Latin Lawyer: Banorte Creates Mexico’s Largest Pension Fund with AFORE Buy


Covington & Burling LLP’s New York and Washington, DC offices; the Mexico City and New York offices of Haynes and Boone, LLP; and Jones Day (Mexico) are advising Grupo Financiero Banorte and its private pension fund affiliate AFORE XXI Banorte, in the acquisition of AFORE Bancomer from Spain’s BBVA for US$1.6 billion – creating the largest pension fund in Mexico.

BBVA turned to the New York, Washington, DC, London and Paris offices of Sullivan & Cromwell LLP, as well as Mexican firm Ritch Mueller SC, in the deal that was announced on Wednesday.

The transaction is expected to close in the first quarter of 2013 and remains subject to regulatory approvals.

Haynes and Boone advised the pension fund, while Jones Day's Mexican office advised Banorte...

Haynes and Boone SC

Partner Jorge Labastida, associates Mauricio Sanders, Gerardo CarrilloCesar Ramirez and Ana Santiago, and foreign associate Patricia Mastropierro in Mexico City

Haynes and Boone

Partner George Wang and associate Ariel Zell in New York

Excerpted from Latin Lawyer, November 30, 2012. To view full article, click here.

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