Tracy Varela Calderón

Senior Counsel, Costa Rica

Practice areas


Tracy Varela Calderón

Senior Counsel, Costa Rica


  • I started working in Arias in January 2013. I am part of the Mergers & Acquisitions and Antitrust Departments. My role in Arias involves: Leading teams in conducting cross-border mergers and acquisitions transactions, both in the Due Diligence phase and in the documentation and negotiation phase. Advising multinational and domestic clients on transaction structuring issues for large corporate transactions. Drafting and preparation of corporate and transactional documents, including shareholders’ agreements, stock purchase agreements and asset purchase agreements. Planning, managing and executing due diligence proceedings for corporate transactions. Preparation of legal opinions on corporate, financial, antitrust and banking issues, primarily for multinational clients in both English and Spanish. Relevant cases: - Sale of Telefónica to Millicom. - Acquisition of Agricenter by Grupo AMVAC (coordination of regional transaction). - Sale of El Gallito, by Mondelez to Dos Pinos. - Sale of Grupo Rudelman to Inchcape. - Sale of the concessions of the Daniel Oduber and Juan Santa María airports. - Acquisition of the concessions of Caldera Port by SAAM. - Acquisition of Monteverde by Sigma Alimentos. - Structure of financing facilities of Premium Restaurant Brands Luxembourg SARL (PRB). - Acquisition of Hacienda Alsacia by Starbucks (first Starbucks’ fully-owned coffee property in the world).


  • Master in Finance November, 2019 INCAE Business School
  • Commercial Law Special Degree (Pending Final Examination) Universidad de Costa Rica
  • Public Notary Degree Universidad Latinoamericana de Ciencia y Tecnología December 2015 Cum Laude Degree
  • Emphasis in Banking and Financial Law Universidad de Costa Rica December 2012 Graduation Thesis received high Honors

  • Listed in Chambers Latin America.


  • International Bar Association (IBA)

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