Afore XXI, S.A. de C.V. completed the acquisition of Administradora De Fondos Para El Retiro Banorte's , S.A. De C.V. from Banco Bilbao Vizcaya Argentaria, S.A..
As of November 29, 2012, the transaction was approved by Mexico's pension fund regulator Consar. Ruben Kraiem, Gabriel Mesa, Cecile Zwiebach, Robert Heller, Michael Francese, Katherine Mineka, Lee Tiedrich, Jessica Milner, James O'Connell, Rebecca Carr, Peter Schwartz and Courtney Heizenrader of Covington & Burling LLP acted as legal advisors to Afore XXI Banorte, S.A. de C.V. Fernando de Ovando and Mauricio Castilla of Jones Day and Haynes & Boone also acted as legal advisor to Afore XXI Banorte, S.A on Mexican law matters. William Torchiana, Richard Morrissey, Sergio Galvis, Neal McKnight, Joram Lietaert Peerbolte, Lucas Carsley, Brendan Franich, Adam MacLeod, Kiran Kadekar, Christopher Payne, Jorge Solis, Jesse Dungan, Eugenio Labadie, Rebecca Coccaro, Robin Kelly, Allison MacDonald, Blaze Waleski, Julie Newman, Ronald Creamer Jr. and Ritch Mueller of Sullivan & Cromwell LLP acted as legal advisors for Banco Bilbao Vizcaya Argentaria. Morgan Stanley acted as financial advisor for Banorte Afore XXI Banorte. Goldman, Sachs & Co. acted as financial advisor for Banco Bilbao. Cleary, Gottlieb, Steen & Hamilton LLP acted as legal advisor for Goldman, Sachs. The currecny conversions were done using www.oanda.com on December 31, 2011.
Afore XXI, S.A. de C.V. completed the acquisition of Administradora De Fondos Para El Retiro Banorte's , S.A. De C.V. from Banco Bilbao Vizcaya Argentaria, S.A. (CATS:BBVA) for $1.7 billion on January 8, 2013. The transaction has been approved by the Federal Competition Commission.