Tracy Varela Calderón

Senior Counsel, Costa Rica

Practice areas


Tracy Varela Calderón

Senior Counsel, Costa Rica


  • She started working in Arias in January 2013. She is part of the Mergers & Acquisitions and Antitrust Departments.
  • Her role 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.
  • Her most relevant cases: - Sale of Telefónica to Millicom. - Acquisition of Agricenter by Grupo AMVAC (coordination of regional transaction). - Sale of El Gallito, by Mondeléz 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)

Client's feedback

  • ‘Tracy Varela is spectacular.’ – The Legal 500

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