Spain

IFLR1000 Reviews

Overview

Solicitors governing body: Consejo General de la Abogacía Española

Competition authority: Comisión Nacional de los Mercados y la Competencia

Financial regulator: Comisión Nacional del Mercado de Valores

IFLR1000 ranking categories in this jurisdiction: 

Banking, Capital markets : Debt, Capital markets : Equity, Capital markets : Structured finance and securitisation, M&A, Project developmentProject finance, Restructuring and insolvency

Jurisdiction overview

There is limited legislative regulation in place to restrict the practice of law in Spain, and lawyers from all bars in EEA states are permitted to practice. Foreign firms do not need to acquire specific approval to establish themselves in the jurisdiction, and as a result the market is flooded with foreign firms from a variety of countries. 

In spite of this, three of the jurisdiction's largest firms are Spanish in origin. Cuatrecasas Gonçalves Pereira has nearly a thousand lawyers across its global network, and Garrigues and Uría Menéndez are also visible on a multitude of transactions every year. Aside from these three firms, Gómez-Acebo & Pombo and Pérez-Llorca come as recommended domestic outfits. 

English magic circle firms hold a significant share of the market alongside several other English firms. There are also several American based firms in the market, although their activity is less palpable than that of the English firms. Baker & McKenzie, Jones Day and Latham & Watkins are all established, while Davis Polk & Wardwell, operates as a US law only capital markets boutique.

The Spanish legal market is also home to the legal arms of some of the world’s largest consultancy firms; Deloitte, KPMG and EY are all currently active. 

The Spanish system of civil law has influenced the civil codes found in South America and other former colonies around the world. The legal market is also closely linked to that of Portugal, and several international firms active in Madrid share resources with Lisbon counterparts.

The majority of the legal work undertaken in Spain occurs in its capital, Madrid, but due to national polarity with its second city, Barcelona, most firms also have offices in the Catalonian city. 

Financial and corporate
Garrigues

Garrigues is one of Spain’s leading domestic firms and secures top tier rankings in all of our ranked categories.

In banking and finance recently the firm has acted as counsel for lenders and borrowers on general corporate finance, acquisition finance, refinancing, project finance and credit facilities deals.

In the debt capital markets area the firm advised issuers on notes issues, mortgage covered bonds, senior secured notes and convertible bond issues. On the equity side the firm worked for issuers on capital increases and on listings in the Alternative Stock Market. Additionally, in structured finance and securitisation, the firm acted on a number of deals advising originators and rating agencies, like DBRS Ratings and BBVA.

In M&A, highlights included advising acquirers on deals in the real estate, telecommunications and infrastructure sectors and working for sellers on the media, gaming and power industries.

In restructuring and insolvency the firm advised a mix of creditors and debtors on long-term deals in the energy, real estate, construction, retail and infrastructure space.

During the research period M&A partner Jose María Gil-Robles left the firm to join DLA Piper.

Recent Deal Data highlights

•Adveo Group €200 million restructuring

•Blackstone €1.5 billion acquisition of Cirsa

•Blackstone €1.9 billion acquisition of a 16.5% stake in Hispania

•Caixabank €1.7 billion consumer loans securitisation

•Deutsche Bank €1 billion mortgage covered bond issue

•Orient Hontai Capital €1 billion acquisition of 50% capital share in Imagina Audovisual

•Red Eléctrica €600 million notes issue

•Renomar €221 million financing

Client feedback

"The firm did an excellent work. It has excellent negotiation skills and knowledge of Spanish regulation under de covered bonds." - Capital markets: Debt

"The firm provided quick and direct answers. Garrigues is practical, efficient, has a high technical level and a focus on out of the box. The firm has great contacts and is proactive." - Capital markets: Debt

"Garrigues is deal oriented. Its work can be described as outstanding and superb. The firm has fantastic negotiation skills and is pragmatic with a good sense of strategy." - M&A

"The firm has a good understanding of the situation and its different parts. It has practical solutions for the problems and total availability." - M&A

"The firm is a high technical legal services provider. It is fully dedicated, very professional, efficient and of very good quality." - M&A

"The firm provided excellent support. Since we have been working with Garrigues for many years they have deep knowledge of how we work that facilitates very much cooperation. Availability, knowledge of the sector, high professionalism, competence of the team, and a win-win approach are their strengths. I really do not see any weakness, but maybe the least I like is that it is a quite an expensive firm. However we always get value for money." - M&A

"The firm provided good legal advice and a quick turnaround." - M&A

"The firm's work was outstanding and I am highly satisfied with them. The main strengths are high involvement of the senior partner; attention to detail; 360 service by involving the different specific teams when required (real estate, public law, etc.); very strong people skills; ability to adapt to different M&A environments and very high degree of involvement in the deal. " - M&A

"The principal strength of Garrigues lies in the wide experience of its lawyers and the main weakness is related with the lack of an international law practice." - M&A

"Garrigues has a solid knowledge of waste and waste management legislation which, coupled with their longstanding experience in financing and projects in Spain, has been essential in order to reach financial close for this key transaction. Among their strengths, Garrigues has a solid and large group of lawyers who can assist in complex transactions and who are able to understand difficult technical issues, which need to be properly reflected in the legal documentation. On the less positive side, Garrigues remains a pure Spanish law firm and sometimes lacks from the latest inputs for international market standards. Likewise, Garrigues is sometimes more reactive and proactive, which requires additional efforts from clients." - Project finance

"Strengths: deep knowledge of the project finance industry, dedicated multidisciplinary teams, high involvement of seniors, and it is able to meet tight deadlines. Weaknesses: lack of an international angle." - Project finance 

"Garrigues is a law firm that foresees the risks our company faces and proposes innovative solutions. They also have teams all over the country specialised in different areas that work together to reach the final common objective." - Restructuring and insolvency

"The firm's overall service was outstanding. Strengths: commitment, creativity, punch, regulatory knowledge and seriousness. Weaknesses: perhaps too rigid at some points of the negotiation." - Restructuring and insolvency

"The firm has flexibility, knowledge, and a very professional team." - Restructuring and insolvency

"They are the best on the sector." - Restructuring and insolvency

"Garrigues was acting on behalf of our business to be transferred from one company to another. They have carried out the valuation of the business and have provided the adequate advice on what should be necessary and the best options for the business."

Aida Garcia and Gonzalo Garcia Fuertes

"Both of them did an excellent work."

Gaspar Atienza

"Gaspar Atienza has been leading the firm's team in charge of our business. Gaspar is very commercial, sensitive on pricing, good leader and keeps under control the team's work on a transaction. Gaspar remains generally involved in the particulars of the transaction and is generally available. Need to improve some transparency on time recording, but otherwise delivers good value-for-money work."

"He is proactive, focuses on clients, is practical and thinks outside the box."

Ildefonso Polo

"Ildefonso is a top lawyer. He is extremely hard working and dedicated. He has an excellent knowledge of M&A related law; he also has a very good understanding of other legal aspects surrounding a transaction. He is a great team player. He is incredibly easy to work with and has very strong interpersonal skills. He has a great ability to adapt his approach depending on who is the counterparty. He gets completely involved in every transaction in a way that you almost feel, as he was part of your own team. He finds practical solutions to all the problems as he has an excellent can-do attitude."

Jaime Bragado

"He has very good knowledge and understanding of the problem and was very efficient when providing solutions."

Javier de Rojas

"He has an excellent knowledge of tax aspects, M&A and investments; he is extremely hard working and dedicated. He is really easy to work with and has great people skills."

Juan Verdugo

"He is professional, has knowledge, and is accessible."

"He is amazing, the man to go when we have a problem in Spain."

"His job was excellent. Strengths are his vast knowledge and track record, as well as his creativity and problem-solving approach. I cannot find any particular weakness except perhaps some rigidness during the process."

"Juan has a great capacity to coordinate different teams and follow several issues at the same time. He is close to his client and he is accessible. He goes deep into the detail of problems offering innovative solutions. He knows our company very well and we trust in his opinion."

Monica Martin de Vidales and Xabier Urtiaga

"They have very practical solutions, availability, high knowledge, good understanding of the situation and proactive solutions."

Renata Mendana

"She is a good lawyer with excellent knowledge of local and international legal insights."

Sergio Gonzalez Galan

"Sergio is a top class lawyer. He is very bright, very professional, easy to get along with, very understanding of the problems and always proposing solutions."

Víctor Chiquero

"Víctor Chiquero has led a magnificent team of lawyers at our service. Almost three years have passed and during this time, we have managed to multiply our sales and profits by ten. He has played a key role in this growth of the group in Spain. His services and his intervention have been decisive for us, both at the time of designing our procurement strategy, and in the execution of the same. Víctor has in-depth knowledge of Spanish and international legal regulations, has a magnificent team of exceptional lawyers who masterfully leads, and has a vast personal experience in the advice of multiple operations of great complexity. If I have to highlight something that I admire it is: his humility, his ability to work, his good sense, his honesty, his precision, his ability to respond in real time, his instinct to 'read the game' and to adapt perfectly to the circumstances of the negotiation - all without losing sight of the objectives set, in order to get the deal under optimal conditions."

Xabier Urtiaga

"He is a highly skilled lawyer. He is a hard worker. He is always happy to assist. He has deep knowledge of the project finance industry and a strong capacity to meet tight deadlines. He has a pro-deal approach always providing alternative solutions to get the transaction closed."

Pérez-Llorca

Pérez-Llorca is best known for its M&A practice but it is also strong in equity capital markets.

In banking work recently the firm advised a mix of lenders and borrowers on corporate finance, acquisition finance, refinancing and project finance deals.

The capital markets team is mostly active on equity matters working for issuers on capital increases. It also advised on the debt side working for issuers on bonds and notes issues.

In M&A the firm worked for acquirers on retail, telecoms, real estate, energy, agriculture and technology deals. It also advised sellers in financial services, energy, real estate, aviation and chemicals matters.

In the project development space the team has advised sponsors and project companies in deals in the energy industry. Clients include Marguerite Solar, Marguerite Fund and Sacyr Group.

In restructuring and insolvency the firm advised debtors in the infrastructure, telecoms, technology, energy, real estate, media and construction sectors.

During the research period banking and finance partner Ildefonso Arenas joined the firm from DLA Piper. In addition, M&A partners Alejandro Alberte from Herbert Smith Freehills and Francisco Iso from PwC joined the firm.

Recent Deal Data Highlights

•Blackstone €947 million acquisition of Testa Residencial

•Cellnex Telecom €970 million restructuring 

•CVC Capital Partners €1.1 billion acquisition of Spanish university

•DS Smith £1.5 billion acquisition of Europac

•Minor €2.5 billion acquisition of NH Hotel Group

•PIP6 Aguila Imperial €1.4 bilion acquisit5ion of Eolia Renovabls de Inversiones

•Testa Group $2 billion financing

•Värde Capital €1 billion acquisition of a 49% stake in WiZink

RLD

RLD is a Spanish boutique focusing on M&A work. The team recently worked on deals in the retail, consumer goods, real estate, healthcare and technology sectors, and has done work for acquirers and sellers.

Recent Deal Data highlights 

•CIECH €44.6 million acquisition of Proplan

•Gaw Capital Partners €125 million acquisition of Hospes Hoteles

•Grupo Pikolin acquisition of 49% of Sleep House Colchoes e Accesórios

•OZU €12.5 million acquisition of Celma property 

 

Client feedback

"Over these past years we have worked with the firm in different transactions, but I would highlight those matters with a special legal-business complexity where RLD has always respond in a very quick, professional and impeccable way. This is very important to us. Even in those transactions happening abroad, RLD has even travelled with us to the countries where the matter took place, providing us with a personalised treatment." - M&A

"We work with the firm as a team, they offer a 24 hour service and are very active in the negotiation of the deals." - M&A

Rafael Lopez Dieguez

"He is unique."

"He provided us with quick, efficient and personalized treatment. I know that if I need him I just have to call him and he will directly answer anything I need. I really value this."

Uría Menéndez

Uría Menéndez is one of the most high profile domestic Spanish firms and secures a leading position across all areas of financial and corporate work. The firm works in association with a number of firms across Europe and Latin America.

In banking recently the firm has acted for lenders and borrowers on loans, refinancing, acquisition finance, mortgage-backed financing, syndicated financing and project finance deals.

In the debt capital markets the firm worked for issuers on notes issues, green bonds and convertible bonds. It also advised initial purchasers on senior secured notes. In equity capital markets work the firm represented issuers on capital increases and on an IPO.

In structured finance and securitisation work the firm represented originators, sponsors and purchasers on securitisation programmes, cross-border trade receivable factoring program and NPLs securitisations.

The M&A team advised on matters in the real estate, infrastructure, oil and gas, financial services and energy sectors. The firm worked for acquirers and sellers.

On the project development side the firm acted as counsel to project companies and sponsors on health PPPs and on mining, infrastructured energy projects.

In restructuring and insolvency the firm advised agents, debtors and creditors on deals in the construction, financial services, infrastructure, real estate and retail sectors.

Recent Deal Data Highlights

•AI Candelaria €650 million 7.5% bond issue

•Cellnex Telecom €1.2 billion capital increase

•DS Smith £1.5 billion acquisition of Europac

•Iberdrola €800 million green bonds

•Iberian Assets €250 million mortgage-backed financing

•Lone Star Funds €5.6 billion acquisition of 80% stake in CaixaBank real estate business

•Minor €2.5 billion acquisition of NH Hotel Group

•Telefónica $1.25 billion bond issue

 

Client feedback

"Best law firm, has an extreme attention to detail, and the customer comes first." Capital markets: Debt

"The firm did an excellent work. They are always available and provide straightforward advice. They know all the environments the client can face and are always respected by counterparts and regulatory bodies." - Capital markets: Debt

"The firm has excellent professionals, with deep knowledge of the Spanish equity capital markets."  Capital markets: Equity

"The firm is excellent. It has accuracy, reliability and very good communication." - Capital markets: Equity

"Uria provided the highest level of performance, showing a deep understanding of the client's needs and full knowledge of the law. It has a strong and well-coordinated team with unbeatable responsiveness and efficiency." - Capital markets: Equity

"The firm has in-depth knowledge of securitisation business even including the junior lawyers. I would demand in some occasions more agility answering doubts. " - Capital markets: Structured finance and securitisation

"No weaknesses identified. They excelled in knowledge of business and involved regulation and also in displaying a whole range of resources for a controlled and timely transaction covering all issues." - M&A

"The firm has a high technical level, availability, and supports through all stages of the operation." - M&A

"Uria has showed that they have experience in international deals and in particular in China." - M&A

"Uria is firmly committed to the transactions in which they are involved, from the partner to the junior lawyer from the beginning and far beyond the closing. Strengths: professionalism, commitment, and availability. Weaknesses: macro-perspective." - M&A

"The overall work of the team was very good. We achieved successful outcomes in both transactions. I should stress the thoroughness of their legal work: reading and providing sensible judgement (amending/modifying when necessary) on every detail of every document required for the execution of the transaction, always illustrating good points with regard to possible interpretations. The resilience and determination of the team, was evidenced with lenders of very different nature. Their outstanding project management skills (deadlines were always met, for the benefit of all the parties involved, without any inconvenience). " - Project finance

"The firm has very technical and hardworking lawyers in general. Some partners (Carlos de Cárdenas and Juan Miguel Goenechea) are extremely creative, brilliant and understand very well our transactions. However, other teams and partners of the law firm are less impressive." - Restructuring and insolvency

Alfonso Ventoso

"He is an excellent lawyer. He is trustworthy, proactive and with deep knowledge of Spanish ECM."

Antonio Sanchez

"He is a very approachable lawyer with deep legal technical knowledge. He is good understanding the client's needs and proposing practical solutions."

Borja Contreras

"He has a great technical level, availability, and knowledge in the sector."

Carlos Paredes

"No weaknesses detected. Carlos had a superb management of all team members and issues impacting on the transaction, providing reliable and practical solutions to all matters of concern."

Enrique Nieto

"Enrique's performance has been nothing but outstanding. At his young age, Enrique shows a splendid combination of lawyering skills, and has negotiation abilities to deal with the most complicated counterparties and the execution capacity on solving complex issues with creative solutions."

Jaime Pereda

"Jaime understands the urgencies of the client and provides effective and fast solutions. He is a chief negotiator."

Javier Redonet and Rafael Sebastian

"They have excellent knowledge of technical legal matters and the economic environment. Both have full availability."  

Javier Ruiz Camara

"Javier is a professional and a outstanding lawyer. He is committed to our transactions as if they were his own. Counting with his advice is a guarantee of success."

Javier Tortuero and Juan Alti

"Javier Tortuero and Juan Alti provided extraordinary legal advice. They have an excellent ability to step in their clients shoes, proposing adequate and fair alternatives during the negotiation."

Jose Felix and Zaldivar de la Rica

"They are always thinking of the client first. They are able to dig in to find innovative solutions to tricky issues, it is like a high-end camera, able to zoom in or zoom out at every step, to ensure that its clients meets the deadline and their long-term goal."

Pedro Ravina

"He is highly recommendable. He has large experience in the securitisation business and innovative ways to resolve problems."

 

Ramón y Cajal Abogados

Ramón y Cajal Abogados is recognised across all financial and corporate areas.

In banking, the firm recently advised borrowers and lenders on acquisition finance, refinancing, project finance, loans and debt restructuring deals.

In capital markets work the firm worked for issuers on notes issues, convertible bonds, commercial papers, a capital increase and on an IPO.

In M&A the team represented acquirers on deals in the financial services, real estate, logistics, marketing and health sectors. It also acted as counsel to sellers on matters in the insurance and agriculture industries.

In project development work the firm advised project companies and sponsors on the construction and development of energy projects.

The restructuring and insolvency team worked for creditors, debtors and insolvent parties on matters in the logistics, retail, energy and automotive sectors.

During the research period two M&A partners joined the firm. José Blanco joined the M&A team from White & Case and Miguel García Stuyck from Hogan Lovells. Partner Guillermo Muñoz-Alonso left the firm during the research period.

Recent Deal Data highlights

·         Atom Hoteles €264.7 million Spanish MTF IPO

·         Electro Transformacion Industrial refinancing

·         Inmobiliaria Colonial acquisition of a 22.2% stake in Société Foncière Lyonnaise

·         Inmobiliaria Colonial €650 million 2% bond issue

·         Group Redur restructuring

·         Network Steel €33 million acquisition of Plafesa

·         Norvento Enerxía €127 million wind farm portfolio financing

 

Client feedback

"They are a good firm that is why we work with them for more than 10 years." - Capital markets: Debt

"The firm is exceptional. The work was of high quality, on time, and on budget." - Investment funds

"The firm has quick, motivated and knowledgeable lawyers in our sector and type of transactions. The partner in charge of our business is especially good." - M&A

"The advice of this firm has always been accurate and fast, and very useful." - Restructuring and insolvency

AGM Abogados

AGM Abogados is a Spanish firm recognised for its M&A work.

During the research period the firm’s work in M&A included advice to acquirers on deals in the food, financial services, telecommunications and health sectors. It also worked for sellers on deals in the energy, real estate and media industries.

Recent Deal Data highlights

·         GI Group acquisition of Tuntac

·         IRITEB acquisition of Centre Medic Esplugues

·         Sandton Capital Partners acquisition of PANSUR

·         Vitgo Comunicaciones acquisition of Magaez Telecomunicaciones

 

Client feedback

"The firm has a very good partner and a good business approach." - Private equity

Alas Legal Advisors

Alas Legal Advisors is recognised for its restructuring and insolvency work.

During the research period the firm’s work in restructuring and insolvency included advice to debtors and insolvent parties on matters in the energy, financial services, real estate and construction sectors.

Recent Deal Data highlights

·         B-1998 restructuring

·         NZ Patrimonio bankruptcy

 

Client feedback

"The firm was very enthusiastic in the defence of our interests, it is a specialised firm in insolvency matters." - Restructuring and insolvency

"The firm has showed professionalism, important technical skills, court running knowledge and an excellent efficiency." - Restructuring and insolvency

"Alas Legal team has provided us with full dedication and attention to detail from the start. They have offered cross border solutions, and the management of multiple claims. They are commercially minded and academically bright. Their level of service has been exceptionally high, always keen to help us in an efficient manner.  They have the ability to pre-empt arguments and see issues before they arise, allowing us always to be steps ahead of the opposition and produce positive outcomes for our company.  We could not have chosen a better firm to represent us. We highly recommend them." - Restructuring and insolvency

"Alas incorporates professionals highly specialised in bankruptcy and procedural law and, in particular Armando Betancor, is a lawyer with great practical vision who anticipates events and demonstrates an important mental clarity." - Restructuring and insolvency

"The firm provided personalised attention and agility in the processing of cases." - Restructuring and insolvency

Allen & Overy

Allen & Overy is an international firm with offices in Madrid and Barcelona, and with a strength across the banking, capital markets and M&A areas.

In banking work during the research period the firm worked for both lenders and borrowers in connection with project finance facilities, acquisition financings and general corporate financings, acting for the likes of Banco Santander, Citibank, Goldman Sachs and Caixabank.

The capital markets team advised on the issuance of notes and bonds working for issuers, joint lead managers, arrangers and dealers on the debt side. On the equity side the team advised the issuer on an IPO in the real estate sector.

In M&A the team predominantly advised acquirers on deals in the energy, infrastructure, financial services, telecoms, health, retail and real estate sectors. The firm also advised both acquirers and sellers on private equity deals.

In restructuring and insolvency the firm acted as counsel to creditors on matters in the retail, real estate, financial services and energy industries.

Recent staffing changes include the departure of M&A partner Antoni Valverde.

Recent Deal Data highlights

•Arima IPO

•Banco de Sabadell €750 million 1.625% notes issue

•CaixaBank €1 billion 1.75% notes issue

•Carlyle €3.7 billion acquisition of a 30% stake in Cepsa

•CVC Capital Partners €1.1 billion acquisition of Spanish university

•Forestalia Renovables €310 million financing

•ICG €600 million acquisition of Konecta

•KKR €600 million takeover of Telepizza

Andersen Tax & Legal

In Spain, Andersen Tax & Legal is known for its work in the M&A and restructuring and insolvency areas.

During the research period the firm’s work in the M&A area included advice to an acquirer on deals in the technology, transport and telecommunications industries. It also worked for sellers on deals in the consumer goods and health sectors.

In restructuring and insolvency, the firm acted as counsel to debtors and insolvent parties on matters in the financial services, real estate, construction, energy and technology industries.

Recent staffing changes include the recruitment of insolvency partner José Miguel Soriano from Cremades & Calvo Sotelo. Corporate partner Santiago Gastón de Iriarte left the firm to join RSM Spain.

Recent Deal Data highlights

·         DMS acquisition of Inoglobal railway components

·         Essentium group insolvency

·         Grupo Promaga restructuring

·         Mag Import insolvency

Araoz & Rueda

Araoz & Rueda is recognised across all financial and corporate areas.

During the research period the firm’s work in banking included advice to borrowers and lenders on acquisition finance, loans and refinancing deals.

The M&A team represented acquirers on deals in the pharmaceutical, energy, beverage, communication, health, construction, transportation and financial services industries. It also advised sellers on matters in the automotive, steel, health and corporate sectors.

Recent Deal Data highlights

·         Dermapharm €262 million acquisition of Euromed Botanicals

·         Interurbana de Autobuses acquisition of El Gato

·         Mazuelo €230 million acquisition of Barón de Ley

·         Molecor debt restructuring

·         Zephyr Investments & Services acquisition of Skandiaverken Investments

 

Client feedback

"The firm's strengths are availability and commitment." - Capital markets: Debt

"I have a good impression of Araoz & Rueda's work. Among its strengths I would like to stress that they follow the process very close to the client." - Capital markets: Equity

"It is a very good firm, I would like to point out the partners’ involvement since the very beginning of any M&A process assessment." - M&A

"The firm's strengths are efficiency and agility." - M&A

"The firm has deep knowledge of the needs of the customer. The partners are at front line, flexible and facilitators." - M&A

Ashurst

In Spain, Ashurst is known for its work in the banking, debt capital markets, M&A and restructuring and insolvency areas.

In banking, the firm recently advised borrows and lenders on acquisition finance, loans, real estate finance, revolving credit facility agreements and refinancing deals.  

In capital markets work the firm acted as counsel to issuers and joint lead managers on notes and bond issues.

The M&A team represented acquirers on deals in the infrastructure, energy, financial services, retail and real estate sectors. It also worked for sellers on matters in the insurance sector.

In restructuring and insolvency, the firm worked for creditors and debtors on matters in the real estate, retail, financial services, steel, telecommunications and infrastructure industries.

During the research period the firm recruited Andrés Alfonso as a partner from Herbert Smith Freehills.

 

Recent Deal Data highlights

·         Castellana Properties €146 million refinancing

·         Corsair Capital and APG €769 million acquisition of Itínere Infraestructuras

·         Deutsche Bank €200 million acquisition of portfolios of NPLs and REOs from Caixabank

·         Gestamp Group financing

·         Morzal Property Iberia €489 million acquisition of four shopping centres

·         Repsol revolving credit facility

·         Santander Consumer Finance €500 million 0.875% notes issue

Bird & Bird

In Spain, Bird & Bird is active in the M&A space.

During the research period the firm advised acquirers on deals in the technology, entertainment, pharmaceutical, financial services and consumer services sectors. It also worked for a seller on a matter in the food industry.

Recent Deal Data highlights

·         Biotech Dental €15 million acquisition of Software Nemotec

 

Client feedback

"The firm provided excellent work, practical and timely." - M&A

Cases & Lacambra

Cases & Lacambra is active in the banking area.

During the research period the firm worked for borrowers and lenders on acquisition finance, real estate finance, project finance, refinancing and loans deals.

Clifford Chance

Clifford Chance is a leading firm in Spain with offices in Madrid and Barcelona and is particularly well known for its work in banking and debt capital markets.

In banking the firm recently advised a mix of lenders and borrowers on syndicated loans, revolving credit facilities, acquisition finance, project finance and refinancing matters, acting for the likes of JP Morgan, Banco Santander, Deutsche Bank and CaixaBank.

The capital markets team was busy advising issuers on convertible bonds and hybrids issuances, notes and bond issues on the debt side. In equity capital markets work the firm worked for an issuer on a rights issue and for global coordinators and joint bookrunners on a block trade deal. It also represented originators and arrangers on securitisation matters.

In M&A the firm worked mainly for acquirers on infrastructure, oil and gas, financial services, retail and energy deals.

In project development the firm represented sponsors and contractors on the construction and development of energy projects in Spain and Latin America.

In restructuring and insolvency the firm was mandated counsel to debtors and creditors on matters in the retail, telecoms and media sectors.

During the research period banking and finance partner Carlos Hernández-Canut left the firm.

Recent Deal Data highlights

•Algonquin €492 million acquisition of a 25% stake in Atlantica

•Applus Services €830 million financing

•BBVA €1 billion 1.375% green bond issue

•Cellnex Telecom €600 million 1.5% convertible bond issue

•Eroski €2.2 billion refinancing

•Kingdom of Spain €4 billion 0.7% treasury bond issue

•Prisa €1.6 billion refinancing

•Real Madrid €575 million financing for Santiago Bernabéu redevelopment

 

Client feedback

"The firm is excellent. They are always available and proactive to provide solutions. They are also open to answer quick questions in the interim, providing high value advice." - Capital markets: Debt

"Clifford Chance addresses matters with good knowledge of market standards and from a practical perspective." - Capital markets: Debt

"Clifford Chance has deep bench strength in Spain which combined with support from London provides a comprehensive and seamless service." - Restructuring and insolvency

"Clifford Chance combines global knowledge and local expertise, providing you with the best of both worlds. It is a truly global network that you can rely upon and deep local expertise that rivals with any local firm." - Capital markets: Derivatives

"The firm has a very strong performance and high quality of work across sectors and types of financings (acquisition, refinancing, project finance)." - Project finance

"The team has a strong technical base with a good commercial approach, combined with an international always-available network, which can be only offered by a short-list of law firms. This makes Clifford Chance a perfect advisor for international and complex projects." - Restructuring and insolvency

"The firm provides a very high quality of work and innovative structuring ideas." - Project finance

"The firm is very professional, commercial and experienced." - Asset finance

"The firm has done a great job. I would highlight the quality and experience of the lawyers and their dedication and availability." - M&A 

CMS Albiñana & Suárez de Lezo

CMS Albiñana & Suárez de Lezo is active across all financial and corporate areas with a particular strength on project development and restructuring and insolvency work.

In banking, the firm recently advised borrowers and lenders on loans, acquisition finance, project finance and refinancing deals.

In capital markets work the firm worked for deal managers on bond issues. It also represented issuers on derivatives matters.

In M&A the firm acted as counsel to acquirers on deals in the entertainment, energy, infrastructure, food and beverage, health, manufacturing, media and real estate sectors. It also advised sellers on matters in the financial services, food and beverage, aviation, energy and transport industries.

The projects team represented developers, sponsors and project companies on the construction and development of energy projects.

In restructuring and insolvency, the firm worked for creditors, debtors and insolvent parties on matters in the real estate, food, financial services and infrastructure industries.

During the research period the firm recruited M&A partner Ignacio Zarzalejos from Uría Menéndez, partner Juan José Zabala also joined the firm from Cortés Abogados.

Recent Deal Data highlights

·         Advance Publications $1.2 billion acquisition of Stage Entertainment

·         Encavis €225 million acquisition of Genia Extremadura Solar

·         Grupo Iac $215 million financing

·         Hotels & Leisure Blue Sea €106 million refinancing

Cuatrecasas

Cuatrecasas is a top tier domestic firm and one of Spain’s largest firms with offices in Madrid and Barcelona.

In banking work during the research period the firm advised borrowers and lenders on refinancing, acquisition finance, project finance and loan facility deals.

In debt capital markets work the firm was busy working for issuers on bond issues. In equity capital markets work it advised issuers on a commercial paper programme and on listing processes.

In M&A the firm is active advising a mix of joint venture partners, acquirers and sellers on the energy, oil and gas, ports, aviation, real estate, pharmaceuticals and financial services sectors.

In restructuring and insolvency the firm also represented creditors and debtors in a range of industries including construction, technology, energy, media, real estate, infrastructure and retail.

Recent Deal Data highlights

•Axiare/Colonial merger

•Banco Santander €2 billion bond issue

•El Corte Inglés €4.49 billion refinancing

•Forestalia Renovables €600 million financing

•Grupo Sando €600 million refinancing

•Hispania Activos Inmobiliarios €745 million financing

•Selecta Group €1.45 billion high-yield bond issue

•Taiyo Nippon Sanso €5 billion acquisition of Praxair

Davis Polk & Wardwell

In Spain, Davis Polk & Wardwell is well known for its capital markets work with a particular strength in the equity space.

During the research period the firm’s work in capital markets included advice to issuers on notes issues. On the equity side the firm represented issuers and joint global coordinators and underwriters on a rights issue and on IPOs. It also advised issuers on securities issues.

Recent Deal Data highlights

·         Redes Energéticas Nacionais €242 million rights offering

·         Telefónica $2 billion 4.665%, 4.895% notes issues

·         Unicaja Banco €756 million Bolsa de Madrid IPO

Deloitte Abogados

Deloitte Abogados is recognised for its work in the banking, M&A, project finance and restructuring and insolvency areas.

In banking, the firm recently advised borrowers and lenders on acquisition finance, loans and refinancing deals.

The M&A team represented acquirers on deals in the food and beverage, financial services, real estate, tourism and retail sectors. It also worked for sellers on matters in the chemicals, real estate, health food, financial services and media industries. In addition, it advised joint venture partners in the logistics sector.

Recent Deal Data highlights

·         Amarox acquisition of Tarbis Farma

·         Banca March acquisition of BNP Paribas Espana private banking

·         Q21 Real Estate, Alpine Grove Investments and Grupo Baupost €335 million acquisition of Levitt Bosch Aymerich

·         World2Meet acquisition of Viajes Magon

Dentons

In Spain, Dentons is known for its work in the banking, M&A and restructuring and insolvency practice areas.

During the research period the firm’s work in banking included advice to borrowers and lenders on refinancing, syndicate financing, acquisition financing, loans, asset financing and project financing deals.

The M&A team worked for acquirers on deals in the financial services industry.

In restructuring and insolvency work the firm represented agents, creditors, insolvent parties, and security trustees on matters in the real estate, retail and energy sectors.

Recent Deal Data highlights

·         Amrest €190 million financing

·         Bain Capital €200 million acquisition of Bankia distressed loan portfolios

·         Deutsche Bank €9 million acquisition of Banco Santander loan portfolios

·         Deutsche Bank €220 million acquisition of SAREB loan portfolios

·         Petrobras €500 million financing

·         Toys R Us insolvency

 

Client feedback

"We are very pleased with the services provided by Dentons, both on the legal technical area as well as the negotiation between parties. The legal advice was fast, precise and accurate." - Capital markets: Structured finance and securitisation

"The firm has a very good senior team and experience in different types of transactions - adapting to the precise needs of each transaction." - M&A

"The firm is responsive and thorough." - M&A

Fieldfisher JAUSAS

During the research period JAUSAS joined international firm Fieldfisher and rebranded as Fieldfisher JAUSAS in Spain. The firm focuses on M&A, restructuring and insolvency work.

In M&A the firm recently advised acquirers on deals in the financial services, aluminium and technology sectors. It also advised a seller on a matter in the real estate industry.

The restructuring and insolvency team represented insolvent parties on deals in the consumer services and real estate sectors.

Recent staffing changes include the recruitment of banking and finance partner Jesús Estévez from EY.

Recent Deal Data highlights

·         Ricochet Spain acquisition of Eltec IT Services

·         Sica2M acquisition of Tecalex

·         Unipost insolvency

 

Client feedback

"We had absolute availability of the partner. The firm has great technical level in counselling and common sense in the resolution of the problems raised." - M&A

“Very competent.” – Restructuring and insolvency

Gómez-Acebo & Pombo

Gómez-Acebo & Pombo is a Spanish firm strong in the banking and finance practices.

In banking work the firm is often mandated counsel to lenders in credit transactions, including corporate financing, project financing, structured financing, asset financing and restructurings.

In the capital markets area the firm worked primarily for issuers on bonds, notes and securitisations issues.

The M&A team focuses on advising international investors entering Spain and on mid-market deals in the telecoms, transport, education, financial services and real estate sectors. The firm advised both acquirers and sellers.

In project development the firm recently worked for sponsors, contractors and developers on infrastructure projects.

In restructuring and insolvency work the firm predominantly represented creditors on deals in the real estate, financial services, infrastructure, energy and construction sectors recently.

Recent staffing changes include the recruitment of M&A and capital markets partner Augusto Piñel from KPMG Abogados.

Recent Deal Data Highlights

•Abengoa €3.4 billion debt restructuring

•Valiente and Sotillo 35MW wind farm

•Meag Munich Ergo acquisition of Don Rodrigo solar park

•Refinancing of Zaragoza Tramway

•The Mula 493MW solar plant

•Pymes Santander 14 securitisation fund

•Platinum Equity $1.3 billion acquisition of Wyndham Worldwide Corporation European vacation rental business

•Daikin Industries €881 million acquisition of AHT Cooling Systems

Herbert Smith Freehills

In Spain, Herbert Smith Freehills is particularly strong in the projects area but it is also active in banking, M&A, and restructuring and insolvency work.

During the research period the firm’s work in banking included advice to arrangers, borrowers and lenders on loans, refinancing, bridge financing, project financing, real estate financing and acquisition financing deals.

In M&A the firm advised acquirers on deals in the retail and financial services industries.

The projects team represented developers and project companies on the construction and development of energy and infrastructure projects.

In restructuring and insolvency, the firm worked for creditors, debtors and insolvent parties on matters in the retail, health, real estate and infrastructure sectors.

Recent Deal Data highlights

·         Antin Infrastructure Partners €427 million financing

·         Autopista de Guadalmedina €229 million refinancing

·         Incus Capital Advisors acquisition of Toys R Us Iberia business

·         Svenson €17 million debt restructuring

J Almoguera Abogados

J Almoguera Abogados is recognised for its work in the M&A and restructuring and insolvency areas.

During the research period the firm’s work in M&A included advice to acquirers on deals in the energy and insurance sectors.

In restructuring and insolvency, the firm represented creditors and debtors on matters in the retail and infrastructure industries.

Client feedback

"In general, the firm provided a high quality of work. They have good knowledge of the public sector regulation." - Project development

King & Wood Mallesons

King & Wood Mallesons is recognised for its work in the banking, M&A, project finance, and restructuring and insolvency areas.

During the research period in project finance the firm represented borrowers and lenders on the financing of energy projects.

The firm’s work in M&A included advice to acquirers on deals in the aeronautics, energy, food, health, retail and real estate sectors. It also worked for sellers on matters in the food and beverage, sports and energy industries.

Recent Deal Data highlights

·         Consortium of investors €800 million acquisition of EDP Renováveis onshore wind portfolio

·         Globe Invest acquisition of Tauro Real Estate

·         Nexxus Iberia Private Equity Fund I

·         Seaya II

·         Sonae Group €100 million investment in Arenal Perfumerías

·         Valiente and Sotillo 35MW wind farm

 

Client feedback

"The firm provided excellent work finding innovative solutions." - M&A

"They always adopt a very commercial approach, which is essential to be efficient from a time and cost perspective. Likewise, they are very responsive and always deliver on time. Additionally, they know very well how our organization works and therefore, are aware of our needs." - Project finance

"We had an outstanding service provided by King & Wood Mallesons. They provided relevant waiver requests as well as refinancing negotiations with the borrower and lenders group. Joaquin Sales and Maria Redondo have been extremely helpful at every request from our side, they had maximum availability and were always providing answers and reports ahead of schedule." - Project finance

Lupicinio International Law Firm

Lupicinio International Law Firm is recognised for its work in the M&A and project development areas.

The M&A team recently advised acquirers on matters in the mining and health sectors. It also worked for sellers on deals in the pharmaceutical and financial services industries.

In project development the firm represented contractors, sponsors and project companies on the construction and development of infrastructure, energy and oil and gas projects.

Ontier

Onter is recognised for its M&A work and has a particular expertise in the energy sector.

During the research period the firm’s work included advice to acquirers on matters in the energy, entertainment, retail and leisure space. It also represented sellers on deals in the energy, telecommunications, sports and infrastructure industries.

Recent Deal Data highlights 

•MCH Private Equity €21 million acquisition of Altafit

•Parques Reunidos €8 million acquisition of Vogelpark Walsrode in Germany

•Parques Reunidos €25 million acquisition of Wet’n’Wild in Australia

Roca Junyent

Roca Junyent is recognised in the banking, M&A and restructuring and insolvency areas.

During the research period the firm’s work in banking included advice to borrowers and lenders on refinancing, acquisition finance, real estate finance and loans deals.

The M&A team worked for acquirers on deals in the real estate, construction, tourism, retail and technology. It also advised sellers on matters in the telecommunications and entertainment industries.

Recent Deal Data highlights

·         Intrum €240 million acquisition of Solvia

·         Red Eléctrica Corporación €949 million acquisition of Hispasat 

·         Suma Capital acquisition of 32% of GrandVoyage

 

Client feedback

"The firm has an excellent quality, exactly what we required, very hands-on and efficient and outstanding value for money. A real pleasure to work with from all aspects." - M&A

Rousaud Costas Duran

Rousaud Costas Duran is recognised for its work in M&A and restructuring and insolvency.

During the research period the firm advised acquirers on deal in the real estate, energy, food and beverage and technology sectors. It also advised sellers on matters in the education, pharmaceutical and energy industries.

Recent staffing changes include the recruitment of corporate and M&A partner Federico Belausteguigoitia from Marimón Abogados.

Sue Abogados

Sue Abogados is active in the M&A, and restructuring and insolvency areas.

In M&A the firm recently advised acquirers on deals in the telecommunications, real estate and financial services sectors. It also worked for sellers on the energy industry.

In restructuring and insolvency the firm represented insolvency administrators and debtors on matters in the real estate and transportation sectors.

During the research period restructuring and insolvency partner Antonia Magdaleno Carmona left the firm to join ZBP Abogados.

Recent Deal Data highlights

·         Martinsa Fadesa bankruptcy

·         Reyal Urbis insolvency

Ventura Garcés & López-Ibor

Ventura Garcés & López-Ibor is recognised for its work banking, M&A, and restructuring and insolvency. 

In banking, the firm recently advised borrowers and lenders on asset financing, refinancing, syndicated credit facility and aircraft financings.

The M&A team worked for acquirers on deals in the real estate, sports, health and retail sectors. It also advised sellers on deals in the leisure and manufacturing space; as well as joint venture partners on a matter in the insurance industry. 

In restructuring and insolvency the firm advised creditors, debtors and insolvent parties on matters in the logistics, real estate, environmental, retail, transport, consulting, energy and media sectors.

During the research period the firm recruited M&A partner Fernando Ramos from KPMG.

Recent Deal Data highlights 

•Aircraft A320 MSN 4661 $30 million financing

•Airbus A330-302 MSN 1405 EC-LUX $50 million financing

•AXON acquisition of CD Numancia

•Beneficia empleados y afiliados/Halt track eventos €10 million merger

•Fomento de Inversiones Las Marias $52 million insolvency

•Two A320 aircraft $100 million financing 

 

Client feedback

"The firm provided excellent service, in a prompt and efficient manner and at a reasonable cost. The client was very much satisfied with the service provided." - Asset finance 

"The firm is outstanding, timely and has great value." - Banking

"The firm is client oriented, high skilful and has an experienced team with availability." - M&A

"The firm has taken a very close approach in all the process, being able to assume our position and understand it in order to reflect that on the papers." - M&A

"The firm provided excellent practical advice and timely responses." - M&A 

"The level of service provide by Ventura Garces & Lopez Ibor is excellent. Due to our business, normally we require answers to difficult issues immediately. We suffer specially from the pressure of our headquarters in any query which involves errors and omissions issues and this law firm always gives us an answer with quickness and solvency. Our industry is constantly changing and to have the support of Ventura Garces & Lopez-Ibor gives us serenity to implant these changes." - M&A

"The firm provided a very good job. It provided good advice, pointing out pros and cons of any decision, which is essential when advising." - Restructuring and insolvency

"The firm has a global acumen of the judicial process and all concerning issues. I highlight the leadership." - Restructuring and insolvency

Watson Farley & Williams

Watson Farley & Williams is active across the financial and corporate areas and is particularly strong in the projects area.

During the research period the firm’s work in banking included advice to borrowers and lenders on project finance, acquisition finance, refinancing and financing deals.

In M&A the firm worked for acquirers on deals in the energy sector.  It also represented sellers on matters in the energy and infrastructure sectors.

The projects team acted as counsel to project companies and sponsors on the construction and development of energy projects.

Recent Deal Data highlights

·         Falck Renewables acquisition of Tordesillas and Velilla wind farm

·         Mula 493MW solar photovoltaic power plant

·         Sonnedix €140 million refinancing