Much of the securitisation work at Gómez-Acebo & Pombo last year involved key practitioners Ángel Varela Varas and Fernando Herrero, who continuously provide legal assistance to the firm’s main client the fund manager Ahorro y Titulización (AyT). “Varas is a very good debt and securitisation lawyer,” says one peer....
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Much of the securitisation work at Gómez-Acebo & Pombo last year involved key practitioners Ángel Varela Varas and Fernando Herrero, who continuously provide legal assistance to the firm’s main client the fund manager Ahorro y Titulización (AyT). “Varas is a very good debt and securitisation lawyer,” says one peer.
One highlight saw the duo advise on the incorporation of the securitisation fund ICO Mediación II AyT, FTA, which was created to help the Spanish public-owned credit institution Instituto de Crédito Oficial (ICO) to securitise its credit rights before all Spanish credit institutions participating in the ICO’s financing mediation. It was believed to be the largest securitisation fund created in Spain to date.
On another occasion, Varas and Herrero teamed up again advising on the amendment of more than 20 securitisation funds in order to obtain a second rating, further required by the European Central Bank (ECB).
The ECB also called in the team, led by Fernando Igartua and Santiago Gómez-Acebo, to advise on the creation of an urban development fund, which will be managed by BBVA within the Joint European Support for Sustainable Investment in City Areas (Jessica). The initiative permits EU member states to use structural funds in repayable investments within city areas.
Varela and Herrero were again involved when the firm acted for two banks on their bond issuances. The first, cédulas hipotecarias (Spanish covered bonds) were issued by savings bank Cajasur with the backing of the Spanish state and were worth €450 million. The second saw the duo advise Caja Segovia Bankia on a €200 million bond issue, which was closed in March 2011.
“Among others in tier-four, Gómez-Acebo possibly is the one having more transactions, I would say this firm is more active than other firms,” says one rival
Co-head Fernando de las Cuevas Castresana was involved advising on a €1 billion mandate for Allianz on the acquisition of various Spanish companies, including Europensiones, Eurovida and Popular Gestión.
The team then advised the subsequent contribution to a holding company Allianz Popular, a joint venture between Banco Popular and Allianz.
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Gómez-Acebo & Pombo is recognised as “a good firm, they've a good team doing financing, they did a lot of things before crisis”, according to one competitor.
One of the biggest mandates at the firm last year saw Ángel Varela act for both Caixanova and Caixa Galicia on all the banking related work including regulatory aspect in relation to the savings banks’ merger....
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Gómez-Acebo & Pombo is recognised as “a good firm, they've a good team doing financing, they did a lot of things before crisis”, according to one competitor.
One of the biggest mandates at the firm last year saw Ángel Varela act for both Caixanova and Caixa Galicia on all the banking related work including regulatory aspect in relation to the savings banks’ merger. The move enabled the newly created institution NovaCaixagalicia to raise its capital base amounting to €78 billion and it is now ranked on the fourth place among the largest savings banks in Spain.
The firm has also involved in a couple of refinancing transactions. One example was when Verónica Romaní led the team advised Assignia Infraestructuras on the €280 million debt refinancing, motivated by the acquisition of Assignia by the Essentium Group.
Though the Spanish real-estate sector has been extremely difficult in the recent years, the firm has managed to advise on some notable deals. Romaní was again involved when his team advised a banking syndicate, led by Caja Sur, on the €100 million refinancing of Fergo Aisa, a listed Spanish construction company.
Miguel Lamo de Espinosa then led the team advising a syndicate of lenders, led by Caja Madrid, on the debt restructuring of the Filmax Group for approximately €100 million, as well as its subsequent insolvency proceedings of the group.
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Gómez-Acebo & Pombo’s biggest deal last year saw lead partner Fernando de las Cuevas lead the Spanish team advising Allianz on the acquisition of 60% of the Spanish companies, including Europensiones, Eurovida and Popular Gestión which are involved in insurance, pensions and asset management respectively. “Gómez-Acebo is a good firm, they represent the sellers, it's a good firm in tier three,” comments one peer....
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Gómez-Acebo & Pombo’s biggest deal last year saw lead partner Fernando de las Cuevas lead the Spanish team advising Allianz on the acquisition of 60% of the Spanish companies, including Europensiones, Eurovida and Popular Gestión which are involved in insurance, pensions and asset management respectively. “Gómez-Acebo is a good firm, they represent the sellers, it's a good firm in tier three,” comments one peer.
De Las Cuevas also advised Grupo Interbank, a Peruvian financial service provider, on the acquisition of Peruvian pharmacy chain Inkafarma, as well as acting for the borrower Interbank on the acquisition finance provided by a group of banks. The mandate was worth €350 million.
One competitor points out that “Pérez-Llorca is a good firm. They've very strong real-estate market, but now have suffered a lot”.
Partner Iván Delgado was involved in a number of notable M&A transactions last year. In one occasion, he led the team advised Johnson & Johnson Group on the 100% share acquisition of McNeil Consumer Healthcare as part of the group’s restructuring process in Spain. In another Delgado advised an LSE-listed distribution group Bunzl on the 100% share capital acquisition of Juba Personal Protective Equipment and Guantes Juba.
In the infrastructure sector, Pedro Pérez-Llorca and Vicente Conde led the team advising a private-equity firm CVC on the acquisition, together with ACS, of a 25.8% stake in Abertis, which has a global interest in toll roads, telecoms, airports and other assets. The deal is priced at €3 billion.
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One of the outstanding mandates last year for Gómez-Acebo & Pombo saw the firm advising the Spanish real-estate developer Martinsa-Fadesa and its subsidiary groups on the insolvency proceedings in order to restructure their debt. Lead partners Francisco Peña and María José Paz-Ares led the team and obtained a restructuring agreement priced at €7....
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One of the outstanding mandates last year for Gómez-Acebo & Pombo saw the firm advising the Spanish real-estate developer Martinsa-Fadesa and its subsidiary groups on the insolvency proceedings in order to restructure their debt. Lead partners Francisco Peña and María José Paz-Ares led the team and obtained a restructuring agreement priced at €7.4 billion.
Leading the team in restructuring transactions on the bank side is the firm's key partner Miguel Lamo de Espinosa. One example saw him act for Caja Madrid on a €100 million debt restructuring of the Filmax group, as well as the subsequent insolvency proceedings of Filmax. De Espinosa was also called in on another occasion when the firm advised a syndicate of lenders led by Banesto on the debt restructuring of Grupo Gestair. The cross-border transaction also involved the Portugal and UK offices and was valued at approximately €60 million.
In the paper market, José María Álvarez Arjona led the team advising on Rottneros Miranda's insolvency proceedings. Rottneros Miranda is one of the largest companies within the paper market and a subsidiary of the Swedish group Rottneros.
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