This year Mergermarket will once again bring together the biggest dealmakers and investors at the 12th Mexico M&A and Private Equity Forum to discuss the hottest sectors for M&A activity including Telecoms, Fintech, Education and Renewable Energy.
This year there's so much to talk about that we've extended the Forum to last all day, so join us on October 22nd for a full day of insightful panels and expanded networking breaks to build new relationships among your peers.
The Mexican economy faces a complex mix of challenges and opportunities at the moment. Can strong consumer growth and inward investment balance new trade barriers and weakening global demand? What impact will the changing government approach to regulations have? And how will all these macroeconomic factors drive (or impede) M&A activity?
Sector spotlight: Telecoms M&A
Telecoms have always been a dominant part of the Latin American M&A landscape and that trend looks to continue with existing players said to be preparing for a new round of divestments. What kinds of opportunities are looking most attractive, and what hide deeper risks?
Panel: Making an exit
Putting money to work is one thing, but getting it out is what matters, and the closure of the Mexican IPO market is not making that easy for private equity funds. What is driving the recent lack of IPO activity, when can we expect that to change and the market to reopen, and what alternatives are available to PE funds who want to lock in their gains now?
Panel: Finding value in fintech
Fintech is a hot investment sector in any country, and Mexico is no exception. Add in the fact that Mexico is leading the world in Fintech regulation and you have a recipe for deal activity. What opportunities are currently in the market, and what should we expect next? How should investors deal with the challenges of an industry where the traditional rules for valuations and due diligence don’t apply? And what does the entry of Japanese giant SoftBank mean for local investors?
Masterclass: Is transaction insurance the next big thing for Mexican M&A?
Whether you call it transaction risk insurance, rep and warranty insurance or just RWI, the use of insurance in M&A deals is soaring in both the US and Europe. What are the attractions for buyers in the US, and why hasn’t it caught on in Mexico yet?
Panel: Getting leverage
The range of financing options for buyers is growing as the private debt market begins to expand, drawing in both local and international investors. What are the best ways to tap the debt markets today? Which sectors are easiest to finance, and which are hardest? And how does a choice of leverage provider impact the ongoing management of portfolio companies?
Sector spotlight: Education M&A
Another highly attractive opportunity for M&A is opening up in education as consolidation gathers pace in the university space. What do investors need to know before jumping into higher education?
Panel: Renewable energy – a Mexican success story
While recent government actions may be adding uncertainty to the renewables sector it doesn’t seem to be holding back M&A activity. Investments in solar, thermal and wind projects are all changing hands regularly. Are these contemporary divestments giving the market a better indication of the true valuation of projects? What opportunities should we expect in greenfield projects? And what do the changes and challenges for renewables mean for the rest of the power sector?
Panel: Would you buy this company?
We show three veteran private equity investors theoretical case studies and ask a simple question – would you buy this company? The question may be simple but the answers are complex, as our expert investors discuss everything from the attractiveness of a particular sector to their own personal red flags when investing.
Registro y desayuno
Palabras de bienvenida
Panel: Perspectiva de la economía mexicana
La economía mexicana enfrenta tanto desafios como . ¿Podré el crecimiento del consumo y la inversión interna contrarrestar las nuevas barreras comerciales y la desaceleración global? ¿Qué impacto tendrán las políticas públicas del nuevo gobierno mexicano? ¿Y cómo afectarán todos estos factores macroeconómicos el mundo de las fusiones y adquisiciones?
Enfoque sectorial: M&A en las telecomunicaciones
Las telecomunicaciones siempre han sido una parte importante del mundo de las fusiones y adquisiciones en Latinoamérica y parece que eso continuará dado que varios operadores se preparan para una nueva ronda de desinversiones. ¿Qué tipo de oportunidades serán atractivas y cuáles representarán riesgos?
Panel: Exits o desinversiones
Poner el dinero a trabajar es una cosa, pero lo realmente importante es poder desinvertirlo. Sin embargo, la falta de actividad bursátil en México hace esto mucho más difícil, sobre todo para los fondos de capital privado. ¿Por qué no vemos ofertas públicas iniciales en México, cuándo podríamos verlas y qué otras alternativas tienen los fondos de capital privado?
Panel: Encontrar valor en las fintech
El sector fintech atrae grandes inversiones a lo largo y ancho del mundo, y México no es la excepción. De hecho, México es líder mundial en cuanto a regulación . ¿Qué oportunidades habrá en el mercado? ¿Cómo deben lidiar los inversionistas con los desafíos de un sector donde las reglas tradicionales no aplican para valuar empresas ni para realizar debidas diligencias? ¿Y qué significa la entrada del gigante japonés SoftBank para los inversionistas locales?
Masterclass: ¿ Las fusiones y adquisiciones en México podrían aumentar con la adopción del seguro de transacción?
Ya sea que se llame seguro de riesgo de transacción, seguro de representación y garantía, o simplemente RWI, el uso de seguros en los acuerdos de fusiones y adquisiciones aumenta tanto en los EE.UU. y Europa. ¿Por qué estos seguros son atractivos para compradores en EE.UU. y por qué su uso no se ha popularizado en México?
Panel: Obtener apalancamiento
Las opciones de financiamiento para los compradores crece a medida de que el mercado de deuda privada se expande, atrayendo a inversionistas locales e internacionales. ¿Cuáles son las mejores formas de sacarle provecho a los mercados de deuda hoy en día? ¿Qué sectores son más fáciles de financiar y cuáles más difíciles? ¿Y cómo afecta la selección del proveedor de deuda la gestión de las compañías?
Enfoque sectorial: M&A en el sector educativo
Otra industra que podría experimentar una ola de fusiones y adquisiciones es el sector educativo a medida que se acelera la consolidación del espacio universitario. ¿Qué deben saber los inversionistas antes de sumergirse en el sector educativo?
Panel: Energía renovable – una historia mexicana de éxito
Aunque algunas decisiones gubernamentales han generado incertidumbre en el sector de las energías renovables, las fusiones y adquisiciones no paran. Los activos en energía solar, térmica y eólica siguen cambiando de mano. ¿Las recientes desinversiones proveen una valuación realista de este tipo de activos? ¿Qué oportunidades pueden surgir en los proyectos greenfield? ¿Y qué significan los cambios en el sector de las energías renovables para el resto del sector eléctrico mexicano?
Panel: ¿Comprarías esta empresa?
Presentamos tres casos teóricos. ¿Como inversionistas de capital privado comprarían esta empresa? Aunque la pregunta parece simple, las respuestas serán complejas ya que nuestros expertos en inversiones abaracarán una gran variedad de temas, desde el atractivo de un sector en particular hasta señales de alarma a la hora de invertir.
The Mexican legal market demands reliable and knowledgeable lawyers who understand the constantly evolving landscape. Our lawyers offer to our clients this vital of knowledge, providing pragmatic insight gained from almost three decades of experience.
Since 1991, when the Mexican government authorized White & Case as the first global law firm to practice in the country under its own name, our Mexico City team has been offering clients insight on local, regional and global matters, particularly in the areas of corporate mergers and acquisitions, banking and financial services, financial restructuring and insolvency, capital markets, dispute resolution, arbitration, administrative, civil and commercial litigation, projects and infrastructure, energy and natural resources, tax and real estate.
More and more transactions are multijurisdictional—requiring counsel across multiple areas of law and geography. Our clients look to us for solid local insight combined with the global reach to help them achieve their most ambitious goals and overcome their most pressing challenges. We advise and support our clients through transactions that are among the largest and most complex in Latin America.
Our lawyers pay special attention to understanding the commercial objectives of our clients, and we help them reach those objectives in the most efficient and effective manner. We have advised international companies making acquisitions or developing projects in Mexico, as well as Mexican companies pursuing business abroad. To serve the best interests of our clients, our lawyers act in close cooperation with our other offices throughout the world, combining the Firm's global cross-practice and industry-specific experience with deep knowledge of local law.
An error occurred trying to play the stream. Please reload the page and try again.
Roberto Terrazas Managing PartnerBocel
Mr. Terrazas is a member of the Board of Directors and the Investment Committee. Leads sourcing, and fundraising initiatives. Co-responsible for analyzing, structuring, managing and closing deals, and overall Fund management. Mr. Terrazas was partner at one of the largest PE firms in Mexico where he was member of the Investment Committee, head of Investor Relations, actively participated in sourcing different investment opportunities for the PE fund and the Mezzanine fund, lead Partner and Board Member of Taco Holding, Modatelas, PriceTravel, Pumping Team and co-lead Partner & Board Member at Turistore. He also was a director at EY Mexico in the M&A department. Prior to joining EY, he was a director of a technology company. He has a bachelor’s degree in Business Administration with major in Finance and International Business from the New Mexico State University and a master’s degree in International Business Administration from the Centro de Estudios de Postgrado de Administración de Empresas (CEPADE) of the Universidad Politécnica de Madrid.
Jaime Perez de Laborda is a Managing Director of Balam Fund, a Private Equity manager with an exclusive focus on renewable energy generation, energy efficiency and sustainability in Mexico. As of today Balam manages a portfolio of operating renewable energy generating assets totaling over 500 MW.
His prior experience includes 10+ years of experience in M&A advisory and capital raising in one of the leading corporate finance firms in Spain, and as Global head of M&A and financing in Vector Cuatro (with a specific focus on LATAM).
Edgar Perdomo has over 30-year experience in corporate credit, real estate financing, leasing, investment banking, and private equity investment in Mexico. Mr. Perdomo leads the effort to expand LIV Capital´s fund platform into the private debt market.
From 1987 to 1991 Mr. Perdomo was an associate in the investment banking division of InverMexico, a leading brokerage house in Mexico (eventually bought by Grupo Santander). During that time, he later became co-founder and vice president in charge of InverMexico´s leasing subsidiaries. From 1991 to 1993 Mr. Perdomo was co-founder and managing partner of Arefer, a trading company that specialized in marketing and distribution of high-end fashion brands in Mexico (Hugo Boss, Nautica, Kid Kool). From 1994 until the summer of 2018, Mr. Perdomo was the head of the corporate credit business unit at Banco Invex. During the same time period he was in charge of the business unit responsible for real estate financing. In 2013 Mr. Perdomo was named head of Invex Activos, the strategic private equity investment vehicle of the public holding company of Invex.
Mr. Perdomo received an MBA degree from University of Southern California´s Marshall School of Business, and a BA in Business Administration from the Universidad Anahuac. He is a member of the board of directors and investment committees in several Mexican corporations in the financial, manufacturing, agribusiness, commercial real estate, tourism real estate, and services sectors.
Arcelia advises clients on matters including banking, securities and financial institutions, as well as Fintech. Prior to joining the Firm as a partner, she was the Vice President of Regulatory Affairs at the Comisión Nacional Bancaria y de Valores (CNBV); which is the Mexican regulator in charge of supervising and regulating financial entities such as public companies, stock exchanges, banking institutions, credit unions and brokerage firms.
At the CNBV, Arcelia participated in several projects of great relevance to the financial sector, such as the compilation in a single regulatory instrument of the secondary regulation applicable to credit institutions, credit unions, cooperative savings and loan associations, among others. During her term at the CNBV, Arcelia was responsible for drafting the Financial Reform in 2014, granting authorizations to new financial entities, designing the legal framework of the new Fintech Law and issuing legal opinions and interpretations of financial laws and their secondary regulations.
Arcelia was a member of the USMCA (The new United States-Mexico-Canada Agreement) negotiations team in the Financial Services Chapter.
Prior to serving as the Vice President of Regulatory Affairs at the CNBV, Arcelia was the Subdirector of banking conciliation and arbitration at the Comisión Nacional para la Protección y Defensa de los Usuarios de Servicios Financieros (CONDUSEF). Arcelia also worked for a prestigious boutique firm specializing in criminal law.
Arcelia has a Master's degree in Law and Economy of the European Union from the Instituto Ortega y Gasset Madrid, Spain, and an Attorney at Law from the Escuela Libre de Derecho Mexico City.
Sebastián is the Founder and Managing Partner of Tempest Capital. Throughout his career he has participated in 37 transaction totaling US$2.3 billion. He previously was the Managing Director of the Venture Capital and Mezzanine Division of Fondo de Fondos, leading investments in LP interest, direct equity and mezzanine deals. Sebastián also played a transformative role as the Principal coordinating the Private Equity team of CAF Development Bank of Latin America. Prior to CAF, Sebastián worked with the Global Value Equity team of Morgan Stanley and as a senior consultant in the Financial Services Group of Kroll.
He earned an MBA from IESE Business School and was valedictorian in his undergraduate class in international business at Universidad Panamericana. Sebastián holds both the CFA and the CAIA designations. He is a founding member of the CFA Society of Mexico, Board Member of the Fund of Funds of Saudi Arabia - a PIF portfolio company, Investment Committee Member of the Saudi Jordanian Investment Fund, and a member of Mexican Council on Foreign Relations.
Carlos Martínez CruzSenior CorrespondentMergermarket (moderador)
Carlos Martínez es un periodista con más de una década de experiencia cubriendo noticias financieras y económicas. Antes de unirse a Mergermarket como corresponsal en Colombia, trabajó en la Ciudad de México como editor de reportajes para la revista de negocios Expansión. También fue coeditor de la sección de Negocios del periódico nacional Reforma, y reportero en la corresponsalía local del periódico estadounidense Los Angeles Times.
Roberto Langenauer, Senior Managing Director and CEO, joined Nexxus in 1996 has 22 years of experience in Private Equity. He has been responsible of several portfolio companies of which he has participated in the investment, management and divestment of Homex, Sport World, Crédito Real, Grupo Hotelero Santa Fe, Maak Holding, AN Global, PIESA (ZKC), among others; also, begin board member of these companies. Furthermore, he is responsible for creating private equity investment strategies and overseeing new potential investments.
Before joining Nexxus, Mr. Langenauer worked for five years in a family-owned company where he participated in the areas of manufacturing, cost, controls, supply chain development and product standardization.
Mr. Langenauer received a degree in Industrial Engineering from the Universidad Iberoamearicana.
Pablo Dominguez JordanAssistant Editor Latin AmericaDebtwire (moderator)
Pablo is Assistant Editor for Latin America. He joined Debtwire in 2014 and is responsible for the coverage of Mexico, Central America and the Caribbean. Before, he worked for Dow Jones Newswires as a corporate news reporter based in Madrid (Spain). For more than five years, he covered the banking, construction and real-estate industries in real time for the Spanish service, and he also contributed to the printed and online editions of The Wall Street Journal. Prior to Dow Jones, Pablo was a corporate and financial news reporter in Madrid and London.
Francisco de Rosenzweig is a Partner at White & Case and Head of the Firm's Energy, Infrastructure, Project and Asset Finance Group.
He advises domestic and international clients on major corporate and financing transactions. His practice has a particular focus on project and asset-based financing, enabling the successful development, funding and completion of large scale projects and deals.
Mr. de Rosenzweig is a former Mexican federal government official and has held many different positions in the public sector. His substantial experience in the infrastructure, energy and transport sectors is a valuable asset to our clients, many of which are increasingly attracted to Mexico following the introduction and implementation of energy reforms.
Francisco de Rosenzweig served for over five years as the deputy minister of foreign trade at the Ministry of the Economy (2011-2016), where he led Mexico's international trade negotiations on issues such as the Trans-Pacific Partnership and The Pacific Alliance Trade Initiative, among others and represented Mexico's interests before the World Trade Organization.
He has also served as chief of staff to the minister at the Ministry of Communications and Transport, general counsel for public expenditure at the Ministry of Finance, executive secretary at the Inter-Ministerial Commission for Public Expenditure, Financing and Privatization; general counsel of the Energy Regulatory Commission and general director of the Electric Restructuring Unit of the Commission.
El Sector Eléctrico en México: Evolución, Regulación y Tendencias, Porrúa, 2007
La reforma petrolera: el paso necesario, Porrúa, 2008
Midiendo los resultados del gobierno: Origen y evolución de la rendición de cuentas en México y el mundo, Porrúa, 2010
He is the author of more than forty-five articles, and speaker in several national and international conferences related to the energy sector and international trade.
Adriana Curiel es una periodista mexicana que cuenta con más de 15 años de experiencia escribiendo sobre negocios. Durante la última década ha colaborado para Mergermarket, concentrándose en empresas medianas y familiares relacionadas al comercio y a la industria. Anteriormente colaboró también para el medio británico LaAmINVESTOR, el reconocido periódico nacional El Financiero, así como en la revista especializada Obras, que forma parte del Grupo Expansión, entre otras.
Jonathan CarmodyNews EditorInframation Group (moderator)
Jonathan Carmody is the news editor for Latin America at Inframation Group. In his reporting, Jonathan breaks stories on active M&A processes across the Latin American infrastructure and energy sectors and maintains close relationships in all the major markets of the region. Jonathan has been with the company since February 2014 and is fluent in Spanish and Portuguese.
Oscar serves as a Partner in Northgate’s Mexico City Office, where he focuses on the Northgate Credit Fund in Mexico and has over 23 years of banking experience.
Before joining Northgate, Oscar performed as Managing Director for the Diversified & Private Equity LatAm Coverage Group for Scotiabank Global Banking and Markets Mexico until December 2012. Mr. Alvarado joined Scotiabank in 2002 and was appointed Managing Director in 2005. Since then, he lead a number of mandates in the Corporate and Investment Banking Group where he executed domestic and cross border transactions, including M&A, DCM, ABSs, syndications and club deals, secondary market purchases, project finance and debt restructuring in several industries. Besides the coverage for the Diversified Industries group, in 2005 Mr. Alvarado established the practice for Acquisition Financing for private equity firms investing in Mexico, a mandate he later expanded to cover the Latin America region. Before joining Scotiabank, Oscar spent ten years at Banamex, where he headed a divisional work-out effort during the 1994 "Tequila Crisis" and was later promoted to perform lending activities.
Mr. Alvarado earned a CPA Degree from the Anahuac University in Mexico in 1991, an Executive Diploma in Finance and Banking from the Instituto Tecnologico de Estudios Superiores de Monterrey (ITESM) in 1995, and an MBA from the Kent Business School at the University of Kent, United Kingdom in 2000. In 2014, Oscar attended the Private Equity and Venture Capital Executive Program at Harvard Business School.