costes de los Sponsors y las empresas para hacer frente a los riesgos de inflación derivados de las materias primas, los alquileres, la energía y otros sectores? 

En realidad, lo que está pasando es que ha entrado en la primera línea de las preocupaciones. Durante el largo período de inflación baja se tenía en cuenta en el análisis, pero no preocupaba que la inflación se pudiese disparar de tal forma que pudiese cambiar dramáticamente los costes. En estos momentos, la evolución reciente de la inflación impacta de tal manera en la línea de costes, que los clientes analizan desde el primer momento vías de acotar este riesgo de impacto, bien sea mediante instrumentos financieros o mediante articulaciones contractuales específicas. 

TTR: ¿Estáis apreciando un incremento de las operaciones de financiación de proyectos para el desarrollo de energías renovables? 

Sí, estamos viendo un incremento relevante. En cuanto a activos en operación, sigue habiendo operaciones de compraventa de activos y de plataformas, que llevan aparejadas generalmente su correspondiente refinanciación. Pero donde estamos experimentando un incremento notable es en activos en desarrollo. El 2021 fue un año de impasse en estos activos debido a la demora en las tramitaciones y autorizaciones administrativas, por lo que en este año hay un gran número de proyectos en status RTB y, por tanto, en período de construcción, lo que hace que se estén articulando todas las financiaciones. 

TTR: ¿Estáis observando un aumento de los análisis de precobertura para las operaciones previstas derivadas del aumento de los tipos de interés estimados? 

El aumento de los tipos de interés representa, si cabe, una preocupación superior incluso a la del incremento de los costes derivados de la inflación. Al ser un riesgo más determinable y más fácilmente acotable, está haciendo que tengamos mucha demanda de análisis de precobertura para operaciones en estudio. Lo estamos viendo sobre todo en dos segmentos. En el de los proyectos de Renovables en desarrollo, entre la firma de los Acuerdos Marco de Financiación y la disposición efectiva de la misma una vez llegado al status RTB. Y, por otro lado, en las transacciones de Private Equity entre que se firma la compraventa y se espera para poder disponer de la financiación. 

TTR: ¿Cómo se enfrentan los Sponsors y las empresas a la transición Libor-SOFR? ¿Cómo estáis gestionando las decisiones sobre nuevos préstamos concedidos en USD debido al cambio del Índice de Referencia? 

Generalmente, la recomendación está siendo entrar ya directamente con referencia SOFR y no tener un período de Libor con transición a SOFR en 2023. Lo importante en estos casos, es negociar bien con los bancos los spreads que aplican al hacer el préstamo con referencia SOFR y que realmente sean equivalentes al spread que aplicarían si lo hiciesen a Libor. 

TTR: Algunos estudios destacan que los sectores más atractivos para los inversores en España son los relacionados con la energía, tecnología, educación y el sanitario. ¿Estáis apreciando deals en estos sectores? 

Efectivamente, el sector de la energía sigue siendo uno de los más activos. En el sector sanitario hay operaciones de fabricantes y distribuidores de bienes de equipo o aparatos de alto valor para especialistas. Y en el ámbito de la educación también estamos apreciando mucho movimiento. Otro sector tremendamente dinámico es el ligado a la agricultura y alimentación, en el que hemos estado involucrados en varias operaciones. 

TTR: ¿Qué transacciones destacarías de las que habéis cerrado recientemente? 

Por aprovechamiento de oportunidad, trabajamos para un private equity de primer orden, tras discutir las subidas de tipos, decidió cubrir un 50% de un préstamo sindicado que tenía vigente desde 2021 con un cap en previsión de subidas de tipos. Por otro lado, hemos asesorado a una compañía del sector de petróleo en el cierre de un préstamo sindicado y con el fin de adecuar la cobertura a su estrategia empresarial y financiera tuvo que cerrar una estrategia mixta de cap a corto plazo y un swap a más largo plazo empezando forward start. Además, hemos apoyado a un fondo de energías renovables que, aprovechando que tenía un derivado existente en la financiación a refinanciar, mantuvo ese derivado existente complementado con un derivado nuevo, con el fin de optimizar su coste y estructura financiera.

Dealmaker Q&A

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TTR Dealmaker Q&A with Cescon, Barrieu Flesch & Barreto Advogados Partner Eduardo Lanna

Cescon, Barrieu Flesch & Barreto Advogados

Eduardo Lanna

Eduardo Lanna is a partner in the areas of Mergers and Acquisitions, Corporate Law and Governance and Private Equity.​
He has extensive experience in advising foreign and national clients in local and cross border merger and acquisitions, assets sale, joint ventures, corporate restructurings, inbound and outbound investments, and other transactions involving a variety of economy sectors.
Eduardo has a recognized experience in the energy sector, whether in private or public / tender offer transactions. He provides legal assistance to public and private companies in relation to corporate and governance matters.

TTR: ¿What are your main conclusions for the M&A market in 1Q22?

A still very busy market, in which the tech sector stands out (IT services, software and telecom), in addition to health and power. Private equity funds remain highly active (investments and divestments alike), we have also followed and advised on the consolidation of large strategic players, and the venture capital market keeps growing stronger. Deal rankings show an increase in transaction volume, which reflects our perception that the first quarter of 2022 has still followed the heated market of 2021.

Macroeconomic and political factors, in addition to the pandemic outcomes, have showed they could play a more relevant role throughout the year.

TTR: What are the most relevant drivers for consolidating the M&A market in Brazil, in 2022?

In an election year, political factors and uncertainties arising in that process will probably impact to some degree the investment decision-making process and the formation of market behavior (including, on one end of the spectrum, a race to complete deals sooner rather than closer to the election and, on the other end, the strategy to postpone). Privatization deals should be more impacted, or even suspended, given that those are the most exposed and dependent on political factors.

Nevertheless, we think some sectors, such as the renewable energy industry, will remain attractive and keep providing satisfactory returns, irrespective of the election process and outcome.

At the same time, Brazil presents a more mature and resilient market, available capital for investment (following the IPO and follow-on wave in the last years), a favorable currency exchange for foreign investors, and good opportunities still resulting from structural changes triggered by the pandemics – all these factors are likely to remain relevant for the market year-round.

TTR: In which sectors might international investors find the biggest opportunities in Brazil? Why?

The M&A market in 2021 was extremely active and we still expect that business to continue in 2022.

The tech sector, of which we highlight fintechs and healthtechs, will remain heated, with good investment and consolidation opportunities, either by already strong players in the industry, investment funds or venture capital investors. The energy market shows continuing strength and a rising tendency, considering the existing investment opportunities, the search for a renewable matrix, development of generation technology (wind, solar, biomass and green hydrogen), the ongoing energy transition, and its important role for many companies with ESG commitments.

The health sector also shows continuous opportunities and a rising tendency. We have followed and advised on large transactions and expect the consolidation trend to continue.

Lastly, the agribusiness and infrastructure sectors (including public lighting privatization, sanitation, airports and roadways) will probably keep attracting large investors in a heated market, despite the natural turbulence of an election year.

TTR: Cescon Barrieu is one of the leading advisors on renewable energy deals in Brazil. What are the perspective of this sector in the mid- and long-term? 

The renewable sector continues to be a fast growing market and plays an important role in the Brazilian energy matrix. Brazil has an important and privileged geographic advantage for renewable projects – wind, solar, biomass – and is also developing the regulations for offshore wind plants and for green hydrogen. It is a consolidated sector with a strong and consistent regulatory environment which requires major investments and creates opportunities in the mid and long term. We have been acting for local players and international private equity funds, both on the buy- and sell-side, and we believe that this market will continue to grow and develop in the near future and in the long-run.

Our power team, which combines our M&A and regulatory expertise, is working on several important transactions in this sector involving all areas – distribution companies, transmission deals, development and acquisition of generation farms, studies for offshore wind projects, distributed generation small scale project and self-production structures.

TTR: How will the conflict between Russia and Ukraine impact the energy sector, and what does this mean for M&A market?

The conflict creates a major impact for the gas supply in Europe, shedding light on that continent’s dependence on Russian fossil fuels. This has notably rekindled the public debate on the need for a quicker energy transition (which, of course, is greatly associated with the renewable energy industry), not only from a climate and ESG perspective but also from a geopolitical and commercial standpoint.

Specifically for the M&A market, we noted that many investors, banks, local and international firms have ceased or suspended deals and negotiations which involve Russian assets or controlled companies. There may be some movements arising from the sanctions, but it is a very delicate situation right now to predict how this will affect the M&A market.

With regard to the renewables sector, a stronger energy transition in Europe means an overall greater global interest in alternative energy sources, including in respect of Brazil, even if the investment portfolio tends to grow larger and more diverse worldwide.

TTR:  How has Cescon Barrieu handled the crisis in terms of advising clients and what opportunities has the company identified through the current situation in the country?

As mentioned above, last year saw a record in M&A transactions and our team was very busy in almost all areas. IPO and debt transactions created a lot of opportunities and an intense flow of projects, as well as deals in the context of liquidity of certain companies, currency exchange rate (Real depreciation) and the then lower base interest rate (which is now raising again and changing this scenario).

As a full service law firm, we have invested in our team, hired and promoted new partners and developed new areas of practice focusing on our goals of having a diverse team committed to achieving the best results for our clients in all kinds of transactions.

TTR: What will Cescon Barrieu main challenges be in terms of M&A deals in Brazil during 2022?

Our main challenges will be to overcome the uncertainties created by the 2022 election, and explore sectors which are more resilient and which continue to offer opportunities and market movements. We will continue to focus on creative solutions, a strong and reliable team ready to work and represent our clients in transactions/projects in all sectors and contexts.

Portuguese version

Cescon, Barrieu Flesch & Barreto Advogados

Eduardo Lanna

Eduardo Lanna é sócio na área de Fusões e Aquisições, Societário, Private Equity e Governança Corporativa no Cescon Barrieu.
Possui ampla experiência na assessoria a clientes nacionais e estrangeiros em transações locais e cross border de fusões, aquisições, venda de ativos, joint ventures, reestrurações societárias, investimentos inbound e outbond, além de outras operações envolvendo diversos setores da economia. 
Eduardo possui destacada atuação no setor de energia, seja em transações privadas ou ofertas públicas. Representa companhias abertas e fechadas em questões societárias e de governança corporativa.

Áreas de atuação:
– Societário e Governança Corporativa
– Fusões e Aquisições
– Governança Corporativa
– Private Equity

TTR: Quais são suas principais conclusões para o mercado de M&A no primeiro trimestre de 2022?

Notamos um mercado ainda bem aquecido, com setor de tecnologia (IT services, software e telecom) se destacando, além de saúde e energia. Os fundos de private equity estão bem ativos (tanto investimentos quanto desinvestimentos), também acompanhamos e atuamos na consolidação de grandes players estratégicos, e o mercado de venture capital continua se fortalecendo. Os rankings mostram um aumento de operações e nos parece que o 1Q2022 ainda seguiu o forte movimento do 4Q2021.

As questões macroeconômicas e políticas, além de impactos da pandemia, já indicaram que podem ter efeito mais relevante no curso do ano.

TTR: Quais são os fatores mais relevantes para a consolidação do mercado de M&A no Brasil, em 2022?

Por ser um ano eleitoral, os fatores políticos e as incertezas geradas no curso desse processo provavelmente impactarão de alguma forma as decisões de investimento e movimentos no mercado de M&A, seja uma corrida para lançar e concluir os processos antes da eleição ou sua postergação. As operações decorrentes de privatizações devem sofrer maior impacto, ou até mesmo suspensão, já que são mais expostas e dependentes de fatores políticos.

Não obstante, acreditamos que alguns setores, como o de energia renovável, continuarão em alta e apresentando boas oportunidades de retorno, independentemente da eleição presidencial.

Ao mesmo tempo, temos um mercado mais maduro e resiliente, disponibilidade de capital para investimento (decorrente da onda de IPOs e follow-ons nos últimos anos), um câmbio favorável para investidores estrangeiros e boas oportunidades ainda decorrentes dos reflexos estruturais gerados pela pandemia, que continuarão como fatores relevantes para o mercado de M&A esse ano.

TTR: Em quais setores os investidores internacionais podem encontrar as maiores oportunidades no Brasil? Por quê?

O mercado de M&A em 2021 foi extremamente movimentado e esperamos que o movimento continue em 2022.

O setor de tecnologia, com destaque para as fintechs e healthtechs, continuará em alta com boas oportunidades de investimento e consolidação, seja por grandes players do setor, fundos e venture capital. O mercado de energia também se mostra forte e com tendência de alta considerando as oportunidades de investimento, busca por uma matriz renovável, desenvolvimento de tecnologias de geração (eólica, solar, biomassa e hidrogênio verde), transição energética e seu importante papel no compromisso ESG das companhias de uma forma geral.

O setor de saúde também continua com boas oportunidades e com tendência de alta. Acompanhamos grandes transações no setor e é provável que essa consolidação continue.

Por fim, o setor de agronegócios e infraestrutura (privatizações de iluminação pública, saneamento, novas concessões de aeroportos e rodovias) devem continuar atraindo grandes investidores com um mercado movimentado, apesar de toda a turbulência política do ano eleitoral.

TTR: Cescon Barrieu é um dos principais assessores em operações de energia renovável no Brasil. Quais são as perspectivas desse setor no médio e longo prazo?

O setor de renováveis continua sendo um mercado de crescimento acelerado e desempenha um papel importante na matriz energética Brasileira. O Brasil tem uma importante e privilegiada vantagem geográfica para os projetos de renováveis – eólicas, solares, biomassa – e está desenvolvendo uma regulação específica para plantas eólicas offshore e o hidrogênio verde. É um setor consolidado com forte e consistente ambiente regulatório que necessita de grandes investimentos, criando oportunidades no médio e longo prazo. Temos atuado para grandes players locais e fundos internacionais de private equity, na ponta vendedora e compradora, e acreditamos que esse mercado continuará a crescer e se desenvolvedor no futuro próximo e também em um horizonte de médio e longo prazo.

TTR: Como o conflito entre a Rússia e a Ucrânia afetará o setor de energia, e o que isso significa para o mercado de fusões e aquisições?

O conflito criou um relevante impacto para o fornecimento de gás na Europa, expondo a dependência desse continente nos combustíveis fósseis de origem russa. Isso reacendeu o debate da necessidade de uma transição energética mais rápida (bastante associada com a indústria de energia renovável), não somente de uma perspectiva climática e de ESG, mas também de um ponto de vista geopolítico e comercial.

Especialmente para o mercado de M&A, notamos que muitos investidores, bancos, companhias locais e estrangeiras interromperam ou suspenderam transações e negociações que envolvem ativos ou companhias com controle russo. Talvez o mercado acompanhará alguns movimentos decorrentes das sanções, mas é uma situação muito delicada neste momento para prever como isso afetará o mercado de M&A.

Em relação ao setor de renováveis, uma forte transição energética na Europa significa também um maior interesse global em fontes alternativas de energia, incluindo em relação ao Brasil, ainda que o portfolio de investimento tenha uma tendência de crescimento e diversificação mais ampla (global).

TTR: Como o Cescon Barrieu lidou com a crise em termos de assessoria aos clientes e quais oportunidades o escritório identificou na situação atual do país?

Como mencionado acima, o último ano registrou um recorde em transações de M&A e nosso time esteve bastante ocupado em todas as áreas. IPO e transações de captação de dívida criaram muitas oportunidades e um intenso fluxo de projetos, assim como deals no contexto de liquidez de certas companhias, taxa de câmbio favorável (com a depreciação do Real) e, à época, a baixa taxa de juros (que agora está subindo novamente, mudando este cenário).

TTR: Quais serão os principais desafios do Cescon Barrieu em termos de transações de M&A no Brasil durante 2022?

Nossos maiores desafios serão superar as incertezas criadas pelo cenário político-eleitoral de 2022 e explorar setores mais resilientes e que continuem a oferecer oportunidades e movimentos de mercado. Continuaremos com foco em soluções criativas, com um forte, consolidado e confiável time pronto para novos projetos e representar nossos clientes em transações em todos os cenários e diferentes contextos.

Dealmaker Q&A

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TTR Dealmaker Q&A with Clifford Chance Spain Managing Partner Jaime Velázquez

Clifford Chance Spain

Jaime Velázquez

Jaime Velázquez is Clifford Chance’s Office Managing Partner in Madrid and a Partner of the Corporate / M&A department. He specialises in M&A and corporate finance, mainly focused on regulated sectors including the financial, infrastructure, telecoms and energy sectors.
A State Lawyer since 1997, Jaime joined Clifford Chance as Partner in 2005 and became the Managing Partner in Spain in 2013. He also acts as Secretary to the Board of a leading Spanish listed company.
He has been consistently recognised as a leading individual for his expertise in Corporate / M&A by the main legal directories including Chambers & Partners, Legal 500 and IFLR1000.

TTR: How would you describe the current situation of the players in the M&A market in Spain with the current global political and economic situation in this 1Q22?

The start of this year has seen significant movement in the M&A market in Spain, though it is currently slowing down due to the war in the Ukraine. Having said this, there is still investor appetite, with great interest from domestic and international financial investors who have liquidity and are actively looking for opportunities.

TTR: What are the most relevant drivers for consolidating the M&A market in the country this year?

The main driver for investment continues to be a secure legal framework, so greater security and clarity on the regulation of foreign investments and of the energy sector would allow Spain to continue to retain its attractiveness to foreign investors. In addition, I think it is important to also pay attention to the use and management of the EU’s Next Generation funds, as well as to the concentration of corporates in the Spanish economy. Obviously, all this will have to be looked at together with the impact that rising inflation and the war in Ukraine are already having on our markets.

TTR: In which sectors might international investors find the biggest opportunities? Why?

  • The energy sector will continue to offer opportunities, in particular renewable energy and the development of green hydrogen and clean energies
  • The telecommunications sector, because of the development of optical fibre networks
  • The real estate market, due to the creation of new workplaces, as well as the reactivation of tourism in Spain
  • The logistics sector, due to the exponential growth it has experienced as a result of the pandemic

TTR: How will the conflict between Russia and Ukraine impact the energy sector, and what does this mean for M&A market in Spain?

The conflict is having a significant impact on the energy sector, given the increase in energy prices, as well as with supply. We anticipate that investment in the renewables sector will intensify as they look for alternative energy sources, though there will equally have to adapt and look for reasonable short-term solutions to overcome the difficulties generated by the war.

TTR: As one of the leading legal advisors in the Spanish M&A market, how has Clifford Chance handled the crisis in terms of advising clients, and what opportunities has the company identified through the current situation in the country?

The impact of the crisis on the Spanish M&A market has not been significant to date. While we have not yet experienced its effects and consequences, we continue to stay close to our clients and their needs and anticipate the challenges they will face, as well as identify interesting opportunities.

TTR: What will Clifford Chance main challenges be in terms of M&A deals in the region in the next months?

To maintain our clients’ confidence, so that they keep counting on our advice when they face the most complex challenges or embark on sophisticated transactions in key sectors.

Spanish version

Clifford Chance Spain

Jaime Velázquez

Jaime Velázquez es socio director de Clifford Chance en Madrid y socio del departamento de Corporate / M&A. Está especializado en el asesoramiento en materia de fusiones y adquisiciones y corporate finance, en particular, en sectores regulados tales como financiero, infraestructuras, telecomunicaciones y energía.
Abogado del Estado desde 1997, Jaime se incorporó a Clifford Chance como socio en 2005 y es socio director en España desde 2013. Actúa como secretario del consejo de administración de una de las principales empresas españolas que cotizan en bolsa, entre otras.
Está reconocido por su trabajo en el ámbito de Corporate / M&A por los principales directorios legales como Chambers & Partners, Legal 500 e IFLR1000.

TTR: ¿Cómo describe la situación actual de los players del mercado M&A en España con la actual coyuntura política y económica global en este primer trimestre del año?

El año ha empezado con bastante movimiento, si bien el mercado está experimentando una pequeña ralentización por la guerra en Ucrania. Dicho esto, hay apetito inversor, con gran impulso e interés por parte de los inversores financieros nacionales e internacionales que tienen liquidez y siguen buscando oportunidades.

TTR: ¿Cuáles serán los drivers más relevantes para la consolidación del mercado M&A para España en 2022?

El principal driver para la inversión sigue siendo la seguridad jurídica, por lo que una mayor certeza y claridad sobre la regulación de las inversiones extranjeras y de la energía en España permitirían mantener el atractivo de nuestro mercado para los inversores extranjeros. Junto a ello, creo que es importante prestar atención también al uso y gestión de los fondos Next Generation EU y al fenómeno de concentración empresarial que se está produciendo en importantes sectores de la economía española. Obviamente, todo ello deberá tamizarse con el impacto que la inflación está ya teniendo en nuestros mercados y las consecuencias de la guerra en Ucrania.

TTR: ¿Cuáles serían los sectores que podrían ofrecer las mayores oportunidades a los inversores internacionales en 2022 y por qué?

  • El sector energético continuará ofreciendo oportunidades, en particular el sector de las renovables y el desarrollo del hidrógeno verde y energías limpias
  • Telecomunicaciones por el desarrollo de redes de fibra
  • Sector inmobiliario por la creación de nuevos conceptos de lugares de trabajo así como la paulatina reactivación del turismo en España
  • Sector logístico por el crecimiento exponencial que ha experimentado tras la pandemia

TTR: ¿Cómo afectará el conflicto entre Rusia y Ucrania al sector energético y qué significa esta coyuntura para el mercado de fusiones y adquisiciones en España?

El conflicto está teniendo un impacto significativo en el sector energético por la importante subida en el precio de la energía, así como en los problemas de suministro. Anticipamos que se intensificará aún más la inversión en renovables como fuentes alternativas de energía, pero igualmente habrán de adaptarse y buscar alternativas razonables a corto plazo para superar las dificultades planteadas por la guerra.

TTR: Clifford Chance, al ser uno de los líderes en asesoría legal en el mercado M&A: ¿cómo ha manejado la crisis actual en términos de asesoramiento y qué oportunidades han encontrado a través de la coyuntura actual en España?

El impacto de la crisis en el mercado de M&A en España ha sido menor hasta ahora, aún no hemos experimentado todos sus efectos y consecuencias. En estos momentos, como siempre, procuramos

estar muy cerca de nuestros clientes, atentos a sus necesidades, ayudándoles a anticipar los retos que vendrán, así como a identificar oportunidades en el mercado.

TTR: ¿Cuáles serán los principales retos para Clifford Chance en términos de transacciones de M&A en la región para los próximos meses?

Mantener la confianza de nuestros clientes, para que sigan confiando en nosotros cuando se enfrenten a los retos más complejos o aborden las operaciones más sofisticadas en los sectores clave de la economía nacional.

Dealmaker Q&A

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TTR Dealmaker Q&A with AON M&A and Private Equity Regional Leader LATAM Felipe Junqueira

AON

Felipe Junqueira

Felipe is our M&A and Transaction Solutions Leader in Latin America. He holds degres in law, accounting and business administration and has a post-graduate degree in project management from Ibmec Business School. He has extensive experience and comprehensive knowledge in the M&A and Private Equity arenas, covering activities in the financial and legal areas with a background in advisory and consultancy work focused on mergers and acquisitions and corporate finance, and experience in accounting, financial, risk and insurance due diligence for transactions.
He has experience in the oil and gas industry, logistics, infrastructure and retail, among other sectors. He is based in São Paulo and speaks Spanish, native Portuguese and is fluent in English.

TTR: How would you describe the current situation of the players in the M&A market in Latin America with the current global political and economic situation in this 1Q22? 

The Quarter showed considerable growth in terms of transaction numbers compared to the same period last year, with a relevant decrease in total value. In general terms, we still experience a considerable level of uncertainty arising from the challenges in the global productive chain, also reflecting the worst moment of the pandemic and the global political uncertainty, which caused a general increase in global prices. A clearer vision in relation to the directions for ending the war is seen as an important factor. Finally, we highlight other local factors, such as political changes in some countries and elections in others, which are always issues closely monitored by investors. 

TTR: What are the most relevant drivers for consolidating the M&A market in Brazil, Mexico, Colombia, Chile, Peru and Argentina this year?

Decrease in political uncertainty and the adoption of clearer rules for the business environment, especially in those more regulated sectors, that despite of its evolution in recent years, continue to be important factors for the consolidation of the Transactional market in the region. At the same time, we understand that the adoption of more cautious practices in the assessment of target companies and better management and transfer of transactional risks can greatly contribute to the decision-making process, whether transferring undisclosed liability risks, contingent liabilities, political, environmental risks, among others. 

TTR: In which sectors might international investors find the biggest opportunities in Latam? Why? 

We understand that the financial sector in general and technology will continue to present great opportunities in the region. The financial sector continues in the process of transformation and the technology sector (which permeates all other industries) tends to be reinforced with the increase in demand for services and products by companies, aiming to generate more and more operational efficiencies and encompass more markets. From a M&A standpoint, we expect a movement of companies seeking efficiencies in different ways with a view to improving access to inputs, in addition to a verticalization movement in some specific sectors. 

We also emphasize that Infrastructure, Engineering and Energy sectors also join this trend, due to the restrained demand and low historical investment in most countries, added to the gradual change in the energy matrix. 

TTR: How will the conflict between Russia and Ukraine impact the energy sector, and what does this mean for M&A market in Latin America? 

We see Europe experiencing a more delicate moment in relation to the availability of energy, in addition to a fluctuation in the value of oil. Due to the globalized economy, Latin America is also impacted by the change in the price of commodities, as well as other regions. The movement to change the energy matrix (if high oil prices persist) versus the still existing importance of oil and relevant opportunities in the Oil and Gas sector existing in the region should be considered by investors. 

TTR: What will Aon main challenges be in terms of M&A deals in the region in the next months? 

We have been undertaking a very strong work of spreading the services and products related to M&A and Transaction Solutions at Aon aiming to increasingly develop the local transaction market in order to make it more attractive, with solutions that already exist and are widely used in more mature markets, always seeking to adapt them to the reality of the region and of each specific country. 

Our solutions in risks, insurance, benefits, people, Intellectual property have proved to be key tools for making more conscious and assertive decisions in the search for the best business conditions. Our main objective is to deliver to our clients in the region the most complete insights and solutions, to make the best decisions when it comes to investing, buying or selling. 

Spanish version

AON

Felipe Junqueira

Felipe es el líder de M&A and Transaction Solutions de Aon en América Latina.  Licenciado en derecho, contabilidad y administración de empresas y tiene un posgrado en gestión de proyectos por Ibmec Business School. Cuenta con una amplia experiencia y conocimiento en los campos de M&A y Private Equity, abarcando actividades en las áreas financiera y legal con una trayectoria en trabajos de asesoría y consultoría enfocada en fusiones y adquisiciones, finanzas corporativas, y experiencia en due diligence contable, financiero y de riesgos y seguros para transacciones.
Felipe cuenta con experiencia en la industria de petróleo y gas, logística, infraestructura, retail, entre otros sectores. 

TTR: ¿Cómo describe la situación actual de los players del mercado M&A en América Latina con la actual coyuntura política y económica global en este primer trimestre del año? 

El trimestre mostró un crecimiento relevante en términos del número de transacciones en comparación con el mismo período del año anterior, con una disminución importante en el valor total. En términos generales, aún experimentamos un nivel considerable de incertidumbre derivada de algunos factores, especialmente relacionados a los desafíos generales en la cadena productiva global, reflejando también el peor momento de la pandemia, así como la incertidumbre política, que provocó un aumento generalizado de precios a nivel global. Finalmente, destacamos otros factores locales, como los cambios políticos en algunos países y las elecciones en otros, que siempre son temas seguidos de cerca por los inversionistas. 

TTR: ¿Cuáles serán los drivers más relevantes para la consolidación del mercado M&A para países clave de la región como Brasil, México, Colombia, Chile, Perú y Argentina en 2022? 

La disminución de la incertidumbre política y la adopción de reglas más claras para hacer negocios, en especial en los sectores más regulados, la cual a pesar de haber evolucionado bastante en los últimos años, continúa siendo un factor importante para la consolidación del mercado transaccional en la región. Al mismo tiempo, entendemos que la adopción de prácticas más cautelosas en la evaluación de las empresas objetivo y una mejor gestión y transferencia de los riesgos transaccionales pueden contribuir en gran medida a la consolidación del mercado de M&A, ya sea transfiriendo riesgos de pasivos ocultos, pasivos contingentes, riesgos políticos, ambientales, entre otros. 

TTR: ¿Cuáles serían los sectores que podrían ofrecer las mayores oportunidades en Latinoamérica a los inversores internacionales en 2022 y por qué? 

Entendemos que el sector financiero en general y el tecnológico seguirán presentando grandes oportunidades en la región. El sector financiero por su lado, continúa en proceso de transformación y el sector tecnológico, que permea todas las demás industrias, tiende a reforzarse con el aumento de la demanda de servicios y productos por parte de las empresas, con el objetivo de generar cada vez más eficiencias operativas y abarcar más mercados. Desde el punto de vista de M&A, esperamos un movimiento en empresas que buscan eficiencias de diferentes formas con miras a mejorar el acceso a insumos, además de un movimiento de verticalización en algunos sectores específicos. 

Destacamos también que los sectores de Infraestructura, Ingeniería y Energía también se suman a esta tendencia, debido a la demanda contenida y la baja inversión histórica en la mayoría de los países, sumado al cambio paulatino de la matriz energética. 

TTR: ¿Cómo afectará el conflicto entre Rusia y Ucrania al sector energético y qué significa esta coyuntura para el mercado de fusiones y adquisiciones en América Latina? 

Vemos a Europa viviendo un momento crítico con relación a la disponibilidad de energía, además de una fluctuación en el valor del petróleo. Debido a la economía globalizada, América Latina también se ve afectada por el cambio en el precio de los commodities, al igual que otras regiones del mundo. Así, los inversionistas deberán considerar una posible modificación en la composición de la matriz energética, si persisten los altos precios del petróleo, de frente a la relevancia que aún tiene el petróleo y las oportunidades relevantes en el sector de petróleo y gas existentes en la región. 

TTR: ¿Cuáles serán los principales retos para Aon en términos de transacciones de M&A en la región para los próximos meses? 

Venimos realizando un trabajo muy fuerte en la difusión de los servicios y productos relacionados con M&A y Transaction Solutions en Aon con el objetivo de desarrollar cada vez más el mercado transaccional local y hacerlo más atractivo, a través de soluciones que ya existen y son ampliamente utilizadas en mercados más maduros, buscando siempre adaptarlos a la realidad de la región y de cada país en particular. 

Nuestras soluciones en riesgos, seguros, beneficios, personas, Propiedad Intelectual y Cyber han demostrado ser herramientas clave para tomar decisiones más conscientes y asertivas en la búsqueda de las mejores condiciones de negocio. Nuestro principal objetivo es llevar a nuestros clientes de la región la información y soluciones más completas, para la toma de las mejores decisiones a la hora de invertir, comprar o vender.