Arias has advised Grupo Terra in the signing of an SPA which would allow them to acquire the majority of shares of Citibank's Consumer banking business and Insurance business in El Salvador, operated by Citibank El Salvador, S.A. and other legal vehicles and Seguros e Inversiones (SISA) and its subsidiaries.
On the other side, Arias also provided counsel to long-time client Citibank as the seller.
The agreement was signed on December 19, 2015 and remains subject to local regulatory approval. The value was not disclosed.
Greenberg Traurig acted as New York counsel for Grupo Terra, while Skadden, Arps, Slate, Meagher & Flom advised Citibank as their NY counsel. Both firms worked hand in hand with Arias teams in El Salvador.
As advisors to both buyers and sellers, Arias has demonstrated its ability not only in handling transactions that involve a great deal of complexity, but also that it has a mature internal structure of specialists with the capability of working with the highest level of confidentiality in order to protect the client's best interest. Both sides (seller and buyer) were aware of Arias' expertise in handling most of the country's biggest and most complex M&A transactions.
Part of the Arias teams that worked on the deal:
Arias El Salvador
Counsel to Citibank:
- Ana Mercedes López (Partner)
- Armando Arias (Partner)
- Mario Lozano (Associate)
- Marcela Deras (Paralegal)
Counsel to Terra:
- Zygmunt Brett (Partner)
- Mariana Nochez (Associate)