TTR DealMaker Q&A with PPU Peru Partner Rafael Boisset
Rafael Boisset, Partner in Philippi Prietocarrizosa Ferrero DU & Uría Perú, is an expert in corporate matters as well as mergers and acquisitions of private and listed companies in various industries of economy, representing both sellers and buyers. He has advised significant clients by his active participation in the strategic planning of acquisitions and corporate restructuring, project finance, and banking and corporate financing through capital markets. He has experience representing investment banks as well as companies that raise funds from international capital markets.
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TTR – Firstly, Mr. Boisset, we would like you to share your opinion on the progress of the Peruvian market in 2019.
R. B. – Both the number and value of deals reported proved to be a quiet active year in terms of M&A transactions, which turns to be interesting considering the slowdown of the Peruvian economy and the political crisis we faced during the year and particularly in the last quarter. Once again the energy sector has been the most relevant in terms of size and complexity but we also saw relevant deals in the manufacturing industry, such as the Intradevco Industrial sell to Alicorp.
TTR – As an advisor in M&A deals, what could you tell us about the investors that show interest in Peru-based companies? What are the main attractions of those companies?
R. B. – I would say macroeconomic stability, low inflation, stable exchange rates, independency of the Central Bank, simplicity of its tax regime, and a deep potential growth of the middle class, which is an opportunity in several industries.
Despite the slowdown of the economy, Peru has proved to be a country, in which its macroeconomic fundamentals showed to be isolated from the political instability
TTR – In 2019, there was an interesting increase in agribusiness deals in the country. What can you tell us about that upsurge?
R. B. – Unlike other countries in the region, Peru’s large coast has some strategic keys for the agribusiness, such as predictable weather, access to ports for exportation, water supply and reasonable land prices and workforce costs. We have seen a consolidation of land and production of local investors in the last 10 to 15 years, that are now being acquired by bigger players that need such scale to invest.
TTR – What other sectors could potentially have a noteworthy increase in their activity in the mid-term? Why?
R. B. – It will of course depend on how the economy will move in the mid-term, but we expect that sectors related to the increase of the middle class be more active, such as education, retail, healthcare, and real estate.
Two other sectors that may be relevant are mining and infrastructure. In mining, the slowdown of commodity prices creates the need for some companies to divest and the opportunity to others to invest. In infrastructure, we expect the criminal trials to end in the midterm allowing new investors to acquire assets that the current conditions do not offer the transparency and security that are needed.
TTR – Lastly, what is your forecast for the next year?
R. B. – We believe it will be a very active year, probably even more active than 2019. Key sectors will be education, healthcare and manufacturing.
Informe Perú – 2T 2019
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Capital movilizado en el mercado M&A de Perúregistra USD 2.062m hasta junio de 2019
De enero a junio se han registrado 65 transacciones en el país
En el segundo trimestre se han registrado33 operaciones con un importe de USD 979,92m
Sector de Agricultura, Agronegocios y Ganadería, el más destacado del año, con 11operaciones
Madrid, 15 de julio de 2019- El mercado de M&A en Perú ha contabilizado en los seis primeros meses del año un total de 65 operaciones, de las cuales 28 suman un importe no confidencial de USD 2.062m, de acuerdo con el informe trimestral de Transactional Track Record (www.TTRecord.com). Estos datos reflejan una disminución del 58,97% en el capital movilizado y un descenso del 18,75% en el número de operaciones, con respecto al mismo periodo de 2018.
Por su parte, en el segundo trimestre de 2019 se han contabilizado un total de 33 operaciones con un importe agregado de USD 979,92m.
En términos sectoriales, el de Agricultura, Agronegocios y Ganadería es el sector más activo del año, con un total de 11 transacciones.
Ámbito Cross-Border
Por lo que respecta al mercado Cross-Border, en lo que va de año las empresas peruanas han apostado principalmente por invertir en Colombia y Estados Unidos, con 4 y 2 transacciones, respectivamente. Por importe, destaca Panamá, con USD 100m.
Por otro lado, España, Estados Unidos y Chile, con 6 operaciones en cada país, son también los países que más han apostado por realizar adquisiciones en Perú. Por importe destaca Hong Kong, con USD 225m.
Venture Capital
Hasta junio de 2019, Perú ha registrado 6 operaciones de Venture Capital valoradas en USD 109m, lo que representa un descenso del 14,29% en el número de operaciones y un aumento del 931,91% en el capital movilizado con respecto al mismo periodo del año pasado.
Compra de Activos
En el segmento de AssetAcquisitions se han contabilizado a lo largo del año un total de 13 operaciones, de las cuales 9 tienen un importe no confidencial agregado de USD 714m. Esto supone un alza del 18,18% en el número de operaciones y un aumento del 274,46% en el importe de las mismas con respecto al mismo periodo del año anterior.
Transacción Destacada
Para el segundo trimestre de 2019, Transactional Track Record ha seleccionado como operación destacada la relacionada con Telefónica, Facebook, IDB Invest, y CAF, los cuales han invertido en IpT de Perú.
La transacción, valorada en USD 156m, ha estado asesorada por la parte legal por Garrigues Perú, Clifford Chance, DLA Piper Pizarro Botto Escobar, Estudio Echecopar y Rebaza, Alcázar & De Las Casas. Por la parte financiera, la transacción ha sido asesorada por Macroinvest – Grupo Macro.
Ranking de asesores financieros y jurídicos
El informe publica los rankings de asesoramiento financiero y jurídico del segundo trimestre de 2019 de M&A, Private Equity, Venture Capital y Compra de Activos, donde se informa de la actividad de las firmas destacadas por número de transacciones y por importe de las mismas.
En cuanto al ranking de asesores financieros, por importe, lidera Bank of America, con USD 616m. Por número de operaciones, lidera APOYO Finanzas Corporativas, con 4 operaciones.
En el ranking de asesores jurídicos, lidera hasta junio de 2019, por importe, Philippi, Prietocarrizosa, Ferrero DU & Uría Perú, con USD 715m. Por número de operaciones, lidera Estudio Muñiz, con 13 operaciones.
DealMaker Q&A
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TTR DealMaker Q&A with UNE Asesores Financieros Partner Eduardo Peláez
Eduardo Peláez
Eduardo Peláez is Partner of UNE Asesores Financieros, an M&A advisory boutique focused in Latin America Small/Mid-Market. Eduardo Peláez has conducted many transactions in diverse sectors including tourism, chemicals, real estate and agriculture. Previously Eduardo was associate of Miranda & Amado Abogados and Hernández & Cía. Abogados. Also, worked in Lindley.
He is Lawyer from Pontificia Universidad Católica del Perú and holds a MSc Management from Alliance Manchester Business School.
TTR: What’s your general outlook for the M&A market in Latin American this year, and specifically, in Peru?
EP: We believe the Latin American M&A market is experiencing a quite dynamic phase. Notwithstanding, the particular circumstances of each country in terms of macroeconomic conditions and political environment lead to diverse possibilities and projections.
In the region there are markets like Venezuela, a country with enormous potential but absolutely isolated, but also the case of Chile, a nation with very stable economy and government, but with less opportunities for high returns. Also, there are some up-and-coming countries like Paraguay that has established favorable market conditions through a pro-investment regulatory and tax set of rules.
The case of Peru is very particular. Despite of the political turbulence and the scandals of corruption, the economy is stable and the National Central Bank maintains its growth´s projections around 4%. The last two years have been marked by iconic transactions led by strategic investors pursuing market consolidation, such as the acquisition of the pharmacy chain MiFarma by Intercorp and the recent acquisition of Intradevco by Alicorp.
TTR: What are the primary factors influencing M&A decisions in the current economic climate? How do these economic fluctuations affect investment priorities?
EP: In the last decade, Peru has grown consistently. Even though the pace slowed since 2014, the Peruvian market maintains healthy indexes and presents opportunities for high returns, making it one of the most attractive markets in Latin America.
Likewise, the Private Equity industry is taking more prominence in Peru, generating more dynamism in M&A activity. Global funds like Advent and Carlyle are already active investors in the Peruvian market. Also, there are other relevant players specialized in the mid-market such as HIG, L Catterton, Southern Cross and Victoria Capital Partners, that are exploring opportunities in Peru.
From the sell-side standpoint, the political instability could make some businesses owners’ deciding to sell. Also, the new M&A regulation that will go into effect next year could accelerate the velocity of transactions and increase the volume of deals in the following months.
TTR: What is the state of the capital market in Perú? How has the country evolved in this respect in recent years? What is your forecast for the near-term?
EP: Peruvian capital market is still in an embryonic stage, characterized by low activity and hardly influenced by a few institutional investors. The exclusion of Credicorp from the FTSE Emerging Markets index is symptomatic.
There are some significant efforts of developing the MAV (capital market for mid-size companies with less than S/. 350MM of annual revenue), but the results are modest, with just 13 listed companies since its inception in 2013.
In this context, the recent creation of FIRBIs and FIBRAs, vehicles that have similarities with the American REITs, could represent a great opportunity to attract retail investors and increase the activity and liquidity of the capital market.
TTR: How difficult is it for corporates to access financing from local financial institutions in the current environment? What are the main barriers? How is financing structured?
EP: We have experienced a significant evolution in the volume of Peruvian companies accessing to the banking system in the past few years, going from 25% in 2014 to 40% in 2018, according to ASBANC.
The big challenge is the inclusion of the majority of small and medium enterprises that currently have very few options. The fintech market represents a very interesting alternative for this type of businesses, particularly in the way of factoring platforms.
Also, the increasing presence of foreign debt funds, especially Chilean, are becoming key participants, even in the small-and-mid size market. For example, recently we helped our client Llaxta Inmobiliaria y Constructora to obtain a US$ 10.5MM loan from Volcom Capital Chile for a real estate project in Piura, part of the social program “Techo Propio”.
TTR: Finally, we would like you to share with us your opinions and forecasts about the opening of the Peruvian market with other countries
EP: The Peru market presents many opportunities for all types of international investors, from strategic regional players to family offices and private equity and debt funds.
Beyond the usual M&A activity in the mining sector, we see interesting opportunities of consolidation in the agricultural business. For example, there is the case of Hortifrut that became the leading berry producer in the world after the acquisition of El Rocío. Likewise, last year we had the opportunity to advise the British trader Wealmoor and Limones Piuranos in the acquisition of the mango and avocado´s exporter Sunshine. Also, recently we led the sale of the mango´s exporter Dominus to the Peruvian-Danish joint venture Danper.
On the other hand, the real estate market still presents superiors return rates compared with other countries in Latin America, attracting global and regional real estate funds.
Finally, considering the current development of modern retail, we believe Peru represents an interesting possibility for regional companies dedicated to services related with cold chain and specialized storage.
DealMaker Q&A
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TTR DealMaker Q&A with Rebaza, Alcazar & De Las Casas Partner Alberto Rebaza
Alberto Rebaza
Alberto Rebaza is founding partner and managing partner of Rebaza, Alcazar & De Las Casas law firm. Partner leads to mergers and acquisitions and corporate areas. In addition to his masters, he has studies at Georgetown University and England. He has also been director in several companies and organizations such as Edegel (Energy), Rigel Peru (Insurance), Liderman (Services), Amrop (Services), IPAE, Pesquera Alexandra (Fishing), YPO, among others.
TTR: Mr. Rebaza, firstly we would like to get your expert opinion, in a brief analysis, on the progress of the Peruvian M&A market in the first four months of the year.
AR: The Peruvian legal market has experienced an unusual volume of M&A closings in 1Q19 for all type and sizes of transactions. From the small/medium size deals with a strong strategic focus, to the multimillion dollar/cross-border deals that cover most of our newspapers. Our team has participated in 7 closings in 2019 so far (including strategic deals such as the sale of Papelsa to Grupo Gloria, the sale of Holding Plaza to Parque Arauco or the purchase of Duraplast and Novatec by Wenco). We are thrilled and have high expectations with our pipeline of transactions for 2Q19.
TTR:According to our data, Peru allocated a significant part of its investments to other Latin American countries, mainly Colombia and Chile. What attracts the interest of Peruvian investors?
AR: There are several factors that may explain this phenomenon. First, Colombia and Chile are two countries with lots of social, historic, cultural and legal similarities with Peru. A regional expansion within those countries is normally catalogued as a soft landing for foreign investors.
Second, since the
launching of the Pacific Alliance (Latin American trade bloc, formed by Peru,
Chile, Colombia and Mexico) in 2011, Peruvian investors are taking a close look
to the participant countries of the Pacific Alliance to diversify or expand
their businesses. It is worth noting that, despite certain tax benefits
(agreements to avoid double taxation or tax reductions, among others), the
founding members of the Pacific Alliance executed an agreement to abolish all
tariffs of merchandise trade by January 2020, making this integration a unique
Latin American marketplace for producers.
TTR:Similarly, Colombia appears so far in 2019 as one of the main investors in the country. How do you think this reciprocal business relationship between the two countries will evolve? How does it benefit their economies?
AR: Colombian investors have been major players in the M&A industry in the recent years and I wouldn’t expect that to change in the near future. They are the third major foreign investors in Peru, after Spain and Chile.
Back in 2018, the
Colombian Business Council in Peru announced fresh investments for over US$ 2B
in Peru for the years 2018 and 2019. Their main focus is on projects related to
the infrastructure, electricity, hospitality, transport and in the cosmetic
industry.
In addition to the
investment projections of Colombian players, I think the real deal will come
once the corruption crisis in Peru is overcome. The Colombians experience in
public-private partnerships and Public Works Tax Deduction projects will for
sure contribute our economy in a positive way. Their input and investment will
boost public projects (and therefore our economy) and increase our employment
rate considerably.
TTR:Meanwhile, transactions in Agriculture, Agribusiness, Farming and Fishing have increased in Peru, compared with previous years when that subsector wasn’t as prominent. What could you tell us about that? Do you think the tendency will remain?
AR: The fishing industry in Peru is now consolidated, however, the government has been debating the last months certain legislative modifications that may heavily impact the industry, such as the increase of the fishing rights.
On the other hand,
we have viewed a transactional boom related to shrimp-based business like the
purchase of La Fragata by Marinazul (affiliated to Grupo Camposol).
Furthermore, the
agricultural-related industries are facing an unusual increase in their sectors
due to the international demand for agricultural products. We have notice the
peculiar interest of foreign investments funds and, particularly, private investors
from Chile in the purchase of estates in the north of Peru to develop
agribusiness and farming companies. Peru is a privileged country for the
agribusiness, making it one of the most suitable natural producers. The
progressive increase of the worldwide demand, followed by a friendly legal
framework that includes income tax reductions and special depreciation
conditions are the perfect match for this boost.
TTR:Lastly, Peru has recently suffered and been involved in certain corruption scandals. How do you think those scandals affect the country’s economy today? What is your outlook on the matter?
AR: Thankfully, the political crisis experienced in Peru last year and the current corruption cases have not prevented the unstoppable growth of our economy and, specifically, of the M&A players’ appetite.
However, it is
important to note that all major infrastructure projects have been stopped and
their continuity is under analysis. This has deeply affected our economy and
the governmental stability, lowering the Peruvian employment rate. I believe
this corruption turmoil may only be disregarded by a strong political force
that needs to convey economic trust and decision-making features. Furthermore,
we are now facing an exchange in the players or the main public projects. The
typical powerful Brazilian and local companies are been replaced by
international actors of various backgrounds.
Should the current
government be unable to revert this situation, I believe the presidential
elections in 2021 will be the right moment to overcome this scenario.
DealMaker Q&A
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TTR Dealmaker Q&A with Hernández & Cía. Partner Juan Luis Hernández
Juan Luis Hernández
Juan Luis Hernández Gazzo studied in the Pontificia Universidad Católica del Perú, (1994) and in the Harvard Law School – Master of Law (LL.M), (1998). He begin his career as speaker at different national and international forums in the matter of Banking and Finance, Mergers and Acquisitions and Capital Markets. Later he worked in the legal area of the Peruvian Securities and Exchange Commission – CONASEV (Current Capital Markets superintendent) (1994). Since 1998 til 1999 was in New York as International Associate at Shearman & Sterling. Currenty he is partner in Hernández & Cía firm where he started his career in 1992.
TTR: What your perception of the economic performance in Latin America, and particularly, in Peru this year?
The first quarter of
the year is usually a bit slow in terms of legal activity across all economic
sectors. However, 2019 has begun quite strong for us, which suggests our workload
will be even greater for the rest of the year.
There is an interesting dynamic
in Peru, not only because our firm has had sustained growth in recent years
(48% in 2018), but also because the market itself has grown significantly. In
terms of M&A, for example, we are seeing a greater volume of transactions,
due to a combination of several factors.
In general terms, we see more
activity in 1Q19 compared to previous years, both for our firm and countrywide.
At the regional level, it is a bit more complicated; Based on my discussions
with other attorneys in Latin America, countries like Chile and Colombia, which
have strong connections to Peru, are experiencing similar scenarios.
TTR: Why is there so much M&A in the extractives sector and in financial services?
In the case of Peru, the mining sector had a
strong start this year. Peru is fundamentally a mining country and, together
with Chile, is one of the leaders in the mining industry regionally. Peru has a
wide variety of minerals, which is a plus, and the rise in prices of various
metals has driven a revival in the industry. This revival has spurred new
projects and led to M&A targeting companies in the sector, even those in
the exploration stage. The mining
industry and natural resources generally in Peru constitute an essential driver
of the country’s economic future.
We have not witnessed a particular surge of activity in financial services as this sector consolidated a long time ago. It is unusual to see significant M&A activity in financial services because the country’s financial institutions have been quite structured for time ago. This does not mean that we are only going to see transactional activity in mining, but in other sectors as well.
TTR: In which other sectors do you expect to see M&A deals this year?
The Peruvian market will
undergo consolidation in retail – in the broadest sense – and among companies providing
services of different to SMEs. We believe the explanation is due to the current
situation in the country. Paradoxically, we usually complain about how we are
doing as a country, but if we compare ourselves to other markets regionally, we
continue to be one of the main focuses of investment in Latin America. From the
outside, they see us as attractive because we have been doing things well for
25 years in macroeconomics, besides offering investors a secure legal framework.
We believe that infrastructure activity will soon rebound again. This sector
has been stuck over the past few years,but once reactivated, it will generate a
significant number of deals.
TTR: Colombia has been an important commercial partner to Peru, both as a destination and origin for invesment. What explains this and with which other regional markets do you expect Peru to strengthen its ties?
It
has to do with a virtuous circle that has been generated between Peru, Colombia
and Chile for some time now. We have many clients, that is, many multinational
companies, that manage their regional operations from Lima, Bogotá or Santiago.
In addition, there are many cross-border businesses with Colombian investors
investing in Peru, and vice versa.
Also,
the relationship with Chile is quite solid, it’s a phenomenon that has been
going on for many years in Peru and is on the rise, not only fomented from
Chile to Peru, but also from Peru to Chile. That is why we are confident that
it will continue to develop as it has done to date.
It
would be very positive for the country to have more trade and investment with
Mexico. Let’s hope that soon the rapprochement will materialize. Everything
suggests there will be stronger economic ties to Brazil as well. Because Brazil
is so big, many companies there concentrate on satisfying domestic demands, but
ultimately the larger companies can be expected to outgrow the country’s
borders and invest abroad.
TTR: What’s your outlook for the remainder of 2019?
The expectation is very positive regarding the development of our country. We have had an atypical beginning this year due to its dynamism and, if the normal trend of increasing M&A activity throughout the year persists, we will have a very active 2019. The large Peruvian business groups are very active, eager to expand, trying to find synergies. We have many transactions of this type in Hernández Cía. Abogados, in addition to the mining projects that are expected to be reactivated promptly. In conclusion, the outlook is very positive.
Entrevista con Juan Luis Hernández, socio de Hernández Cía. Abogados.
TTR: En primer lugar, ¿podría brindarnos una visión general de cómo se está dando comienzo el año en Latinoamérica y en Perú en particular? ¿Cree que está transcurriendo tal y cómo se esperaba?
Según nuestra
experiencia a nivel local, siempre el primer trimestre del año es más ‘lento’ en
cuanto a la actividad legal y en todos los sectores
económicos. Sin embargo, este 2019 ha comenzado bastante fuerte para nosotros
como Firma, lo cual -afortunadamente- nos hace pensar que la carga de trabajo
será aún más elevada para todo lo que resta del año.
Existe una dinámica interesante en el Perú. No solamente porque nuestro estudio
haya tenido un crecimiento sostenido en los últimos años (48% solamente en el
año 2018), sino también porque el mercado en sí mismo ha tenido un incremento sostenido
importante. Por dar un ejemplo, en materia de M&A -que es uno de los
aspectos en los cuales TTR se focaliza- estamos viendo un mayor volumen de
transacciones, debido a una combinación de varios factores.
En términos generales, vemos más actividad en este primer trimestre del
2019, a comparación con años anteriores, tanto a nivel estudio como a nivel
país. A nivel región, es un poco más complicado de opinar; por lo que he podido
compartir con diferentes abogados de Latinoamérica, la percepción que tengo es
que países como Chile y Colombia tienen relaciones consolidadas con nuestro
país; por tal motivo, los 3 tenemos escenarios similares.
TTR: En cuanto a los sectores que están teniendo un
inicio de año más positivo, destacan el de recursos naturales, el financiero y
de seguros ¿a qué cree que puede deberse?
En el caso peruano, el sector minero ha tenido un fuerte inicio de año. No
nos olvidemos que el Perú es un país fundamentalmente minero y que marca una
diferencia muy importante en toda la región junto con Chile, países líderes en
la industria minera. Asimismo, nuestro país cuenta con un “plus” adicional,
pues cuenta con una amplia variedad de minerales. La subida de precios de diversos
metales ha generado que la industria se reactive.
Por ello, existen nuevos proyectos y más posibilidades de compras de
empresas del sector, incluso en etapa de exploración. La industria minera y los recursos naturales
en el Perú constituyen un driver
esencial en el devenir económico.
Por otro lado, no vemos un movimiento particular en el sector financiero ni en el de seguros; están consolidados desde hace mucho tiempo. Es muy raro ver una actividad transaccional de M&A muy fuerte allí porque son sectores más o menos estructurados desde hace tiempo. Esto no quiere decir que únicamente vayamos a ver intercambios transaccionales de materia minera, sino en otros campos también.
TTR: Además de los sectores que se mencionan en la pregunta anterior, ¿qué otros sectores, y por qué, piensa que tienen más potencial de crecimiento durante este ejercicio?
El mercado peruano tendrá varias operaciones que involucran temas de retail-en el sentido más amplio-y temas
de prestación de servicios a las MYPES en distintos rubros. Creemos que la
explicación se debe a la situación actual del país. Paradójicamente, internamente
solemos quejarnos de cómo nos va como país, pero si nos comparamos a nivel
regional, seguimos siendo uno de los principales focos de inversión en
Latinoamérica. Desde afuera nos ven de manera atractiva porque estamos haciendo
bien las cosas desde hace 25 años en temas de macroeconomía, además de que
ofrecemos a los inversionistas seguridad jurídica.
Consideramos que pronto se va a venir-nuevamente-una actividad sustancial
en materia de proyectos e infraestructura. A la fecha dicho sector ha estado
estancado, que una vez reactivado generará una relevante cantidad de operaciones
económicas.
TTR: Según nuestros datos, Colombia es el país con el que más negocios ha llevado a cabo el Perú este año, tanto como inversor, como receptor de inversiones ¿Considera que se debe a algún motivo en especial? ¿Con qué países cree que podría reforzar sus relaciones comerciales, y por qué?
Tiene que ver con un círculo virtuoso que se ha ido generando entre Perú,
Colombia y Chile desde hace un tiempo. Tenemos muchos clientes, es decir,
muchas empresas multinacionales que manejan la región desde Lima, que maneja la
región de Bogotá y que maneja la región desde Santiago. Además, hay muchos
negocios cruzados, hay inversionistas locales colombianos invirtiendo en Perú y
viceversa.
Asimismo, la relación con Chile es bastante sólida, es un fenómeno que
cuenta con muchos años en el Perú y que va en aumento, no solo fomentada de
Chile a Perú, sino que también de Perú a Chile. Por ello, confiamos en que se
siga desarrollando como hasta ahora.
Ahora, sería muy positivo para el país tener más intercambio comercial e
inversiones con México. Esperemos que pronto los acercamientos se concreten. Por
su parte, con Brasil, todo indica que va a haber iniciativas desde el punto de
vista económico que entusiasman al mercado. Por ser tan amplio permite que las
empresas se concentren en satisfacer las demandas internas; sin embargo, también
hay una expectativa para que se invierta en el extranjero.
TTR: Por último, ¿puede ofrecernos algunos comentarios sobre cuál es su predicción para lo que queda de 2019?
La expectativa es muy positiva en cuanto al desarrollo de nuestro país.
Hemos tenido un comienzo de año atípico por su dinamismo y, si se cumple la predicción de siempre- que
este es el trimestre más bajo del año-, vamos a estar frente a un 2019 muy
activo. Los grandes grupos empresariales peruanos están muy activos, con ganas
de expandirse, de tratar de buscar sinergias. Estamos con muchas operaciones de
ese tipo en Hernández Cía. Abogados, además de los proyectos mineros que se
esperan sean reactivados prontamente.
