Partners: Javier Errecondo, Baruki González, Saturnino Funes, Facundo Goslino, Carolina Curzi, Ximena Digon
Number of associates: 12
Errecondo, González & Funes is one of the leading business law firms in Argentina as shown by the impressive record of landmark transactions it has handled since its inception in 2004 and its involvement in many of the most important corporate and financial transactions completed since the election of President Macri in December 2015.
Few firms in Argentina can counts as hands on full time participants, lawyers with the transactional experience of the firm’s naming partners that, since the beginning of the 90’s, have had a leading role in the legal structuring and execution of most of the landmark business transactions involving Argentine parties or assets since 1990. From the privatisation of the principal state owned companies, the restructuring of the sovereign debt and the inaugural offerings of Argentine sovereign bonds in the US and international markets, the first initial international offering of debt and equity securities by Argentine private companies, many of the most important international asset back securities offerings, the first and largest project finance transaction funded in the international capital markets, complex corporate acquisitions involving large conglomerates and financial institutions, some of the largest and more complex corporate debt restructurings that took place after the abandonment of the convertibility system in 2001, the consolidation of several Grupo Techint assets into Tenaris and the resulting stock exchange offer, many debt to equity transactions resulting from those corporate debt restructurings and the acquisition of several utility companies in distress as a result of the freeze on tariff adjustments imposed since 2001 to, more recently, the return of YPF to the international capital markets after the expropriation of its controlling stock from Repsol, the acquisition of Telecom Argentina by FinTech and its merger with Cablevision, the international offering of more than U$S 16 billion of Bonds by the Republic of Argentina that put Argentina back in the international capital markets and the initial public offering of stock by Grupo Supervielle, the first IPO of an Argentine company completed since President Macri was elected.
The firm is based in Buenos Aires and in 2016 opened an office in New York City to better assist its clients based in the US when they invest or lend money into Argentina as well as to its Argentine clients raising funds or otherwise doing business in the US
Main Areas of Practice:
Mergers & Acquisitions:
The firm has a leading practice in the acquisition and divestiture of regulated companies working for investment groups and strategic investors. It has led the acquisition and merger of many companies in the utilities, telecommunications and media industries as well as financial institutions. The firm has a recognised expertise in the development of acquisition structures for private equity like investment groups to comply with Argentine legal, regulatory and tax restrictions and limitations.
The firm regularly represents domestic and international financial institutions, including multilateral lending organisations, and non bank lenders in loan style financings to private and public sector Argentine borrowers, including project financing. It has significant expertise representing investment groups and the borrowing vehicles in acquisition financings taken by them to finance acquisition of regulated companies. The firm expects to be a major player in the recently launched PPP initiative under which the Argentine Government will request bids to develop infrastructure works in many areas and that will demand multibillion cross border financing.
The firm is second to none in this field. Partners of the firm have been in charge of many of the most important capital market transactions involving Argentine private and public sector issuers in the last 20 years. The firm acted for the Republic of Argentina in connection with the international offering of more than USD 16 billion of Bonds completed in April 2016 to resolve the conflict with the hold out bondholders. The firm was able to take advantage of the re opening of the international capital markets for Argentine issuers resulting from this landmark transaction and became one of the most active firms in Argentina in capital markets transactions having worked as counsel to issuers and underwriters in many international debt and equity offering.
In serving its clients, the firm has developed ongoing working relationships with those Argentine governmental entities relevant to its practice, such as the Ministry of Finance, the Ministry of the Treasury, the National Securities Commission, the Central Bank of Argentina, the Ministry of Energy, the Ministry of Communications, the antitrust agency as well as with many senior members of the national, provincial, and municipal Executive, Legislative and Judicial Powers.
In addition to representing many private equity funds in M&A transactions, the firm have an unique expertise in the establishment of domestic and international investment vehicles dedicated to invest in Argentine assets. The firm was responsible for the legal structuring and implementation of the first public equity investment fund even registered before the Argentine Securities Commission.
The firm has a recognised practice in securitisation developed in representing underwriters, originators and rating agencies in numerous domestic and international ground breaking securitisation for different classes of assets, such as mortgage loans, auto and consumer loans, export loans and future flows of all types, such as commodity export receivables, toll road receivables and credit card air ticket receivables.
The firm has a strong real estate practice in all parts of the process having acted for sponsors, developers and investors in the structuring of the investment group, the acquisition of the property, the supervision of all regulatory approvals and permits, the negotiation of material contracts and financial transactions for the projects, which included residential, industrial and commercial property, including one of the principal shopping malls of Argentina.