The Spanish firms first expanded into the region in the late 1990s and early 2000s, when clients such as Banco Santander, S.A., and Telefónica S.A. started doing business there. Spanish direct investment in Latin America grew dramatically from €365 million in 1993 to a high of €31 billion in 1999, according to Spanish government figures; while the level of investment has tapered off since, it has remained above €3 billion a year. “Spain, as a country, has made one of the heaviest investments of any country in Latin America over the last 15 years,” says Cravath, Swaine & Moore’s David Mercado, a London-based Latin American corporate specialist.
But as more international firms enter the market—especially Brazil, where at least half a dozen U.S. and U.K. firms have opened in the past three years—the field is getting more crowded.
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