Un Material Adverse Effect (MAE) se refiere a un evento, cambio, efecto o circunstancia que tiene un impacto relevante y negativo en el negocio, situación financiera o resultados operativos del negocio objetivo de una operación. Suele ser una condición de cierre en operaciones con firma y cierre diferidos. Una cláusula MAE bien estructurada puede marcar la diferencia entre tener certeza de cierre u opcionalidad para el comprador.

The entry into force of the electricity reform on March 19, 2025, with the enactment of The entry into force of the electricity reform on March 19, 2025, with the enactment of the Electricity Sector Act (LSE) and other complementary provisions, has structurally transformed the functioning of the electricity sector in Mexico.

On March 18, 2025, certain reforms in the field of hydrocarbons were published in the Official Gazette of the Federation, through the decree enacting the Hydrocarbons Sector Act (the “LSH”), the National Energy Commission Act (the “CNE Act”) and the Law on the State Public Company, Petrleos Mexicanos (the “PEMEX Law”) and the Mexican Petroleum Fund Act for Stabilization and Development and the Organic Law of the Federal Public Administration, and by decree amending the of Revenue about Hydrocarbons.