Baker McKenzie Advised Frontino Gold Mines Limited on the Sale of its Assets to Zandor Capital
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Bogota, Colombia, August 23, 2010 - Baker & McKenzie has advised Frontino Gold Mines Limited ("FGM"), the owner of one of the largest gold mines in Colombia, on the sale of its assets of to Zandor Capital S.A. Colombia. The transaction value was over USD200 million.
In addition to the M&A elements of the transaction, one of the key elements was to make sure that the proceeds of the sale were mainly devoted to the payment of a "pension transfer" (conmutación pensional) to the Colombian Social Security Institute (Instituto de los Seguros Sociales) ("ISS"), so that the pension obligations were assumed in full by the ISS. Formal delivery of the assets is scheduled to take place this month, subject to the transfer registration of the key mining title being completed.The Baker & McKenzie team included partners Alejandro Mesa (M&A), Jaime Trujillo (M&A), Evelyn Romero (Labor), Tatiana Garcés (Labor) and Jaime Vargas (Tax) with assistance from senior associates Cristina Rueda (M&A) and Ciro Meza (Tax).
Nestor Humberto Martínez (Martínez Neira), Jorge Neher (Macleod Dixon) and David Beltrán (Martínez Neira) acted for Zandor Capital S.A. Colombia. General counsel Carolina Florez was actively involved in all aspects of the transaction.