Santiago Llano Zapatero
Practice Areas
Sectors
Languages
- English
- Spanish
Santiago Llano joined the firm as a partner in 2017.
He has extensive experience advising companies operating in Mexico and Latin America, as well as Mexican companies conducting business abroad. His practice includes the structuring of public and private investments through equity and debt, mergers and acquisitions, new business development, restructurings, and representation before partners and tax authorities. He advises clients across key sectors, including energy (oil, gas, and power), financial services, and real estate, and supports private equity funds investing in Mexico.
Santiago also has significant expertise in transfer pricing, providing guidance on restructurings, audits, disputes, advance pricing agreements, and other transactional matters. He combines a strategic perspective with practical tax solutions, helping clients navigate complex domestic and cross-border operations.
Relevant Experience
- Represented Equinor in the investment structure in México as well as in diverse business transactions.
- Represented Pattern Energy in diverse merger and acquisitions transactions in connection with renewable projects in Mexico.
- Represented EVM Energía del Valle de México Generador in structuring its joint venture with General Electric to develop an 850 MW greenfield combined cycle power plant as well as in diverse financing transactions.
- Represented Grupo Acciona structuring the acquisition of a real estate asset to develop residential property in Mexico.
- Represented Amundi Asset Management with the analysis of the Mexican tax treatment of their first ever exchange traded fund.
- Represented Blackrock México Infraestructura II on a 144A/Reg S, 4(a)(2) private placement of Senior Secured Notes.
- Represented Banco Sabadell, in determining the principles under which it should finance the so called “Value Added Tax Loans” in light of the reforms made to the Value Added Tax Law.
- Represented Total on the structuring of its Mexican investment from both an international and domestic tax perspective.
- Represented SunEdison, in a group restructuring for the sale of its Latin American assets to Actis Capital.
- Represented Sodimac México, with its land acquisition strategy for the construction of more than 15 stores across different States in Mexico.
Awards and Recognitions
- “Highly Regarded”, World Tax, Tax, 2024.
- "Recommended", Legal 500, Tax, 2025.
Education
- Master’s in Tax Law, Universidad Panamericana, Mexico City, 2010.
- Bachelor’s Degree in Accounting, Universidad Panamericana, Mexico City, 2008.