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 many 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. This 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 entities, Iker 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 delivers insights to businesses and institutions in the highly complex area of competition law by drawing on his hands-on experience in antitrust investigations and merger clearances both in Mexico and globally. Iker worked 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, 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 in 2013.

Iker is currently advising companies involved in market investigations and cartel investigations, including on cases related to 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


FINDEP US$80 Million Notes Tender Offer, 2016

Representation of Financiera Independencia, (FINDEP) on its cash tender offer to purchase approximately US$80M of its 7.5% senior notes due 2019. FINDEP undertook the transaction to reduce its net debt and improve its US dollar and Mexican peso debt profile by transitioning more of its debt to the peso, which is FINDEP's functional currency.  FINDEP is a Mexican microfinance lender of personal loans to individuals and working capital loans to groups through group lending microfinance.

Haier's US$5.4 billion acquisition of GE's global home appliances businessin Mexico, 2016

With our Firm acting as global counsel, Iker represented China-based Haier, a global leader in home appliances, as local counsel, in its US$5.4 billion acquisition of GE's global home appliances business.  In Mexico, this included the acquisition of GE's operations in Mexico through MABE, a major home appliance subsidiary in Mexico and throughout North and Latin America.  The transaction combines leading home appliances businesses in China and the Americas, creating a new global entity.  The deal was approved by COFECE in Mexico in May 2016, and the global deal closed in June 2016.

Panasonic's US$1.5 billion global acquisition of Hussmann appliances business, 2016

Iker acted as local counsel for Panasonic in the US$1.5 billion reverse merger acquisition of Hussman Holdings, a major manufacturer and seller of commercial and industrial refrigeration equipment.

AlphaCredit's purchase of Prestaciones Finmart, 2016

Iker represented MCRFP, a special purpose vehicle incorporated by Credit Suisse, on a MXN 600 million subordinated secured acquisition financing facility to finance part of the purchase by AlphaCredit Capital of 100 percent of the shares of Prestaciones Finmart and its subsidiaries. AlphaCredit is a leading non-regulated financial institution with a special focus on payroll deduction lending to government employees in Mexico.

Sale of 49 Percent of Maskota's Capital Stock, 2016

Iker represented Maskota, SA de CV in the sale of 49 percent of its capital stock. Maskota is the petcare market leader in Mexico.

Grupo Turín's sale of Turín Holdings, 2016

Iker represented Grupo Turín and its shareholders in the sale of Turín Holdings to Mars Inc.

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 acquisition of Comex Central America by PPG Industries, Inc. Consorcio Latinoamericano operates a network of 57 paint stores across Central and South America.

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, for which it has paid MXN1.8 billion.

PPG Industries, Inc.'s acquisition of Comex Mexico, 2014

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 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.

Speaking Engagements

Participated in the Mergers Panel at the seminar "Current Antitrust Topics" organized by the International Chamber of Commerce (ICC) Mexico. November 22, 2016.

Participated in the roundtable "Pending Matters and Definitions after 10 Years of the Leniency Program" at the Antitrust Day organized by the Mexican Competition Federal Commission (COFECE). October 24, 2016.

Participated as Non-governmental advisor in the breakout session "Innovative remedies" at the International Competition Network (ICN) Cartel Workshop held from October 2-5, 2016. The mandate of the Cartel Working Group is to address the challenges of anti-cartel enforcement; law firms are invited to participate as non-governmental advisors.

"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


  • 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."