Álvaro E. Garza-Galván

Partner, Mexico City


“He is very attentive to the needs of his clients and is always responsive and hands-on in a deal.” They add: “He is very focused on getting the job done - he is definitely going places.”
Chamber Latin America 2016


Álvaro advises domestic and international clients on a broad spectrum of matters, and has a particularly strong track record in M&A, debt finance and securities transactions.

Clients such as Banorte, PEMEX, CFE, Fibra Shop, GAP, HSBC, Actinver, Goldman Sachs, Afirme and CLS Bank International value his ability to provide knowledgeable transactional and regulatory advice in fields related to their products and services, including their day-to-day relations with regulators and other public authorities.

Álvaro also offers clients the benefit of his experience advising on complex, high profile insolvencies, including those of ICA, M&G Polymers, URBI, Comerci, Metrofinanciera, Su Casita and Vértice.

A partner in the Firm's Americas M&A group, he is able to offer clients authoritative advice on a wide variety of complex corporate and finance transactions, both in Latin America and Europe.

Noted for his deep and wide-ranging legal knowledge, as well as his thorough grasp of the local regulatory environment, Alvaro has also been called upon to act as elite counsel for governmental entities in the drafting of various laws and regulations for the banking and financial sectors.

Álvaro's international experience is underlined by his time spent working in White & Case's New York office from 2007 to 2009. During this time, he gained valuable experience advising and representing clients in connection with Mexican and Latin American corporate and financial transactions, securities laws, financing transactions and corporate restructurings.

Bars and Courts
Authorized to practice law in Mexico
Columbia University School of Law
Attorney at Law (Abogado)
Universidad Iberoamericana


Grupo Financiero Banorte US$1.4 Billion Merger with Grupo Financiero Interacciones, 2017
Álvaro represented Grupo Financiero Banorte in reaching an agreement to acquire, through merger, Grupo Financiero Interacciones. The acquisition included the banking, broker-dealer, insurance and asset manager subsidiaries of Grupo Financiero Interacciones. The merger is valued at circa US$1.4 billion. Grupo Financiero Banorte has become the second-largest banking financial group in Mexico, and the country's largest infrastructure lender.

ConCrédito MXN 2,613 million sale of FinÚtil stake, 2017
Álvaro represented ConCrédito on the sale of an equity stake in FinUtil and Comfu, to Gentera, an international entrepreneurial banking group focused on the financial inclusion of low-income individuals, for MXN2,613 million (US$130 million). FinUtil is a Mexican non-bank bank focused on granting loans through a network of individuals who act as distributors, and, who in turn grant loans to low-income individuals. The acquisition involved an initial participation of 36.8 per cent in FinUtil and a convertible debt portion in the next two years under which Gentera may acquire control over ConCrédito.

Afirme Grupo Financiero Acquisition of UBS Bank Mexico, 2017
Álvaro represented Afirme Grupo Financiero, in the acquisition of a 100 per cent equity stake of UBS Bank México. Afirme is a leading Mexican financial institution in retail banking.

Bolsa Institucional de Valores Concession Title to Operate a Stock Exchange in Mexico, 2017
Álvaro represented Bolsa Institucional de Valores (BIVA), Mexico's second stock exchange, and the first stock market to be created in México in more than a 100 years. Our Mexico-based M&A team led the work for BIVA's parent company, Central de Corretajes, (Cencor) in order to negotiate all aspects of a minority equity investment in Cencor of MXN450 million by LIV Capital, a Mexican private equity fund, in order to fulfil the capital requirement in BIVA mandated by the SHCP, investment that was a fundamental piece to fund BIVA. Additionally, our capital markets team acted for BIVA at every stage of the complex process to obtain a concession title to operate a stock exchange from the Ministry of Finance and Public Credit (SHCP). The concession was granted in August 2017.

FibraShop Increase to Maximums for Debt Instruments Program, 2017
Álvaro represented Fideicomiso Irrevocable (Fibra Shop), a Mexican real estate investment trust (fideicomiso de inversión en bienes raices, FIBRA), an investment trust vehicle under Mexican law dedicated to the acquisition, development and operations of shopping centers in Mexico, in the regulatory procedure to increase the maximum amount of a dual program established in 2015 to issue short- and long-term debt instruments in the Mexican market from MXN 5 billion to MXN 8 billion, as well as in the second and third offerings under such program. As part of this process, we also obtained for FibraShop the regulatory authorization to act as a recurring issuer, a status that allows seasoned Mexican issuers to offer additional securities under its authorized program on a more expedited and straightforward basis, similar to a shelf-registration process. Subsequent offerings under FibraShop's program will benefit from this authorization.

Fibra Shop MXN 2.662 Billion Acquisition of Shopping Mall, 2017
Álvaro represented Fibra in the acquisition of the shopping mall center Puerta La Victoria, owned by Abilia, one of the largest real estate developers in Mexico, with more than 25 years of experience and approximately more than 3 million of square meters built. Puerta La Victoria is a mixed-use shopping mall center located in the State of Querétaro with surface area of 41,255.261 square meters and a gross leasable area of 57,240 square meters. The value of the transaction is MXN 2.662 billion (approximately US$148 million).

Fibra Shop MXN 1.032 Billion Acquisition of Sentura Mall, 2017
Álvaro represented Fibra Shop, in the acquisition, with prior authorization of Mexico's Antitrust Commission, of 35 percent of the Sentura shopping mall, a mixed-use shopping center located in the State of Mexico with a surface area of 89,967.2 square meters and a gross leasable area of approximately 31,577.37 square meters in Tlalnepantla, State of Mexico, for MXN 1.032 billion (approximately US$57 million).

Syndicated Term Loan Facility for Alucaps, 2017
Álvaro represented BBVA Bancomer, as administrative agent, collateral agent, sole bookrunner and lender, and a syndicate of lenders, in an MXN 850 million syndicated term loan facility which involves a first tranche for MXN 550 million non-revolving term loan and a second tranche for MXN 300 million revolving loan, granted to Alucaps Mexicana, and Alucaps Mexicana de Occidente, as co-borrowers.

Grupo Aeroportuario del Pacífico Certificados Bursátiles Issuance, 2017
Álvaro represented Grupo Aeroportuario del Pacífico, (GAP) in the fifth issuance of debt instruments (certificados bursátiles) with the ticker GAP 17-2, under the dual program established in 2015 by GAP to issue short- and long-term debt instruments up to a revolving amount of MXN 9 billion in the Mexican market. The issuance was made for an amount of MXN 2.3 billion at a rate of TIIE+0.44% and is due in 2022. GAP is a Mexican public company listed on both the Mexican and the New York stock exchanges, and operates 12 airport government concessions in Mexico and one airport in Jamaica.

Grupo Aeroportuario del Pacífico MXN 1.5 Billion Debt Instruments Issuance, 2017
Álvaro represented Grupo Aeroportuario del Pacífico, (GAP) in the fourth issuance of debt instruments (certificados bursátiles) with the ticker GAP 17, under the dual program established in 2015 by GAP to issue short- and long-term debt instruments up to a revolving amount of MXN 9 billion in the Mexican market. The issuance was made for an amount of MXN 1.5 billion at a rate of TIIE+0.49% and is due in 2022.

Awards and Recognition

Recommended Lawyer: Chambers & Partners 2014, 2015, 2016

Corporate/M&A – Mexico: Chambers Latin America 2014, 2015

Up & Coming – Bankruptcy and Restructuring: Chambers Latin America 2016