Estudio Echecopar, member firm of Baker Mckenzie International, acted as Peruvian counsel to Fondo Larraín Vial Renta Fija Latinoamericana FI (the “Peruvian fund”), as acquired fund, and Moneda Deuda Latinoamericano Fondo de Inversión (the “Chilean fund”), as acquirer fund, in connection with a cross-border merger that involved the acquisition of the Peruvian fund´s total assets by the Chilean fund. By means of the cross-border merger, the Chilean fund absorbed the Peruvian fund, which ceased to exist, being its assets transferred to the Chilean fund.
The team that advised Fondo Larraín Vial Renta Fija Latinoamericana FI and Moneda Deuda Latinoamericana Fondo de Inversión was led by partners Alonso Miranda and Paolo Robilliard, senior associate Renzo Luna and associate Juan Francisco del Campo.
The transaction was particularly complex and sophisticated, as it (i) involved a cross-border merger of investment funds, being the first merger of this kind implemented in Peru, (ii) there is not a specific legal framework which regulates mergers between investment local funds and, even less, with respect to investment funds established in different jurisdictions, and (iii) legal considerations of both of the involved jurisdictions were be applied concertedly to meet the specific requirements of the applicable laws.
Following the effective date of the cross-border merger, the Chilean fund has assets of USD 2.3 billion under its management, having become the largest Latin American corporate debt fund in the world.