Offshore firms are increasingly building Brazil, as well as other Latin American destinations, into their emerging markets portfolio. LB assesses the varying strategies in tackling the New World.
The opportunities in Brazil for offshore legal advisers are increasingly on the rise. In December 2010, Conyers Dill & Pearman’s São Paulo office managing partner Alan Dickson provided Bermuda law advice to Brazilian investment bank BTG Pactual on its sale of a $1.6bn stake to a consortium of international investors, marking the biggest eversovereign wealth fund commitment in Brazil. Again led by Dickson, in July 2011 Conyers, alongside Milbank, Tweed, Hadley & McCloy in New York and Arias, Fabrega & Fabrega in Panama, advised Queiroz Galvão Óleo e Gás (QGOG) – a Brazilian conglomerate involved in developing large-scale projects in various sectors – on a $700m bond issue to refinance the drilling rigs Atlantic Star and Alaskan Star.