Iker Arriola | White & Case LLP International Law Firm, Global Law Practice
Iker Arriola
Iker Arriola

Iker Arriola

Partner, Mexico City

Iker represented Pfizer in the sale of its Mexican nutrition business, which was part of a transaction named Merger Control Matter of the Year by Global Competition Review 2013.


Iker represents and advises clients across a range of issues and transactions, and has been recognized as a leading lawyer in Mexico for a number of years. His areas of focus include mergers and acquisitions, corporate, banking and finance, capital markets and antitrust matters. He represented Consorcio Comex and its shareholders in the sale of the company to PPG Industries Inc., which was Mexico's largest M&A deal in 2014.

With many years' experience advising both the Mexican operations of some of the world's largest companies, as well as significant domestic operators, he is accustomed to taking a lead role in key client relationships. He advises on a wide variety of legal issues, including mergers and acquisitions (private and public) and joint ventures, and he provides clarity on capital markets and financing needs. Iker also has a strong track record representing financial institutions as lenders or underwriters in banking and capital markets transactions, and has been involved in various debt offerings and IPOs in Mexico.

In addition, Iker is able to deliver insights to businesses and institutions in the highly complex area of competition law, by drawing on his hands-on experience at a domestic and global level of antitrust investigations and merger clearances.

Iker spent time working at the Firm's Brussels office on antitrust affairs. He has acted as competition counsel across a variety of mergers and acquisitions and antitrust investigations in an array of sectors and industries. These include pharmaceuticals, household and consumer products, food, soft drinks, transportation, energy, banking and telecoms. For example, Iker represented Pfizer Inc. in the sale of its nutrition business to Nestlé S.A.. This transaction was named "Merger Control Matter of the Year" by Global Competition Review 2013.

Iker is currently advising companies involved in market investigations, as well as in several cartel investigations, including cases built around leniency applications.

Bars and Courts

  • Authorized to practice law in Mexico


  • LLM, EU Law, Universidad Complutense de Madrid
  • Attorney at Law (Abogado), Universidad Iberoamericana


  • English
  • Spanish


PPG Industries, Inc.'s acquisition of Comex Mexico, 2015

Iker advised Consorcio Comex and its shareholders in the US$2.3 billion transaction for the acquisition of Comex Mexico by PPG Industries, Inc. a leader in the paint and coatings market in Mexico. Iker's ability to deliver a highly experienced team of M&A and competition lawyers on the ground in Mexico was a key factor for the client when choosing to instruct our firm on this mega-mandate, which was Mexico's largest M&A deal in 2014.

PPG Industries' acquisition of Comex Central America, 2015

Following our work with Consorcio Comex in the sale of the capital stock of Comex Mexico to PPG Industries, Inc., Iker represented Consorcio Latinoamericano and its shareholders in the sale of Comex Central America to PPG Industries, Inc. Consorcio Latinoamericano, operates a network of 57 paint stores across Central and South America.

BlackRock and First Reserve

As part of the White & Case team, Iker represented BlackRock Inc. the world's leading asset manager, in its first investment in the energy infrastructure sector in Mexico. BlackRock and First Reserve, a major investment firm exclusively focused in energy, created joint-investment vehicles which acquired circa 45 per cent of the capital of the permit holders for gas transportation in the second phase of the gas pipeline system Los Ramones. Los Ramones II is a major, strategic project for Mexico's energy infrastructure. It will provide gas to the country's central region and will connect with the first phase of the project which will transport gas from Texas. The transaction was subject to regulatory clearance from both the energy and the antitrust authorities.

Black River Asset Management LLC's investment in EnerAll Master, 2015

Iker represented this global private equity fund specializing in alternative investment strategies in its investment in EnerAll Master, a company engaged in the acquisition of unproductive agricultural land and its transformation into arable and productive agricultural land for the production of crops.

Mexico's Federal Telecommunications Institute awards a National TV Broadcasting Concession, 2015

Iker represented Cadena Tres, a subsidiary of the Mexican conglomerate Grupo Empresarial Ángeles, in Mexico's first public bidding process for a concession for nation-wide public digital TV broadcasting chain. The bidding process was conducted by Mexico's Federal Telecommunications Institute (IFT) and required prior antitrust clearing for all interested participants. In March, 2015, the IFT awarded Cadena Tres I, S.A. de C.V. the respective 20-year concession.

Azimut's Acquisition of Profie S.A. de C.V., 2014

Iker advised Azimut, Italy's leading independent asset manager, in a stock purchase agreement to acquire (subject to the satisfaction of certain conditions precedents) 82.14% of Profie S.A. de C.V., a Mexican holding company controlling the entire equity capital of Más Fondos S.A., Mexico's largest pure independent asset management distribution company.

Tyson Foods Inc.'s sale of its Mexican Operations to JBS S.A., 2014

Iker represented Tyson Foods Inc. as special Mexican counsel in the sale of its poultry businesses in Mexico to JBS S.A. This is a major mandate involving the Latin American Region and demonstrates the broad geographic reach of our Mexico-based corporate/M&A team.

Victory for Consorcio Comex

Iker successfully represented Consorcio Comex ("Comex"), the leader in the decorative coatings industry in Mexico, against a wrongful declaration by the Federal Antitrust Commission that Comex had market power within the merger notice proceedings filed to obtain the authorization on the Sherwin Williams-Comex merger.

Financiera Indepencia (Findep) US$200 Million Notes Offering 2014

Iker represented Financiera Independencia, Sociedad Financiera de Objeto Múltiple, Entidad No Regulada (Findep) in connection with (i) its Rule144A/Regulation S high yield offering of US$200 million 7.5% Senior Notes due 2019 (the New Notes), and (ii) a concurrent tender offer for Findep's 10% Senior Notes due 2015 (the Existing Notes). The Firm's Mexico City office advised as to matters of Mexican law, while the New York office advised as to matters of US federal and New York law.

Sale of US and Canadian businesses of Comex to The Sherwin-Williams Company, 2013

Iker represented Consorcio Comex and its shareholders in the US$165 million acquisition of the US and Canadian businesses of Comex by The Sherwin-Williams Company. Comex is a landmark Mexican family-owned company, and has existed for more than 60 years. This is a further demonstration of how Comex, one of the country's leading corporate entities, turns to our corporate/M&A team on a repeat basis in all of its key transactions.

Speaking Engagements

"Antitrust Remedies on Merger Cases" at the IV Competition Law Workshop, organized by The International Chamber of Commerce, the Mexican Economic Competition Federal Commission and the Universidad Iberoamericana, November 2015.

"Antitrust Remedies on Merger Cases" at the III Competition Law Workshop, organized by The International Chamber of Commerce, the Mexican Economic Competition Federal Commission and the Universidad Iberoamericana, November 2014.

"Doing Business in Mexico" seminars organized by ProMexico in Seoul, Korea and Tokyo and Nagoya, Japan, November 2014.

"Antitrust Remedies on Merger Cases" at the II Competition Law Workshop, organized by The International Chamber of Commerce, the Mexican Economic Competition Federal Commission and the Universidad Iberoamericana, November 2013.

"Doing Business in Mexico” seminar organized by ProMéxico, Tokyo, Japan. September 2013

"7th Annual Private Equity Mexican Forum": Mexican Association of Private Equity and Venture Capital Funds (AMEXCAP), May 2012

Invited by the Mexican Competition Commission as Non Governmental Advisor, to the 2011 International Competition Network Cartel Workshop

Speaker at a seminar organized by the Mexican Competition Commission to discuss the Leniency Program Guidelines. March, 2010

Speaker at the White & Case Antitrust Seminar in Mexico City. February 2008

Speaker at a conference held by the Mexican Stock Exchange on the development and advocacy of principles of the Mexican securities industry. November 2007


  • Mexico Antitrust Reform: Bleak Outlook, Latin Business Chronicle, April 22, 2010
  • Overview of the Mexican financial framework, Complinet, (co-author)
  • Overview of the Mexican legal framework to prevent money-laundering, Complinet, (co-author)
  • Overview of the Mexican Insurance System, Complinet, (co-author)
  • Antitrust sanctions and advocacy, "Inter-American Dialogues" of Latin America Advisor, April, 2010

Awards & Recognition

Leading individual: Banking & Finance, Corporate M&A, Competition, Chambers Latin America, 2015, 2016

Chambers Global, 2016

"The respected Iker Arriola Peñalosa is noted for "knowing the regulatory and political framework in Mexico and providing very practical advice." Interviewees add: "He's a very good lawyer who is very diplomatic and can be tough - working with him is a good experience."

Leading Individual: M&A, Banking, Insolvency and Antitrust, The Legal 500, 2012 - 2015

Leading Individual: Banking & Finance and Corporate/M&A, Best Lawyers International, 2014

Leading Individual: Antitrust, Global Competition Review, 2014

Leading Individual: M&A, IFLR 1000, 2014

"Expert", Antitrust, Who's Who Legal, 2014

'30 Promesas en los 30'

In 2012, Iker was named as one of the "30 Promesas en los 30" by Expansión, a leading Mexican business publication. Named individuals are those in their thirties who Expansión believes "will change Mexico's future" and "make the difference in their companies."