Álvaro E. Garza-Galván | White & Case LLP International Law Firm, Global Law Practice
Alvaro Enrique Garza-Galván
Alvaro Enrique Garza-Galván

Álvaro E. Garza-Galván

Partner, Mexico City

T +52 55 5540 9644

E agarza@whitecase.com

“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 corporate/M&A, and banking and finance transactions and securities.

Clients such as Fibra Shop, GAP, HSBC, Actinver, UBS, Goldman Sachs 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 Comerci, Metrofinanciera, Su Casita, Vértice and, most recently, the restructuring of Urbi and ICA.

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.

In addition, Álvaro regularly represents non-US issuers, underwriters and other participants in the full range of securities transactions, including US-registered public offerings, US offerings, private placements and offerings outside the United States.

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


  • LLM, Columbia University School of Law
  • Attorney at Law (Abogado), Universidad Iberoamericana


  • English
  • Spanish


Multi-million dollar claim against ICA – Aeroinvest, 2016

Álvaro was part of the team that represented Barclays Bank PLC, Deutsche Bank AG, London Branch and CorpBanca, New York Branch as lenders of a syndicated credit agreement, in the recovery of a multi-million dollar claim against Aeroinvest (which is a subsidiary of ICA) derived from a shares pledge out-of-court enforcement under Mexico’s Securities Act. During the foreclosure proceeding White & Case provided advice on a landmark legal strategy that implied the filing of an amparo complaint before Mexican Federal Courts which stayed the effects of an interim measure of protection previously granted to the debtor in order to prevent the foreclosure of the shares. The strategy allowed the lenders to enforce their claim and established a court precedent in connection with the validity of the out-of-court collection actions in Mexico.

Grupo Aeroportuario del Pacífico, MXN$1.1 Billion Offering, 2016

Álvaro acted as deal counsel in the first reopening by Grupo Aeroportuario del Pacífico, (GAP) of the first issuance made with the ticker GAP 15 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. Such first reopening was made for an amount of MXN$1.1 billion at a rate of TIIE+0.34% and it is due in 2020. Considering this reopening, GAP has issued an aggregate amount of MXN$3.7 billion under the dual program.

Fibra Shop, MX$519'000,000.00 Million acquisition of the shopping mall center known as "Cruz del Sur", 2015

Álvaro represented Fideicomiso Irrevocable F/0854 (Fibra Shop), a Mexican real estate investment trust (fideicomiso de inversión en bienes raices, FIBRA), in the acquisition of the shopping mall center known as "Cruz del Sur", a power center located in the State of Puebla with surface are of 24,075 square meters and a gross leasable area "GLA" of 12,400 square meters (total GLA of shopping mall center, 29,900 square meters). The value of the transaction is approximately MX$519'000,000.00.

Grupo Aeroportuario del Pacífico, MXN$9 Billion Dual Program and MXN$2.6 Billion Offering, 2015

Álvaro acted as deal counsel in the establishment of a dual program by Grupo Aeroportuario del Pacífico, (GAP) to issue short and long term debt instruments up to a revolving amount of MXN$9 billion in the Mexican market, as well as in the first two offerings under such program with the following characteristics: (i) MXN$1.1 billion TIIE+0.24% notes due 2020 and (ii) MXN$1.5 billion 7.08% notes due 2025. Scotia Inverlat Casa de Bolsa, Grupo Financiero Scotiabank Inverlat and Casa de Bolsa Banorte Ixe, Grupo Financiero Banorte acted as underwriters in the transaction and Monex Casa de Bolsa, Monex Grupo Financiero will act as common representative of the bondholders. GAP is a Mexican public company listed on both the Mexican and the New York Stock Exchanges which operates 12 airport government concessions in Mexico.

Fibra Shop Establishment of Five-Year Long and Short Term Debt Program, Initial MXN 3 Bllion Debt Offering, 2015

Álvaro represented Fibra Shop, a Mexican real estate investment trust (fideicomiso de inversión en bienes raíces, FIBRA) engaged in the acquisition and development of shopping malls across Mexico, in the establishment of a five-year long and short debt term program of up to MXN 5 billion (approximately US$317 million), and the initial MXN 3 billion (approximately US$190 million) debt offering under the program. Said initial offering consisted in the issuance of 30 million debt trust certificates (certificados bursátiles fiduciarios, CBs) offered at TIIE + 90 bps due 2020, in a public offering in Mexico. The CBs have been listed on the Mexican Stock Exchange (Bolsa Mexicana de Valores). BBVA Bancomer, Actinver and Inbursa participated as lead underwriters in the public offering. The proceeds from the offering have been used primarily for the full prepayment of Fibra Shop's senior secured credit facility with BBVA Bancomer and Inbursa, resulting in the termination and release of all security interests created over Fibra Shop's main real estate properties under the credit facility. This represented a successful transaction for Fibra Shop, considering its current business plan featuring the acquisition of diverse real properties throughout Mexico.

Urbi restructuring, 2015

Álvaro is currently advising the steering committee in connection with the restructuring of Urbi, one of the three largest housing development companies in Mexico. This high profile transaction poses a variety of complex obstacles, requiring sophisticated and innovative solutions.

Fibra Shop Offering of Real Estate Trust Certificates, 2015

Álvaro represented Fibra Shop, a Mexican real estate investment trust (fideicomiso de inversión en bienes raíces, FIBRA) engaged in the acquisition and development of shopping malls across Mexico, in a rights offering consisting of 160,000,000 real estate trust certificates (certificados bursátiles fiduciaries inmobiliarios, CBFIs) offered to its current CBFIs holders, The Rights Offering was also made to current CBFIs holders located outside of Mexico pursuant to Section 4(a)(2) of the US Securities Act of 1933 and pursuant to Regulation S.

Petróleos Mexicanos (Pemex) €2.1 Billion Sale of Ordinary Shares of Repsol, 2014

Álvaro was part of the team which represented HSBC, Deutsche Bank and Citibank in connection with the sale by Pemex and its wholly-owned subsidiary, PMI, of ordinary shares of Repsol, S.A. This was a landmark transaction due to the size of the block sold (7.86 percent of Repsol's market capitalization), and because it signalled Pemex's desire to exit its shareholding in Repsol, after 25 years. White & Case advised on English, US and Mexican law aspects of this deal.

Grupo Hotelero Santa Fe, Initial Public Offering, 2014

Álvaro was part of the team which acted as Mexican counsel for Banorte Ixe and Santander, as lead underwriters in the local primary initial shares offering of Grupo Hotelero Santa Fe, for an aggregate amount of MXN 750 million (approximately US$60 million). The shares were publicly offered in Mexico through the Mexican Stock Exchange. The proceeds of the offering will be used to continue developing the hotel business of the issuer's subsidiaries, which currently operate 10 hotels under the trademark "Hilton" and owned trademark "Krystal." This was the first IPO for 2014 in the local market.

Regal Beloit Corporation Acquisition of Power Transmissions Solutions Business of Emerson Electric Co., 2014

Álvaro was part of the international team which represented Regal Beloit Corporation (NYSE: RBC), a leading global manufacturer of electric motors, mechanical and electrical motion controls and power generation products, in its pending US$1.44 billion acquisition of the Power Transmissions Solutions business of Emerson Electric Co. (NYSE: EMR). This was a complex carve-out transaction, which required coordination among 11 White & Case offices and other local law firms.

MXN$3.2 Billion Syndicated Loan Facility to Fideicomiso Irrevocable F/00854 (Fibra Shop), 2014

Álvaro was part of the team which acted as Mexican counsel to Fideicomiso Irrevocable F/0854 (Fibra Shop), a Mexican real estate investment trust (Fibra), as borrower, in connection with a short-term syndicated loan facility of MXN$3.2 billion (approximately US$246 million) which was led by BBVA Bancomer, and Grupo Financiero Bancomer, which acted as administrative agent and security agent. Fibras are a recently created vehicle to incentive real estate investment and development, and Fibra Shop is one of the leading Fibras in Mexico, managing real estate properties focused on commercial malls across Mexico. The funds will be used by Fibra Shop for the acquisition of a portfolio of real estate properties in various states of Mexico. The disbursement is subject to the satisfaction of customary conditions.

Acquisition of The Royal Bank of Scotland México, 2014

Álvaro advised a number of investors in the first management buy-out of a Mexican banking institution, including the various shareholders' arrangements and the regulatory approval process with the Mexican financial authorities. This deal obtained its regulatory approval by the Mexican financial authorities in February 2014.

Establishment of Goldman Sachs Casa de Bolsa, 2014

Álvaro advised Goldman Sachs in the regulatory process for the establishment of a Mexican subsidiary broker-dealer (casa de bolsa) for Goldman Sachs. Goldman Sachs received the authorization from the regulatory authorities for the beginning of operations of the broker-dealer in January 2014.

Sale of Universidad del Valle de México to Laureate International, 2013

Álvaro advised the Mexican family that owned the Universidad del Valle de Mexico in the completion of the sale of their shareholding interest in the holding entity of the University to the international education group Laureate.

Cross-border securitization deal of FOVISSSTE, 2012

Álvaro acted as counsel to Goldman Sachs & Co. as placement agent in the first cross-border securitization deal of FOVISSSTE (a Mexican decentralized entity of Social Security and Services Institute for State Workers). This transaction was also the first Mexican cross-border RMBS deal without a third-party guaranty, as well as the first RMBS deal for Goldman Sachs after the subprime mortgage crisis. The notes were offered and sold outside the United States, in an offshore transaction in accordance with Regulation S.

Sale of Crédito Familiar, 2012

Álvaro was part of the team which advised Banamex on the sale of substantially all the assets of Crédito Familiar, Sociedad Financiera de Objeto Múltiple, Entidad Regulada to Grupo Financiero Scotiabank Inverlat. The Firm's work on this matter demonstrated our ability to advise our clients in all aspects of their M&A deals, including in the context of sophisticated financial institutions and the related regulatory applicable framework, together with the antitrust components.

Awards & 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