Haynes and Boone Represents Afore XXI in $1.6 Billion Pension Fund Purchase


MEXICO CITY – A team of Haynes and Boone, LLP attorneys represented Afore XXI in its bid and agreement to acquire Afore Bancomer from Spain’s Banco Bilbao Vizcaya Argentaria (BBVA) for about $1.6 billion.

The Haynes and Boone attorneys, led by Mexico City Partner Jorge Labastida, conducted due diligence, gave regulatory and corporate advice and worked on the Mexican and New York legal aspects of the bid documents and transaction agreements.

Afore Bancomer manages 11 pension funds, with more than $21 billion in assets under management.

“This is a strong move for Afore XXI,” said Labastida. “We are happy to bring a broad range of the firm’s talent, from Mexico City and New York, to represent them in this significant deal.”

In addition to Labastida, the deal team included New York Partner George Wang, Mexico City-based Foreign Associate Patricia Mastropierro, Mexico City Associates Mauricio Sanders, Gerardo CarrilloCésar Ramirez and Ana Santiago, and New York Associate Ariel Zell.

Haynes and Boone is among the largest and most active United States law firms operating in Mexico, with a growing list of both international and Mexican clients.

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