Deal-making has largely disappeared in Latin America as buyers put acquisition plans on ice while they seek discounts to reflect the impact of COVID-19 on valuations and also move to strengthen force majeure and material adverse event clauses for eventual closings.
For corporate lawyers in the region, this means work has turned more toward offering strategic advice, arbitration services and even restructuring. Some strategic buyers that had allotted capital for acquisitions have instead opted to stash those funds for the lean months ahead, while sellers have seen their businesses shrink amid quarantines and shutdowns.
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