Francisco Ugarte

+56 2 2928 2201

His practice focuses on advising international and local clients in mergers and acquisitions, including tender offers, auction processes, acquisitions of companies and assets, negotiated transactions, joint ventures, private equity transactions, securities and debt offerings, derivatives, project financing and development, representing both corporations and financial institutions.


  • IFM Investors in the sale of Pacific Hydro, a renewable energy company with assets in Australia, Chile and Brazil, to State Power Investment Corp. of China. This deal was recognized as Cross-Border M&A Deal of the Year of 2016 by Latin Finance.
  • Danone, a French multinational food company, on the sale of its subsidiary to Watt’s, a Chilean listed company.
  • Mitsubishi Materials Corporation on the acquisition of the division of special products of Luvata, a company with 16 production facilities in 12 countries in America, Europe and Asia.
  • Mesoamerica, a leading M&A advisory and private equity firm in Latin America focused on Central America and the Andean Region, on the due diligence process and acquisition of a majority stake of Unifood, a leading group in the Chilean fast-food industry. Unifood owns and operates brands the Pedro Juan & Diego, Pollo Stop, Fuente Nicanor and XS Market, with more than 120 stores in Chile.
  • Masisa on launching a tender offer for the partial repurchase of its 9.5% senior notes due 2019, issued and placed in the international markets on May, 2014 under Rule 144A and Regulation S of the U.S. Securities and Exchange Commission, for a maximum amount of USD100 million. The aggregate value of the notes issued and placed in 2014 was for USD300 million.
  • Banco de Crédito e Inversiones on the purchase and regulatory approving before the SBIF, Chilean Central Bank and the Federal Reserve, of the City National Bank of Florida, the second largest bank in Miami, for USD946.9 million. This transaction was the largest Chilean investment in the U.S.
  • Barrick Gold Corporation on the sale of 50% interest in the Zaldívar copper mine in Chile to Antofagasta PLC for USD1.005 billion.
  • Triton, a private equity investment firm, on the sale of Compo Expert to XIO Group, an alternative investments firm with research arms in Hong Kong, London and Shanghai.
  • Alpek, a Mexican petrochemical company, on the acquisition of Aislapol, the leading converter of expandable polystyrene (EPS) with 40 years of history in Chile, to BASF, the world’s leading chemical company.
  • Scotiabank Chile on the negotiation of a 15 year business alliance between Cencosud, Cencosud Retail and other Cencosud subsidiaries for the joint furthering of the consumer finance business in Chile.
  • Tenedora de Cines, Carbondale and Cine Hoyts on a credit agreement for up to USD350 million to be executed as soon as possible between JPMorgan Chase, Bank of America, Bank of America, J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith.
  • Salmofood on the restructuring of its credit with Trusal, a salmon and trout producer, due to the merger of Trusal and Pacific Star, a salmon farmer, which will create a new holding company, Salmones Austral.
  • Origin Energy on the acquisition of 51% of hydroelectric company Energía Austral from Xstrata Chile for USD150 million.
  • Bain Capital on the acquisition of Atento, the largest call center company of Latin America, from Telefónica España for a global amount of €1.039 million, and in the international financing of the acquisition.
  • HSBC Securities, J.P. Morgan Securities and Merrill Lynch, Pierce, Fenner & Smith, as underwriters, on the placement of the international sovereign bond issued by Chile in 2012  for USD1.5 billion.
  • Canada Pension Plan Investment Board on the acquisition of a 49.99% stake of Grupo Costanera, the Chilean unit of motorway operator Atlantia, for USD1,125 million.
  • Alicorp, a Peruvian company and regional leader in the preparation of mass consumption products, industrial supplies and animal nutrition food, and part of the Peruvian conglomerate “Grupo Romero”, on the acquisition of 100% of the local fish feed company Salmofood.
  • J.P. Morgan Chase Bank on the USD2.5 billion loan granted to Cencosud, Chile’s largest retailer, for the acquisition of Carrefour in Colombia.


  • Recognized in Corporate and M&A, and in Capital Markets, Chambers Latin America.
  • Recognized in Corporate and M&A; Banking and Finance; Capital Markets, and in Energy, Latin Lawyer 250.
  • Recognized as Best Individual Lawyer in Derivatives and in Mergers and Acquisitions, Client Choice Guide (2012 and 2014).
  • Recognized in Corporate and M&A, and in Capital Markets, LACCA.
  • Ranked as one of the leading corporate lawyers in Chile under the age of 40, Latin Lawyer (2003).
  • Recognized in Banking and Finance; Capital Markets; Corporate and M&A; Private Equity and Investment, Best Lawyers.
  • Recognized in Corporate and M&A, Who’s Who Legal.


  • Professor of the LL.M. program, Universidad Católica de Chile (since 2010).
  • Vice-Chair of the Latin America and Caribbean Committee, Section of International Law, American Bar Association (ABA) (2017-2018).
  • Member of the Section of International Law, ABA
  • Member of the International Bar Association.
  • Member of the board of Bci Corredor de Bolsa and chair of the board of Votorantim Andina.
  • Professor of Corporation Planning and M&A, Universidad Adolfo Ibáñez (2009-2012).
  • Professor of Business Organization, Universidad del Desarrollo (2009).
  • Foreign Associate, Project Development & Finance Group, Shearman & Sterling, New York (2001-2003).
  • Member of the Chilean Bar Association.


  • Author of the Introduction “Legal innovations that foreign investors should be aware of”, ILFR Guide (2014).
  • Co-author of “Secured Transactions South of the Border: Chilean Highlights and Recent Developments”, Conference on Consumer Finance Law, Quarterly Report, Vol.66, n°3 y n°4, Oklahoma City University Law School (2012).
  • Author of the Chilean chapter in “Essentials of Merger Review”, International Antitrust Committee, American Bar Association (2009).
  • Co-author of the Chilean chapter in “Merger Control Worldwide”,  Cambridge University Press (2005).
  • Contributor in several legal reforms promoted by the Chilean government and other non-governmental entities, including the NCG 30’s reform by the Insurance and Securities Commission regarding the registration of securities and debt offerings; the new regulation on corporations; the new law that facilitates the registration of a new business and the code for the certification of mining projects that seeks to facilitate the financing and IPO of new and junior mining companies; among others.


  • Frequent lecturer on various corporate finance, securities, M&A, private equity and corporate governance topics in seminars and conferences organized by the ABA, Latin Lawyer and the Chilean Bar Association, among others.

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