Fernando Vázquez-Chelius Solís
Fernando Vázquez-Chelius Solis is engaged in the mergers and acquisitions and financing practice in Mexico.
Fernando's M&A practice focuses on domestic and cross-border M&A and private equity transactions.
Additionally, Fernando advises financial institutions and companies on complex financing transactions, including structured finance deals, acquisition financings, syndicated and bilateral loans, bridge loans, private equity financings and debt restructurings.
Fernando joined White & Case's New York office as a visiting associate in 2014. During his stay at the New York office, he was involved primarily in capital markets transactions, focusing on high yield offerings—following Regulation S and Rule 144A—and initial public offerings of Latin American issuers.
Sempra Energy, US$5.81 Billion Acquisition of IEnova
Advised Sempra Energy (Sempra) in its US$5.8 billion acquisition of the its remaining stake in Infraestructura Energética Nova (IEnova), one of the largest owners and operators of renewable power assets and energy transportation and storage in Mexico. The transaction involved: (i) an initial exchange tender offer through the Mexican Stock Exchange, whereby Sempra acquired a 96.1% interest in IEnova and distributed its shares among Mexican investors, which resulted in the listing of all of Sempra's shares of common stock on the Mexican Stock Exchange; and (ii) a subsequent cash tender offer to acquire the remaining stake in IEnova, which was not—directly or indirectly—owned by Sempra after the exchange tender offer. As a result of the exchange and the cash tender offer, Sempra acquired a 99.9% interest in IEnova, subsequently obtaining authorization from the Mexican Banking and Securities Commission to delist IEnova's shares from the Mexican Stock Exchange.
Advised Merama Inc. (Merama), an e-commerce platform start-up that partners with e-merchants in Latin America and achieved a $1.2 billion valuation just 12 months after incorporation, in its acquisition of a majority stake in several Mexican businesses offering a wide range of consumer products. The transactions represent an approximately US$89 million initial equity and working capital investment. With its investments, Merama helps operate and scale the business of its e-merchant partners.
Braskem Idesa, US$1.35 Billion Refinancing
Advised Braskem Idesa, the owner and operator of the US$5.2 billion Etileno XXI petrochemical complex in Veracruz, Mexico, on the successful refinancing of its approximately US$1.35 billion project finance debt. The refinancing consisted in a full prepayment of Braskem Idesa's project finance debt with US$1.2 billion in aggregate principal amount of 6.990% senior secured sustainability-linked notes due 2032 and a US$150 million term loan facility.
Premium Restaurant Brands, US$167 Million Refinancing
Advised Premium Restaurant Brands (PRB), a leading fast food operator that manages all of KFC's restaurants in Mexico, in refinancing its US$73 million and MXN 1.191 million facility held with a syndicate led by Goldman Sachs (Syndicate Loan). The payment of the Syndicate Loan was made possible by negotiating new long-term facilities from HSBC Mexico (US$89 million) and a syndicate of Central American banks (US$80 million), for a total aggregate of US$167 million.
Bank of Nova Scotia – PGIM, US$93 Million Facility
Advised the Bank of Nova Scotia (BNS) in connection with a US$93 million facility granted to PGIM to (i) refinance its existing debt with Credit Suisse and Citibanamex, and (ii) finance equity reimbursement to the PGIM and its partners. The facility is guaranteed by several properties of PGIM's industrial portfolio.
CDPQ – Sanfer
Advised Caisse de Dépôt et Placement du Québec (CDPQ) in its US$500 million minority investment in Invekra, S.A.P.I. de C.V. (Sanfer), an independent holding company of pharmaceutical companies in Latin America. The investment—one of the largest minority private equity transactions in Mexico—will enable Sanfer to accelerate its growth, both organically and through further acquisitions, across Mexico and Latin America. As part of the transaction, General Atlantic sold to CDPQ a portion of its interest in Sanfer, while retaining a significant minority stake in the company. CDPQ is a long-term institutional investor that manages funds primarily for public and para-public pension and insurance plans.
CMR – Sushi Itto
Advised Mexican restaurant operator CMR, S.A.B. de C.V. (CMR) on the purchase of Grupo Dasi and its associated businesses in a cash and stock deal. Grupo Dasi, based in Mexico City, runs the Sushi Itto restaurant chain, consisting of more than 140 sushi eateries across 20 states in Mexico. It also owns food producer and supplier Novalimentos, which serves more than 2,000 establishments. CMR operates eateries in Mexico under various brands including Chili's, Olive Garden, Red Lobster and Nescafé.
Credit Suisse – AlphaCredit
Advised a special purpose vehicle incorporated by Credit Suisse (CS), in connection with a MXN 600 million subordinated secured acquisition financing facility to finance part of the purchase by AlphaCredit Capital (AlphaCredit) of 100 percent of the shares of Prestaciones Finmart and subsidiaries. AlphaCredit is a leading non-regulated financial institution with a special focus on payroll deduction lending to government employees in Mexico. There was significant scarcity value on this trade, as it was one of the largest potential consolidation plays in the payroll deduction lending industry, positioning AlphaCredit as the second largest payroll deduction lender in the country.
Credit Suisse – IRL Holding
Advised CS in connection with a MXN 500 million secured acquisition financing facility to finance the purchase by IRL Holding (IRL Holding) of 100 percent of the shares of Sekura Asesores. ILR Holding is a leading insurance and surety broker in Mexico. The transaction allowed IRL Holding to acquire one of the top three surety brokers in Mexico.
Credit Suisse – Engenium
Advised CS in connection with a MXN 600 million secured financing facility Engenium Capital, one of the leading independent asset-based finance companies in Mexico, focused primarily on equipment finance solutions. Engenium Capital is the rebranded successor to the equipment finance business of GE Capital Mexico. The proceeds of the facility were used to finance Engenium's portfolio origination.