COLOMBIA
Nicaragua
Panama
Venezuela
Costa Rica
Colombia Bogota
Law and Practice Contributed by: Gabriela Mancero, Daniel Peña, Maria Fernanda González
Ecuador
Brazil
Peru
and Andrea Sánchez Gallardo Peña Mancero Abogados
Contents 1. Market Trends p.93 1.1 Technology M&A Market p.93 1.2 Key Trends p.93 2. Establishing a New Company, Early-Stage Financing and Venture Capital Financing of a New Technology Company p.93 2.1 Establishing a New Company p.93 2.2 Type of Entity p.94 2.3 Early-Stage Financing p.94 2.4 Venture Capital p.94 2.5 Venture Capital Documentation p.95 2.6 Change of Corporate Form or Migration p.95 3. Initial Public Offering (IPO) as a Liquidity Event p.95 3.1 IPO v Sale p.95 3.2 Choice of Listing p.95 3.3 Impact of the Choice of Listing on Future M&A Transactions p.96 4. Sale as a Liquidity Event (Sale of a Privately Held Venture Capital- Financed Company) p.96 4.1 Liquidity Event: Sale Process p.96 5.1 Trends: Spin-Offs p.96 5.2 Tax Consequences p.96 5.3 Spin-Off Followed by a Business Combination p.97 5.4 Timing and Tax Authority Ruling p.97 6. Acquisitions of Public (Exchange-Listed) Technology Companies p.98 6.1 Stakebuilding p.98 6.2 Mandatory Offer p.98 6.3 Transaction Structures p.98 6.4 Consideration and Minimum Price p.98 6.5 Common Conditions for a Takeover Offer/Tender Offer p.99 6.6 Deal Documentation p.99 4.2 Liquidity Event: Transaction Structure p.96 4.3 Liquidity Event: Form of Consideration p.96 4.4 Liquidity Event: Certain Transaction Terms p.96 5. Spin-Offs p.96
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