Mexico has hosted the first initial public offering (IPO) of
a special purpose acquisition company (SPAC), launching a new
asset class in Latin America.
Vista Oil & Gas also became the first company in the
sector to be publicly traded in Mexico, four years after the
country ended state-backed Petroleos Mexicanos’
monopoly and allowed private companies to operate in the energy
production and exploration market.
The transaction presented a few regulatory and structuring
obstacles due to its status as a first-of-its-kind in
"Mexico never really had a
sponsor that was truly committed to pushing through the
IPO of a SPAC"
"Since there was no precedent in Latin America for the
transaction, all of the structuring and documentation had to be
newly created," said Roderick Branch, partner at Latham & Watkins,
which acted as US counsel to Vista. "Everything was very
More flexible IPO rules
Riverstone, Vista’s private...