Covington Advises Grupo Financiero Banorte in $1.6 Billion Acquisition
NEW YORK, Nov. 28, 2012
NEW YORK, Nov.28, 2012 /PRNewswire/ --Covington & Burling is advising Grupo
Financiero Banorte S.A.B. de C.V., and its affiliate Afore XXI Banorte, S.A.
de C.V., in a $1.6-billion acquisition of Afore Bancomer, S.A. de C.V. from
the Spanish bank, Banco Bilbao Vizcaya Argentaria S.A., which would create
Mexico's largest pension fund.
Afore Bancomer is Mexico's second largest pension fund, and Afore XXI is the
fourth largest. Afore XXI, owned equally by Grupo Financiero Banorte and the
Mexican Social Security Institute, would be acquiring Afore Bancomer. The
transaction, which is expected to close during the first quarter of 2013, is
subject to Mexican regulatory and antitrust approvals.
The Covington team is led by Ruben Kraiem and Gabriel Mesa, with the
assistance of Cecile Zwiebach. Robert Heller is advising on tax matters,
Michael Francese and Katherine Mineka on employment benefits matters, Lee
Tiedrich and Jessica Milner on intellectual property matters, and James
O'Connell on antitrust matters. Peter Schwartz and Courtney Heizenrader also
"A team of lawyers based in Mexico and the United States worked closely
together to shape the deal and meet the tight timeframe of the auction
process," Mr. Kraiem said.
The Mexico City offices of Jones Day and Haynes & Boone are advising the
purchasers on Mexican law matters.
Contact: Rebecca Carr
SOURCE Covington & Burling
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