Legal 500

Banking & Finance

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Considered by many as ‘the best team in the market’ and an ‘invaluable partner for foreign investors’, Guyer & Regules is constantly acting for foreign and local banks and financial entities on their day-to-day matters, as well as on complex financings and project finance deals. The ten-partner team continues to lead the market in sovereign debt issuances and recently assisted Citigroup Global Markets, HSBC Securities and Itaú BBA USA Securities (as deal managers and underwriters) on the Uruguayan government’s $1.7bn global bond issue. In other matters, it assisted Abengoa in financing the country’s first-ever public private partnership (PPP), worth $90m, to fund the construction of the Punta de Rieles prison; and advised Carrasco International Airport on a $200m notes issue. The hugely experienced and impressive team includes Diego Baldomir, Nicolás Herrera, Nicolás Piaggio, Álvaro TarabalFlorencia Castagnola, and Juan Manuel Mercant, and can also call on a strong second line that includes senior associate Marcos Payssé.

Corporate M&A

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Guyer & Regules continues to receive the highest praise from clients for its ‘superior level of services at a very reasonable cost’. The team of ‘exceptional’ lawyers – led by the highly recommended and experienced trio Nicolás Herrera, Nicolás Piaggio and Álvaro Tarabal – ‘puts itself in the shoes of its clients’ and ‘comes up with excellent technical advice’. Corina Bove and Diego Baldomir are also recommended for their ‘excellent business acumen and common sense’. In recent highlights, Bove and Tarabal assisted Casino Guichard Perrachon and Almacenes Éxito in the structuring of the transaction by which Éxito bought stakes in supermarket chains Libertador (in Argentina) and Pão de Açucar (in Brazil) from Casino. Baldomir and Herrera advised insurance company RSA on the sale of its Uruguayan subsidiary to Suramericana (Sura). Bove also advised CCR España Participaciones y Concesiones on its acquisition of a stake in the Uruguayan holding company of Quiport (Quito’s Airport) in order to reach 50% of the paid in capital. The team is also active in the energy sector, where it is assisting several oil exploration companies that operate in Uruguay (including Total and Petrobras), and represented SunEdison in relation to a $110m project financing for two solar photovoltaic projects with an aggregate peak capacity of 74 MW. Key members of a solid second line include partner Javier Berdaguer and senior associate Marcos Payssé.

Dispute resolution

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The ‘top-flight’ team at Guyer & Regules displays ‘high moral standards’ and provides ‘excellent client services’, according to sources. Led by Carlos Brandes, the practice is known for its participation in complex civil and commercial litigation, as well as domestic and international arbitration. Recent mandates include acting for Montes del Plata on the settlement of a $228m ICC arbitration case with Andritz. In the energy sector, mandates included representing new client ROUAR in the settlement of an EPC contract dispute with SUZLON regarding the construction of a wind farm in Colonia; and advising GNL (a special purpose vehicle of ENGIE and Marubeni) on a dispute with state-owned Gas Sayago regarding a billion-dollar contract to build and develop a regasification terminal. Also recommended are Alejandro Miller and associate Mariana Santo.

Labour & Employment

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The ‘solid and intelligent advice’ provided by the labour team at Guyer & Regules ‘is second to noneclients note. In a recent matter, the practice represented GNLS in its negotiations with the Construction Employees Union regarding the winding down of works at the Liquefied Natural Gas Regasification Terminal ‘GNL del Plata’, which ended with a settlement applicable to approximately 600 employees. Other matters included the provision of day-to-day labour advice to Sodimac Homecenter. The strong group includes the very experienced Leonardo Slinger and Eduardo Ameglio and associates Santiago Madalena and María José Poey; all are recommended as ‘excellent professionals with deep knowledge of the subject matter’.

Real Estate

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Guyer & Regules has ‘an excellent team of professionals’ overseen by Federico Susena and the ‘hugely experienced’ and ‘inimitable’ John Leaman. The ‘very reputable’ Susena acts for Montes del Plata on its day-to-day business, mainly in the negotiation and drafting of forestry lease agreements and wood purchase agreements. He also advises retailer Sodimac and recently conducted the negotiation and execution of the agreements for the establishment of a new store in Uruguay on this client’s behalf. An impressive second line of recommended senior associates includes Beatriz Spiess, well regarded for ‘her outstanding negotiation skills’; Gustavo Di Genio, described as ‘candid but tough and assertive at the same time’; and María Fernanda González, who is an ‘excellent lawyer’.


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Guyer & Regules’superb’ tax practice is led by Juan Manuel Albacete, who is praised for his ‘exceptional experience, common sense and commitment’. 2015 mandates included advising Citibank on the tax aspects of a $200m loan to the Bank of the Republic of Uruguay, and advising Total and Tullow on the most secure and efficient tax structure for participation in the Ronda II competitive bidding round for oil exploration licenses. Also noted are ‘gifted’ senior tax lawyer Juan Bonet; tax disputes specialist Gastón Lapaz and tax advice focused Ignacio Pérez, whose clients include Citi, Unilever, Montes del Plata and Total.