M&A Handbook - Transactional Track Record

M&A Handbook - Transactional Track Record

IBERIA M&A HANDBOOK 2017 M&A Handbook PRIVATE EQUITY · VENTURE CAPITAL IBERIA · 2017 An analysis of transactions in 2016, including M&A, Private E...

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IBERIA

M&A HANDBOOK 2017

M&A Handbook PRIVATE EQUITY · VENTURE CAPITAL

IBERIA · 2017

An analysis of transactions in 2016, including M&A, Private Equity and Venture Capital

IBERIA

M&A HANDBOOK 2017

Introduction FOR THE THIRD YEAR RUNNING, INTRALINKS IS A PROUD SPONSOR OF THE IBERIAN HANDBOOK. This edition gives you comprehensive insights into M&A, private equity and venture capital trends in the region; at a time when Iberia is becoming an emerging investment source for global investors. The appetite for dealmaking in Southern Europe is growing. The introduction of the Corporate Sector Purchase Programme by the European Central Bank (ECB), for example, is encouraging more investment in Europe as a whole, and that’s set to continue through the rest of the year. We’re now witnessing a shift in political sentiment in The European Union (EU), with Britain triggering Article 50 to leave the EU. With uncertainty in the UK, investors are looking elsewhere to places like Spain. Initially, Britain’s decision to leave the EU had ramifications for Spain, in particular. The IBEX 35 dropped by 12.3%, the largest fall in its history, as a result of the shock “Leave” vote, however largely recovered its position by the end of July following the second Spanish general election. At the end of 2016, the International Monetary Fund praised the newly-elected minority government under Mr Rajoy, stating it was impressed by Spain’s economic recovery, with jobs, exports and private consumption rebounding. 2016 deal figures support this sentiment. According to the 2016 TTR report, the Spanish transactional market registered 2,023 mergers and acquisitions with an aggregate value of EUR 111bn. This is an increase of 1.86% in the number of transactions, and 10.16% increase in value. Typically, the first few months of 2017 has seen transactions slow down slightly, but still we’re seeing deal value and deal volume up at 0.31 percent and 1.65 percent respectively, compared to the first few months of 2016. Portugal, on the other hand, has shown tremendous growth in 2017. In February alone it witnessed a 21 percent increase in deal volume over the same period in 2016. In January and February combined, the result of the first two months of 2017 was 55 transactions and €2.4bn, an increase of 58 percent. At Intralinks, we’re anticipating M&A growth in Iberia in 2017. In the latest Intralinks Deal Flow Predictor, we have seen a 43 percent increase in early-stage M&A activity, compared to the same period last year. The Intralinks Deal Flow Predictor monitors the number of sell-side transactions in play - most often in the due diligence stage - six months prior to public announcement. We term this “earlystage M&A activity”. With a high growth number in Iberia, this means it is likely announced Iberian transactions are set to grow in Q3 2017. A combination of cheaper financing, changing political conditions in the EU as a whole and fiscal reform are driving M&A growth in Iberia. The outlook remains optimistic for 2017 and we look forward to a successful year for dealmaking in the region.

Intralinks uses TTR daily, for access to concise information on current dealmaking in Iberia.

IBERIA

M&A HANDBOOK 2017

M&A Handbook PRIVATE EQUITY VENTURE CAPITAL

2017 IBERIA

Note from the authors The M&A Handbook 2017 is a result of local research and market analysis by TTR’s Research and Business Intelligence team. Our team follows the transactional markets analysed in this Handbook at a local level, in local language, and on a daily basis – researching transactional and financial data by contacting market players, collecting their input and crosschecking and analysing the data throughout the year. For full access to all of the transactional data on Brazil, Latin America, and the Iberian market (spanning Mergers and Acquisitions, Equity Capital Markets, Acquisition Finance and Project Finance) visit TTR at www.TTRecord.com.

IBERIA

M&A HANDBOOK 2017

Contents Introduction 

4

Definitions11 SPAIN (*)13 PORTUGAL (*)

131

Corporate Profiles

213

Acknowledgements314 Index of Entities

All the rights reserved. No part of this publication may be reproduced, nor transmitted or recorded by any information retrieval system, in any form or by any means without the prior permission in writing from the publisher Zuvinova, S.A. TTR – Transactional Track Record and TTR logo are trademarks, property of the publisher Zuvinova, S.A. ©2016 [Zuvinova, S.A.] Rua dos Cavalos, 30 7830-341 Serpa

317

* ES

* PT

Visual Summary 2016

15

133

Mergers & Acquisitions

19

137

Private Equity

35

152

Venture Capital

47

161

Sectors & Subsectors

57

171

Most active subsectors in 2016

58

172

Energy and Renewable Energies

60

174

Real State and Construction

65

177

Industry

68

180

Natural Resources

78

186

Services and Distribution

80

188

Infraestructure

93

-

95

198

Most Active Advisors

Technology and Telecoms

101

203

Financial Advisors

102

204

Legal Advisors

111

208

Printer: Copysell Calle Metal, 8 Pol. Ind. San José de Valderas 28918 Leganés (Madrid) Spain Printed in Spain.

8

TTR - Transactional Track Record (www.TTRecord.com)

TTR - Transactional Track Record (www.TTRecord.com)

9

IBERIA

M&A HANDBOOK 2017

Definitions M&A TRANSACTIONS For the purpose of this Handbook, the acquisition of assets or any other corporate acquisition that does not involve the acquisition of shares is not considered a M&A transaction. The acquisition of shares in a target company which configures a mere stock market transaction (namely, through a broker or any type of intermediary) is also not considered to be a M&A transaction. TTR considers Spanish or Portuguese M&A deals to include any acquisition of shares, both of public or private companies headquartered in Spain or Portugal, or of any other company worldwide, where a Spanish or Portuguese entity is involved as buyer or seller.

PRIVATE EQUITY TRANSACTIONS All investments or divestments carried out by Private Equity firms and/or funds under management are registered as Private Equity deals. When the purchase or sale of a specific target company is carried out through one of the Private Equity firms’/funds’ subsidiaries, the deal will only be considered a Private Equity deal if the subsidiary is controlled by the referred to Private Equity/fund.

VENTURE CAPITAL TRANSACTIONS Investments carried out by private funds which concentrate their activity on companies in a startup phase, including seed capital, early stage and expansion.

BIG TICKET Spain: All M&A deals which total deal value is in excess of EUR 500m. Portugal: All M&A deals which total deal value is in excess of EUR 250m.

MID-MARKET Spain: All M&A deals which total deal value is in excess of EUR 100m. Portugal: All M&A deals which total deal value is in excess of EUR 15m.

SMALLER MARKET Spain: All M&A deals which total deal value is less than EUR 100m. Portugal: All M&A deals which total deal value is less than EUR 15m.

10

TTR - Transactional Track Record (www.TTRecord.com)

TTR - Transactional Track Record (www.TTRecord.com)

11

IBERIA M&A HANDBOOK 2017

ES

Visual Summary 2016 IBERIA M&A HANDBOOK 2017

Volume and value of transactions by type and year

m&a m&a PE PE VC VC LEGEND

1000

X Axis - AVERAGE VALUE (EURm) Y Axis - No. OF TRANSACTIONS

2015

LEGEND

TOTAL VALUE (EURm)

2016

800 1000

Most active subsectors by type of transaction

M&A

Venture Capital

Private Equity

TOTAL VALUE (EURm)

72.923,62

32.587,11

2014

2015

2016

32.587,11

400 600 800

62.731,30 Mergers and Acquisitions (M &A)

2013

72.923,62

38.674,65

2016

2014

72.923,62

62.731,30

2013

0,00 200 400

50,00

200 0,00

100,00

50,00

0,00 250

38.674,65

100,00

50,00

150,00

200,00

150,00

100,00

250,00

200,00

50

internet

Private Equity 15.842,81

81

93

financial and insurance Consultancy, audit and Engineering

2015

12.517,38

100 150 200

15.842,81

2013

17.743,04

12.675,62

75

65

Distribution and retail

2013

50 100 150

17.743,04

12.675,62

No. of transactions No. of transactions with Legal Advisors

249

No. of transactions with Financial Advisors No. of transactions with Legal & Financial Advisors

2014

2013

17.743,04

12.675,62 160,00

190,00

220,00

250,00

50 0,00

130,00

160,00

190,00

220,00

250,00

160,00

13

LEGEND

371

625

2016

130,00

130,00

16

8.147,41

2016

0,00 50 100

0,00

18

Advisors

15.842,81

12.517,38

3

*Exceptionally, this graph does not include the PE / VC transactions in the total number of M & A.

2014

2015

11

1.252,92

2014

150 200 250

9

10.546,91

250,00

2016

12.517,38

4

796,90

190,00

220,00

1280

Venture250,00 Capital

350

2014

2013

280 350

2015

2016

603,80

292,63

Cross-Border Transactions

1.082,01

1.477,34

210 280 350

2013

140 210 280

2013

2014

2015

2016

603,80

292,63

2014

1.477,34

2015

2016

603,80

292,63

Outbound

1.082,01

1.082,01

8.193,81 EURm

Inbound

210

515

29.695,51 EURm

1.477,34

70 140 210

70 0 140

1,00

2,00

3,00

4,00

5,00

70 16 0

1,00

2,00

3,00

4,00 5,00 Track Record6,00 7,00 TTR - Transactional (www.TTRecord.com)

0

1,00

2,00

3,00

4,00

5,00

6,00

6,00

7,00

7,00

TTR - Transactional Track Record (www.TTRecord.com)

17

M&A HANDBOOK 2017

Visual Summary of 2016 SPAIN

2015

200 250

250,00

200,00

150,00

87

2015

2014

38.674,65

200 400 600

8 9.800,15

62.731,30

2013

32.587,11

99

Technology

Visual Summary of 2016 SPAIN

600 800 1000

IBERIA M&A HANDBOOK 2017

Mergers & Acquisitions

Mergers & Acquisitions

LEGEND

No. OF DEALS

250

329

344 295

312

352

318

317

312

343 292

50000

Total Value

Year

of deals

(EURm)

2016

1280

49.907,26

2015

1354

86.523,01

2014

1199

81.078,14

2013

1000

51.642,90

30000

200

Mid market

Smaller Market

(≥ EUR 100m)

(≤ EUR 100m)

Non-disclosed value

Total

2016 - N.º of deals

23

76

505

676

1280

2015 - N.º of deals

40

63

560

691

1354

2014 - N.º of deals 

32

53

526

588

1199

2013 - N.º of deals

27

56

534

383

1000

20000

150 100

10000

50 0

Total No.

40000

252

275

241

223

300

261

350

367

Vision gral 400

Big Ticket (EUR ≥ 500m)

TOTAL VALUE (EURm)

1q

2q

3q

4q

1q

2q

2013

3q

4q

1q

2q

2014

3q

4q

1q

2q

3q

0

4q

2016

2015

Distribution of total deals by deal type

LEGEND M&A

Venture Capital

Private Equity

Number of Deals

822 822

4% 12% 84%

5% 9%

6% 10%

5% 9%

84%

84%

87%

86%

2015

2016

4% 9%

86%

84%

2016

4% 9%

2015

Big Ticket (EUR ≥ 500m) Mid Market (≥ EUR 100m)

87%

2014

2013

2014

LEGEND

Mergers & Acquisitions SPAIN

6% 10%

280 280

Nº de transações

4% 12%

843 843 2015 2015

202 202 309 309 727 727

2014 2014

158 158 314 314

Smaller Market (≤ EUR 100m)

567 567

2013

2013 2013

127 127 306 306

Aggregate deal value and volume by market segment Total Value (EURm)

63.878,42

4.801,6

Smaller Market (≤ EUR 100m)

2013 - Total Value

TTR - Transactional Track Record (www.TTRecord.com)

Valor total EURm)

2014 - Total Value

5.659,114.801,6

7.265,175.659,11

5.999,28

7.265,17

5.999,28

Mid Market (≥ EUR 100m)

2015 - Total Value

13.441,74

13.441,74

11.540,61

12.865,93

12.865,93

15.613,22

2016 - Total Value

15.613,22

33.399,56

72.923,62 72.923,62

LEGEND

2015 2015

12.517,38 12.517,38 1.082,01 1.082,01 62.731,30 62.731,30

2014 2014

17.743,04 17.743,04 603,80 603,80 38.674,65 38.674,65

2013 2013

12.675,62 12.675,62 292,63 292,63

TTR - Transactional Track Record (www.TTRecord.com)

21

M&A HANDBOOK 2017

20

15.842,81 15.842,81 1.477,34 1.477,34

11.540,61

Big Ticket (EUR ≥ 500m)

32.587,11 32.587,11 2016 2016

33.399,56

63.878,42

66.391,91 66.391,91

Aggregate deal value and volume by market segment

28.294,76 28.294,76

Mergers & Acquisitions SPAIN

Aggregate deal value and volume by market segment Percentage of Deals

178 178

2016 2016

Largest transactions involving a Spain-based party

Largest inbound cross-border acquisitions with Spain-based targets

(excluding Private Equity, Venture Capital and Cross Border deals)

  1  2

Subsector

Buyer

Seller

Value

Testa Residencial, Merlin Properties

-

2.441,12

Waste Management, Pollution and Recycling

Firion Investments

ACS Servicios y Concesiones

1.281,50

Metrovacesa

Real Estate

Urbaser

  3

Servocad

Technology; Electronics

Private Shareholders

Private Shareholders

430,00

  4

Global 3 Combi

Electric

Cyclicus DDP DOS

Global 3 Energía

321,00

  5

Grupo Amaya Tellería

Automotive and Recreational Vehicles

CIE Automotive

Private Shareholders

186,00

Sanyres

Healthcare, Hygiene, Medical Aesthetics and Cosmetics

Orpea Ibérica (Care)

Bami, Prasa, CajaSur, Banco Santander, BBVA

179,00

158,00

129,90

  6

Mergers & Acquisitions SPAIN

   7

Pepe Energy, Pepemobile, Pepephone

Electric

MásMóvil Ibercom

JHG Investments, Crisdago Inversiones, Atento Spain, Private Shareholders

  8

Previsora Bilbaina Vida Seguros, Funeraria la Auxiliadora, Azkaran

Financial and Insurance

Grupo Catalana Occidente

Previsora Bilbaína

   9   10

Venusaur Saba Parques Logísticos

Real Estate Real Estate

Axiare Patrimonio Merlin Properties

Subsector

Buyer

Seller

  1

IDC Salud (Quirónsalud)

Healthcare, Hygiene, Medical Aesthetics and Cosmetics

Fresenius Helios (Fresenius)

CVC Capital Partners, Private Shareholders

5.760,00

 2

Gas Natural Fenosa

Oil and Gas; Electric

GIP III Canary 1 (Global Infrastructure Partners - GIP)

Repsol, Criteria Caixa

3.802,62

  3

Hotelbeds Group

Financial and Insurance

Private Shareholders, CPPIB - Canada Pension Plan Investment Board, Cinven

TUI Group

1.165,00

  4

Codere

Sports and Leisure

M&G Investments, Contrarian Funds, Silver Point Finance, Third Avenue Capital, Abrams Capital

-

826,54

  5

FCC

Construction (Materials and Machinery)

Control Empresarial de Capitales

Private Shareholders

738,80

Financial Advisors Private Shareholders Saba Infraestructuras

124,00 115,00

  1

BNP Paribas Corporate & Investment Banking

  1

Deloitte Spain

  1  2   6    7  2   6

BBVA Corporate Finance Deloitte Spain

  1  2    9   1  2

PwC Spain

  1  2   3

 2

AZ Capital

  1

DLA Piper Spain and Germany Garrigues Spain Freshfields Bruckhaus Deringer Spain Freshfields Bruckhaus Deringer Germany and UK

  1   3

Allen & Overy Spain

  3

Lazard

 2   3

Deloitte Legal

  3

Morgan Stanley

 2   5

Pérez-Llorca

  3

HSBC

 2

Uría Menéndez Spain

  3

Deutsche Bank

  3

Allen & Overy Germany

Uría Menéndez Spain

  3

Bank of America Merrill Lynch

  3

Herbert Smith Freehills Spain

Freshfields Bruckhaus Deringer Spain

  5

Credit Suisse Group

  3

PwC Tax & Legal Spain

 2

Santander Global Corporate Banking Spain

  1

Garrigues Spain

  4

Linklaters Spain

  3

Baker Tilly GDA Corporate Finance

 2

Freshfields Bruckhaus Deringer China

  5

ONTIER Spain

EY Spain

 2

Linklaters Spain

  5

Baker & McKenzie Spain

   7 1    0   8

Arcano

 2   6

Deloitte Legal

  8

KPMG Spain

   0   4 1

Clifford Chance Spain

1    0

AZ Capital

  5

GBP Legal

  6

Araoz & Rueda

  8 1    0

 2    0  2    7 1

Due Dilligence   1   1   3   3

KPMG Spain PwC Spain Deloitte Spain

Cuatrecasas Spain

  8

Jausas

   9

EY Abogados Spain

Deloitte Spain

1    0

Allen & Overy Spain

EY Spain

1    0

Cuatrecasas Portugal

Due Dilligence

22

  1   1  2

Santander Global Corporate Banking Spain

Legal Advisors

(EURm)

Legal Advisors

  1   3

 2   5

Financial Advisors

Value

Target

(EURm)

Mergers & Acquisitions SPAIN

Target

TTR - Transactional Track Record (www.TTRecord.com)

TTR - Transactional Track Record (www.TTRecord.com)

23

Largest outbound cross-border acquisitions by Spain-based buyers

Acquisitions by foreign buyers in Spain

LEGEND

No. OF DEALS TOTAL VALUE (EURm)

  1  2

Target

Subsector

Buyer

Seller

Autopista Central

Roads and Highways

Inversora de Infraestructuras

AIMCo

Financial and Insurance

CaixaBank (Criteria CaixaCorp)

Santoro Finance, Private Shareholders

Banco BPI

Value (EURm)

948,00

100

87 74

80

Roads and Highways

Globalvía

Private Shareholders

577,76

  4

Shere Group

Telecoms

Cellnex Telecom

Arcus Infrastructure Partners, Private Shareholders

393,00

  5

TAVEX France, Tavex Europe

Fashion and Textile

Cediani Business

Aurelius

179,77

69

67

Total No.

Total Value

Year

of deals

(EURm)

6000

2016

292

24.502,01

4000

2015

289

16.774,85

2000

2014

258

26.108,70

2013

148

11.547,35

10000

57

8000

49

60

Pocahontas Parkway

69

72

64

644,00

  3

12000

84

76

75

40

45

40

35 24

20 0

1q

2q

3q

4q

1q

2q

2013

3q

4q

1q

2q

2014

6% 21%

3q

4q

1Q

2Q

4Q

2016

2015

7% 18%

3Q

8% 21%

9% 24%

Aggregate value and volume of deals by market segment 73%

Intermediary  2

Cuatrecasas Portugal

  3

Chadbourne & Parke US

  4

Clifford Chance Spain, UK, Netherlands and Hong Kong

  5

King & Wood Mallesons Spain

  5

CMS Albiñana & Suárez de Lezo

Deutsche Bank

2016

24

TTR - Transactional Track Record (www.TTRecord.com)

2015

2014

Mergers & Acquisitions SPAIN

PwC Spain

Ashurst UK, Spain, Luxembourg and Sweden

Big Ticket (EUR ≥ 500m) Mid Market (≥ EUR 100m) Smaller Market (≤ EUR 100m)

2013

Aggregate deal value and volume by market segment LEGEND

Big Ticket (EUR ≥ 500m)

2016 - Total Value 2015 - Total Value

Mid Market (≥ EUR 100m)

Big Ticket

(EUR ≥ 500m)

2014 - Total Value 2013 - Total Value

Smaller Market (≤ EUR 100m)

Mid market

(≥ EUR 100m)

(≤ EUR 100m)

Non-disclosed value

Total

105

148

292

116

134

289

2016 - N.º of deals

9

2015 - N.º of deals

11

28

2014 - N.º of deals 

11

27

94

126

258

2013 - N.º of deals

8

20

57

63

148

TTR - Transactional Track Record (www.TTRecord.com)

30

Smaller Market

1.154,99

  4

  1  2

LEGEND

67%

71%

1.154,99

Due Dilligence

75%

1.659,78

Claro y Cía. Abogados

24%

1.659,78

  1

73%

2.536,04

Allen & Overy Spain

2.536,04

Carey

  1

1.929,32

  1

1.929,32

PwC Spain

3.974,86

  4

20139%

21%

Aggregate deal value and volume by market segment

3.974,86

Advokatfirman Vinge

5.504,91

  1

5.504,91

BNP Paribas

5.500,51

  4

5.500,51

Loyens & Loeff Luxembourg

6.641,22

  1

2014 8%

18%

6.641,22

AZ Capital

2015 7%

21%

6.417,50

  4

2016 6%

6.417,50

Allen & Overy UK

18.944,01

Stikeman Elliott

  1

8.738,30

  1

RBC Capital Markets

67%

71%

18.944,01

Citigroup

  3

15.931,47

Mergers & Acquisitions SPAIN

  1

75%

Percentage of Deals

15.931,47

Legal Advisors

8.738,30

Financial Advisors

25

Acquisitions by foreign buyers in Spain Countries with greatest number of acquirers of Spain-based targets X Axis - AVERAGE VALUE (EURm)

Netherlands

France

Switzerland

Y Axis - No. OF TRANSACTIONS

Italy

Germany

United Kingdom

Sweden

Luxembourg

United States

TOTAL VALUE (EURm)

US

FR

GB

LU

IT

NL

DE

CH

SE

Other Countries

5

10

6

2

5

-

3

2

1

12

11

4

3

5

5

3

3

1

-

6

Distribution and Retail

6

3

4

1

4

2

1

2

1

5

Steel, Metallurgy and Industrial Production

1

4

1

2

1

2

1

3

1

3

Financial and Insurance

3

5

2

-

-

1

-

1

-

6

Real Estate

2

2

3

1

-

4

2

1

-

1

Healthcare, Hygiene, Medical Aesthetics and Cosmetics

-

1

3

-

-

4

2

-

-

5

Consultancy, Audit and Engineering

1

3

1

-

-

3

2

1

1

2

Transport, Aviation and Logistics

1

6

1

1

-

1

1

-

-

2

Sports and Leisure

5

1

1

-

-

-

-

-

-

6

Biotechnology

1

1

2

-

-

1

2

-

-

3

Construction (Materials and Machinery)

1

2

-

-

-

1

1

-

-

4

Food Industry

1

3

1

-

-

1

-

-

-

3

Other Consumer Goods

1

1

1

-

-

2

2

-

1

1

Tourism, Hotels and Restaurants

3

1

1

-

-

2

-

1

-

-

Telecoms

1

2

-

1

-

-

-

-

2

1

Solar

2

1

3

-

-

-

-

-

-

1

Glass, Ceramic, Paper, Plastics, Wood and Timber

3

4

-

-

-

-

-

-

-

-

Oil and Gas

1

1

1

1

-

1

-

-

-

2

Subsectors Internet Technology

60

US 2.699,94 FR

50 US

2.097,92 3.427,15

Mergers & Acquisitions SPAIN

GB

40

IT 103,82

30 66,93

SE

CH 67,75

NL 2.373,52

20 4.755,87

DE LU 7.722,79 CN

10 LU

0 0,00

26

200,00

400,00

600,00

800,00

1000,00

TTR - Transactional Track Record (www.TTRecord.com)

TTR - Transactional Track Record (www.TTRecord.com)

27

Mergers & Acquisitions SPAIN

LEGEND

Subsectors most targeted by foreign buyers in Spain

Countries with the greatest number of companies selling equity in Spain-based companies

Acquisitions vs. Divestitures of Foreign companies in Spain

United Kingdom

21

United States France

725,00

10

180,00

7

6.253,00

Switzerland

6

-

Portugal

6

-

5

Sweden

24.502,01

342,00

4

-

Mergers & Acquisitions SPAIN

Belgium

3

400,00

Brazil

3

-

Mergers & Acquisitions SPAIN

Luxembourg

TOTAL VALUE (EURm)

219,29

12

Netherlands

18.831,88

DIVESTITURES ACQUISITIONS

2.076,00

18

Germany

LEGEND

Total Value (EURm)

No. of companies selling

Acquisitions by Spain-based buyers abroad 36

50

Subsectors in which foreign owners sold equity in Spain-based companies

40

41

40

35

34 28

30

26

46

48

47

30000

44

42

25000

34

23

20000

26

22

15000 18

real estate 14

Financial and insurance

8

internet transport, Aviation and Logistics

7

tourism, Hotels and restaurants

10

5000

0

1q

6

solar

6

oil and gas

6

steel, Metallurgy and industrial Production

LEGEND

5

technology

4

telecoms

4

Healthcare, Hygiene, Medical Aesthetics and cosmetics

4

2q

3q

4q

1q

2013

7

consultancy, Audit and engineering

28

10000

8

Distribution and retail

Wind

20

2q

3q

4q

2014

2q

3q

4q

1Q

3

TTR - Transactional Track Record (www.TTRecord.com)

2Q

3Q

4Q

0

2016

2015

Total No.

Total Value

Year

of deals

(EURm)

2016

167

6.267,41

2015

144

40.055,69

2014

131

17.764,67

2013

130

3.966,89

No. OF DEALS TOTAL VALUE (EURm)

TTR - Transactional Track Record (www.TTRecord.com)

1q

29

Total Value (EURm)

No. of acquisitions

United States

24

Portugal

19

France

15

1.155,26 886,34 330,92

Subsectors in which Spain-based buyers made most acquisitions abroad

technology

18

consultancy, Audit and engineering glass, ceramic, Paper, Plastics, Wood and timber Food industry

11

internet

11

17 14

Distribution and retail United Kingdom

10

408,10

Financial and insurance

Italy

10

36,50

telecoms Healthcare, Hygiene, Medical Aesthetics and cosmetics construction (Materials and Machinery)

Colombia

9

58,94

Mexico

9

5 5

Mergers & Acquisitions SPAIN

Chile

8

973,86 103,22

5

118,20

Argentina

5

569,94

30

7 6

oil and gas

5

other consumer goods

5

transport, Aviation and Logistics

5

Inspection and Certification Netherlands

4

8

tourism, Hotels and restaurants

24,84

Germany

8

53,32

8

6

8

real estate Pharmaceutical, Parapharmaceutical and cosmetics steel, Metallurgy and industrial Production

Brazil

Peru

10 9

Biotechnology

Mergers & Acquisitions SPAIN

Countries in which Spain-based buyers made the most acquisitions

4 4

125,00

TTR - Transactional Track Record (www.TTRecord.com)

TTR - Transactional Track Record (www.TTRecord.com)

31

Most active companies in 2016 Companies acquiring

Companies selling

Spain-based companies with most acquisitions Company

1

Globalvia Inversiones

2

No. of Acquisitions

Ranking

Company

7

1

SDC - Investimentos

7

Banco Sabadell

7

2

ACS

5

3

Enagás

6

3

Abengoa

4

4

Cube Investments

6

4

Repsol

3

5

Corporación Mondragón

6

5

Enel Green Power

3

Mergers & Acquisitions SPAIN

Spain-based buyers that spent most on acquisitions Ranking

Company

1

Fresenius Helios

2

No. of Acquisitions

Mergers & Acquisitions SPAIN

Ranking

Spain-based companies with most divestitures

Spain-based companies that made the largest divestitures Ranking

Company

5.760,00

1

Repsol

4.040,62

Global Infrastructure Partners - GIP

3.802,62

2

Criteria Caixa

3.872,62

3

Merlin Properties

2.659,12

3

ACS

1.911,28

4

Testa Residencial

2.441,12

4

Enel Green Power

1.207,00

5

ING Group

1.409,00

5

TUI Group

1.165,00

32

Total Value (EURm)

TTR - Transactional Track Record (www.TTRecord.com)

TTR - Transactional Track Record (www.TTRecord.com)

Total Value (EURm)

33

M&A HANDBOOK 2017

IBERIA

3 Private Equity

TOTAL VALUE (EURm)

10.000

80

65

70

59 43

50

46 38

35

40 30

54

50

60

39

31

26

43 29

of deals

(EURm)

6.000

2016

178

15.842,81

2015

202

12.517,38

2014

158

17.743,04

2013

127

12.675,62

4.000 2.000

10 1q

2q

3q

4q

1q

2q

2013

3q

4q

1q

2q

2014

3q

1Q

4q

2Q

3Q

4Q

Total Value

Year

37

23

Total No.

8.000 47

20 0

Largest Private Equity transactions in Spain

No. OF DEALS

0

time, due to in some cases it may be a secondary buyout transaction.

VALOR TOTAL (R$m)

VALOR TOTAL (R$m) sem Secundary Buyout sem Secundary Buyout

Private Equity SPAIN

Total Value (EURm) * Transactions can be accounted for as investments and exit at the same

7.016,90

Target

Subsector

Buyer

Seller

Value (EURm)

  1

Hospital Infanta Luisa

Healthcare, Hygiene, Medical Aesthetics and Cosmetics

Grupo Hospitalario Quirón (CVC Capital Partners)

Private Shareholders

100,00

 2

Itasa

Glass, Ceramic, Paper, Plastics, Wood and Timber

Magnum II (Magnum Capital)

Private Shareholders

95,00

  3

Parque Eólico Ausines

Wind Energy

Sinia Renovables

Energías Renovables del Bierzo

50,00

  4

Catai

Tourism, Hotels and Restaurants

B the travel brand (Viajes Barceló)

Private Shareholders, Corpfin Capital

45,00

Private Shareholders, N+1 Dinamia Portfolio (Alantra Partners)

40,98

  5

High Tech Hoteles

Tourism, Hotels and Restaurants

General Oilex Company, Inversiones El Piles, Edificio Miño

  6

Fruselva

Food Industry; Food and Beverage

ProA Capital

Private Shareholders

40,00

   7

Gransolar (GRS)

Solar and Wind Energy; Consultancy, Audit and Engineering

Private Shareholders, Diana Capital

-

22,50

  8

Red de Calor de Soria

Biomass

Axis Participaciones Empresariales, Suma Capital Energy Efficiency Fund

Rebi

20,00

   9

Galloplast

Chemical and Chemical Materials

Sherpa Capital

Private Shareholders

16,00

  10

Calvo & Munar

Other Services

Keraben Grupo (Tensile Capital Management)

Private Shareholders

15,00

2016

2015

Private Equity -Investments vs Exits*

5.226,04

(excluding Cross-border)

8.510,43

LEGEND

6.685,41

Investments Exits

5.226,04 10.593,96 2016

7.016,90

8.510,43

11.232,11

7.397,68 2015

6.685,41 7.338,04

2014

2013

Financial Advisors Sabadell Corporate Finance

  1

DLA Piper Spain

  1

Lincoln International

  2

Herbert Smith Freehills Spain

  1

AT Kearney Spain

  4

Sigrun Partners

Number2016 of Deals

Nº DE NEGÓCIOS

129

7.338,04

11.232,11

7.397,68 157 2015

2014

2013

127

129 54

80 64

127

Investments

54

Secondary Buyout

Exits

Nº DE NEGÓCIOS

39 8 54 2016

19

2015

8 2016

36

9

64

2015

Allen & Overy Spain Garrigues Spain PwC Tax & Legal Spain

KPMG Spain

  5

Jones Day Spain

   7

AZ Capital

  5

Baker & McKenzie Spain

   7

EY Spain

  6

Ramón y Cajal

1    0

Deloitte Spain

  8

King & Wood Mallesons Spain

  8

CHR Legal

   9

Crowe Horwath Legal y Tributario

Due Dilligence  2   6    7   4

80

  4    7    9   4

LEGEND

157

  3    7

PwC Spain

  5   6    7

10.593,96

Legal Advisors

  1

  4    9

Private Equity SPAIN

LEGEND

EY Spain PwC Spain

12 54

39 19

2014

2013

12

9 2014

2013

TTR - Transactional Track Record (www.TTRecord.com)

TTR - Transactional Track Record (www.TTRecord.com)

37

M&A HANDBOOK 2017

Evolução trimestral desde 2013

2016 Overview Quarterly deal flow

Energía y renovables Industria

Infraestructuras

Inmobiliario y Construcción RR Naturales

Most active subsectors for Private Equity Energía y renovables Industria Main sectors

Industria Energía y renovables Energy and Renewable Energies

Industry

Infraestructuras Inmobiliario y Construcción

Infraestructuras Inmobiliario y Construcción RR Naturales

Infrastructure Real Estate and Natural Infraestructuras Inmobiliario y Construcción Construction Resources RR Naturales SS y Distribución

Industria

RR Naturales SS y Distribución SS y Distribución Tecnología y Telecomunicaciones Services and Distribution

Technology

and Telecoms y Telecomunicaciones Tecnología

Inmobiliario y RR Construcción Naturales SS y Distribución Tecnología y Telecomunicaciones Infraestructuras Subsetores com maiorTotal número e valor de transações envolvendo Venture Capital Subsetores com maior número e valor de transações envolvendo Venture Capital Number of deals Value (EURm) TOTAL VALUE

Financial and insurance Glass, Ceramic, Paper, Plastics, Wood and timber Healthcare, Hygiene, Medical aesthetics and Cosmetics Food industry

RR Naturales SS y Distribución Tecnología16y Telecomunicaciones Inmobiliario y Construcción 15 15 SS y Distribución Tecnología y Telecomunicaciones

RR Naturales

14 12

Solar energy

Private Equity SPAIN

Consultancy, audit and engineering

Tecnología y Telecomunicaciones 12 SS y Distribución 10

tourism, Hotels and restaurants 8

Distribution and retail transport, aviation and Logistics

6.669,58 3.033,51

Financial and insurance 653,28

Sports and Leisure tourism, Hotels and restaurants electric energy Consultancy, audit and engineering

635,98 550,00 499,17

Chemical and Chemical Materials

472,00

Glass, Ceramic, Paper, Plastics, Wood and timber

465,64

transport, aviation and Logistics

427,00 361,13

Food and Beverage

7

Solar energy

Chemical and Chemical Materials

7

Pharmaceutical, Parapharmaceutical and Cosmetics

305,46

Wind energy

7

telecoms

303,00

Sports and Leisure

6

real estate

244,00

technology

6

agriculture, agribusiness, Farming and Fishing

200,00

real estate

6

Fashion and textile

189,43

5

Construction (Materials and Machinery)

187,90

5

Food industry

182,00

4

technology

166,50

Other Consumer Goods

4

Cars, Motorcycles and Other vehicles

166,50

telecoms

4

aerospace and aeronautical

166,50

Steel, Metallurgy and industrial Production internet Pharmaceutical, Parapharmaceutical and Cosmetics

38

Tecnología y Telecomunicaciones 8

Healthcare, Hygiene, Medical aesthetics and Cosmetics

TTR - Transactional Track Record (www.TTRecord.com)

TTR - Transactional Track Record (www.TTRecord.com)

Private Equity SPAIN

NUMBER DEALS

39

Foreign Private Equity acquisitions in Spain Countries with most Private Equity investments in Spain

Largest investments by foreign Private Equity funds in Spain

Subsector

Buyer

Seller

Hotelbeds Group

Financial and Insurance

Private Shareholders, CPPIB - Canada Pension Plan Investment Board, Cinven

TUI Group

Value (EURm)

1.165,00

 2

SARquavitae

Healthcare, Hygiene, Medical Aesthetics and Cosmetics

GeriaVi (PAI Partners)

Grupo Confide, Palamon Capital Partners, G Square

550,00

  3

Tinsa

Consultancy, Audit and Engineering

Cinven

Advent International

300,00

  4

Invent Farma US, Qualigen, Laboratorios Lesvi, Inke

Pharmaceutical, Parapharmaceutical and Cosmetics

Maxwelton Investments (Apax Partners)

The Iceland Enterprise Investment Fund (Framtakssjóður Íslands), Invent Farma

221,00

LEGEND

United Kingdom

Luxembourg

Switzerland

Egypt

United States

Canada

Hong Kong

Netherlands

France

China

Sweden

Number of Investments 2016

2015

2014

2013

21

18

10

United Kingdom   5

Agromillora

Agriculture, Agribusiness, Farming and Fishing

Investcorp

Nazca Capital

200,00 30

Private Equity SPAIN

France

  1

Lazard

  1

Morgan Stanley

  1   5

PwC Spain

Deloitte Legal

  1   3

Allen & Overy Spain

  1  2   5

HSBC

  1

Allen & Overy Germany

  1

Deutsche Bank

  1

Herbert Smith Freehills Spain

  1

Bank of America Merrill Lynch

 2   4   5

PJT Partners Deloitte Spain

  2

BNP Paribas Corporate & Investment Banking

  3

Rothschild

  4

Jefferies US

Due Dilligence   1  2

Deloitte Spain

  1   5

PwC Spain

13

14

7

9

2

15 Luxembourg

3

6

2

Freshfields Bruckhaus Deringer Spain

  1

  1

  2

40

Legal Advisors

32

10

United States

Financial Advisors

7

Private Equity SPAIN

  1

Target

  1  2   4   5

PwC Tax & Legal Spain

  2

Slaughter And May UK

 2   4

Baker & McKenzie Spain

 2   3

Garrigues Spain

  2

Willkie Farr & Gallagher

  2

Slaughter And May UK

  3

Clifford Chance Spain

  3

Clifford Chance UK

  3

Uría Menéndez Spain

  4

Linklaters Spain

  4

Simpson Thacher & Bartlett UK

  4

Baker & McKenzie UK

  4

LOGOS Legal Services

  5

Jones Day Spain

TTR - Transactional Track Record (www.TTRecord.com)

Canada

2

China

2

Switzerland

2

Hong Kong

2

1 -

1

1

12

-

Sweden

1

-

Egypt

1

-

Netherlands

1

TTR - Transactional Track Record (www.TTRecord.com)

-

8

-

2

1

5

-

2

41

Foreign Private Equity acquisitions in Spain Countries with largest Private Equity investments in Spain

Exits by foreign Private Equity funds in Spain Countries with most Private Equity funds making exits in Spain

LEGEND

LEGEND

United Kingdom

Luxembourg

Switzerland

Egypt

United States

Canada

Hong Kong

Netherlands

France

China

Sweden

Total Value (EURm)

United Kingdom

Luxembourg

France

United States

Germany

Switzerland

Number of Investments

Foreign Private Equity acquisitions in Spain

2016

2015

2016

10

United Kingdom

2.517,63

555

575

652,95

1.189,90

224,07

0,75

188,50

8

550

US

FR

LU

CA

CN

CH

H.K.

SE

EG

NL

3

Germany

2

France

2

Switzerland

2

6 13

5

Luxembourg

2013

5

25 United States

GB

2014

4

4 -

4 5

5 -

3 2

2 -

1 1

2 -

587,78

2.882,28

899,19

130,97

225

0

76,41

0

0

0

X

X

X

H.K.

SE

EG

36,60 Total Value (EURm)

X

GB

US

FR

LU

CA

CN

CH

2016

GB

2.074,51

US

606,60

FR

2.375

LU

0

0

X

X

CA

CN

187,20

0

40

X CH

H.K.

0

214,12

SE

EG

12,60

21,40

0

5

0,75

X

GB

42

US

FR

LU

CA

CN

CH

0

2.479,08

GB

125

US

1.004

US

2.666,45

LU

6.445,18

LU

2.241,45

DE

304,77

FR

2015

DE

0

685

FR

790

CH

0

CH

260

GB

9.800

GB

1.399

US

8.300

US

1.693,69

LU

8.579

LU

509.34

DE

0

FR CH

NL

2014

2.894,70

GB

X

2013

2.027

exits by foreign Private equity funds in Spain

NL

2014

514,38

Private Equity SPAIN

Private Equity SPAIN

2015

0

0

0

X

X

X

X

H.K.

SE

EG

NL

TTR - Transactional Track Record (www.TTRecord.com)

2013

DE

0

0

FR

0

76

CH

0

TTR - Transactional Track Record (www.TTRecord.com)

43

Energía y renovables Industriathat attracted most foreign Private Equity Subsectors

Private Equity - Spanish vs. Foreign Investments

Infraestructuras LEGEND

SPANISH INVESTING IN SPAIN FOREIGNERS INVESTING IN SPAIN

Inmobiliario y Construcción Energía y renovables RR Naturales

2016

2015

Healthcare, Hygiene, Medical Aesthetics

2014

7

Industria and Cosmetics SS y Distribución Financial and

5

4

3 tOtaL vaLue (eurm)

9

6

Insurance Infraestructuras

Private Equity - Investimento brasileiro vs Investimento estrangeiro

2013

6

4

Tecnología y Telecomunicaciones

1.203,05

Inmobiliario y Construcción

RR Naturales 2016

2015

2014

2013

-

-

SS y Distribución 6

2

41

Tecnología y Telecomunicaciones

Private Equity SPAIN

Technology

5

2

2

tOtaL NuMBer OF iNveStMeNtS

2

Private Equity SPAIN

Biotechnology

107 66

Energía y renovables

2016

2015

2014

2013

3.877,45

Glass, Ceramic, Industria

Paper, Plastics, Wood and Timber

5

-

3

1

Infraestructuras

Inmobiliario y Construcción

RR Naturales

SS y Distribución

2016

Energía renovables SolaryEnergy Tecnología y Telecomunicaciones

2015

4

2014

3

1

2013

-

Industria

Infraestructuras

44

Inmobiliario y Construcción

RR Naturales

TTR - Transactional Track Record (www.TTRecord.com)

TTR - Transactional Track Record (www.TTRecord.com)

45

IBERIA M&A HANDBOOK 2017

Venture Capital

TOTAL No. OF DEALS TOTAL VALUE (EURm)

89

Evolução trimestral desde 2013

83

81

83

800

79

74

65

66

67

73

69

600

Buyer

Seller

  1

ChicPlace

Internet

eShop Ventures

Caixa Capital Risc, THCap Spain, Private Shareholders, Antai Venture Builder

7,59

 2

Salupro

Internet

Bonsai Venture Capital, Q Growth Fund, KFund

Telefónica

6,00

  3

Sherpa

Technology

Alma Mundi Ventures, Private Shareholders

-

5,83

  4

Adman Media

Internet

Agile Content

Private Shareholders, Inveready Capital (Inveready Technology Investment Group)

4,10

  5

Hundredrooms

Internet

Inveready Capital (Inveready Technology Investment Group), Bankinter Capital Riesgo, Media Digital Ventures Spain, Seaya Ventures

-

4,10

  6

Adsmurai

Technology

BStartup 10 (Banco Sabadell), Fondo ICT III (Axon Partners Group)

-

4,00

   7

Holaluz.com

Electric

Fondo ICT III (Axon Partners Group)

-

4,00

  8

eShop Ventures

Internet; Distribution and Retail

Private Shareholders, Upcelera Ecommerce, Atresmedia, Jaice Investments, Djin Saidin Inversiones, Amérigo Innvierte Spain Technologies, Onza Capital, Bonsai Venture Capital, Qualitas Venture Capital

-

3,79

   9

Leukos Biotech

Pharmaceutical, Parapharmaceutical and Cosmetics

Inveready Capital (Inveready Technology Investment Group)

-

3,50

  10

Immfly

Technology

Caixa Capital Risc

-

2,40

400 200

20 1Q

2Q

3Q

4Q

2013

Venture Capital SPAIN

Subsector

50

40

1Q

2Q

3Q

2014

Year

Total No. of deals

Total value (EURm)

2016

280

1.477,34

2015

309

1.082,01

2014

314

603,80

2013

306

292,63

4Q

1Q

2Q

3Q

2015

4Q

1Q

2Q

3Q

4Q

0

2016

Financial Advisors   1

Delvy Asesores Financieros Deloitte Spain

  1

Delvy Asesores Legales

  5

KPMG Spain

 2

Cuatrecasas Spain

   7

CREA Inversión

 2

Deloitte Legal

   9

Antares Consulting

  3   5

Gómez-Acebo & Pombo Spain

   9

VIR Audit

   7 1    0

Rousaud Costas Duran (RCD)

1    0

Caixa Capital Risc

 2

TTR - Transactional Track Record (www.TTRecord.com)

Legal Advisors

 2

Due Dilligence

48

Value (EURm)

Target

72

59

60

0

(excluding Cross-border)

92

100 80

1000

107

120

Largest Venture Capital transactions in Spain

  1   8

U&Law

   7

PwC Tax & Legal Spain

   9

Jiménez de Parga Abogados

   9

Lexcrea

   9

RatnerPrestia

Deloitte Spain

TTR - Transactional Track Record (www.TTRecord.com)

Venture Capital SPAIN

LEGEND

49

M&A HANDBOOK 2017

2016 Overview Quarterly deal flow

Energía y renovables Industria Infraestructuras Inmobiliario Construcción RRyNaturales

Most active subsectors for Venture Capital

Largest transactions by foreign Venture Capital funds in Spain

Energía y renovables Industria Infraestructuras Inmobiliario Construcción RRyNaturales SS y Distribución Main sectors

Target

Subsector

Buyer

Seller

Value (EURm)

  1

Cabify

Technology

Private Shareholders, Rakuten

-

105,46

 2

Job Digital Networks (CornerJob)

Internet

TV Azteca, TF1, Ithaca Ventures, Ad4ventures Spain, Media Digital Ventures Spain, Sabadell Venture Capital, Bonsai Venture Capital, Samaipata Ventures, Cube Investments, e.ventures, Northzone

-

22,63

  3

Sourced Technologies

Internet

Private Shareholders, Otium Capital, Sunstone Capital

-

6,00

  4

Hemav

Technology

Private Shareholders, Scranton Enterprises

-

3,00

  5

Red Points

Technology

Mangrove Capital

-

2,00

Industria Infraestructuras Inmobiliario Construcción RR yNaturales SS y Distribución Tecnología y Telecomunicaciones Energía y renovables

Technology Energy and Industry Infrastructure Real State and Natural Services and Subsetores com maior número e valor de transações envolvendo Capitaly Telecomunicaciones Infraestructuras Inmobiliario Construcción and Telecoms Renewable Construction Resources Distribution RRyNaturales SS y Venture Distribución Tecnología Industria Energies Subsetores com maior númeroNUMBER e valor DEALS de transações envolvendo Venture Capital

NUMBER DEALS

Inmobiliario Construcción RRyNaturales SS y Distribución Tecnología y Telecomunicaciones Infraestructuras 115

Number of deals

115 104

Distributiontechnology and retail Distribution and retail Biotechnology

104 31 RR Naturales SS y Distribución Tecnología y Telecomunicaciones Inmobiliario y Construcción 31 20

FinancialBiotechnology and insurance and insurance Consultancy,Financial audit and engineering

Venture Capital SPAIN

Healthcare, Hygiene, Medical Consultancy, audit and engineering aesthetics and Cosmetics Healthcare, Hygiene, Medical tourism, Hotels and restaurants aesthetics and Cosmetics tourism, Hotels and restaurants Fashion and textile

12

SS y Distribución Tecnología y Telecomunicaciones RR Naturales 8 12

78 67

Tecnología y Telecomunicaciones SS y 6Distribución

pharmaceutical, parapharmaceutical Fashion and textile and Cosmetics pharmaceutical, parapharmaceutical Food industry and Cosmetics Food industry

20

6 6 6 6 Tecnología y Telecomunicaciones

Legal Advisors   1

U&Law

 2

Rousaud Costas Duran (RCD)

 2

Garrigues Spain

 2

Gómez-Acebo & Pombo Spain

  3

Cuatrecasas Spain

  4

Osborne Clarke Spain

  5

Across Legal

Venture Capital SPAIN

internet internet technology

TOTAL VALUE TOTAL Total value (EURm)VALUE 890,95

internet internet technology

361,44

pharmaceutical, parapharmaceutical technology and Cosmetics pharmaceutical, parapharmaceutical Distribution and retail and Cosmetics

361,44

98,69 98,53

Distribution and retail Biotechnology

98,53

Biotechnology Consultancy, audit and engineering Consultancy,Financial audit and engineering and insurance

50

98,69

890,95

31,9798,53 31,97 12,08

and insurance tourism, Financial Hotels and restaurants

12,08 9,50

Healthcare, Medical tourism, HotelsHygiene, and restaurants aesthetics and Cosmetics Healthcare, Hygiene, Medical Food industry aesthetics and Cosmetics

9,50 8,16 2,03 8,16

Food industry Fashion and textile

2,03 1,44

Fashion and textile

1,44

TTR - Transactional Track Record (www.TTRecord.com)

TTR - Transactional Track Record (www.TTRecord.com)

51

Countries with greatest number of Venture Capital funds investing in Spain

Countries with largest Venture Capital investments in Spain

Total Value (EURm) LEGEND

United Kingdom

Luxembourg

Mexico

Chile

United States

Germany

Slovakia

Portugal

France

Italy

Netherlands

Sweden

Foreign Venture Capital Acquisitions in Spain

Switzerland

2016

56,72

87,05

67,39

8,80

27,79

19,77

23,91

35,35

28

10,70

0,30

22,63

0

X Number of Investments GB

2015

United Kingdom

2014 9

7

4

France

Venture Capital SPAIN

Luxembourg

11

4

7

5

2

Italy

5

5

Mexico

3

Slovakia

3

Netherlands

3

Chile

1

Portugal

1

Sweden

1

Switzerland

1

1

2

-

-

-

1

-

4

4,20

CL

121,75

60,59

35,97

17,71

1,30

0

0

36,60

1,53

X

X

PT

SE

6

0

CH

22,76

X

US

FR

LU

DE

IT

MX

SK

NL

CL

96,02

29,90

4,60

5,20

0

3,04

0

0

1,45

X

X

SK

NL

X

GB

PT

SE

CH

0

0

X

X

US

FR

LU

DE

IT

MX

CL

PT

SE

CH

10,42

18,60

1,40

21,13

0

0

0

0

1

0

0

1,60

X

X

X

X

X

X

IT

MX

SK

NL

PT

SE

22,35

1

-

-

-

-

2

2013

0

1

X

GB

52

NL

2014

-

-

1

2

SK

5

-

1

1

MX

1

2

-

-

IT

2

4

6

DE

7

GB

Germany

LU

-

62,18 9

FR

2015

15

8

United States

US

2013

Venture Capital SPAIN

2016

TTR - Transactional Track Record (www.TTRecord.com)

US

FR

LU

DE

TTR - Transactional Track Record (www.TTRecord.com)

CL

CH

53

Energía y renovables

Subsectors Industriamost targeted by foreign Venture Capital funds in Spain

Venture Capital - S  pain-based vs. Foreign Investments

Infraestructuras LEGEND

Inmobiliario y Construcción

RR Naturales

SPANISH INVESTING IN SPAIN FOREIGNERS INVESTING IN SPAIN

2016

2015

Internet

20

2014 11

Venture Capital - Spanish vs Foreign Investments

2013 10

6

SS y Distribución tOtal Value (eurm)

Tecnología y Telecomunicaciones Technology

17

21

15

8

Energía y renovables

Biotechnology Industria

4

-

2

177

1

41

Infraestructuras

Venture Capital SPAIN

2016

2015

2014

Venture Capital SPAIN

tOtal nuMBer OF inVeStMentS

Inmobiliario y Construcción

260

2013

RR Naturales

Distribution and Retail

SS yFinancial Distribución and Insurance

4

1

1

-

1

1

1

219

-

Transport,

Tecnología y Telecomunicaciones Aviation and 2

1

-

505,09

-

Logistics

54

TTR - Transactional Track Record (www.TTRecord.com)

TTR - Transactional Track Record (www.TTRecord.com)

55

M&A HANDBOOK 2017

IBERIA

5 Sectors & Subsectors

Inmobiliario Construcción RRyNaturales Energía y renovables Industria Infraestructuras Inmobiliario y Construcción RR Naturales SS y Distribución

Most active subsectors in 2016

Industria Infraestructuras Inmobiliario Construcción RRyNaturales Energía y renovables Energy and Renewable Energies

Industry

Infrastructure

Real State and

Natural

Construction Resources Infraestructuras Inmobiliario yNaturales Construcción RR SS y Distribución Industria

SS y Distribución Tecnología y Telecomunicaciones Services and Distribution

Technology and Telecoms

Tecnología y Telecomunicaciones

Inmobiliario Construcción RRyNaturales SS y Distribución Tecnología y TOTAL Telecomunicaciones TOTAL VALUE VALUE Infraestructuras

Number of Deals NUMBER DEALS

technology

technology Internet

Sectors and Subsectors SPAIN

98

Financial and Insurance

85

SS y Distribución Tecnología y Telecomunicaciones RR Naturales real estate

85

Financial and Insurance

78

78

Food Industry

tourism, Hotels and restaurants

75

75

54

tourism, Hotels and restaurants 54

52

52 48

transport, aviation and Logistics

Glass, ceramic, Paper, Plastics, Wood and timber

48 Glass, ceramic, Paper, Plastics, Wood and timber 44 biotechnology

36

biotechnology

telecoms

telecoms

Sports and Leisure

Sports and Leisure oil and Gas Wind energy

58

34

34 31 29

oil and Gas Wind energy

31 29 27

27

2.235,96 1.844,48 1.665,80

1.665,80 Sports and Leisure

1.633,93

1.633,93 1.543,72

telecoms

1.543,72 Waste Management, Pollution and recycling 1.343,96 Internet

telecoms Waste Management, Pollution and recycling Internet

1.163,75

technology

technology

1.147,24 tourism, Hotels and restaurants

tourism, Hotels and restaurants

1.039,31 chemical and chemical Materials

chemical and chemical Materials

TTR - Transactional Track Record (www.TTRecord.com)

2.411,54

automotive and recreational Vehicles

Sports and Leisure

36

2.737,30

Steel, Metallurgy and Industrial Production Steel, Metallurgy and Industrial Production 1.844,48

automotive and recreational Vehicles

4.645,65

2.737,30

Wind energy 2.235,96

Wind energy

44

Tecnología y Telecomunicaciones

4.645,65

roads and Highways 2.411,54

62

Tecnología y Telecomunicaciones SS y Distribución Steel, Metallurgy and Industrial Production

transport, aviation and Logistics

Financial and Insurance

roads and Highways

Healthcare, Hygiene, Medical aesthetics and cosmetics 62

Steel, Metallurgy and Industrial Production

construction (Materials and Machinery)

5.800,73

5.800,73

construction (Materials and Machinery)

6.991,41 6.096,44

6.096,44

electric energy

electric energy 85

6.991,41

real estate

real estate 85

7.494,16

7.494,16

oil and Gas

oil and Gas

98

Food Industry

Healthcare, Hygiene, Medical aesthetics and cosmetics

155

155

distribution and retail

consultancy, audit and engineering

consultancy, audit and engineering

Healthcare, Hygiene, Medical aesthetics and cosmetics

RR Naturales SS y Distribución Tecnología y Telecomunicaciones Inmobiliario y Construcción

Financial and Insurance real estate

181 Healthcare, Hygiene, Medical aesthetics and cosmetics

181

Internet

distribution and retail

Total Value (EURm)

NUMBER DEALS

Sectors and Subsectors SPAIN

Main sectors

1.343,96 1.163,75 1.147,24 1.039,31 864,66

864,66

TTR - Transactional Track Record (www.TTRecord.com)

59

Oil and Gas

Energía y renovables

Energy and Renewable Energies

Energía y renovables

Industria

Total number of transactions Infraestructuras

Private equity

Industria

Total number of transactions by subsector

Inmobiliario y Construcción

Smaller Market (
29

Oil and Gas

RR Naturales

coMPLeted

12 10

Venture capital

8

canceLLed

6

SS y Distribución

4 2

Infraestructuras

Electric Energy

Mid Market (≥EUR 100m)

Tecnología y Telecomunicaciones

24

Solar Energy

Foreign acquisitions in Spain

0

20 4

Inmobiliario y Construcción

distressed

3

Largest transactions

2

Sectors and Subsectors SPAIN

RR Naturales0

Target

Nuclear Energy

Buyer

Seller

Private equity

Geothermal Energy

  1

0

 2

SS y Distribución

Gas Natural Fenosa Smaller Market (
Petrobras Argentina

12

8

Pampa Energía

Venture capital

3.802,62

canceLLed Petrobras Participaciones

816,12

Global Infrastructure Partners - GIP

524,00

6

  3

Compañía Logística de Hidrocarburos (CLH)

4

Borealis Infrastructure

2

Mid Market (≥EUR 100m)

Foreign acquisitions in Spain Legal Advisors

0

Financial Advisors

Tecnología y Telecomunicaciones

  1

AZ Capital

  1

Garrigues Spain

  1

Santander Global Corporate Banking Spain

  1

Deloitte Legal

Spanish   1 acquisitions   1  2 abroad

totaL 27

High-end Market Citigroup Global Markets

  2

Evercore Partners

  2

Banco Itaú BBA

  2

Marval O´Farrel & Mairal

  3

distressed BNP Paribas Corporate & Investment Banking

  2

Davis Polk Brazil and US

  2

Posse Herrera Ruiz

  2

Ferrere Bolivia

  2

Salaverri, Dellatorre, Burgio & Wetzler Malbrán Abogados

  2

Linklaters US, Brazil and Spain

  2

Salaberren & López Sansón

  2

Pérez, Bustamante & Ponce Abogados

  2

Cleary Gottlieb Steen & Hamilton Brazil and US coMPLeted

  2

Cuatrecasas Spain, Brazil and Mexico

(≥EUR 500m)

12

Smaller Market (
10

Freshfields Bruckhaus Deringer Uría Menéndez Spain

27

Venture capital canceLLed Clifford Chance Spain, UK and Netherlands   3

8 6

  3

Latham & Watkins Spain

4

  3

PwC Tax & Legal Spain

2

Mid Market

0 Private(≥EUR Equity/Venture Capital with investments 100m)

Country

Collins Capital Advisors

Spain

High-end Market (≥EUR 500m)

TTR - Transactional Track Record (www.TTRecord.com)

0

  2

Private equity

60

Value (EURm)

Repsol (extinguida Repsol coMPLeted YPF), Criteria Caixa

GIP III Canary 1

10

Sectors and Subsectors SPAIN

Biofuel

TTR - Transactional Track Record (www.TTRecord.com) distressed

Wind

Biomass

29

Foreign acquisitions in Spain

0

Number of Investments 1

Spanish acquisitions abroad

totaL 24 24

Electric

Hydraulic Energy

totaL 29

Spanish acquisitions abroad

High-end Market (≥EUR 500m)

0

Oil/Gas

27

Wind Energy

61

Electric Energy

Energía y renovables

Industria

Industria

Total number of transactions

Infraestructuras

Infraestructuras

Private equity

Private equity

10

Venture capital

8

Smaller Market (
canceLLed

10

SS y Distribución

4

Foreign acquisitions in Spain

0

Mid Market Tecnología y Telecomunicaciones (≥EUR 100m)

totaL 27

Spanish acquisitions abroad

High-end Market (≥EUR 500m)

27

Largest transactions Seller

Enel Green Power Spain

Endesa Generación

Enel Green Power International

SER

12

coMPLeted Repsol (extinguida Repsol YPF)

SDIC Power

10 8

1.207,00

Venture capital

CEF 3 Wind Energy

Iberdrola Renovables Italy

Foreign acquisitions in Spain

0

Financial Advisors

193,70

0

Garrigues Spain totaL   2 PwC Tax & Legal Spain 24 Spanish   2 CMS Cameron McKenna acquisitions   1

KPMG Spain

High-end Market (≥EUR 500m)

24

abroad distressed

Value (EURm)

Repsol (extinguidacoMPLeted Repsol YPF), Criteria Caixa

12 GIP III Canary 1

3.802,62

10

Venture capital

8 Vortex Energy Investments II

BB - Banco de Investimento, BV 4 Financeira, Banco Santander 2 Brazil, Banco BTG Pactual 0

Financial Advisors

Legal Advisors

Deloitte Spain

Parati Mid Market (≥EUR 100m)

Electric

  2

EDPR Participaciones

  3

2

Seller

canceLLed

EDP Renewables Europe

550,00

Grupo Cemig

520,61

6

4

  1

Smaller Market (
238,00

6

Mid Market (≥EUR 100m)

Gas Natural Fenosa

 2 canceLLed

Buyer Private equity

  1

Private equity

  3

24

Value (EURm)

Foreign acquisitions in SpainAdvisors Legal

  1

AZ Capital

  1

Garrigues Spain

  1

Santander Global Corporate Banking Spain 

  1

Deloitte Legal

  2

High-end Market PwC UK and Spain

  2

BNP Paribas Corporate & Investment Banking

  2

Citigroup

Spanish   1 acquisitions abroad  1

(≥EUR 500m)

distressed

Due Diligence   2

PwC Spain

Technical Advisory   2

totaL 20

Pérez-Llorca Freshfields Bruckhaus Deringer Spain 20

  1

Uría Menéndez Spain

  2

Linklaters Spain

  2

Sherman & Sterling

  2

PwC Tax & Legal Spain

  2

King & Wood Mallesons Spain Stocche, Forbes, Padis, Filizzola, Clapis, Passaro, Meyer e Refinetti Sociedade de Advogados

  3

DNV GL

0

Insurance Companies Private equity 12

Private Equity/Venture Capital with investments Actis

Smaller Market (
Diana Capital

coMPLeted

Country

  2

Number of Investments

Venture capital

8 6

United Kingdom

canceLLed

1

Private Equity/Venture Capital with investments

Country

Spain

1

Axon Partners Group

Spain

1

Spain

1

Collins Capital Advisors

Spain

1

Daruan Venture Capital

Spain

1

EFG Hermes Private Equity

Egypt

1

KFund

Spain

1

4

Sinia Renovables Mid Market Siroco Capital (≥EUR 100m)

Willis

10

2 0

Sodena

Spain

Foreign acquisitions in Spain

0

3

Spain

1 Spanish acquisitions abroad

High-end Market (≥EUR 500m)

62 distressed

Number of Investments

totaL 20 20

TTR - Transactional Track Record (www.TTRecord.com)

Solar

Sectors and Subsectors SPAIN

Buyer

Smaller Market (
totaL 24

Spanish acquisitions abroad

Largest transactions

Target

Inch Cape Offshore

0

distressed

Target

 2

Foreign acquisitions in Spain

0

High-end Market (≥EUR 500m)

distressed

  1

4 2

0

Wind

Mid Market (≥EUR 100m)

canceLLed

6

2

Tecnología y Telecomunicaciones

Venture capital

8

RR Naturales

6

SS y Distribución

coMPLeted

12

Inmobiliario y Construcción

TTR - Transactional Track Record (www.TTRecord.com)

63

Sectors and Subsectors SPAIN

RR Naturales

coMPLeted

12

Electric

Smaller Market (
Wind

distressed

distressed

Total number of transactions

Inmobiliario y Construcción

27

Solar

Wind Energy

29

totaL 27

Spanish acquisitions abroad

High-end Market (≥EUR 500m)

Oil/Gas

Spanish acquisitions abroad

High-end Market (≥EUR 500m)

Energía y renovables

totaL 29

Solar Energy

Energía y renovables

Electric

High-end Market (≥EUR 500m)

Infraestructuras

totaL 24

Spanish acquisitions abroad

24

distressed

Inmobiliario y Construcción Real State and Construction

Industria

Total number of transactions Infraestructuras

Private equity Inmobiliario y Construcción

Smaller Market (
RR Naturales

Total number of transactions by subsector RR Naturales

coMPLeted

12 10

Venture capital

canceLLed

8

85 Real Estate

6

SS y Distribución

4 2

Mid Market Tecnología y Telecomunicaciones (≥EUR 100m)

Foreign acquisitions in Spain

0

0

24

totaL 20

Spanish acquisitions abroad

20

Solar

High-end Market (≥EUR 500m)

SS y Distribución

Construction (Materials and Machinery)

distressed

Tecnología y Telecomunicaciones

Sectors and Subsectors SPAIN

Target

Buyer

Seller

  1

Alten Energías Renovables Mexico Cinco, Alten Energías Renovables Mexico Cuatro, Alten Energías Renovables Mexico Tres, Alten Energías Renovables Mexico Dos, Alten Energías Renovables Mexico Uno

Cubico Sustainable Investments

Alten Energías Renovables

244,29

 2

Earth and Wind Energías, Sariñena Solar

Renovalia Energy

Infracapital

150,00

  3

Grupo T-Solar

I Squared Capital

Isolux Corsán

120,00

Financial Advisors

Value (EURm)

Legal Advisors

  2

PwC Spain

  1

Clifford Chance Spain

  2

BBVA Corporate Finance

  2

PwC Tax & Legal Spain

  2

Allen & Overy Spain

  2

Deloitte Legal

  2

Watson Farley & Williams Spain

  2

Ashurst Spain

  3

Cuatrecasas Spain 

  3

Linklaters Spain 

Due Diligence   2

Deloitte Spain

Private Equity/Venture Capital with investments

Country

Ardian

France

2

Cerberus Capital Management

United States

2

Diana Capital

Spain

1

Fondo de Infraestructura Macquarie Mexico

Mexico

1

I Squared Capital

Spain

1

Macquarie Capital Funds

Australia

1

Perwin

United Kingdom

1

Victoria Venture Capital

Spain

1

64

Sectors and Subsectors SPAIN

Largest transactions

Number of Investments

TTR - Transactional Track Record (www.TTRecord.com)

TTR - Transactional Track Record (www.TTRecord.com)

65

Energía y renovables

Industria

Industria

Infraestructuras

Infraestructuras

Real State

Inmobiliario y Construcción

RR Naturales

distressed

RR Naturales

Total number of transactions

Total number of transactions

SS y Distribución

SS y Distribución

Private equity Smaller Market (
85

Construction (Materials and Machinery)

Inmobiliario y Construcción

Tecnología y Telecomunicaciones

totaL 85

Spanish acquisitions abroad

High-end Market (≥EUR 500m)

RealState

Energía y renovables

coMPLeted

20

Venture capital

15

Tecnología y Telecomunicaciones

Smaller Market (
canceLLed

Private equity

coMPLeted

12 10

Venture capital

canceLLed

8 6

10

4

0

Mid Market (≥EUR 100m)

totaL 85

Spanish acquisitions abroad

High-end Market (≥EUR 500m)

2

0

85

NW Diagonal DM2, NW Diagonal DM1

12

Testa Residencial, Merlin Properties

10 8

coMPLeted

Venture capital

Deutsche Bank

Value (EURm)

Target

Buyer

Seller

  1

Isolux Corsán

Bankinter, Novo Banco Spain, Caja Castilla - La Mancha, SpainDuero (Banco Ceiss), Mapfre, Banco Popular, Ibercaja, Commerzbank, Caja Rural de Teruel, BNP Paribas, Banque Marocaine du Commerce Extérieur (BMCE), Banco Mare Nostrum (BMN), Natixis, Unicaja Banco, Liberbank (Fusión entre Cajastur ,Caja de Extremadura y Caja Cantabria), ING Group, Société Générale Group, Banco Sabadell, Bankia (fusión Caja Madrid y Bancaja), Banco Santander, CaixaBank (Criteria CaixaCorp), Banco de la Nación Argentina (BNA)

Private Shareholders

1.409,00

 2

FCC

Control Empresarial de Capitales

Private Shareholders

738,80

  3

Giant Cement Holding

Elementia

Cementos Portland Valderrivas

207,02

2.441,12

canceLLed

Northwood Investors

493,00

6 4

  3

Torre Foster Mid Market (≥EUR 100m)

2

Pontegadea

Muscari Property Foreign acquisitions in Spain

0

Financial Advisors   1   2   3   3

Legal Advisors Spanish  1 acquisitions   1 abroad

High-end MarketFinance BBVA Corporate (≥EUR 500m)

Deloitte Spain PwC Spain

  1   2

distressed

Real State Advisors   3

Uría Menéndez Spain

490,00

0

totaL 24

Freshfields Bruckhaus Deringer Spain 24 Garrigues Spain

  2

Pérez-Llorca

  2

Deloitte Legal

CBRE Spain

Financial Advisors

Legal Advisors

  2

Santander Global Corporate Banking Spain

  1

Uría Menéndez Spain

  2

Credit Suisse Group

  1

Jones Day Spain

  3

BBVA Bancomer

  1

Linklaters Spain

  2   3

Private Equity/Venture Capital with investments

Country

Number of Investments

Advent International

United Kingdom

1

JZ International

United Kingdom

1

66

TTR - Transactional Track Record (www.TTRecord.com)

Value (EURm)

ONTIER Spain

  2

Baker & McKenzie Spain

  3

ONTIER Mexico

Private Equity/Venture Capital with investments

Country

Axxon Group

Brazil

1

Carlyle

United States

1

MCH Private Equity

Spain

1

Nexxus Capital

Mexico

1

TTR - Transactional Track Record (www.TTRecord.com)

Number of Investments

67

Sectors and Subsectors SPAIN

Seller

Construction

Sectors and Subsectors SPAIN

Buyer Private equity

 2

24

Largest transactions

Target

Smaller Market NW Diagonal DM3, (
totaL 24

distressed

Largest transactions

Metrovacesa

0

Spanish acquisitions abroad

High-end Market (≥EUR 500m)

distressed

  1

Foreign acquisitions in Spain

0

Construction

Mid Market (≥EUR 100m)

Foreign acquisitions in Spain

RealState

5

Energía y renovables Energía y renovables

Industria

Food Industry

Industria Industry

Infraestructuras

Total number of transactions Inmobiliario y Construcción

Private equity RR Naturales

Smaller Market (
75

Tecnología y Telecomunicaciones

52

Steel, Metallurgy and Industrial Production

Inmobiliario y Construcción

Foreign acquisitions in Spain

0

1

44

Other Consumer Goods Automotive and Recreational Vehicles

20

Chemical and Chemical Materials

19

SS y Distribución

18

Pharmaceutical, Parapharmaceutical and Cosmetics

18

Aerospace and Aeronautical

Tecnología y Telecomunicaciones

73

distressed

Largest transactions Target   1

Danone Spain

Buyer

Seller

Private equity

Groupe Danone

Private ShareholderscoMPLeted

200,00

Private ShareholderscanceLLed Venture capital

75,00

20

Smaller Market

 2

Fuentetaja (
  3

Biogran

15

Grupo Palacios

Value (EURm)

6

2

10

Wessanen

Nazca Capital

5

Mid Market

Financial Advisors (≥EUR 100m)

0

0

  2

Montalbán Atlas Capital

  2

Linklaters Spain

  3

Alantra

  2

Pérez-Llorca

  3

KPMG Spain

  3

DLA PiperSpanish Spain

  3

EY Spain (≥EUR 500m)

  3

acquisitions Hogan Lovells UK

High-end Market

abroad distressed

0

Due Diligence   3

EY Spain totaL 52 52

Private Equity/Venture Capital with investments

Country

Cabiedes & Partners

Spain

2

Carlyle

United States

2

GED Capital

Spain

1

Lanai Partners

Spain

1

Meridia Capital Miura Private Equity Smaller Market

Nazca Capital(
Private equity

1 coMPLeted

15

Spain

12

Spain Venture capital

9

Spain

Portobello Capital

6

Spain

ProA Capital

3

Spain

0

Spain

Mid Market (≥EUR 100m)

Number of Investments

Spain

Oquendo Capital

Qualitas Equity Partners Sitka Capital Partners

Spain

Turtle Capital

Spain

TTR - Transactional Track Record (www.TTRecord.com) distressed

canceLLed

1 1 1 2

Foreign acquisitions in Spain

Spanish acquisitions abroad

High-end Market (≥EUR 500m)

TTR - Transactional Track Record (www.TTRecord.com)

Foreign acquisitions in Spain

Legal Advisors

67,00

Steel/Metal

Shipbuilding

2 0

1 1

totaL 44 44

Glass/Ceramic

Sectors and Subsectors SPAIN

Fashion and Textile

totaL 74

Spanish acquisitions abroad

High-end Market (≥EUR 500m)

26

RR Naturales

68

canceLLed

10

5

Mid Market (≥EUR 100m)

Glass, Ceramic, Paper, Plastics, Wood and Timber

Tobacco

Venture capital

15

1

69

Sectors and Subsectors SPAIN

Food Industry

coMPLeted

20

FoodIndustry

Total number of transactions by subsector Infraestructuras

73

High-end Market (≥EUR 500m)

52

Energía y renovables

distressed Industria

distressed

Steel, Metallurgy and Industrial Production

Steel/Metal

Industria

FoodIndust

totaL 74

Spanish acquisitions abroad

High-end Market (≥EUR 500m) Energía y renovables

totaL 52

Spanish acquisitions abroad

Glass, Ceramic, Paper, Plastics, Wood and Timber

Infraestructuras

Infraestructuras

Total number of transactions

Total number of transactions

Inmobiliario y Construcción

Inmobiliario y Construcción

Private equity

RR Naturales

20

Smaller Market SS y Distribución (
Venture capital

15

coMPLeted

RR Naturales

canceLLed

Smaller Market SS y Distribución (
Private equity

coMPLeted

15 12

Venture capital

canceLLed

9

Tecnología y Telecomunicaciones

5 0

3

0

Mid Market (≥EUR 100m)

totaL 52

Spanish acquisitions abroad

High-end Market (≥EUR 500m)

52

distressed

3

Gerdau Aceros Spain

0

Spanish Legal Advisors acquisitions abroad

High-end Market

Private Shareholders

  1

Jones Day Spain

PwC Spain

  1

Linklaters Spain

  2

GBP Legal

  2

AZB & Partners

  3

PwC Tax & Legal

  3

  3

10

(
Venture capital

United Kingdom

Caixa Capital Risc

6

Spain

Integra Capital

4

MCH Private Equity Mid Market (≥EUR 100m)

0

Oquendo Capital

44

Spain

canceLLed

0

distressed

1 1 1

Spanish acquisitions abroad

70

1

1

Spain High-end Market (≥EUR 500m)

8

4

  1

Venture capital Private ShareholderscanceLLed

Carlyle Grupo Inversor Petroquímica

LyondellBasell

Deloitte Spain

distressed

Private equity 8

Number of Investments

totaL 26

King & Wood Mallesons Spain Cuatrecasas Spain

26

  2

Linklaters Spain

  3

Bruchou, Fernández Madero & Lombardi

  3

Marval O´Farrel & Mairal

Private Equity/Venture coMPLeted Country Capital with investments

France

Aurelius

Germany

Caixa Capital Risc

Spain

Carlyle

United States

Corpfin Capital

Spain

1

Espiga Capital

Spain

1

Suma Capital

Intermediate Capital Group (ICG) High-end Market

United Kingdom

1

Talde

(≥EUR 500m) Magnum Capital

Spain

1

6 5 4 3 2

1 VentureMBO capital Partenaires

Number of Investments

TTR - Transactional Track Record (www.TTRecord.com)

Private equity

France canceLLed

1

1

N Capital

France

1

1

Nazca Capital

Spain

1

United 0 States

1

Spain

1

Spain

1

2

0

distressed 26

Allen & Overy Spain

7

totaL 26

TTR - Transactional Track Record (www.TTRecord.com)

Cuatrecasas Spain

  1

Aquasourça (
Mid Market (≥EUR 100m)

170,00

0

  1

Spanish  1 acquisitions   2 abroad

High-end Market (≥EUR 500m)

200,00

164,26

Foreign acquisitions Legal Advisors in Spain

0

Country

Value (EURm)

Chipper Invest, Qualitas coMPLeted Equity Partners

Private Shareholders

10

(≥EUR 100m) Financial Advisors

Smaller Market

1 Foreign acquisitions in Spain

12

Petroken

Private Equity/Venture Capital with investments

Spain

Spain

Talde

155,00

Number of Investments

8

2

Gerdau

Country

Black Toro Capital

 2

Smaller Market Cupa (
Seller

Private ICG equity Europe Fund VI,

Mid Market

178,00

coMPLeted

12

Garnica Plywood

6

Garrigues Spain

Private equity

Private Equity/Venture Capital with investments Smaller Market

1.409,00

Private 0 Shareholders

totaL 44

Santander Global Corporate Banking Spain distressed

  1

Buyer

2

Uría Menéndez Spain

Norgestión

Target

  3

  1

  3

Value (EURm)

canceLLed

Clerbil

Financial Advisors (≥EUR 500m)   3

44

distressed

coMPLeted

Foreign acquisitions in Spain

Mahindra CIE Automotive

(≥EUR 100m)

  3

Seller

Bankinter, Novo Banco Spain, Caja Castilla - La Mancha, SpainDuero (Banco Ceiss), Mapfre, Banco Popular, Ibercaja, Commerzbank, Caja Private equity Rural de Teruel,15BNP Paribas, Banque Marocaine du Commerce Extérieur (BMCE), Banco Mare Nostrum (BMN), Natixis, Unicaja Market IsoluxSmaller Corsán 12 (Fusión entre Cajastur ,Caja de Extremadura y Caja Banco, Liberbank Venture capital (
totaL 44

Spanish acquisitions abroad

High-end Market (≥EUR 500m)

Foreign Partners Olympus acquisitions in Spain Capital Oquendo

Spanish Torna Capital acquisitions abroad

totaL Spain 20

Spain 20

1 1

71

Sectors and Subsectors SPAIN

Buyer

Glass/Ceramic

 2

0

Largest transactions

Other

Sectors and Subsectors SPAIN

  1

Foreign acquisitions in Spain

0

Other

Largest transactions Target

6

Automotive

Mid Market (≥EUR 100m)

Foreign acquisitions in Spain

Glass/Ceramic

10

Steel/Metal

Tecnología y Telecomunicaciones

44

distressed

Other Consumer Goods

Energía y renovables

Industria

Infraestructuras

Inmobiliario y Construcción

Private equity

Private equity 12 10

Venture capital

8

coMPLeted

RR Naturales

canceLLed

Smaller Market (
0

Mid Market (≥EUR 100m)

totaL 26

Spanish acquisitions abroad

26

8

Buyer

Seller

coMPLeted

Target

Value (EURm)

Mid Market (≥EUR 100m) Intesis Software

Venture capital

6 5

Noa Brands

canceLLed

Private Shareholders

22,90

  1

3

Beroa

2

Foreign acquisitions HMS Industrial Networks in Spain Private Shareholders

0

Private Shareholders

PwC Spain Strata Advisory Group

  3

Ellestad

distressed

Due Diligence   3

EY Spain Smaller Market (
15,00 13,30

20

  1

Rousaud Costas Duran (RCD)

  2

McCarter & English

  2

GBP Legal

  3

PwC Tax & Legal Spain

  3

Advokatfirman Lindahl

  3

Cuatrecasas Spain

Private equity

 2

Grupo Infun

  3

Grupo Amaya Tellería Mid Market (≥EUR 100m)

Venture capital

Private Shareholders

CIE Automotive

280,00

Private Shareholders

  3

GBP Legal

0

Spanish Legal Advisors acquisitions   2 Cuatrecasas Spain abroad

distressed

totaL 10 19

  2

Santamarina y Steta Abogados

  2

Uría Menéndez Spain

Private equity Smaller Market (
186,00

Foreign acquisitions in Spain

0

KPMG Mexico

canceLLed

875,00 canceLLed

coMPLeted

10

Venture capital

8

canceLLed

6 4

2

Country

(≥EUR 100m)

Foreign acquisitions in Spain

H.I.G. Europe

United Kingdom

Metric Capital Partners

United Kingdom

High-end Market Sherpa Capital

Spain

Torna Capital

Spain

0

Number of Investments 1

totaL 10

Spanish acquisitions abroad

19

Orza

canceLLed

Foreign acquisitions in Spain

Spanish acquisitions abroad

High-end Market (≥EUR 500m)

0

Number of Investments 1

totaL 18 18

distressed

TTR - Transactional Track Record (www.TTRecord.com)

73

Private equity

coMPLeted Venture capital

Country Spain

1

TTR - Transactional Track Record (www.TTRecord.com) 12

0

1 1

Private equity

2

Private Mid Equity/Venture Capital with investments Market (≥EUR 100m)

distressed

8

2

(≥EUR 500m) Santander Global Corporate Banking Spain

3

10

Grupo Industrial Saltillo (GIS)

  2

4

Smaller Market (
ArcelorMittal

Venture capital

  2

5

72

5

Private Shareholders

12

6

(≥EUR 500m)

7 6

Value (EURm) coMPLeted

FinancialHigh-end Advisors Market

7

Mid Market Private Equity/Venture Capital with investments 0

Seller

3

coMPLeted

8

Buyer 8

4

0

totaL 20

Spanish acquisitions Legal Advisors abroad

Financial Advisors

  3

Gestamp Automoción Smaller Market (
High-end Market (≥EUR 500m)

  3

20

Private equity

7

Automotive

  3

International Chimney Corporation (ICC)

totaL 20

Spanish acquisitions abroad distressed

4

 2

0

coMPLeted

10

Smaller Market (
8

Venture capital

canceLLed

Sectors and Subsectors SPAIN

Almax

Foreign acquisitions in Spain

0

Chemical

  1

3

Largest transactions Private equity

Chemical

Sectors and Subsectors SPAIN

Smaller Market (
canceLLed

4

High-end Market (≥EUR 500m)

Other

0

distressed

Target

Venture capital

6

2

Foreign acquisitions in Spain

High-end Market (≥EUR 500m)

Largest transactions

7

Automotive

Tecnología y Telecomunicaciones

4 2

Mid Market (≥EUR 100m)

coMPLeted

8

5

6

Tecnología y Telecomunicaciones

distressed

Total number of transactions

Fashion

Smaller Market SS y Distribución (
26

Automotive and Recreational Vehicles

Inmobiliario y Construcción

RR Naturales

totaL 26

Spanish acquisitions abroad

High-end Market (≥EUR 500m)

Infraestructuras

Total number of transactions

0

acquisitions in Spain

0

Other

Mid Market (≥EUR 100m)

Glass/Ceram

Spanish acquisitions abroad

High-end Market (≥EUR 500m)

Energía y renovables

Industria

totaL 44

Automotive

totaL 20

Spanish acquisitions abroad

High-end Market Energía y renovables (≥EUR 500m)

20

Industria

distressed Chemical and Chemical Materials

acquisitions in Spain

0

(≥EUR 100m)

Energía y renovables

totaL 10

Spanish acquisitions abroad

High-end Market (≥EUR 500m)

Industria

Fashion and Textile

Chemical

in Spain

19

distressed Infraestructuras

Infraestructuras

Total number of transactions

Total number of transactions

Inmobiliario y Construcción

Inmobiliario y Construcción

Private equity

Private equity

coMPLeted

RR Naturales

canceLLed

Smaller Market (
8 7

Venture capital

6 5 4

Tecnología y Telecomunicaciones

0

High-end Market (≥EUR 500m)

Mid Market (≥EUR 100m)

0

totaL 10

Spanish acquisitions abroad

19

distressed

Largest transactions

Smaller Market Tradecorp, Sapec - Agro

 2

Huntsman Surface Sciences Italy, Huntsman Surface Sciences France, Huntsman6 4 Performance Products Spain

Bridgepoint Capital

10

Venture capital

8

Innospec

High-end Market HSBC

  1

PwC Spain

Legal Advisors   1

(≥EUR 500m)

Lazard

  1

EY Spain

  1

KPMG International

  1

  3

Deloitte Spain

  1

Galicia Abogados

distressed   1

  1 Private equity 10

Due Diligence   1

Smaller Market (
8

  1

PwC Spain

6

  3

Deloitte Spain

4

Private Equity/ Venture Capital with investments

DSL Lawyers

  2

Deloitte Legal

  2

Garrigues Spain

Venture capital

Number of Investments

199,29

0 Private Shareholders

8

TAVEX France, Tavex Europe

coMPLeted

Seller

Cediani Business

 2

Gotex

4

  3

Mid Market Treiss (≥EUR 100m)

Venture capital

canceLLed

Aurelius

Coats (ex. J&P Coats)

0

Dogi, Businessgate

Financial Advisors

  1

PwC UK

  1

18 United Kingdom EY

Value (EURm) 179,77

  2

High-end Market KPMG Spain (≥EUR 500m)

  3

PwC Spain

Private Shareholders Foreign acquisitions Private Shareholders in Spain

distressed

7,00

totaL 18

Legal Advisors

Spanish   1 acquisitions abroad  1

25,55 0

King & Wood Mallesons Spain 18

CMS Albiñana & Suárez de Lezo

  3

Addiens Asesores

  3

Garrigues Spain

Insurance Companies Willis

Environmental, Social and Governance canceLLed

  1

Private Equity/ Venture Capital with investments

Spanish ProA Capital acquisitions Sherpa Capital abroad

ERM Iberia

0

Country totaL 18

1

Espiga Capital

Spain

1

Suma Capital

Spain

MCH Private Equity

Spain

1

Talde

Spain

74

125,00

totaL 18

High-end Market France 500m) United Kingdom Bridgepoint (≥EUR Capital

distressed

Buyer

2

  1

Foreign acquisitions in Spain

Ardian

  1

canceLLed

10

coMPLeted

  1

0

Country

456,00

Smaller Market (
Bredin Prat

2

Mid Market (≥EUR 100m)

SAPEC Portugal

Auditors

Spanish Freshfields Bruckhaus acquisitions Deringer Spain and UK abroad

PwC Tax & Legal Spain Uría Menéndez - Proença de Carvalho Demarest Advogados

  1

  1

Private equity

Target

Huntsman

Foreign WerfenLife acquisitions in Spain

0

Financial Advisors   1

18

6

2

(≥EUR 100m)

totaL 18

distressed

coMPLeted

Fashion

  1

Mid Market Rotem, TEM International

0

Spanish acquisitions abroad

High-end Market (≥EUR 500m)

Value (EURm)

1

Spain

Spain18

Number of Investments 1

Pharma

Sectors and Subsectors SPAIN

Seller

12

  3

Foreign acquisitions in Spain

0

Largest transactions Buyer

Private equity

(
canceLLed

4 2

Foreign acquisitions in Spain

Chemical

2

Target

Venture capital

8 6

3

Mid Market (≥EUR 100m)

10

Private Equity/Venture Capital with investments

Country

Sherpa Capital

Spain

1

Number of Investments

Sitka Capital Partners

Spain

1

1 1 1

TTR - Transactional Track Record (www.TTRecord.com)

TTR - Transactional Track Record (www.TTRecord.com)

75

Sectors and Subsectors SPAIN

Tecnología y Telecomunicaciones

coMPLeted

12

Fashion

Smaller Market (
Pharma

RR Naturales

Foreign acquisitions in Spain

0

totaL 18

Energía y renovables

Spanish acquisitions abroad

High-end Market (≥EUR 500m)

Industria

Pharmaceutical, Parapharmaceutical and Cosmetics

18

distressed

Infraestructuras

Total number of transactions Inmobiliario y Construcción

Private equity

RR Naturales

coMPLeted

10

Smaller Market

8

SS y Distribución (
Venture capital

canceLLed

6 4 2

Mid Market (≥EUR 100m)

0

Foreign acquisitions in Spain

0

totaL 18

Spanish acquisitions abroad

High-end Market (≥EUR 500m)

18

distressed

Pharma

Tecnología y Telecomunicaciones

Sectors and Subsectors SPAIN

Largest transactions Target

Buyer

Seller

Invent Farma US, Qualigen, Laboratorios Lesvi, Inke

Maxwelton Investments

The Iceland Enterprise Investment Fund (Framtakssjóður Íslands), Invent Farma

 2

Kala Pharmaceuticals

Private Shareholders, RA Capital Management, CAM Capital - Caxton Alternative Management, Vivo Capital, Ysios Capital Partners, Lux Capital, Wellington Management, Longitude Capital, OrbiMed, CVF Capital Partners, Polaris Partners

-

60,19

  3

OxThera

Brohuvudet, Stiftelsen Industrifonden, Idinvest Partners, Kurma Life Sciences Partners (KLS Partners), Flerie Invest, Sunstone Capital, Life Science Partners, Ysios Capital Partners

-

32,00

  1

Financial Advisors   1

  1

76

Jefferies US Deloitte Spain

Value (EURm)

221,00

Private Equity/Venture Capital with investments

Country

Number of Investments

Apax Partners

United Kingdom

1

Brohuvudet

Sweden

1

CAM Capital - Caxton Alternative Management

United States

1

CVF Capital Partners

United States

1

Flerie Invest

Netherlands

1

Idinvest Partners

France

1

Inveready Capital

Spain

2

Keyhaven Capital Partners

United Kingdom

1

Kurma Life Sciences Partners (KLS Partners)

France

1

Life Science Partners

Netherlands

1

Longitude Capital

United States

1

Lux Capital

United States

1

MCH Private Equity

Spain

1

OrbiMed

United States

1

Polaris Partners

United States

1

RA Capital Management

United States

1

Stiftelsen Industrifonden

Sweden

1

Sunstone Capital

Denmark

1

Vivo Capital

United States

1

Ysios Capital Partners

Spain

2

Legal Advisors   1

Linklaters Spain

  1

PwC Tax & Legal Spain

  1

Baker & McKenzie Spain and UK

  1

LOGOS Legal Services

TTR - Transactional Track Record (www.TTRecord.com)

TTR - Transactional Track Record (www.TTRecord.com)

77

Sectors and Subsectors SPAIN

0

Fashion

Mid Market (≥EUR 100m)

Industria

Inmobiliario y Construcción

Infraestructuras

Inmobiliario y Construcción

Agriculture, Agribusiness, Farming and Fishing

RR Naturales

Natural Resources RR Naturales

SS y Distribución

Total number of transactions Tecnología y Telecomunicaciones

Private equity

SS y Distribución

Total number of transactions by subsector

Agriculture, Agribusiness, Farming and Fishing

Venture capital

3

canceLLed

9 2

Mid Market (≥EUR 100m)

Foreign acquisitions in Spain

0

0

0 totaL 9

Spanish acquisitions abroad

High-end Market (≥EUR 500m)

9

Agriculture

1

Mining 1 Tecnología y Telecomunicaciones Forestry

coMPLeted

4

Smaller Market (
Sectors and Subsectors SPAIN

Largest transactions Target

Buyer

Seller

  1

Agromillora

Investcorp

Nazca Capital

 2

TechAgri

Private Shareholders

Atlantic Blue

4,13

  3

Cododal Agrícola

Ecolumber

Private Shareholders

1,85

Financial Advisors PwC Spain

  1

Jones Day Spain

  1

Deloitte Spain

  1

Allen & Overy Spain

  1

PwC Tax & Legal Spain

  2

Cuatrecasas Spain

Due Diligence

78

TTR - Transactional Track Record (www.TTRecord.com)

200,00

Legal Advisors

  1

  1

Value (EURm)

PwC Spain

Private Equity/Venture Capital with investment

Country

Number of Investments

Investcorp

Bahrain

1

MCH Private Equity

Spain

1

TTR - Transactional Track Record (www.TTRecord.com)

79

Sectors and Subsectors SPAIN

distressed

Infraestructuras

RR Naturales

Inmobiliario y Construcción

RR Naturales

Distribution and Retail

SS y Distribución

Services and Distribution SS y Distribución

Tecnología y Telecomunicaciones

Total number of transactions Private equity

Total number of transactions by subsector

Tecnología y Telecomunicaciones

coMPLeted

50

98

Smaller Market (
Distribution and Retail

40

Venture capital

canceLLed

30 20 10

Mid Market (≥EUR 100m)

Foreign acquisitions in Spain

0

78

Tourism, Hotels and Restaurants

54

Transport, Aviation and Logistics

48

Sports and Leisure

31

98

distressed

Largest transactions Target

PrivateBuyer equity

Seller

Food and Beverage

22

Marketing and Advertising

19

Cars, Motorcycles and Other Vehicles

17

Education

16

Waste Management, Pollution and Recycling

16

  1  2

Smaller Market Interstate Blood Bank (
Vinzeo Technologies

25 20 15

Grifols Worldwide Private Shareholders Operations Venture capital canceLLed

87,65

Esprinet

74,10

  3

15

Inspection and Certification

11

Water and Sanitation

5

Security and Private Arms, Ammunition and Explosives

4

Funeral Services

Corporación IBV

10

Biogran

Mid Market (≥EUR 100m)

5

Wessanen

0

High-end Market (≥EUR 500m)

  2

Banca IMI

  2

PwC Spain

  2

BBVA Corporate Finance

  2

PKF Attest

  3

Alantra

  3

KPMG Spain

  3

EY Spain

Foreign Nazca Capital acquisitions in Spain

  2

Gómez-Acebo & Pombo Spain

  2

PwC Tax & Legal Spain

  2

Pérez-Llorca

  3

DLA Piper Spain

  3

Hogan Lovells UK

distressed

Private equity

Due Diligence

2

Luxury Goods and Services

2

Printing and Binding

2

  2

Smaller Market PwC (
  3

EY Spain

coMPLeted

25 20

Venture capital

canceLLed

15 10 5

Courier

Mid Market (≥EUR 100m)

1

0

Foreign acquisitions in Spain

0

0

High-end Market (≥EUR 500m)

80

67,00

3

Event Production and Management

Public Services

0

totaL 85 Legal Advisors Spanish acquisitions Osborne Clarke Spain 85 abroad  1

Financial Advisors

Media, Multimedia and Editorial

Value (EURm) coMPLeted

30

TTR - Transactional Track Record (www.TTRecord.com)

TTR - Transactional Track Record (www.TTRecord.com) distressed

Spanish acquisitions abroad

totaL 78 78

81

Sectors and Subsectors SPAIN

62

Consultancy

Sectors and Subsectors SPAIN

Healthcare, Hygiene, Medical Aesthetics and Cosmetics

totaL 98

Spanish acquisitions abroad

High-end Market (≥EUR 500m)

Financial

Consultancy, Audit and Engineering

0

Distribution

85 Financial and Insurance

Inmobiliario y Construcción

totaL 98

Spanish acquisitions abroad

High-end Market (≥EUR 500m)

RR Naturales

Distributio

Infraestructuras

98

distressed

Financial and Insurance

SS y Distribución

Tecnología y Telecomunicaciones

Private Equity/Venture Capital with investments

Country

Number of Investments

Amerigo Ventures Pacífico

Colombia

1

Antai Venture Builder

Spain

1

Total number of transactions Private equity

Axon Partners Group

Spain

2

Big Sur Ventures

Spain

1

coMPLeted

30

Smaller Market (
25

Venture capital

canceLLed

20 15

Spain

2

Bull Partners

Spain

1

Busy Angels

Spain

1

Cabiedes & Partners

Spain

3

Sectors and Subsectors SPAIN

Caixa Capital Risc

Spain

2

Carlyle

United States

1

Corpfin Capital

Spain

1

Elderstreet Investments

United Kingdom

1

Entrée Capital

United Kingdom

1

Go Beyond

Switzerland

1

Idodi Venture Capital

Spain

1

Kereon Partners

Spain

1

Kibo Ventures

Spain

1

Lanai Partners

Spain

1

Miura Private Equity

Spain

1

Mnext Ventures

Spain

1

Onza Capital

Spain

1

PDG Invest

Spain

1

Qualitas Venture Capital

Spain

1

Samaipata Ventures

Spain

2

Seaya Ventures

Spain

1

Sitka Capital Partners

Spain

2

10 5

Mid Market (≥EUR 100m)

Spain

1

Stamar Venture

Spain

1

United States

1

Turtle Capital

Spain

1

Target

  1

Hotelbeds Group

Private equity 25

Smaller Market 20 Duke Energy International Investments (
 2

No. 2, Duke Energy International Spain 15 Holdings, Duke Energy International Group

Buyer

Seller

Private Shareholders, CPPIB - Canada Pension Plan Investment Board, Cinven

TUI Group

1.165,00

Orazul Energía Holdings Spain, Orazul Energy Peru

canceLLed Duke Energy International (DEI)

1.155,51

CaixaBank Foreign (Criteria CaixaCorp)

Santoro Finance, Private Shareholders 0

Venture capital

Value (EURm)

coMPLeted

10

  3

Banco BPI Mid Market (≥EUR 100m)

5 0

Financial Advisors   1   1   1  2   1   1

  2   2

  2

  1

Spanish   1 acquisitions abroad  1

(≥EUR 500m)

PwC Spain

HSBC distressed Deutsche Bank Bank of America Merrill Lynch Credit Suisse Group J.P. Morgan Santander Global Corporate Banking Chile PwC US

  1   2

Smaller Market PwC (
Deloitte Spain PwC US

  3

(≥EUR 100m)

  1   1   2   2   2   2   2   2   3

25 20

totaL

78 Freshfields Bruckhaus Deringer Spain Deloitte Legal Allen & Overy Spain and78Germany Herbert Smith Freehills Spain PwC Tax & Legal Spain Skadden, Arps, Slate, Meagher & Flom US Miranda & Amado Abogados Rodrigo, Elías & Medrano Abogados Chadbourne & Parke US ando Mexico Maples and Calder Cuatrecasas Spain Cuatrecasas Portugal coMPLeted

Venture capital

644,00

canceLLed

15 10 5

Mid Market Intermediary

acquisitions in Spain

Legal Advisors

Lazard High-end Market Morgan Stanley

Private equity

  1  2

0

Deutsche Bank (Portugal)

High-end Market (≥EUR 500m)

TTR - Transactional Track Record (www.TTRecord.com)

85

Largest transactions

Due Diligence

82

totaL 85

distressed

  2

TA Associates

0

Spanish acquisitions abroad

High-end Market (≥EUR 500m)

  1

Sputnik Ventures

Foreign acquisitions in Spain

0

TTR - Transactional Track Record (www.TTRecord.com) distressed

Foreign acquisitions in Spain

Spanish acquisitions abroad

1

totaL 63 62

83

Sectors and Subsectors SPAIN

Bonsai Venture Capital

Financial

1

Consultancy

United Kingdom

Healthcare

Black Toro Capital

Infraestructuras

Financial

RR Naturales

totaL 85

Spanish acquisitions abroad

High-end Market Inmobiliario y Construcción (≥EUR 500m)

85

distressed

Consultancy, Audit and Engineering

SS y Distribución

Tecnología y Telecomunicaciones

ALLVP

Mexico

1

Apollo Global Management

United States

2

Total number of transactions Private equity

Axon Partners Group

Spain

1

Bankinter Capital Riesgo

Spain

1

15

Cabiedes & Partners

Spain

1

10

Capital Trust Group

Spain

1

Cinven

United Kingdom

1

Fides Capital

Spain

1

Finstar Financial Group

Russia

1

United States

1

KFund

Spain

1

Lerer Hippeau Ventures

United States

1

Mediterrània Capital

Spain

1

New Enterprise Associates (NEA)

United States

1

Ona Capital

Spain

1

Portobello Capital

Spain

1

Propel Venture Partners

United States

1

Quadrifoglio Venture Capital

Spain

1

Riva y García Gestión

Spain

1

The Abraaj Group

United Arab Emirates

1

Turtle Capital

Spain

1

Velum Ventures

Colombia

1

Viriditas Ventures

Spain

1

20

Venture capital

5

Mid Market (≥EUR 100m)

canceLLed

Foreign acquisitions in Spain

0

0

totaL 78

Spanish acquisitions abroad

High-end Market (≥EUR 500m)

78

distressed

Largest transactions Target

Buyer

Seller

Private equity

  1

 2

Tinsa

Smaller Market (
Grupo Allus

25

Cinven

20 15

Value (EURm) coMPLeted

Advent International Venture capital

Konecta

300,00

canceLLed

Contax-Mobitel

170,39

10

  3

Xacom Comunicaciones, Toro Finance, Oneworld Mid Market Packaging, (≥EUR 100m)Ombuds, DocOut

5

Private Shareholders

0

Foreign JZ Capital Partners acquisitions in Spain

1

totaL 63

Spanish acquisitions Legal Advisors abroad

High-end Market (≥EUR 500m)

Financial Advisors

62

  1

Rothschild

  1

Clifford Chance Spain

  2

distressed Santander Global Corporate Banking Spain

  1

Clifford Chance UK

  2

PwC Spain

  1

Deloitte Legal

  2

Banco Itaú BBA

  1

Garrigues Spain

  2

Pérez-Llorca

  2

coMPLeted Souza, Cescon, Barrieu & Flesch Advogados

  2

Estudio Garrido Abogados

Private equity

Due Diligence Smaller Market   2

PwC(
20

15

75,20

Venture capital   2

canceLLed Uría Menéndez Spain

  2

Barbosa, Müssnich, Aragão

10

Accounting   1

Mid Market KPMG Spain (≥EUR 100m)

5 0

Foreign acquisitions in Spain

Commercial   1   1

Oliver Wyman

Spanish acquisitions abroad

High-end Market McKinsey Company Spain (≥EUR& 500m)

0

totaL 54 54

distressed

84

TTR - Transactional Track Record (www.TTRecord.com)

TTR - Transactional Track Record (www.TTRecord.com)

Private equity 12

Tourism

Sectors and Subsectors SPAIN

I Squared Capital

coMPLeted

25

Smaller Market (
85

coMPLeted

Sectors and Subsectors SPAIN

Number of Investments

Consultancy

Country

Healthcare

Private Equity/Venture Capital with investments

Inmobiliario y Construcción

RR Naturales

Advent International

United Kingdom

1

Alantra Partners

Spain

2

Axxon Group

Brazil

1

Bain Capital

United States

1

Caixa Capital Risc

Spain

2

Cinven

United Kingdom

1

Corpfin Capital

Spain

1

DCM

United States

1

Diana Capital

Spain

1

Espiga Capital

Spain

1

GED Capital

Spain

1

Haitong Capital

China

1

Nyca

United States

1

Santander Innoventures

United Kingdom

1

Union Square Ventures (USV)

United States

1

Victoria Venture Capital

Spain

1

distressed

Healthcare, Hygiene, Medical Aesthetics and Cosmetics

SS y Distribución

Number of Investments

Tecnología y Telecomunicaciones

Total number of transactions Private equity

coMPLeted

25

Smaller Market (
20

Venture capital

canceLLed

15 10 5

Mid Market (≥EUR 100m)

Foreign acquisitions in Spain

0

1

totaL 63

Spanish acquisitions abroad

High-end Market (≥EUR 500m)

62

distressed

Target

Smaller Market (
  1

Private equity 20

Seller Venture capital

15

IDC Salud (Quirónsalud)

coMPLeted

Buyer

Value (EURm) canceLLed

CVC Capital Partners, Private Shareholders

Fresenius Helios

5.760,00

10

  3

SARquavitae Mid Market (≥EUR 100m)

5 0

Grupo Amma

Maisons de Famille

Financial Advisors distressed

BNP Paribas Corporate & Investment Banking

  1   3

Deloitte Spain

  1   3

PwC Spain

  1   1  2   1

PJT Partners

  1  2

Private equity 12

  1

KPMG Spain Smaller Market

  1   3

PwC (
8

Deloitte Spain

6

  2

54

10

0

Allen & Overy Spain Slaughter And May UK coMPLeted

  2

Baker & McKenzie Spain

  2 Willkie Farr & Gallagher Venture capital canceLLed

PwC Tax & Legal Spain

  3

Deloitte Legal

  3

Uría Menéndez Spain

Foreign acquisitions in Spain

0

totaL 48 48

distressed

86

TTR - Transactional Track Record (www.TTRecord.com)

TTR - Transactional Track Record (www.TTRecord.com)

87

Private equity

coMPLeted

14

Smaller Market (
12 10

220,00

Freshfields Bruckhaus Deringer Spain, Germany and UK Garrigues Spain

Spanish acquisitions abroad

High-end Market (≥EUR 500m)

550,00

Garrigues Spain

  2

 2   3

2

DLA Piper Spain and Germany

  1

4

Mid Market (≥EUR 100m)

totaL 54

Legal Advisors

  1  2

Due Diligence

Foreign Capital Partners, G Square0 acquisitions in Spain CaixaBank (Criteria CaixaCorp)

Spanish acquisitions abroad

High-end Market (≥EUR 500m)

  2

Grupo Confide, Palamon

GeriaVi

Tourism

 2

Transport

Sectors and Subsectors SPAIN

Largest transactions

Venture capital

canceLLed

Sectors and Subsectors SPAIN

Country

78

Healthcare

Private Equity/Venture Capital with investments

totaL 78

Spanish acquisitions abroad

High-end Market (≥EUR 500m)

Consultancy

Infraestructuras

Infraestructuras Mid Market (≥EUR 100m)

1

acquisitions in Spain

0

RR Naturales

High-end Market (≥EUR 500m)

Private Equity/Venture Capital with investments

Country

Aleph Capital Partners

United Kingdom

1

Amadeus Capital Partners

United Kingdom

1

Cabiedes & Partners

Spain

2

Caixa Capital Risc

Spain

1

Tourism, Hotels and Restaurants

SS y Distribución

Number of Investments

Charme Capital

United Kingdom

1

Corpfin Capital

Spain

1

CVC Capital Partners

Luxembourg

1

Es Vedra Capital Advisors

Canada

1

Faraday Venture Partners

Spain

1

Foundation Capital

United States

1

Founders Fund

United States

1

Intermediate Capital Group

United Kingdom

1

PAI Partners

France

1

Pantera Capital

United States

1

Portobello Capital

Spain

1

Propel Venture Partners

United States

1

Sherpa Capital

Spain

1

The Abraaj Group

United Arab Emirates

1

Three Hills Capital Partners (THCP)

United Kingdom

1

Venturangi Capital

Spain

1

totaL 63

Spanish acquisitions abroad

62

distressed

Tecnología y Telecomunicaciones

Total number of transactions Private equity

coMPLeted

20

Smaller Market (
Healthcare

Inmobiliario y Construcción

Venture capital

15

canceLLed

10

Foreign acquisitions in Spain

0

totaL 54

Spanish acquisitions abroad

High-end Market (≥EUR 500m)

54

distressed

Target

PrivateBuyer equity

Seller

  1

Smaller Market Telepizza

10

(
 2

Private Shareholders

6

FoodCo Finance

Venture capital

8

The Eat Out Group

Value (EURm) coMPLeted

12

Grupo Ibersol

550,00 canceLLed

Agrolimen

110,00

4

Restauradores Asturcova

2

Mid Market (≥EUR 100m)

Dogus Group

Comienzos Siglo XXI Foreign acquisitions in Spain

0

Financial Advisors   2

AZ Capital

  2

High-end PwC SpainMarket

  2

Banco BPI

  1

Spanish   1 acquisitions abroad  2

(≥EUR 500m)

distressed

totaL 48

Linklaters Spain Kirkland & Ellis US Cuatrecasas Spain

48

  2

Garrigues Spain

  3

Clifford Chance Spain

  3

Jones Day Spain

PwC Spain Private equity

coMPLeted

14

Private Equity/ Smaller Market Venture Capital (
Country

360 Capital Ventures

Luxembourg

1

Alma Mundi Ventures

Spain

4

1

Bankinter Capital Riesgo

Spain

2

1

Breega (≥EUR Capital 100m)

France

0

1

HOWZAT Partners

United Kingdom

1

Inveravante

Spain

1

High-end Market JME Venture Capital

Spain

1

Mid Market

(≥EUR 500m)

12 10

Number of Investments

8

6

Private Equity/ Venture Capital Venture with capital investments

Country

canceLLed

TTR - Transactional Track Record (www.TTRecord.com)

Spain

1

Monkfish Equity

Germany

1

Foreign Oquendo Capital acquisitions in Spain PAI Partners

1

Spain

1

France

1

ProA Capital

Spain

1

Samaipata Ventures

totaL Spain 32

1

Switzerland

1

Spanish Springwater Capital acquisitions Turtle Capital abroad

Spain 31

TTR - Transactional Track Record (www.TTRecord.com) coMPLeted

10 8

1

89

Private equity Smaller Market (
Number of Investments

Media Digital Ventures Spain

distressed

88

70,00

Legal Advisors

Due Diligence   2

0

Transport

  3

Sports

Sectors and Subsectors SPAIN

Largest transactions

Venture capital

canceLLed

Sectors and Subsectors SPAIN

0

Tourism

5

Mid Market (≥EUR 100m)

Infraestructuras

Infraestructuras

54

Transport, Aviationdistressed and Logistics

SS y Distribución

Inmobiliario y Construcción

totaL 48

Spanish acquisitions abroad

RR High-end Naturales Market

(≥EUR 500m)

Sports and Leisure

SS y Distribución

Transport

Spanish acquisitions abroad

High-end Market (≥EUR 500m) RR Naturales

Tourism

totaL 54

Inmobiliario y Construcción

acquisitions in Spain

0

(≥EUR 100m)

48

distressed Tecnología y Telecomunicaciones

Tecnología y Telecomunicaciones

Total number of transactions

Total number of transactions Private equity

Private equity

coMPLeted

12

Smaller Market (
10

Venture capital

8

coMPLeted

14

Smaller Market (
canceLLed

12

Venture capital

10

canceLLed

8 6

6

4

4

totaL 48

Spanish acquisitions abroad

High-end Market (≥EUR 500m)

48

distressed

Mid Market (≥EUR 100m)

Largest transactions coMPLeted

14

  1

Smaller Market Parkia(
12 10 8

First State European Grupo Mutua Madrileña, Venture capital canceLLed Diversified Infrastructure EQT Infrastructure Fund (EDIF)

Target

Private equity

Smaller Market (
  1

Codere

Buyer

4

Globalvia Inversiones ID Logistics

High-end Market

BBVA Corporate (≥EUR 500m) Finance

  1

Deloitte Spain

  1

Altium Capital Spain

  1

Deloitte Spain

  3

PJT Partners

Akerton Partners

  1

Deloitte Legal

  1

KPMG Spain

  1

Pérez-Llorca Herbert Smith Freehills Spain and UK Hogan Lovells Spain

  1

Willis Spain

  1

10

abroad

Clifford Chance Spain

8 6

Country

M&G Investments, Contrarian Funds, Silver Point 6 Finance, Third Avenue Capital, Abrams Capital

2

United States

Value (EURm)

canceLLed

-

826,54

Parques Reunidos

  3

Mid Market (≥EUR 100m) Bodytech

Private Shareholders, Corporación Financiera Alba 2

Foreign acquisitions in Spain

0

Catherine Spain Holdings

0

1 1

Edmond de Rothschild Investment Partners

France

1

Gestión de Capital Riesgo del País Vasco

Spain

1

High-end Market InfraVia Capital (≥EUR 500m)

France

1

Kibo Ventures

Spain

1

Local Globe

United Kingdom

distressed

1

31

Insurance

Spanish acquisitions Virtual Dara Room abroad

High-end Market Legal Advisors (≥EUR 500m)   2

Linklaters Spain

  3

Brigard & Urrutia Abogados

  3

Hernández & Cía Abogados

  3

Philippi, Prietocarrizosa Ferrero DU & Uría

  3

Baker & Mckenzie Colombia

  3

distressed

Intralinks

Centaur Luxco

600,18

0

-

42,52 totaL 22 22

  1 coMPLeted Willis Spain

Venture capital

Number of Investments

4

Switzerland

Spanish

acquisitions Allen & Overy Spain

Deloitte Spain

distressed

Smaller Market (
Due Diligence 32

  1

  3

90

85,00

  1

  1   3

  3

Partners

 2

1

Garrigues Spain

  1

Private equity

(≥EUR 100m)

Venture capital

totaL

Legal Advisors

  1

Adveq Carlyle Mid Market

126,50

Foreign acquisitions CCF Logistics Holdings in Spain

0

Financial Advisors

Private Equity/ Venture Capital with investments

SDC - Concessões

2

Mid Market (≥EUR 100m) Logiters

Seller

4

Sports

  3

Scutvias - Autoestradas Da Beira Interior

coMPLeted

10 8

6

 2

31

distressed

Value (EURm)

342,00

totaL 32

Private Equity/ Venture Capital with investments

canceLLed

Country

Number of Investments

Private Equity/Venture Capital with investment

Country

Number of Investments

1

Catterton

United States

1

Spain

1

Stamar Venture

Spain

1

Point Nine Capital

Germany

1

Portobello Capital

Spain totaL

Massena Partners

Foreign acquisitions Miura Private Equity in Spain

Spanish Samaipata Ventures acquisitions abroad Serena Capital

Vitamina K

Luxembourg 0

22

Spain

22 France

Spain

Food/Bever

Sectors and Subsectors SPAIN

Seller

1

Spanish acquisitions abroad

High-end Market (≥EUR 500m)

Largest transactions PrivateBuyer equity

Target

Foreign acquisitions in Spain

0

1 1 1 1

TTR - Transactional Track Record (www.TTRecord.com)

TTR - Transactional Track Record (www.TTRecord.com)

91

Sectors and Subsectors SPAIN

2

0

Sports

0

Food/Bever

Mid Market (≥EUR 100m)

Foreign acquisitions in Spain

Transport

2

Infraestructuras Mid Market (≥EUR 100m)

1

acquisitions in Spain

0

Industria

Inmobiliario y Construcción

Food and Beverage

SS y Distribución

Tecnología y Telecomunicaciones

totaL 32

Spanish acquisitions abroad

High-end Market (≥EUR 500m)

Sports

RR Naturales

31

distressed

Infraestructuras Infraestructure

Total number of transactions Private equity

number of transactions by subsector InmobiliarioTotal y Construcción

coMPLeted

10

Smaller Market (
8

Venture capital

canceLLed

Roads and Highways

6 4

Car Parks Foreign acquisitions in Spain

0

totaL 22

Spanish acquisitions abroad

High-end Market (≥EUR 500m)

22

distressed

3

RR Naturales

0

Railroads

Food/Bever

2

Mid Market (≥EUR 100m)

8

Largest transactions

2

Bridges

1

Hospitals

0

Airports

0

Pipelines

0

SS y Distribución

Buyer

Seller

  1

Nutricafés

Massimo Zanetti Beverage Group

MCH Private Equity, Explorer I

74,50

 2

Grupo Aldanondo

Lácteos Saiona

Private Shareholders

51,00

  3

Fruselva

ProA Capital

Private Shareholders

40,00

Financial Advisors

Value (EURm)

Prisons

0

Schools

0

Social Housing

0

Sectors and Subsectors SPAIN

Sectors and Subsectors SPAIN

Tecnología y 0Telecomunicaciones

Ports Target

Legal Advisors

  1

PwC Spain

  1

CMS Rui Pena & Arnaut

  3

KPMG Spain

  2

Cuatrecasas Spain

  3

Ramón y Cajal

Due Diligence   3

EY Spain

Private Equity/Venture Capital with investments

Country

360 Capital Partners

Luxembourg

1

Breega Capital

France

1

GED Capital

Spain

1

OpCapita

United Kingdom

1

Oquendo Capital

Spain

1

Portobello Capital

Spain

1

ProA Capital

Spain

2

Samaipata Ventures

Spain

1

Sitka Capital Partners

Spain

1

92

Number of Investments

TTR - Transactional Track Record (www.TTRecord.com)

TTR - Transactional Track Record (www.TTRecord.com)

93

SS y Distribución

Energía y renovables

Industria

Infraestructuras

Roads and Highways

Technology Telecoms Tecnologíaand y Telecomunicaciones

Inmobiliario y Construcción

Total number of transactions RR Naturales

Smaller Market (
Tecnología y Telecomunicaciones

coMPLeted

4

Venture capital

3

Total number of transactions by subsector

canceLLed

181

1

Mid Market (≥EUR 100m)

Foreign acquisitions in Spain

0

0

totaL 8

Spanish acquisitions abroad

High-end Market (≥EUR 500m)

Roads and Highways

2

8

distressed

Largest transactions Sectors and Subsectors SPAIN

Target

Buyer

Seller

Value (EURm)

  1

Autopista Central

Inversora de Infraestructuras

AIMCo

948,00

 2

Abertis Autopistas Chile

Abu Dhabi Investment Authority (ADIA)

Abertis

740,00

  3

Pocahontas Parkway

Globalvía

Private Shareholders

577,76

Financial Advisors

155 Internet

Biotechnology

36

Telecoms

34

Electronics

14

Legal Advisors

  1

Citigroup

  1

Stikeman Elliott

  3

RBC Capital Markets

  1

Allen & Overy UK

  1

Loyens & Loeff Luxembourg

  1

Advokatfirman Vinge

  1   2

Ashurst UK and Spain

  1   1   2

94

Technology

Sectors and Subsectors SPAIN

Private equity SS y Distribución

Ashurst Luxembourg and Sweden Claro y Cía. Abogados

  2

Philippi, Prietocarrizosa Ferrero DU & Uría Chile

  2

PwC Tax & Legal Spain

  2

Linklaters Spain

  3

Chadbourne & Parke US

TTR - Transactional Track Record (www.TTRecord.com)

TTR - Transactional Track Record (www.TTRecord.com)

95

Inmobiliario y Construcción

RR Naturales

SS y Distribución

Technology

Tecnología y Telecomunicaciones

Private equity

coMPLeted

90

Smaller Market (
Country

360 Capital Partners

Luxembourg

70

Venture capital

60

canceLLed

40 30 20

Foreign acquisitions in brazil

0

totaL 194

brazilian acquisitions abroad

High-end Market (≥r$ 500m)

0

194

Technology

10

distressed

Smaller Market

Private equity 90

Buyer

Seller

coMPLeted

Value (EURm)

70 60

Venture capital Private Shareholders Private ShareholderscanceLLed

30 10

Mid Market Cabify

Hong Kong SPV

0

(≥r$ 200m)

Comsa Corporación

Private Shareholders, Rakuten

High-end Market

Financial Advisors (≥r$ 500m)   1

Baker Tilly GDA Corporate Finance distressed

96

1

Spain

1

United States

1

Spain

4

Mediterrània Capital

Spain

1

Alma Mundi Ventures

Spain

3

Mnext Ventures

Spain

1

Amasia

United States

1

Nauta Capital

Spain

5

Angels Capital

Spain

1

Spain

1

Aser Capital

Spain

1

New Enterprise Associates (NEA)

Asimov Ventures

Spain

1

Oakley Capital Investments

Canada

1

Avianta Capital

Mexico

1

Octopus Investments

United Kingdom

1

AVIC International Capital

China

1

Ona Capital

Spain

1

Optare Ventures

Spain

1

P101

Italy

1

Paladin Capital Group

United States

1

Portobello Capital

Spain

1

Realiza Business Angels

Spain

1

Riva y García Gestión

Spain

1

Spain

1

Axon Partners Group B4 Motion

Foreign acquisitions in brazil

brazilian acquisitions Legal Advisors abroad

0

totaL 135 135

  2

Gómez-Acebo & Pombo Spain

  2

Deloitte Legal

  3

U&Law

Cabiedes & Partners

Spain Spain France Spain Spain Spain

1 1 1 1 2 4

Caixa Capital Risc

Spain

7

Capitana Venture Partners

Spain

1

Samaipata Ventures

Spain

1

166,50

Carlyle

United States

1

Santander Innoventures

Spain

4

CG Health Ventures

Spain

1

Scale Capital

Spain

1

CommerzVentures

Germany

1

Demium Ventures

Spain

1

Socios Q Venture Capital

Spain

1

Digital Leaders Ventures

Luxembourg

1

Sodena

Spain

1

e.ventures

United States

1

Sputnik Ventures Capital

Spain

1

Faraday Venture Partners

Spain

1

Start up Capital Navarra

Spain

1

Gestión de Capital Riesgo del País Vasco

Spain

2

Stella Maris Partners

Mexico

1

Tandem Capital

Spain

1

Gilde Healthcare

Netherlands

1

Telefónica Ventures

Spain

1

Gorla Ventures

Spain

1

Grupo Level Capital

Spain

1

Telegraph Hill Group (THCap)

United States

1

HOWZAT Partners

United Kingdom

1

Trident Capital

United States

1

Spain

2

20

  3

Luxembourg

430,00

80

40

Aritex Cading

Mangrove Capital

Sabadell Venture Capital

50

 2

2

Number of Investments

Adara Ventures

BStartup 10

105,46

Internet

Sectors and Subsectors SPAIN

Largest transactions

(
Country

Media Digital Ventures Spain

Bullnet Gestión

  1

Private Equity/ Venture Capital with investments

Action Potential Venture Capital

Breega Capital

Target

Number of Investments

80

50

Mid Market (≥r$ 200m)

Private Equity/ Venture Capital with investments

TTR - Transactional Track Record (www.TTRecord.com)

Idodi Venture Capital

Spain

2

Turtle Capital

Intel Capital

United States

1

VenturCap

Spain

2

Inveready Capital

Spain

4

Johnson & Johnson Innovation

Spain

1

United States

1

Victoria Venture Capital

KFund

Spain

1

Wayra 

Spain

7

Windham Venture Partners

United States

1

Xesgalicia

Spain

1

Ysios Capital Partners

Spain

1

Kibo Ventures

Spain

2

Komm Investment

Germany

1

KRW Schindler Private Ventures

Luxembourg

1

TTR - Transactional Track Record (www.TTRecord.com)

97

Sectors and Subsectors SPAIN

Total number of transactions

RR Naturales

SS y Distribución

181

distressed

Total number of transactions Private equity

coMPLeted

120

Smaller Market (
100

Venture capital

80

canceLLed

60 40

Mid Market (≥EUR 100m)

Foreign acquisitions in Spain

0

totaL 155

Spanish acquisitions abroad

High-end Market (≥EUR 500m)

0

Internet

20

155

distressed

Sectors and Subsectors SPAIN

Largest transactions Target

  1

 2

  3

Privalia

Ticketbis

La Nevera Roja

Buyer

Seller

Value (EURm)

Index Ventures, Nauta Capital, Insight Venture Partners, Highland Capital Partners, General Atlantic, Sofina, Caixa Capital Risc, Private Shareholders

Vente - Privee

Active Venture Partners, Private Shareholders

eBay

Just Eat

Rocket Internet

470,00

148,17

125,00

Private Equity/ Venture Capital with investments

Country

Private Equity/ Venture Capital with investments

Country

2UP Seed Capital

Spain

Accel Partners

United States

1

KFund

Spain

1

1

Kibo Ventures

Spain

Ad4ventures Spain

4

Spain

4

Kima Ventures

France

4

Alma Mundi Ventures

Spain

2

United States

1

Alva House Capital

Spain

1

Kleiner Perkins Caufield & Byers (KPCB)

Argom Invest

Spain

1

Lanai Partners

Spain

1

Argos Ventures

Spain

1

Local Globe

United KIngdom

1

Aser Capital

Spain

1

Mangrove Capital

Luxembourg

3

Spain

6

Atomico

United Kingdom

1

Avianta Capital

Mexico

1

Mnext Ventures

Spain

3

Axon Partners Group

Spain

2

Monkfish Equity

Germany

1

B4Motion

Mexico

1

Nauta Capital

Spain

2

Bankinter Capital Riesgo

Spain

2

Northzone

Sweden

1

Bao Global Services

Spain

1

Onza Capital

Spain

2

Big Sur Ventures

Spain

1

Otium Capital

France

1

Bonsai Venture Capital

Spain

6

P101

Italy

1

BStartup 10

Spain

1

PDG Invest

Spain

2

Bull Partners

Spain

1

Plug and Play Ventures

United States

1

Cabiedes & Partners

Spain

4

Point Nine Capital

Germany

1

Caixa Capital Risc

Spain

7

Propel Venture Partners

United States

1

Capital Invent

Mexico

1

Spain

1

CG Health Ventures

Spain

1

Qualitas Equity Partners

Commercial Growth Fund

Realiza Business Angels

Spain

1

United Kingdom

1

Switzerland

1

Cube Investments

Spain

3

Redalpine Venture Partners

e.ventures

United States

1

Reus Venture Capital

Spain

1

Rosemark Capital

United States

1

Sabadell Capital

Spain

1

Sabadell Venture Capital

Spain

2

Samaipata Ventures

Spain

6

Santander Innoventures

Spain

1

Seaya Ventures

Spain

1

Seed CDC

Spain

1

Serena Capital

France

1

Sitka Capital Partners

Spain

4

Sputnik Ventures Capital

Spain

1

Stamar Venture

Spain

1

Stella Maris Partners

Mexico

1

Sunstone Capital

Denmark

1

Transamerica Ventures

United States

1

Vander Capital Partners

Mexico

1

Velem Ventures

Spain

1

Vitamina K

Spain

1

Wayra 

Spain

3

Elderstreet Investments

United Kingdom

1

Entrée Capital

United Kingdom

1

Felix Capital FJ Labs Legal Advisors

Morgan Stanley

  1

  1

Deloitte Spain

  1

Darrois Villey

  3

PwC Spain

  1

Roca Junyent

  1

  1   2

Due Diligence   3

PwC Spain

Garrigues Spain and Mexico

Uría Menéndez Spain

  1

Paul, Weiss, Rifkind, Wharton & Garrison

  2

King & Wood Mallesons Spain

Font Consulting German Media Pool VC

United Kingdom United States Spain Germany

1 1 1 1 1

Gestión de Capital Riesgo del País Vasco

Spain

1

Go Beyond

Switzerland

1

HOWZAT Partners

United Kingdom

2

HR Ventures

Germany

  2

Uría Menéndez Brazil

Inveready Capital

 2   3

PwC Tax & Legal Spain

Ithaca Ventures

Slovakia

3

Linklaters Spain

Izertis Ventures

Spain

1

JME Venture Capital

TTR - Transactional Track Record (www.TTRecord.com)

Spain

1

Idodi Venture Capital

  3

98

Spain

Cuatrecasas Spain

 2   3

Number of Investments

Media Digital Ventures Spain

Faraday Venture Partners

Financial Advisors

Number of Investments

Spain

Spain

4 3

1

Kennet Partners

United Kingdom

1

Kereon Partners

Spain

1

TTR - Transactional Track Record (www.TTRecord.com)

99

Sectors and Subsectors SPAIN

Internet

Tecnología y Telecomunicaciones

totaL 181

Spanish acquisitions abroad

High-end Market (≥EUR 500m)

Technology

Inmobiliario y Construcción

M&A HANDBOOK 2017

IBERIA

6 Most Active Advisors

Financial Advisors

A

Alantra

LEGEND Awards

Arcano

TTR Deal of the month

Alantra Target

Country (Target)

Subsector

Buyer

Seller

Value (EURm)

La Finca Global Assets

Spain

Real Estate

Värde Partners

Procisa

102,00

-

Duravit

Germany

Glass, Ceramic, Paper, Plastics, Wood and Timber

Private Shareholders

Grupo Roca

100,00

-

Ibercaja Banco

70,00

-

Argo Asesores Financieros TTR Deal of the quarter

AZ Capital

B

Baker Tilly

Energía y renovables

Main sectors

Energía y renovables Energía y renovables Industria Energía y renovables Industria Industry Energía Industriay renovables Energía Industriay renovables Infraestructuras Industria Infraestructuras Industria Infraestructuras Infrastructure Industria Infraestructuras Inmobiliario yy Construcción Infraestructuras Inmobiliario Construcción Infraestructuras Inmobiliario y Construcción Infraestructuras Inmobiliario y Construcción Real Estate and Construction RR Naturales Inmobiliario RR Naturales y Construcción Inmobiliario RR Naturalesy Construcción Inmobiliario RR Naturalesy Construcción SS Distribución RR yyNaturales SS Distribución Natural Resources RR SS yNaturales Distribución RR SS yNaturales Distribución Tecnología yy Telecomunicaciones SS y Distribución Tecnología Telecomunicaciones SS y Distribución Tecnología y Telecomunicaciones Services and Distribution SS y Distribución Tecnología y Telecomunicaciones Tecnología y Telecomunicaciones Tecnología y Telecomunicaciones Tecnología y Telecomunicaciones Technology and Telecoms

Banco Sabadell Banco Santander BBVA BNP Paribas Citigroup

Financial Advisors SPAIN

Clearwater International CREA Inversión

E

Salduvia

Spain

HSBC

L

Lazard

No. of deals advised*

7

Main Subsector: REAL ESTATE

Total value (EURm)

Inmobiliario y Construcción

385,00

RR Naturales

SS y Distribución

Tecnología y Telecomunicaciones

Arcano Target

Country (Target)

Subsector

Buyer

Seller

Value (EURm)

Awards

Previsora Bilbaina Vida Seguros, Funeraria la Auxiliadora, Azkaran

Spain

Financial and Insurance

Grupo Catalana Occidente

Previsora Bilbaína

129,90

-

Igenomix

Spain

Biotechnology; Energía y renovables Aleph Capital Partners, Healthcare, Hygiene, Amadeus Capital Partners, Medical Aesthetics Private Shareholders, Industria and Cosmetics Charme Capital

Private Shareholders

79,78

-

Lorca

Spain

Financial and Insurance

Banco Popular, Banco Pastor

69,50

-

Infraestructuras

Indra BPO

Inmobiliario y Construcción

Livingstone Partners

RR Naturales

Llana Consultores

M

Global Acamar

Industria

Infraestructuras

Eurohold

H

Real Estate

Energía renovables Energy Renewable Energies Energía yyand renovables

Banco Itaú BBA

C

Awards

Financial Advisors SPAIN

Most Active Advisors in 2016

No. of deals advised*

Montalbán Atlas Capital

Main Subsector: FINANCIAL AND INSURANCE

8

Total value (EURm)

SS y Distribución

369,18

Tecnología y Telecomunicaciones

N

Natixis Partners Norgestión

Argo Asesores Financieros

O

ONEtoONE

P

PKF Attest

Target

Country (Target)

Subsector

Buyer

Seller

Value (EURm)

S

Seabird Capital

Vendin

Spain

Distribution and Retail

Kerry Group

Private Shareholders

18,00

-

Seprolesa

Spain

Food

Conservas El Cidacos

Private Shareholders

-

-

Elastorsa

Spain

Glass, Ceramic, Paper, Plastics, Wood and Timber

Corpfin Capital

Private Shareholders

-

-

*Deals announced in 2016. Status Completed. Does not include asset acquisitions nor Joint Ventures. Does not include due diligence nor any other type of specialized advice.

102

TTR - Transactional Track Record (www.TTRecord.com)

No. of deals advised*

3

TTR - Transactional Track Record (www.TTRecord.com)

Total value (EURm)

Awards

18,00

103

AZ Capital

Banco Sabadell

Target

Country (Target)

Subsector

Buyer

Seller

Value (EURm)

Gas Natural Fenosa

Spain

Oil and Gas; Electric

GIP III Canary 1

Repsol (extinguida Repsol YPF), Criteria Caixa

3.802,62

Shere Group

United Kingdom

Telecoms

Cellnex Telecom

Arcus Infrastructure Partners, Private Shareholders

393,00

Saba Parques Logísticos

Spain

Real Estate

Merlin Properties

Saba Infraestructuras

115,00

No. of deals advised*

Total value (EURm)

6

Target

Country (Target)

Subsector

Buyer

Seller

Value (EURm)

Hospital Infanta Luisa

Spain

Healthcare, Hygiene, Medical Aesthetics and Cosmetics

Grupo Hospitalario Quirón

Private Shareholders

100,00

-

-

Parques Eólicos de Villanueva

Spain

Wind Energy

Cubico Naranja Wind Spain

Enerfin

33,75

-

-

Eólica Sorihuela

Spain

Wind Energy

Fenie Energía

Helium Energy, Grupo Ascia

15,97

-

Awards

4.443,12

No. of deals advised*

6

Main Subsector: WIND ENERGY

Total value (EURm)

Energía y renovables

Awards

165,22

Industria

Infraestructuras

Inmobiliario y Construcción

Banco Santander

Baker Tilly

RR Naturales

Subsector

Buyer

Servocad

Spain

Technology; Electronics

Hotel AC Lérida

Spain

Tourism, Hotels and Restaurants

Plastigraf

No. of deals advised*

Spain

Glass, Ceramic, Paper, Plastics, Wood and Timber

Seller

Value (EURm)

Awards

Private Shareholders

Private Shareholders

430,00

-

HI Partners

Private Shareholders

-

-

Private Shareholders

-

Private Shareholders

Total value (EURm)

5

-

Target

Country (Target)

SubsectorSS y Distribución

Seller

Value (EURm)

Gas Natural Fenosa

Spain

Oil and Gas; Electric

Canary 1

Repsol (extinguida Repsol YPF), Criteria Caixa

3.802,62

Urbaser

Spain

Waste Management, Pollution and Recycling

Firion Investments

ACS Servicios y Concesiones

1.281,50

Duke Energy International Investments No. 2, Duke Energy International Spain Holdings, Duke Energy International Group

Bermuda, Spain, Luxembourg

Financial and Insurance

Orazul Energía Holdings Spain, Orazul Energy Peru

Duke Energy International (DEI)

1.155,51

Buyer

Tecnología y Telecomunicaciones GIP III

Awards

Financial Advisors SPAIN

Financial Advisors SPAIN

Target

Country (Target)

-

430,00 No. of deals advised*

16

Main Subsector: OIL AND GAS

Total value (EURm)

Energía y renovables

8.251,25

Industria

Infraestructuras

Banco Itaú BBA

BBVA Country (Target)

Target

Subsector

Buyer

Seller

Value (EURm)

Awards

Inmobiliario y Construcción

Country (Target)

Target

RR Naturales

Subsector

Buyer

Seller

Value (EURm)

-

2.441,12

ACS Servicios y Concesiones

1.281,50

TeliaSonera, Siema Investments, FCC, ACS Telefonía Móvil

612,00

Awards

SS y Distribución

Petrobras Argentina

Argentina

Oil and Gas

Pampa Energía

Petrobras Participaciones

816,12

Grupo Allus

Argentina

Consultancy, Audit and Engineering

Konecta

Contax-Mobitel

170,39

Granado France, Granado Pharmacias, Ponteland Distribuição, Granado

France, Brazil

Healthcare, Hygiene, Medical Aesthetics and Cosmetics

Antonio Puig

Private Shareholders

-

Metrovacesa

Spain

Real Estate

-

Urbaser

Spain

Waste Management, Pollution and Recycling

-

Yoigo

Spain

Telecoms

Testa Residencial,

Tecnología y Telecomunicaciones Merlin Properties Energía y renovables Industria Firion Investments

Infraestructuras

MásMóvil Ibercom Inmobiliario y Construcción

-

RR Naturales

No. of deals advised*

3

Total value (EURm)

986,52

No. of deals advised*

24

Main Subsector: FINANCIAL AND INSURANCE

SS y Distribución

Total value (EURm)

6.920,82

Tecnología y Telecomunicaciones

104

TTR - Transactional Track Record (www.TTRecord.com)

TTR - Transactional Track Record (www.TTRecord.com)

105

BNP Paribas

CREA Inversión

Target

Country (Target)

Subsector

Buyer

IDC Salud (Quirónsalud)

Spain

Healthcare, Hygiene, Medical Aesthetics and Cosmetics

Fresenius Helios

EDPR Participaciones

Spain

Electric

Vortex Energy InvestmentsIndustria II

SARquavitae

Spain

Healthcare, Hygiene, Medical Aesthetics and Cosmetics

GeriaVi

Seller

Value (EURm)

CVC Capital Partners, Private Shareholders

5.760,00

EDP Renewables Europe

550,00

Target

Country (Target)

Subsector

Buyer

Seller

Value (EURm)

-

Holaluz.com

Spain

Electric

Fondo ICT III

-

4,00

-

-

Operador Neutro Navarro (ONENA)

Spain

Telecoms

Sodena, Private Shareholders

-

1,10

-

TedCas

Spain

Technology

Private Shareholders, Start up Capital Navarra, Sodena

-

0,50

-

Awards

Awards

Energía y renovables

Infraestructuras

Grupo Confide, Palamon Capital Partners, G Square

550,00

Inmobiliario y Construcción

RR Naturales

No. of deals advised*

Main Subsector: HEALTHCARE, HYGIENE, MEDICAL AESTHETICS AND COSMETICS

11

Total value (EURm)

SS y Distribución

15.029,30

No. of deals advised*

Total value (EURm)

5

5,60

Tecnología y Telecomunicaciones

Citigroup Target

Subsector

Buyer

Value (EURm)

Seller

Financial Advisors SPAIN

Autopista Central

Chile

Roads and Highways

Inversora de Infraestructuras

AIMCo

948,00

Petrobras Argentina

Argentina

Oil and Gas

Pampa Energía

Petrobras Participaciones

816,12

EDP Renewables Europe

550,00

EDPR Participaciones

Spain

Vortex Energy Investments II

Electric

Awards Target

Country (Target)

EFRON Consulting

Spain

Industria Technology

Enalquiler

Spain

Infraestructuras Other Services; Internet

Seller

Value (EURm)

Awards

Grupo GFI Spain

Private Shareholders

21,00

-

Italiana Inmobiliare

Private Shareholders

9,00

-

Private Shareholders

5,70

-

SubsectorEnergía y renovables Buyer

-

Inmobiliario y Construcción

Bodegas Castelo de Medina

Spain

Food Industry

Caldiberia

RR Naturales

No. of deals advised*

5

Main Subsector: OIL AND GAS

Total value (EURm)

Energía y renovables

SS y Distribución

2.990,84

No. of deals advised*

Industria

11

Main Subsector: TECHNOLOGY

Total value (EURm)

Tecnología y Telecomunicaciones

38,00

Infraestructuras

Inmobiliario y Construcción

RR Naturales

Clearwater International

HSBC

SS y Distribución

Target

Country (Target)

Subsector

Buyer

Seller

Value (EURm)

Diode Spain

Spain

Distribution and Retail

GTI Software & Networking

EspañaDuero (Banco Ceiss)

-

-

Tecno Bakery

Spain

Food Industry; Chemical and Chemical Materials

Lesaffre

Private Shareholders

-

-

DMR Sistemas

Spain

Technology

Private Shareholders

Private Shareholders

-

-

No. of deals advised*

106

Tecnología y Telecomunicaciones

Target

Country (Target)

Subsector

Buyer

Seller

Value (EURm)

Hotelbeds Group

Spain

Financial and Insurance

Private Shareholders, CPPIB - Canada Pension Plan Investment Board, Cinven

TUI Group

1.165,00

-

Yoigo

Spain

Telecoms

MásMóvil Ibercom

TeliaSonera, Siema Investments, FCC, ACS Telefonía Móvil

612,00

-

Tradecorp, Sapec - Agro

Spain, Portugal

Chemical and Chemical Materials

Bridgepoint Capital

SAPEC Portugal

456,00

Awards

3

No. of deals advised*

TTR - Transactional Track Record (www.TTRecord.com)

3

TTR - Transactional Track Record (www.TTRecord.com)

Total value (EURm)

Awards

2.233,00

107

Financial Advisors SPAIN

Eurohold Country (Target)

Lazard

Montalbán Atlas Capital

Target

Country (Target)

Subsector

Buyer

Seller

Value (EURm)

Hotelbeds Group

Spain

Financial and Insurance

Private Shareholders, CPPIB - Canada Pension Plan Investment Board, Cinven

TUI Group

1.165,00

Tradecorp, Sapec - Agro

Spain, Portugal

Chemical and Chemical Materials

Bridgepoint Capital

SAPEC Portugal

456,00

Awards

Target

Country (Target)

Subsector

Buyer

Seller

Value (EURm)

-

Axión

Spain

Telecoms

AMP Capital

Antin Infrastructure Partners

135,00

-

Fuentetaja

Spain

Food Industry

Grupo Palacios

Private Shareholders

75,00

-

Värde Partners

Grupo Avintia

50,00

-

Awards

Energía y renovables

Fersa

Spain

Wind Energy

Audax Energía

Private Shareholders

49,61

-

Aelca

Spain

Real Estate

Industria

Infraestructuras

No. of deals advised*

Total value (EURm)

3

1.670,61

No. of deals advised*

7

Total value (EURm)

Inmobiliario y Construcción

Main Subsector: REAL ESTATE

291,20

RR Naturales

SS y Distribución

Tecnología y Telecomunicaciones

Livingstone Partners Target

Subsector

Buyer

Value (EURm)

Seller

Awards

Financial Advisors SPAIN

Target

Country (Target)

Subsector

Buyer

Seller

Value (EURm)

Awards

Pinturas Benicarló

Spain

Chemical and Chemical Materials; Distribution and Retail

Ferro Corporation

Private Shareholders

15,00

-

Gerencia de Riesgos Marítimos L. Baroja

Spain

Financial and Insurance

March JLT

Private Shareholders

-

-

Distribuciones Juan Luna

Spain

Food Industry

Fondo Nazca III

Private Shareholders

-

-

Ramón Sabater (Sabater Spices)

Spain

Food and Beverage; Food Industry

Portobello Capital

Proenyra

-

-

Comet Global Consulting

Spain

Marketing and Advertising

Merkle

Private Shareholders

-

-

Asset Energía Solar

Spain

Solar Energy

Plenium Partners

Macquarie Capital Funds

-

-

No. of deals advised*

Total value (EURm)

4

15,00

No. of deals advised*

4

Norgestión Llana Consultores Country (Target)

Subsector

Lordtrans - Transportes Urgentes

Portugal

Transport, AviationEnergía y renovables Chronopost and Logistics Portugal

Seur

-

-

Transibur

Spain

Transport, AviationIndustria Private and Logistics Shareholders

Private Shareholders

-

-

Private Shareholders

-

-

Target

Buyer

Seller

Value (EURm)

Awards

Target

Country (Target)

Subsector

Buyer

Seller

Value (EURm)

Gerdau Aceros Spain

Spain

Steel, Metallurgy and Industrial Production

Clerbil

Gerdau

155,00

-

Hune

Spain

Steel, Metallurgy and Industrial Production

Loxam

Private Shareholders

-

-

IKOR

Spain

Electronics

ebm papst Group

Private Shareholders

-

-

Awards

Infraestructuras

Logaldis

Spain

Transport, Aviation Private and Logistics InmobiliarioShareholders y Construcción

Energía y renovables

Industria RR Naturales

No. of deals advised*

5

Main Subsector: TRANSPORT, AVIATION AND LOGISTICS

Infraestructuras SS y Distribución

Tecnología y Telecomunicaciones

No. of deals advised*

6

Main Subsector: STEEL, METALLURGY AND INDUSTRIAL PRODUCTION

Inmobiliario y Construcción

Total value (EURm)

155,00

RR Naturales

SS y Distribución

108

TTR - Transactional Track Record (www.TTRecord.com)

TTR - Transactional Track Record (www.TTRecord.com)

Tecnología y Telecomunicaciones

109

Financial Advisors SPAIN

Natixis Partners

Country (Target)

Legal Advisors ONEtoONE

Largest Most Active transactions Advisors in 2016

Target

Country (Target)

BPO Solutions

Spain

Energía y renovables Tessi Financial and Insurance

Peri Montajes y Servicios

Spain

Other Services

Alvecon

Spain

Construction (Materials Kiloutou and Machinery) Inmobiliario y Construcción

Subsector

Buyer

Industria

Seller

Value (EURm)

Private Shareholders

-

-

PERI

-

-

Tecnosumit

-

-

Awards

A

Across Legal

Jones Day Spain

K

King & Wood Mallesons Spain

Ashurst Spain

L

Latham & Watkins Spain

SS y Distribución

B

Tecnología y Telecomunicaciones

PKF Attest

Baker & McKenzie Spain

Lawesome Legal Services

Bird & Bird Spain

Lexcrea

Broseta Abogados

Linklaters Spain

Bustillo Abogados

Financial Advisors SPAIN

Target

Country (Target)

Subsector

Buyer

Seller

Value (EURm)

Awards

Vinzeo Technologies

Spain

Distribution and Retail

Esprinet

Corporación IBV

74,10

-

EDAI, Inauxa

Spain

Automotive and Recreational Vehicles

Mubea

Tubos Reunidos

33,00

-

Spain

Transport, Aviation and Logistics

Ciudades del Transporte de Madrid

Private Shareholders

C

M

O

3,97

-

Energía y renovables

No. of deals advised*

Main Subsector: GLASS, CERAMIC, PAPER, PLASTICS, WOOD AND TIMBER

7

Total value (EURm)

Industria

111,32

F

G

Inmobiliario y Construcción

Seabird Capital

Despacho Torres Díaz Abogados

R

Ramón y Cajal

DLA Piper Spain

Roca Junyent

Fornesa Abogados

Rousaud Costas Duran (RCD)

U

Garrigues Spain

SS y Distribución

Gómez-Acebo & Pombo Spain

U&Law Uría Menéndez Spain

W

Watson Farley & Williams Spain White & Case Spain

Tecnología y Telecomunicaciones

Subsector

Buyer

Seller

Value (EURm)

Awards

Sadako

Spain

Technology

Private Shareholders, Asimov Ventures, Creas Coinversión, Creas Desarrolla

-

0,41

-

Wifiways

Spain

Internet; Telecoms

Excom

Private Shareholders

-

-

Villapharma Research

Spain

Biotechnology

Eurofins Scientific

Private Shareholders

-

-

110

Pérez-Llorca

GBP Legal

Country (Target)

3

P

RR Naturales

Target

No. of deals advised*

De Andrés Y Artiñano

Freshfields Bruckhaus Deringer Spain

Infraestructuras

ONTIER Spain Osborne Clarke Spain

Cuatrecasas Spain

D

MAIO Abogados Montero Aramburu Abogados

Clifford Chance Spain CMS Albiñana & Suárez de Lezo

Esteban Rivas

Jausas

Legal Advisors SPAIN

8

J

Arpa Abogados

RR Naturales

Main Subsector: DISTRIBUTION AND RETAIL

Herbert Smith Freehills Spain Hogan Lovells Spain

Araoz & Rueda

Infraestructuras

No. of deals advised*

H

AGM Abogados Allen & Overy Spain

Musher

Largest transactions

Total value (EURm)

0,41

TTR - Transactional Track Record (www.TTRecord.com)

* Deals announced in 2016. Status Completed. Does not include asset acquisitions nor Joint Ventures. Does not include due diligence nor any other type of specialized advice.

TTR - Transactional Track Record (www.TTRecord.com)

111

Across Legal Target

Araoz & Rueda Country (Target)

Subsector

Buyer

Seller

Value (EURm)

-

3,00

Awards

Target

Country (Target)

Subsector

Buyer

Seller

Value (EURm)

Awards

Sanyres

Spain

Healthcare, Hygiene, Medical Aesthetics and Cosmetics

Orpea Ibérica (Care)

Bami, Prasa, CajaSur, Banco Santander, BBVA

179,00

-

Biotechnology

Aleph Capital Partners, Amadeus Industria Capital Partners, Private Shareholders, Charme Capital

Private Shareholders

79,78

-

Private Shareholders

61,00

-

Energía y renovables

21 Buttons

Spain

Technology

Sabadell Venture Capital, VenturCap, Sputnik Industria Ventures, Breega Capital, 360 Capital Partners, Private Shareholders, Mediaset Group, Samaipata Ventures

-

  1

Energía y renovables

Infraestructuras

 2   3

Red Points Badi App

Spain Spain

Technology Internet

Mangrove Capital

-

Inmobiliario y Construcción

Naturales Private RR Shareholders, Mangrove Capital

2,00

-

1,00

-

 2

-

SS y Distribución

10

Main Subsector: TECHNOLOGY

Total value (EURm)

Tecnología y Telecomunicaciones

Spain

Infraestructuras

  3

No. of deals advised*

Igenomix

Conservas Albo

Healthcare, Hygiene, Medical Aesthetics and Cosmetics

Spain

RR Naturales

9,33 Main Subsector: DISTRIBUTION AND RETAIL

6

No. of deals advised*

Partners   1  2   3

Ignacio Lacasa Valls (Founding Partner)

  1  2   3

Ivan Moll Florit (Partner)

  1

Legal Advisors SPAIN

Target

Subsector

Buyer

Seller

Value (EURm)

  1

Autronic

Spain

Telecoms

Solutions 30

Alonso Muras Inversiones

3,50

-

 2

Tiendas Aurgi

Spain

Cars, Motorcycles and Other Vehicles

GPF Capital

Private Shareholders

-

-

Total value (EURm)

2

  3

Francisco Aldavero (Partner)

Country (Target)

Subsector

Buyer

Seller

Value (EURm)

IDC Salud (Quirónsalud)

Spain

Healthcare, Hygiene, Medical Aesthetics and Cosmetics

Fresenius Helios

CVC Capital Partners, Private Shareholders

5.760,00

Financial and Insurance

Private Shareholders, CPPIB - Canada Pension Plan Investment Board, Cinven

TUI Group

1.165,00

Spain

Chile

Buyer

Seller

Value (EURm)

  1

Operador Neutro Navarro (ONENA)

Spain

Telecoms

Sodena, Private Shareholders

-

1,10

-

 2

TedCas

Spain

Technology

Private Shareholders, Start up Capital Navarra, Sodena

-

0,50

-

  3

Unión de Industrias C.A. (UNICA)

Spain

Glass, Ceramic, Paper, Plastics, Wood and Timber

Espiga Equity Fund

Private Shareholders

-

-

Total value (EURm)

3

25

Roads and Highways

Inversora de Infraestructuras

AIMCo

Country (Target)

Subsector

Buyer

Seller

Value (EURm)

  1

Autopista Central

Chile

Roads and Highways

Inversora de Infraestructuras

AIMCo

948,00

 2

Abertis Autopistas Chile

Chile

Roads and Highways

Abu Dhabi Investment Authority (ADIA)

Abertis

740,00

-

  3

Aktua Soluciones Financieras Holding

Spain

Financial and Insurance

Lindorff Spain

Centerbridge Partners

313,00

-

-

-

948,00

Energía y renovables

Main Subsector: HEALTHCARE, HYGIENE, MEDICAL AESTHETICS AND COSMETICS

Industria

17.261,74

No. of deals advised*

7

Infraestructuras

Main Subsector: ROADS AND HIGHWAYS

Inmobiliario y Construcción

  1  2

Partners

 2

Pedro Ester (Partner)

María José Menéndez (Managing Partner)

  3

Jorge Vázquez (Partner)

Tecnología y Telecomunicaciones

RR Naturales

Tecnología y Telecomunicaciones

SS y Distribución

TTR - Transactional Track Record (www.TTRecord.com)

2.354,00

SS y Distribución

RR Naturales

112

Total value (EURm)

Inmobiliario y Construcción

Partners Antoni Valverde (Partner)

Awards

Industria

Total value (EURm)

Infraestructuras

 2   3

1,60

Target

Awards

Energía y renovables

No. of deals advised*

Awards

Ashurst Spain

Target

Autopista Central

Pedro Rueda (Partner)

  3

Subsector

No. of deals advised*

Allen & Overy Spain

 2

 2

Francisco Solchaga (Partner)

Country (Target)

3,5

Julio Rocafull Rodríguez (Partner)

Hotelbeds Group

Partners

Target

Awards

Partners

  1

369,07

Arpa Abogados Country (Target)

  1

Total value (EURm)

SS y Distribución

Tecnología y Telecomunicaciones

AGM Abogados

No. of deals advised*

Shanghai Kaichuang InmobiliarioInternational y Construcción Marine

Legal Advisors SPAIN

  1

TTR - Transactional Track Record (www.TTRecord.com)

113

Baker & McKenzie Spain Target

Broseta Abogados

Country (Target)

Subsector

Buyer

Seller

Value (EURm)

Awards

Control Empresarial de Capitales

Private Shareholders

738,80

-

GeriaVi

Grupo Confide, Palamon Capital Partners, G Square

550,00

  1

FCC

Spain

Construction (Materials and Machinery)

 2

SARquavitae

Spain

Healthcare, Hygiene, Medical Aesthetics and Cosmetics

  3

Invent Farma US, Qualigen, Laboratorios Lesvi, Inke

United States, Spain

Pharmaceutical, Parapharmaceutical and Cosmetics

Energía y renovables

Industria

Maxwelton Investments

The Iceland Enterprise Investment Fund (Framtakssjóður Íslands), Invent Farma

Main Subsector: CONSTRUCTION (MATERIALS AND MACHINERY)

15

Country (Target)

Subsector

Buyer

Seller

Value (EURm)

  1

Gigigo

Spain

Technology

Digital Dimension

Private Shareholders

-

-

 2

Cerámica Meridiano

Spain

Glass, Ceramic, Paper, Plastics, Wood and Timber

N Capital

Private Shareholders

-

-

  3

Nuevos Productos Cerámicos (NPC)

Spain

Glass, Ceramic, Paper, Plastics, Wood and Timber

Participación e Impulso

Ceracasa, Azteca, Keraben Grupo

-

-

221,00 No. of deals advised*

Total value (EURm)

Inmobiliario y Construcción

4

Main Subsector: GLASS, CERAMIC, PAPER, PLASTICS, WOOD AND TIMBER

Industria

Infraestructuras

1.796,8

Partners

 2

Alejandro Ríos (Partner)

Partners Alberto Alonso Ureba (Partner)

  1

Enrique Carretero (Partner)

  3

Luis Casals (Partner)

  3

Antonio Navarro (Partner)

Inmobiliario y Construcción

Miguel Geijo Castany (Partner)

  1

RR Naturales

  1

Awards

Energía y renovables

Infraestructuras

No. of deals advised*

Target

RR Naturales

SS y Distribución

SS y Distribución

Tecnología y Telecomunicaciones

Tecnología y Telecomunicaciones

Legal Advisors SPAIN

Target

Country (Target)

Subsector

Buyer

Seller

Value (EURm)

  1

Digital Toledo

Spain

Distribution and Retail

Korporate Technologies

Private Shareholders

0,50

-

 2

Relendo

Spain

Internet

Sitka Capital Partners, Startupxplore, Seed CDC

-

0,18

-

Bird & Bird Spain Target

Country (Target)

Subsector

Buyer

Seller

Value (EURm)

Awards

  1

Saggas

Spain

Oil and Gas

Enagás Transporte

Infraestructura de Gas

106,00

-

 2

Agnitio

Spain

Technology

Nuance Communications

Private Shareholders, Elaia Partners, Nauta Capital

20,00

-

  3

Vendin

Spain

Distribution and Retail

Kerry Group

Private Shareholders

18,00

-

No. of deals advised*

4

Total value (EURm)

No. of deals advised*

2

Total value (EURm)

Awards

0,68

Partners   1  2

Javier Bustillo (Partner)

144,00

Partners   1

Hermenegildo Altozano (Partner)

  3

Isidro del Moral (Partner)

114

TTR - Transactional Track Record (www.TTRecord.com)

TTR - Transactional Track Record (www.TTRecord.com)

115

Legal Advisors SPAIN

Bustillo Abogados

Clifford Chance Spain

 2

Testa Residencial

Subsector

Spain

Yoigo

Buyer

Imobiliário

Spain

Telecoms

Compañía Logística de Hidrocarburos (CLH)

Spain

Oil and Gas

-

659,70

-

MásMóvil Ibercom

TeliaSonera, Siema Investments, FCC, ACS Telefonía Móvil

612,00

-

Global Infrastructure Partners - GIP

524,00

Borealis Industria Infrastructure

32

Total value (EURm)

 2

Jaime Velázquez (Partner)

  3

SS y Distribución

Financial and Insurance

 2

Petrobras Argentina

Argentina

Oil and Gas

Carlos Portocarrero de las Heras (Partner)

 2

José Guardo (Partner)

  3

José Luis Zamarro (Partner)

Javier García de Enterría (Partner)

 2

Luis Antonio Alonso (Partner)

  3

Rodrigo Uria (Partner)

 2

Yolanda Azanza (Partner)

Tecnología y Telecomunicaciones

Buyer Orazul Energía Holdings Spain, Orazul EnergíaEnergy y renovables Peru Industria

Pampa Energía

Seller

Value (EURm)

Duke Energy International (DEI)

1.155,51

Petrobras Participaciones

816,12

TeliaSonera, Siema Investments, FCC, ACS Telefonía Móvil

612,00

Awards

-

Infraestructuras

Yoigo

Spain

Telecoms

MásMóvil

Inmobiliario y Construcción Ibercom

-

RR Naturales

Javier Amantegui (Partner)

  1  2

Pablo Serrano de Haro (Partner)

Bermuda, Spain, Luxembourg

No. of deals advised*

  1

 2

  1

Duke Energy International Investments No. 2, Duke Energy International Spain Holdings, Duke Energy International Group

4.378,59

RR Naturales

Partners

Subsector

  3

Inmobiliario y Construcción

Main Subsector: REAL ESTATE

Country (Target)

-

Infraestructuras

No. of deals advised*

Target

Awards

Banco Santander, BBVA, Banco Popular

Energía y renovables

  3

Value (EURm)

Seller

92

Main Subsector: FINANCIAL AND INSURANCE

Total value (EURm)

SS y Distribución

5.150,27

Tecnología y Telecomunicaciones

Partners

 2

Pedro Amat (Partner)

  1

León Miguel López Iglesias (Partner)

  3

Federico Roig (Partner)

 2

Mariano Ucar (Partner)

Legal Advisors SPAIN

Legal Advisors SPAIN

Country (Target)

Target   1

Cuatrecasas Spain

De Andrés Y Artiñano CMS Albiñana & Suárez de Lezo Target

Country (Target)

Subsector

Buyer

  1

TAVEX France, Tavex Europe

France, Spain

Fashion and Textile

 2

Tressis

Spain

  3

Global Yachting Group

Spain

Target

Seller

Value (EURm)

Awards

Cediani Business

Aurelius

179,77

-

Consultancy, Audit and Engineering

Private Shareholders, Haitong Capital

Private Shareholders

57,57

-

Other Services

Lonsdale Capital Partners

Private Shareholders, Hemisphere Yachting Services

20,00

-

  1

Mecanizados Escribano

Country (Target)

Subsector

Spain

Aerospace and Aeronautical

Buyer

Energía y renovables

Industria

Bucotelar

Seller

Value (EURm)

Awards

Private Shareholders

12,00

-

Private Shareholders

6,00

-

Infraestructuras

 2

Mecanizados Escribano

Spain

Aerospace and Aeronautical

Spanish

Acquisition Inmobiliario y Construcción Company

RR Naturales

No. of deals advised*

2

Main Subsector: AEROSPACE AND AERONAUTICAL

SS y Distribución

Total value (EURm)

18,00

Tecnología y Telecomunicaciones

No. of deals advised*

  1

116

Total value (EURm)

9

6.886,45

Partners

 2

Curra Munuera Cebrián (Partner)

 2

Patricia Liñán Hernández (Partner)

Mariano Bautista Sagües (Partner)

 2

Gracia Sainz Muñoz (Partner)

  3

Carlos Peña (Partner)

TTR - Transactional Track Record (www.TTRecord.com)

TTR - Transactional Track Record (www.TTRecord.com)

117

Despacho Torres Díaz Abogados

  1

Fornesa Abogados

Target

Country (Target)

Subsector

Buyer

Seller

Value (EURm)

Fuciños Rivas

Spain

Electric Energy

Private Shareholders, Grupo Fuciños Conde

Private Shareholders

0,85

Awards -

  1

Target

Country (Target)

Subsector

Iproteos

Spain

Biotechnology; Healthcare, Industria Hygiene, Medical Aesthetics and Cosmetics

Buyer

Seller

Value (EURm)

Awards

Ascil Biopharm, Kinled Holdings, Caixa Capital Risc

-

1,50

-

Energía y renovables

Infraestructuras

 2

Fuciños Rivas

No. of deals advised*

Spain

2

Electric Energy

Main Subsector: ELECTRIC ENERGY

Private Shareholders

Private Shareholders

0,80

Total value (EURm)

Energía y renovables

-

 2

Housers

Spain

Financial and Insurance

Turtle Capital, Private

-

0,60

-

  3

Deliberry

Spain

Distribution and Retail; Internet

Sitka Capital Partners, Private Shareholders

-

0,60

-

Shareholders Inmobiliario y Construcción

1,65

RR Naturales

SS y Distribución

Industria

Partners   1  2

María José Sanjurjo Pan (Partner)

No. of deals advised*

Infraestructuras

24

Main Subsector: INTERNET

Total value (EURm)

Tecnología y Telecomunicaciones

7,36

Partners

Inmobiliario y Construcción

Carlos Guerrero Martín (Partner)

 2   3 RR Naturales

SS y Distribución

Tecnología y Telecomunicaciones

DLA Piper Spain Subsector

  1

IDC Salud (Quirónsalud)

Spain

Healthcare, Hygiene, Medical Aesthetics and Cosmetics

 2

Yoigo

Spain

Telecoms

Buyer

Seller

Fresenius Helios

Energía y renovables

MásMóvil Ibercom

Industria

  3

Watkins, Northsea Spain, Redpier

Value (EURm)

Awards

Financial and Insurance

Infraestructuras Shareholders,

Exus Management Partners, Korys, Inmobiliario y Construcción Céfiro Energía

No. of deals advised*

17

José Antonio Sánchez Dafos (Partner) Juan Picón (Senior Partner)

 2

Joaquín Echanove (Partner)

118

Value (EURm) 5.760,00

-

  1

IDC Salud (Quirónsalud)

Spain

Fresenius Helios

TeliaSonera, Siema Investments, FCC, ACS Telefonía Móvil

612,00

-

 2

Gas Natural Fenosa

Spain

Oil and Gas; GIP III Canary 1 Electric Energy Energía y renovables

Repsol (extinguida Repsol YPF), Criteria Caixa

3.802,62

  3

Metrovacesa

Spain

Real Estate

-

2.441,12

Bridgepoint Capital

400,00

-

Total value (EURm)

TTR - Transactional Track Record (www.TTRecord.com)

Industria

Testa Residencial, Merlin Properties

Awards -

Infraestructuras

7

Total value (EURm)

Inmobiliario y Construcción

Main Subsector: REAL ESTATE

14.906,24

RR Naturales

7.097,80

Partners   1   3

Seller

5.760,00

Tecnología y Telecomunicaciones

  1

Buyer

CVC Capital Partners, Private Shareholders

No. of deals advised*

SS y Distribución

Subsector

CVC Capital Partners, Private Shareholders

RR Naturales

Main Subsector: MARKETING AND ADVERTISING

Country (Target)

Healthcare, Hygiene, Medical Aesthetics and Cosmetics

Private

Spain

Target

Partners

  1

Raquel Flórez (Partner)

  1

Francisco Cantos (Partner)

  1

Silvia Paternain (Partner)

  1   3

Javier Monzón (Partner)

 2   3

Armando Albarrán (Partner)

SS y Distribución

TTR - Transactional Track Record (www.TTRecord.com)

  3

Álvaro Iza (Partner)

  3

Iñaki Gabilondo (Partner)

Tecnología y Telecomunicaciones

119

Legal Advisors SPAIN

Legal Advisors SPAIN

Target

Freshfields Bruckhaus Deringer Spain Country (Target)

Gómez-Acebo & Pombo Spain

Garrigues Spain Country (Target)

Subsector

Buyer

Value (EURm)

Seller

Country (Target)

Target

Awards

Subsector

Energía y renovables

IDC Salud (Quirónsalud)

Spain

Healthcare, Hygiene, Medical Aesthetics and Cosmetics

 2

Gas Natural Fenosa

Spain

Oil and Gas; Electric Energy

Inmobiliario y Construcción

Metrovacesa

Spain

Real Estate

RR Naturales

Industria Fresenius Helios

CVC Capital Partners, Private Shareholders

5.760,00

Repsol (extinguida Repsol YPF), Criteria Caixa

3.802,62

-

1.327,00

-

Infraestructuras

85

Main Subsector: TECHNOLOGY

GIP III Canary 1 Testa Residencial, Merlin Properties

Aritex Cading

Spain

Cars, Motorcycles and Other Vehicles; Aerospace and Aeronautical; Technology Industria

Hong Kong SPV

Comsa Corporación

166,50

-

 2

Preciados 9 Desarrollos Urbanos, Serrano 61 Desarrollos

Spain

Real EstateInfraestructuras

CBRE Global Investment Partners (GIP)

Zambal Spain SOCIMI

138,80

-

AMP Capital

Antin Infrastructure Partners

135,00

-

  3

Axión

Spain

Telecoms

RR Naturales

SS y Distribución

Total value (EURm)

Tecnología y Telecomunicaciones

17.016,51

Partners

 2

Álvaro López-Jorrín (Partner)

  3

Miguel García González (Partner)

Javier de Rojas (Partner)

 2

Susana Cabrera Zaragoza (Partner)

  3

Mónica Martín de Vidales (Partner)

  1   3

Luis Guerreiro Antolín (Partner)

  3

Ildefonso Polo del Mármol (Partner)

Legal Advisors SPAIN

GBP Legal

  3

No. of deals advised*

  1

24

Main Subsector: INTERNET

Target

Country (Target) Subsector

Grupo Amaya Tellería

Spain

Automotive and Recreational Vehicles

Buyer Energía y renovables CIE Automotive

Seller

Value (EURm)

Awards

Private Shareholders

186,00

-

178,00

-

BillForge

India

Automotive and Recreational Mahindra CIE Vehicles; Steel, Metallurgy Automotive and Industrial Production Infraestructuras

Private Shareholders

Century Plastics

United States

Automotive and Recreational Vehicles

Private Shareholders

Partners

  1

Enrique Ortega Carballo (Partner)

Álex Carbonell Real-Salas (Partner)

  1

Fernando de las Cuevas (Partner)

8

Inmobiliario y Construcción CIE Automotive

60,79

Iñigo Erlaiz (Partner)

Country (Target)

Subsector

Buyer

Seller

Value (EURm)

  1

Hotelbeds Group

Spain

Financial and Insurance

Private Shareholders, CPPIB - Canada Pension Plan Investment Board, Cinven

TUI Group

1.165,00

-

 2

Parkia

Spain

Transport, Aviation and Logistics

First State European Diversified Infrastructure Fund (EDIF)

Grupo Mutua Madrileña, EQT Infrastructure

342,00

-

Antin Infrastructure Partners

135,00

-

Main Subsector: AUTOMOTIVE AND RECREATIONAL VEHICLES

  3 Total value (EURm)

SS y Distribución

Awards

Energía y renovables

Axión

Spain

Telecoms

AMPIndustria Capital Infraestructuras

478,80

Tecnología y Telecomunicaciones

No. of deals advised*

10

Partners   1  2   3

  3

741,14

Target

RR Naturales

No. of deals advised*

Total value (EURm)

Tecnología y Telecomunicaciones

Herbert Smith Freehills Spain

Industria

 2

Awards

Inmobiliario y Construcción

  1

  1

Value (EURm)

  1

SS y Distribución

No. of deals advised*

Seller

Energía y renovables

  1

  3

Buyer

Main Subsector: TRANSPORT, AVIATION AND LOGISTICS

Total value (EURm)

Inmobiliario y Construcción

1.882,00

RR Naturales

José Ramón Berecibar (Founding Partner)   1

Partners

 2

Ignacio Paz (Partner)

Nicolás Martín (Partner)

 2

Gonzalo Martín de Nicolás (Partner)

SS y Distribución

 2   3

Henar Gonzalez Durantez (Partner)

  3

Pablo García-Nieto (Partner)

Tecnología y Telecomunicaciones

120

TTR - Transactional Track Record (www.TTRecord.com)

TTR - Transactional Track Record (www.TTRecord.com)

121

Legal Advisors SPAIN

Target

Jones Day Spain

Hogan Lovells Spain Target

Country (Target)

Subsector

Buyer

Seller

Value (EURm)

Awards

  1

Logiters

Spain

Transport, Aviation and Logistics

ID Logistics

CCF Logistics Holdings

85,00

-

 2

ZIV Aplicaciones y Tecnología, ZIV Automation India, CG Power Automation, CG Automation Systems UK

Espanha, Índia, Irlanda, Reino Unido

Tecnologia

Alfanar

Crompton Greaves

45,50

-

  3

Hune

Spain

Steel, Metallurgy and Industrial Production

Loxam

Private Shareholders

-

-

Total value (EURm)

11

No. of deals advised*

Target

Country (Target) Subsector

Buyer

Seller

Value (EURm)

Bankinter, Novo Banco Spain, Caja Castilla - La Mancha, EspañaDuero (Banco Ceiss), Mapfre, Banco Popular, Ibercaja, Commerzbank, Caja Rural de Teruel, BNP Paribas, Banque Marocaine du Commerce Extérieur (BMCE), Banco Mare Nostrum (BMN), Natixis, Unicaja Banco, Liberbank (Fusión entre Cajastur ,Caja de Extremadura y Caja Cantabria), ING Group, Société Générale Group, Banco Sabadell, Bankia (fusión Caja Madrid y Bancaja), Banco Santander, CaixaBank (Criteria CaixaCorp), Banco de la Nación Argentina (BNA)

Private Shareholders

1.409,00

-

Nazca Capital

200,00

-

Zambal Spain SOCIMI

138,80

-

  1

Isolux Corsán

Spain

Construction (Materials and Machinery); Steel, Metallurgy and Industrial Production

 2

Agromillora

Spain

Agriculture, Agribusiness, Farming and Fishing

Energía y renovables Investcorp

  3

Preciados 9 Desarrollos Urbanos, Serrano 61 Desarrollos

Real Estate

CBRE Global Investment Partners (GIP)

2.728,51

Spain

Awards

Industria

Infraestructuras

Inmobiliario y Construcción

RR Naturales

Target

Country (Target) Subsector

Buyer

Seller

Value (EURm)

Awards

  1

Spain

Financial and Insurance

Grupo Catalana Occidente

Previsora Bilbaína

129,90

-

 2

Vila Viña Participacions

Spain

Financial and Insurance

Alivira

Private Shareholders

7,40

-

  3

Gener To Wind

Spain

Distribution and Retail

Cockerill Maintenance & Ingénierie (CMI Groupe)

Private Shareholders

1,50

-

4

Total value (EURm)

Total value (EURm)

SS y Distribución

1.858,78

Tecnología y Telecomunicaciones

Previsora Bilbaina Vida Seguros, Funeraria la Auxiliadora, Azkaran

No. of deals advised*

9

Legal Advisors SPAIN

Legal Advisors SPAIN

No. of deals advised*

Jausas

Main Subsector: TURISMO, HOTELARIA, RESTAURANTES

Partners  2

Manuel Vara Varea (Partner)

  3

Víctor Casarrubios (Partner)

King & Wood Mallesons Spain 138,80 Target

Country (Target)

Subsector

Buyer

Seller

Value (EURm)

Awards

  1

EDPR Participaciones

Spain

Electric

Vortex Energy Investments II

EDP Renewables Europe

550,00

-

 2

Torre Foster

Spain

Real Estate

Muscari Property

Bankia (fusión Caja Madrid y Bancaja)

400,00

-

Chipper Invest, Qualitas Equity Partners

200,00

-

Partners   1   3

María Luisa de Alarcón (Partner)

  1  2   3

Nieves Briz Puertas (Partner)

 2

Agustín Bou (Partner) Energía y renovables

  3

Garnica Plywood

Spain

Glass, Ceramic, Paper, Plastics, Wood and Timber

ICG Europe Fund VI, Private Shareholders

Industria

Infraestructuras

No. of deals advised*

17

Main Subsector: TOURISM, HOTELS AND RESTAURANTS

Inmobiliario y Construcción

Total value (EURm)

1.558,54

RR Naturales

Partners   1  2

Roberto Pomares (Partner)

  3

Pablo Díaz (Partner)

SS y Distribución

Tecnología y Telecomunicaciones

122

TTR - Transactional Track Record (www.TTRecord.com)

TTR - Transactional Track Record (www.TTRecord.com)

123

Linklaters Spain

  1

Target

Country (Target)

Subsector

Buyer

Seller

Value (EURm)

Awards

Compañía Logística de Hidrocarburos (CLH)

Spain

Oil and Gas

Borealis Infrastructure

Global Infrastructure Partners - GIP

524,00

-

 2

Bio-Oils Energy

Spain

Biofuel

Verdant Palms

Private Shareholders

44,60

-

  3

Digitex

Spain

Technology

Carlyle

Private Shareholders, Altra I

-

-

Total value (EURm)

5

No. of deals advised*

1.118,60

Target

Country (Target) Subsector

Ignacio Pallarés (Partner)

  3

Jordi Domínguez (Partner)

Legal Advisors SPAIN

Target

Energía y renovables

Country (Target) Subsector

Industria Buyer

  1

Boletus Network

Spain

Technology

Infraestructuras Private Shareholders, Seed Capital Bizkaia, Gestión de Capital Riesgo del País Vasco Inmobiliario y Construcción

 2

Pulsar Concept

Spain

Technology

López y Aller, Zubicar, Gorla RR Naturales Ventures, Emprendiza

Seller

Value (EURm)

-

0,57

-

-

0,50

-

Awards

Value (EURm)

Awards

Bankinter, Novo Banco Spain, Caja Castilla La Mancha, EspañaDuero (Banco Ceiss), Mapfre, Banco Popular, Ibercaja, Commerzbank, Caja Rural de Teruel, BNP Paribas, Banque Marocaine du Commerce Extérieur (BMCE), Banco Mare Nostrum (BMN), Natixis, Unicaja Banco, Liberbank (Fusión entre Cajastur ,Caja de Extremadura y Caja Cantabria), ING Group, Société Générale Group, Banco Sabadell, Bankia (fusión Caja Madrid y Bancaja), Banco Santander, CaixaBank (Criteria CaixaCorp), Banco de la Nación Argentina (BNA)

Private Shareholders

1.409,00

-

  1

Spain

Construction (Materials and Machinery); Steel, Metallurgy and Industrial Production

 2

Urbaser

Spain

Waste Management, Pollution and Recycling

Firion Investments

ACS Servicios y Concesiones

1.281,50

  3

Codere

Spain

Sports and Leisure

M&G Investments, Contrarian Funds, Silver Point Finance, Third Avenue Capital, Abrams Capital

-

826,54

No. of deals advised*

Lawesome Legal Services

Seller

Isolux Corsán

Partners   1  2   3

Buyer

32

Main Subsector: OIL AND GAS

Total value (EURm)

Energía y renovables

15.446,92

Industria

Partners

  3

Juan Barona (Partner)

  1

Pedro De Rojas (Partner)

  3

Sebastián Albella (Partner)

Víctor Manchado (Partner) Infraestructuras

 2

Legal Advisors SPAIN

Latham & Watkins Spain

Inmobiliario y Construcción

RR Naturales

SS y Distribución

Tecnología y Telecomunicaciones

SS y Distribución

2

No. of deals advised*

Main Subsector: TECHNOLOGY

Total value (EURm)

Tecnología y Telecomunicaciones

1,07

MAIO Abogados

Partners Xabier Álvarez Lombardía (Founding Partner)

  1  2

Lexcrea

  1

Target

Country (Target) Subsector

Buyer

Seller

Value (EURm)

Leukos Biotech

Spain

Pharmaceutical, Parapharmaceutical and Cosmetics

Inveready Capital (Inveready Technology Investment Group)

-

3,50

-

1,50

-

-

1,00

-

 2

Tviso

Spain

Internet

Inveready Capital (Inveready Technology Investment Group), Evolvia, Cabiedes & Partners

  3

Oncostellae

Spain

Biotechnology

Inveready Capital (Inveready Technology Investment Group)

No. of deals advised*

124

3

Awards

Target

Country (Target)

Subsector

Buyer

Seller

Value (EURm)

Awards

  1

Megalab

Spain

Chemical and Chemical Materials

Eurofins Scientific

Private Shareholders

40,00

-

 2

Promail

Chile

Financial and Insurance

Begles, Logisgroup

Prosegur Internationale Handels, Juncadella Prosegur Group Andina, Prosegur

-

-

No. of deals advised*

2

Total value (EURm)

40,00

Partners

Total value (EURm)

 2

Marco Bolognini (Partner)

6,00

TTR - Transactional Track Record (www.TTRecord.com)

TTR - Transactional Track Record (www.TTRecord.com)

125

Pérez-Llorca

Montero Aramburu Abogados Target

Country (Target)

Subsector

Buyer

Seller

Value (EURm)

Awards

  1

Vitaldent

Spain

Healthcare, Hygiene, Medical Aesthetics and Cosmetics

JB Inversiones Odontológicas, Intermediate Capital Group (ICG), Private Shareholders

-

40,00

-

 2

Grupo Osborne

Spain

Food and Beverage

Private Shareholders

Fosun Group

-

-

  3

Elimco Sistemas

Consultancy, Audit and Engineering

Spain

Private Shareholders, Ingeniería Marítima, Aérea y del Transporte

Elimco Soluciones Integrales

Target

Country (Target)

Subsector

Buyer

Seller

Value (EURm)

  1

Gas Natural Fenosa

Spain

Oil and Gas; Electric Energy

GIP III Canary 1

Repsol (extinguida Repsol YPF), Criteria Caixa

3.802,62

 2

FCC

Spain

Construction (Materials and Machinery)

Control Empresarial de Capitales

Private Shareholders

738,80

Northwood Investors

493,00

Awards

-

Energía y renovables

-

  3

NW Diagonal DM3, NW Diagonal DM2, NW Diagonal DM1

Spain

Real Estate

Industria

Deutsche Bank

Infraestructuras

No. of deals advised*

Total value (EURm)

3

40,00

No. of deals advised*

41

Total value (EURm)

Inmobiliario y Construcción

Main Subsector: REAL ESTATE

6.587,28

RR Naturales

Partners

Legal Advisors SPAIN

Target

Country (Target) Subsector

  1

FCC

Spain

Construction (Materials and Machinery)

 2

Giant Cement Holding

United States

Construction (Materials and Machinery)

  3

FCC

Spain

Construction (Materials and Machinery)

Buyer

Seller

Value (EURm)

Control Empresarial de Capitales

Private Shareholders

738,80

-

Elementia

Cementos Portland Valderrivas

207,02

-

Nueva Samede 2016

61,25

-

Energía y renovables

Industria Inversora Carso

Awards

Main Subsector: CONSTRUCTION (MATERIALS AND MACHINERY)

7

Pablo González Mosqueira (Partner)

 2

Pedro Pérez-Llorca (Partner)

SS y Distribución

Tecnología y Telecomunicaciones

Ramón y Cajal

Infraestructuras

No. of deals advised*

  1   3

Total value (EURm)

Inmobiliario y Construcción

1.067,99

Target

Country (Target)

Subsector

Buyer

Seller

Value (EURm)

Awards

  1

Axiare Patrimonio

Spain

Real Estate

Colonial

Perry Capital

135,60

-

 2

Société Foncière Lyonnaise

France

Real Estate

Colonial

Reig Capital Group Luxembourg

114,56

-

  3

La Finca Global Assets

Spain

RealIndustria Estate

Värde Partners

Procisa

102,00

-

RR Naturales

Partners Bernardo Gutiérrez de la Roza Pérez (CEO - Chief Executive Officer)

  1  2   3

  1   3

Alejandro Díez Barturen (Partner)

  1  2   3

Oscar Murillo Sanz (Partner)

  1  2   3

Ramón Ruiz de la Torre Esporrín (Partner)

SS y Distribución

 2

Francisco Javier Silván Rodríguez (Partner)

 2

Pablo Enrile Mora-Figueroa (Partner)

Tecnología y Telecomunicaciones

Energía y renovables

Osborne Clarke Spain Target

  1

Interstate Blood Bank

Infraestructuras

Country (Target) Subsector United States

Buyer

Seller

Value (EURm)

Awards

No. of deals advised*

18

Inmobiliario y Construcción

Main Subsector: REAL ESTATE

 2

Singulex

United States

Biotechnology

  3

Progenika

Spain

Biotechnology

Grifols Worldwide Operations

Infraestructuras

Grifols

Inmobiliario y Construcción

RR Naturales

Grifols

401,16

RR Naturales

Healthcare, Hygiene,Energía y renovables Medical Aesthetics and Cosmetics; Industria Distribution and Retail

Total value (EURm)

Private Shareholders

87,65

Partners

  3

Diego Lozano (Founding Partner)

  1  2

Francisco Palá Laguna (Partner)

  3

Luis Rodríguez-Ramos (Partner)

 2

Carlos Lao García (Partner)

-

-

44,18

-

Private Shareholders, Minersa, Permedika Entrepeneurs

25,00

-

SS y Distribución

Tecnología y Telecomunicaciones

SS y Distribución

No. of deals advised*

13

Main Subsector: INTERNET

Tecnología y Telecomunicaciones

Total value (EURm)

206,66

Partners   1  2   3

Tomás Dagá (Managing Partner)

  1  2

Raimon Grifols (Partner)

126

TTR - Transactional Track Record (www.TTRecord.com)

TTR - Transactional Track Record (www.TTRecord.com)

127

Legal Advisors SPAIN

ONTIER Spain

U&Law

Roca Junyent Country (Target)

Subsector

Buyer

Seller

Internet

Index Ventures, Nauta Capital, Insight Vente Industria Venture Partners, Highland Capital - Privee Partners, General Atlantic, Sofina, Caixa Capital Risc, Private Shareholders

Value (EURm)

Awards

470,00

-

Energía y renovables

  1

Privalia

Spain

  1

Infraestructuras

 2

Offerum, Groupalia

Spain

Internet

Ofertix

  3

BPO Solutions

Spain

Financial and Insurance

Tessi

Merchant Digital Services

9,00

-

-

-

6

Main Subsector: INTERNET

Subsector

Buyer

Cabify

Spain

Technology

Private Shareholders, Rakuten

Job Digital Networks (CornerJob)

  3

ChicPlace

Total value (EURm)

Tecnología y Telecomunicaciones

  3

Francesc A. Baygual Davoust (Partner)

Legal Advisors SPAIN

Rousaud Costas Duran (RCD)

  1

Saldum Ventures

Spain

Internet

Awards

-

105,46

-

-

22,63

-

Spain

Inmobiliario y Construcción

Internet

eShop Ventures

Caixa Capital Risc, THCap Spain, Private Shareholders, Antai Venture Builder

7,59

-

32

Main Subsector: TECHNOLOGY

Total value (EURm)

Tecnología y Telecomunicaciones

151,11

Partners Pablo Casado Bueno (Partner) Gonzalo María de Ulloa Lapetra (Partner and Managing Director)

 2

Country (Target) Subsector

Value (EURm)

SS y Distribución

  1   3

Target

TV Azteca, TF1, Ithaca Ventures, Ad4ventures Spain, Media Digital Ventures Spain, Sabadell Industria Venture Capital, Bonsai Venture Capital, Samaipata Ventures, Cube Investments, e.ventures, Northzone

Internet

679,00

Partners Jordi Casas Thió (Partner)

Spain

RR Naturales

No. of deals advised*

  1  2

Seller

Infraestructuras

RR Naturales Private Shareholders

SS y Distribución

No. of deals advised*

Country (Target)

Energía y renovables

 2

Inmobiliario y Construcción

Target

Uría Menéndez Spain Buyer

Seller

Energía y renovables

Private Shareholders

Value (EURm)

Target

Awards

Country (Target)

Subsector

Buyer

Seller

Value (EURm)

GIP III Canary 1

Repsol (extinguida Repsol YPF), Criteria Caixa

3.802,62

-

50,00

-

  1

Gas Natural Fenosa

Spain

Oil and Gas; Electric Energy

-

35,00

-

 2

Metrovacesa

Spain

Real Estate

Testa Residencial, Merlin Properties

-

2.441,12

-

25,00

Construction (Materials and Machinery); Steel, Metallurgy and Industrial Production

Bankinter, Novo Banco Spain, Caja Castilla - La Mancha, EspañaDuero (Banco Ceiss), Mapfre, Banco Popular, Ibercaja, Commerzbank, Caja Rural de Teruel, BNP Paribas, Banque Marocaine du Commerce Extérieur (BMCE), Banco Mare Energía y renovables Nostrum (BMN), Natixis, Unicaja Banco, Liberbank (Fusión entre CajasturIndustria ,Caja de Extremadura y Caja Cantabria), ING Group, Société Générale Group, Banco Infraestructuras Sabadell, Bankia (fusión Caja Madrid y Bancaja), Banco Santander, Inmobiliario y Construcción CaixaBank (Criteria CaixaCorp), Banco de la Nación Argentina (BNA)

Private Shareholders

1.409,00

Awards

Industria

 2

Doctoralia

Spain

Internet

DocPlanner Infraestructuras

  3

STAT-Diagnóstica

Spain

Biotechnology

Boehringer Ingelheim Venture Fund, Kurma Inmobiliario y Construcción Life Sciences Partners (KLS Partners), Idinvest Partners, Gilde Healthcare, La Caixa, Caixa Capital Risc, Axis Participaciones RR Naturales Empresariales, Ysios Capital Partners SS y Distribución

No. of deals advised*

55

Main Subsector: INTERNET

Tecnología y Telecomunicaciones

Total value (EURm)

257,52

  3

Isolux Corsán

Spain

Partners   1

Eduardo Nebot (Partner)

 2

Ignasi Costas (Partner)

  3

Carles Ros (Partner)

RR Naturales

No. of deals advised*

57

Main Subsector: CONSULTANCY, AUDIT AND ENGINEERING

Total value (EURm)

SS y Distribución

18.624,38

Tecnología y Telecomunicaciones

 2

Antonio Guerra Fernández (Partner)

 2

Victor Viana (Partner)

 2

David López Pombo (Partner)

  3

Ángel Alonso (Partner)

  1   3

Partners Luis De Carlos Bertrán (Partner and Managing Director) Alfonso Ventoso del Rincón (Partner)

 2

Fernando Azofra Vegas (Partner)

  3

Jesús López Tello (Partner)

  1

Cándido Paz-Ares (Partner)

 2

Juan Miguel Goenechea (Partner)

  3

Juan Martín Perrotto (Partner)

  1

Carlos Paredes Galego (Partner)

 2

Manuel Echenique Sanjurjo (Partner)

  3

uan Francisco Falcón Ravela (Partner)

  1

128

TTR - Transactional Track Record (www.TTRecord.com)

TTR - Transactional Track Record (www.TTRecord.com)

129

Legal Advisors SPAIN

Target

Watson Farley & Williams Spain Target

Country (Target)

Subsector

Buyer

Seller

Value (EURm)

Awards

  1

Earth and Wind Energías, Sariñena Solar

Spain

Solar Energy

Renovalia Energy

Infracapital

150,00

-

 2

La Castilleja Energía

Spain

Solar Energy

Greentech Energy Systems

Foresight Group

3,70

-

  3

Grupo Giner (Buenaventura Giner)

Spain

Distribution and Retail

IPH Group

Private Shareholders

-

-

No. of deals advised*

4

Main Subsector: SOLAR ENERGY

Total value (EURm)

Energía y renovables

153,70

Industria

Partners María Pilar García Guijarro (Partner and Managing Director) David Díez Marcos (Partner)

  1  2   1

  1

Rodrigo Berasategui (Partner)

 2   3

Infraestructuras Gonzalo Aranzábal (Partner)

Inmobiliario y Construcción

RR Naturales

SS y Distribución

Legal Advisors SPAIN

Tecnología y Telecomunicaciones

White & Case Spain Target

Country (Target)

Subsector

Buyer

Seller

Value (EURm)

Awards

  1

Nicefield

Uruguay

Wind Energy

Invenergy

Abengoa

144,33

-

 2

Unión de Industrias C.A. (UNICA)

Spain

Glass, Ceramic, Paper, Plastics, Wood and Timber

Espiga Equity Fund

Private Shareholders

-

-

No. of deals advised*

2

Total value (EURm)

144,33

Partners   1

130

Juan Manuel de Remedios (Partner and Managing Director)

TTR - Transactional Track Record (www.TTRecord.com)

Visual Summary 2016 IBERIA M&A HANDBOOK 2017

Volume and value of transactions 150 by type and year

m&a m&a PE PE VC VC LEGEND

X Axis - AVERAGE VALUE (EURm) Y Axis - No. OF TRANSACTIONS

2016

150 120

3.660,97

6.547,86

120

8.161,24

2013

3.377,30

3.377,30

0

200,00

2013

2015

90

8.161,24

6.547,86

150,00

Healthcare, Hygiene, medical aesthetics and Cosmetics

2014

2015

0

200,00

2013

150,00

50

internet

250,00

22

Distribution and retail Consultancy, audit and Engineering

250,00

4

0 2.161,20

14

1

6

26,95 4 28,76

Glass, Ceramic, Paper, Plastics, Wood and Timber

250,00

200,00

TOTAL VALUE (EURm)

1 20

0

10

6

7 0 947,85

6.547,86

150,00

Venture Capital

Private Equity

132,65

financial and insurance

2014

3.660,97 3.377,30

12

Technology

8.161,24

2015 2016

M&A

*E xceptionally, this graph does not include the PE / VC transactions in the total number of M & A.

Mergers 2014 and Acquisitions (M &A)

2016

150

90 0

LEGEND

TOTAL VALUE (EURm)

3.660,97

120 90

Most active subsectors by type of transaction

10

2

1

37,11 10 0

2

0

2015

2015

2013

50 40

2014

364,58

2015

2.656,86

100,00

150,00

0

0

No. of transactions with Financial Advisors No. of transactions with Legal & Financial Advisors

3.038,31 250,00

200,00

2.656,86

LEGEND

No. of transactions with Legal Advisors

33

2016

2014

50,00

57

No. of transactions

3.038,31

2013

364,58

84

2016

2014

364,58

400

3.038,31

1.794,76 2.656,86

2013

40

Advisors

1.794,76

2016

50,00

100,00

150,00

200,00

50,00

100,00

150,00

200,00

250,00

Venture250,00 Capital

209

40

2015

2014

35 40

16,81

30 35 40

2015

2014

16,81

25 30 35

2016

Cross-Border Transactions

98,84

Outbound

40,42

2015

2014

16,81

20 25 30

2016

40,42

2016

98,84

40,42

1.032,53 EURm

Inbound

13

67

2.667,85 EURm

2013

98,84

5,22

15 20 0 25

1

2

2013

3

4

5

5,22

15 20 134 0

2013 1

2

3 - Transactional Track Record 4 5 TTR (www.TTRecord.com)

5,22

15

0

1

2

3

4

5

TTR - Transactional Track Record (www.TTRecord.com)

135

M&A HANDBOOK 2017

Visual Summary of 2016 PORTUGAL

Private Equity

50

Visual Summary of 2016 PORTUGAL

1.794,76

IBERIA M&A HANDBOOK 2017

Mergers & Acquisitions

Mergers & Acquisitions

LEGEND

No. OF DEALS

Vision gral 71

80

8000 62

70

7000

58

60 50 40

32

36

32

44

41

49

46

43 38

37

4000 3000

20

2000

10

1000 1q

2q

3q

4q

1q

2013

2q

3q

4q

1q

2014

2q

3q

4q

1q

Total Value

of deals

(EURm)

2016

204

6.761,74

2015

176

5.212,48

2014

188

10.834,91

2013

132

6.917,66

5000

30

0

Total No.

Year

6000

47

32

32

Big Ticket

Mid market

Smaller Market

(EUR ≥ 250m)

(≥ EUR 15m)

(≤ EUR 15m)

2016 - N.º of deals

7

25

2015 - N.º of deals

4

2014 - N.º of deals  2013 - N.º of deals

TOTAL VALUE (EURm)

2q

3q

Total

36

136

204

27

39

106

176

5

24

43

116

188

4

18

31

79

132

Distribution of total deals by deal type

0

4q

Non-disclosed value

LEGEND M&A

2016

2015

Venture Capital

Private Equity

Number of Deals

134 134

10%

7%

6%

8%

LEGEND Big Ticket (EUR ≥ 250m)

53% 37%

55%

39%

33%

60%

58% 34%

Mid Market (≥ EUR 15m)

Nº de transações

Percentage of Deals

91 91 2015 2015

49 49 36 36 113 113

2014 2014

40 40 35 35

Smaller Market (≤ EUR 15m)

72 72

2016

2015

2014

2013 2013

2013

Total Value (EURm)

8.663,03

3.652,72 3.652,72

5.543,41

119,06

152,69

2013 - Total Value

2015 2015

1.794,76 1.794,76 40,42 40,42 8.161,24 8.161,24

2014 2014

2.656,86 2.656,86 16,81 16,81

119,06

152,69

TTR - Transactional Track Record (www.TTRecord.com)

364,58 364,58 5,22 5,22

TTR - Transactional Track Record (www.TTRecord.com)

139

M&A HANDBOOK 2017

6.547,86 6.547,86 2013 2013

Smaller Market (≤ EUR 15m)

112,16

2.019,19

2.236,12

1.950,80 4

Mid Market (≥ EUR 15m)

112,16

76,59

2014 - Total Value

3.377,30 3.377,30

Valor total EURm)

1.255,19

2.019,19

2.236,12

1.950,80

2015 - Total Value

1.255,19

5

LEGEND

76,59

4 138

92,84 92,84

4

Big Ticket (EUR ≥ 250m)

3.016,18 3.016,18

2016 2016

2016 - Total Value

5.543,41

2.864,20

4.734.35

8.663,03 5

2.864,20

4

41 41 19 19

Aggregate deal value and volume by market segment

4.734.35

Mergers & Acquisitions PORTUGAL

Aggregate deal value and volume by market segment

34 34 36 36

Mergers & Acquisitions PORTUGAL

2016 2016

Largest transactions involving a Portugal-based party

Largest inbound cross-border acquisitions with Portugal-based targets

(excluding Private Equity, Venture Capital and Cross Border deals) Value

Subsector

Buyer

Seller

  1

Office Park Expo

Financial and Insurance

Private Shareholders

Fundação Calouste Gulbenkian, FEFSS, FPP da CGD

 2

Novabase IMS Infrastructures & Managed Services

Technology

Vinci Energies Portugal

Novabase Infraestruturas, Sociedade Gestora de Participações Sociais

44,04

  3

Açoreana Seguros

Financial and Insurance

Seguradoras Unidas

Oitante

22,70

  4

Imoconti

Real Estate

Private Shareholders

Sonae RP

21,40

  5

Cheto

Technology; Electronics

Menlo Capital

Private Shareholders

5,20

Capwatt

Soitec Solar, Fundação Calouste Gulbenkian, ENOVOS, EIP Electricidade Industrial Portuguesa

5,00

Private Shareholders

4,51

  6

Mergers & Acquisitions PORTUGAL

   7   8    9

  10

Suncoutim

Rodoviária do Tejo

Electric Energy

Financial a Transports, Aviation and Logistics and Insurance

Videobserver

Technology; Media, Multimedia and Editorial

360imprimir

Media, Multimedia and Editorial; Internet

Kinematix

Technology; Healthcare, Hygiene, Medical Aesthetics and Cosmetics

Financial Advisors   5

Clearwater International - Portugal

Due Dilligence   5

EY Portugal (Ernst & Young)

Intergaliza Participações Portugal Ventures Pathena

-

Portugal Ventures

-

223,00

4,00 3,00

2,19

Subsector

Buyer

Seller

  1

Banco BPI

Financial and Insurance

CaixaBank (Criteria CaixaCorp)

Private Shareholders, Santoro Finance

644,00

 2

Ascendi PT, Ascendi PT II

Railroads; Financial and Insurance

Lusovia Investment

Ascendi Group

600,00

  3

Sapec - Agro, Tradecorp

Chemical and Chemical Materials

Bridgepoint Capital

SAPEC Portugal

456,00

  4

Millennium BCP

Financial and Insurance

Chiado

Private Shareholders

173,18

  5

GGND

Oil and Gas

Marubeni Corporation

Galp Gás & Power

138,00

Financial Advisors Deutsche Bank (Portugal)

 2

Caixa BI

 2

Haitong Bank Portugal

 2

Millennium BCP

 2

Santander Global Corporate Banking Spain

 2

Campos Ferreira, Sá Carneiro & Associados

  3

EY Spain (Ernst & Young)

 2

Llorente & Cuenca

  3

HSBC

  3

Bredin Prat

  3

KPMG International

  3

Demarest Advogados

  3

Lazard

  3

DSL Lawyers

  3

PwC Spain

  3

Freshfields Bruckhaus Deringer Spain

  5

Bank of America Merrill Lynch

  3

Freshfields Bruckhaus Deringer UK

  5

BBVA Corporate Finance

  3

Galicia Abogados

  3

PwC Tax & Legal Spain

Auditors

Garrigues Portugal

 2

PLMJ

  3

EY United Kingdom (Ernst & Young)

  5

Amaral Cabral & Associados

  3

PwC UK

  8

  1

Cuatrecasas Portugal

  1  2

PLMJ

 2   4

Morais Leitão, Galvão Teles, Soares da Silva & Associados

  3   5

  1

(EURm)

Legal Advisors

  1

Legal Advisors

  6    7

Value

Target

(EURm)

  4

Mergers & Acquisitions PORTUGAL

Target

Uría Menéndez - Proença de Carvalho Linklaters Portugal

Cuatrecasas Portugal Morais Leitão, Galvão Teles, Soares da Silva & Associados

Due Dilligence   3

EY Spain (Ernst & Young)

  3

PwC Spain

Insurance Companies   3

Willis

Other   3

140

TTR - Transactional Track Record (www.TTRecord.com)

ERM Iberia

TTR - Transactional Track Record (www.TTRecord.com)

141

Largest acquisitions of foreign companies by Portuguese-based buyers

  1

 2

Target

Subsector

Buyer

Seller

Anchor Glass Container

Glass, Ceramic, Paper, Plastics, Wood and Timber

CVC Capital Partners UK, BA Vidros

KPS Capital Partners

The Eat Out Group

Tourism, Hotels and Restaurants

Grupo Ibersol

Agrolimen

Acquisitions by foreign buyers in Portugal

  4

StyleSage

Smarkio Brasil

Technology; Fashion and Textile Technology; Marketing and Advertising

-

Fundo Revitalizar Norte

-

917,85

25

DefinedCrowd

Amazon Alexa Fund, Sony Innovation Fund, Portugal Ventures

Technology; Internet

20

110,00

8

10

6000

14

13

15

7000

17

17

20

7

0

3000

1q

2q

1000

3q

4q

1q

(EURm)

2016

66

2.653,85

2015

49

1.140,45

2014

42

8.759,66

2013

28

3.945,97

2000

3

2

Total Value

of deals

4000

10

1,82

1,57

Total No.

Year

5000

12

12

8

5

-

8000

21

2013

  5

TOTAL VALUE (EURm)

(EURm)

10

Trammell Venture Partners, Sonae IM

No. OF DEALS

Vision gral

Value

11

  3

LEGEND

2q

3q

4q

1q

2014

2q

3q

4q

1q

2q

3q

0

4q

2016

2015

0,99

11% value6% Aggregate and volume of deals7%by market segment 19% 25%

Credit Suisse Securities

  1   1   1

Legal Advisors   1

Paul, Weiss, Rifkind, Wharton & Garrison

J.P. Morgan Securities

  1

Baker & McKenzie

Morgan Stanley US

 2

Cuatrecasas Spain

Citigroup

 2

Garrigues Spain

 2

AZ Capital

 2

PwC Spain

 2

Banco BPI

Percentage 44% of Deals

44%

44%

11%

44%

44%

 2

57%

56%

19%

2015

44%

Due Dilligence

50%

6%

2016

7%

25%

2014

36% LEGEND

2013

Big Ticket (EUR ≥ 250m)

50%

57%

56%

36%

Mid Market (≥ EUR 15m)

Aggregate deal value and volume by market segment 2016

PwC Spain

2015

2014

Smaller Market (≤ EUR 15m)

2013

142

TTR - Transactional Track Record (www.TTRecord.com)

3.584,91

LEGEND 2016 - Total Value

40,28

13,63

2013 - Total Value

Non-disclosed value

Total

40,28

Smaller Market (≤ EUR 15m)

13,63

38,49

Mid market (≥ EUR 15m)

46,85

Smaller Market (≤ EUR 15m)

320,78

542,83

799,40

Big Ticket (EUR ≥ 250m)

46,85

38,49

320,78

542,83

799,40

915,36

2014 - Total Value

Mid Market (≥ EUR 15m)

915,36

294,20

Big Ticket (EUR ≥ 250m)

3.584,91

8.203,20

2015 - Total Value

294,20

1.700,00

8.203,20

Aggregate deal value and volume by market segment

1.700,00

Mergers & Acquisitions PORTUGAL

  1

Mergers & Acquisitions PORTUGAL

Financial Advisors

2016 - N.º of deals

3

12

12

39

66

2015 - N.º of deals

1

9

8

31

49

2014 - N.º of deals 

4

9

3

26

42

2013 - N.º of deals

1

5

8

14

28

TTR - Transactional Track Record (www.TTRecord.com)

143

Acquisitions by foreign buyers in Portugal Countries with greatest number of acquirers of Portugal-based targets LEGEND

X Axis - AVERAGE VALUE (EURm)

Spain

France

Y Axis - No. OF TRANSACTIONS

United States

United Kingdom

Luxembourg

Netherlands

TOTAL VALUE (EURm)

Subsectors most targeted by foreign buyers in Portugal

Subsectors

China

25

ES

US

LU

FR

GB

NL

CN

DE

PE

MT

Technology

2

8

-

1

2

-

-

-

-

-

Financial and Insurance

2

1

2

-

-

-

-

-

-

-

Healthcare, Hygiene, Medical Aesthetics and Cosmetics

-

2

2

-

2

-

-

-

1

-

Internet

1

1

-

1

1

-

-

-

-

-

Glass, Ceramic, Paper, Plastics, Wood and Timber

2

1

1

-

-

-

-

-

-

-

Distribution and Retail

-

-

-

-

1

1

1

-

-

-

Consultancy, Audit and Engineering

3

2

-

-

-

-

-

1

-

-

Real Estate

2

-

1

1

-

1

-

1

-

-

Tourism, Hotels and Restaurants

-

-

-

-

-

1

-

-

-

-

Transport, Aviation and Logistics

2

-

1

-

-

-

-

-

-

-

Food Industry

-

-

1

-

-

1

-

-

-

-

Electric Energy

1

-

-

-

-

1

-

-

-

-

Electronics

-

1

-

-

-

1

-

-

-

-

Oil and Gas

1

-

-

-

-

-

-

-

-

-

Other Services

2

1

-

-

-

-

1

-

-

-

Chemical and Chemical Materials

1

-

1

-

1

-

-

-

-

-

Marketing and Advertising

-

-

-

1

-

-

-

-

-

-

Fashion and Textile

-

-

-

-

-

-

-

1

-

-

Agriculture, Agribusiness, Farming and Fishing

1

-

-

-

-

-

-

-

-

-

Steel, Metallurgy and Industrial Production

-

-

-

-

-

-

1

1

-

-

ES

20 956,34

Mergers & Acquisitions PORTUGAL

NL

15

0,90 US 110,18 CN

8,56

10 837,18 LU

30,14

5

GB

FR

CN 460,94

LU

0 50,00

144

100,00

150,00

200,00

250,00

TTR - Transactional Track Record (www.TTRecord.com)

TTR - Transactional Track Record (www.TTRecord.com)

145

Mergers & Acquisitions PORTUGAL

US

Countries with the greatest number of companies selling equity in Portugal-based companies

1

DIVESTITURES ACQUISITIONS

103,00 2

230,07

TOTAL VALUE (EURm)

74,50

France

1

42,00

Sweden

1

5,57

Luxembourg

1

0,00

United Kingdom

1

0,00

Mozambique

1

0,00

South Africa

1

0,00

2.667,85

Mergers & Acquisitions PORTUGAL

Mergers & Acquisitions PORTUGAL

Spain

LEGEND

Total Value (EURm)

No. of companies selling United States

Acquisitions vs. Divestitures of Foreign companies in Portugal

Acquisitions by Portugal-based buyers abroad

Vision gral 7

8

Subsectors in which foreign owners sold equity in Portugal-based companies

7

5

3

real estate

2

steel, Metallurgy and industrial Production

1

Food and Beverage

1 1

1

Healthcare, Hygiene, Medical Aesthetics and cosmetics

1

transport, Aviation and Logistics

1 1

Marketing and Advertising

146

800

5 4

4

600

3 2

2

400

2

2

1

1

200

1 0

1q

1

Waste Management, Pollution and recycling

5

4

4

Fashion and textile

6

6 5

1000

6

6

2q

3q

4q

1q

2q

2013

LEGEND

3q

4q

2014

No. OF DEALS

1q

2q

3q

2015

4q

1q

2q

3q

4q

0

2016

Total No.

Total Value

of deals

(EURm)

2016

13

1.032,53

2015

18

136,41

2014

17

259,37

2013

15

373,30

Year

TOTAL VALUE (EURm)

1

TTR - Transactional Track Record (www.TTRecord.com)

TTR - Transactional Track Record (www.TTRecord.com)

147

Most active companies in 2016 Companies acquiring Total Value (EURm)

No. of acquisitions

Spain

4

110,30

United States

3

920,66

France

3

0,00

Mozambique

1

0,00

Brazil

1

1,57

Uruguay

1

0,00

Portugal-based companies with most acquisitions Ranking

Company

No. of Acquisitions

1

CGD Caixa Capital

10

2

Portugal Ventures

6

3

Sonae IM

5

4

Trivalor

4

5

IMAG

3

Mergers & Acquisitions PORTUGAL

Mergers & Acquisitions PORTUGAL

Countries in which Portugal-based buyers made the most acquisitions

Subsectors in which Portugal-based buyers made most acquisitions abroad Portugal-based buyers that spent most on acquisitions technology glass, ceramic, Paper, Plastics, Wood and timber

2

Financial and insurance

2

Marketing and Advertising

2

3

Distribution and retail

1

tourism, Hotels and restaurants

1

Fashion and textile

1

chemical and chemical Materials

1

Automotive and recreational Vehicles

1

consultancy, Audit and engineering

1

internet

1

148

TTR - Transactional Track Record (www.TTRecord.com)

Ranking

Company

Total value (EURm)

1

BA Vidros

917,85

2

Sociedade Francisco Manuel dos Santos

285,00

3

Grupo Ibersol

110,00

4

Vinci Energies Portugal

44,04

5

Seguradoras Unidas

22,70

TTR - Transactional Track Record (www.TTRecord.com)

149

Companies selling Portugal-based companies with most divestitures Ranking

Company

No. of Acquisitions

1

SDC - Concessões

7

2

Grupo Sonae

4

3

Oitante

3

4

Enforce

2

5

AtralCipan

2

Mergers & Acquisitions PORTUGAL

Portugal-based companies that made the largest divestitures Ranking

Company

1

Santoro Capital

644,00

2

Ascendi Group

600,00

3

SAPEC Portugal

456,00

4

Jerónimo Martins

285,00

5

SDC - Concessões

126,5

150

Total value (EURm)

TTR - Transactional Track Record (www.TTRecord.com)

3 Private Equity

Evolução trimestral desde 2013

2016 Overview Quarterly deal flow

LEGEND

2500

21

2000

20 14

10

12

12 9

11

11

11

12

11

7

6

0

2q

3q

4q

1q

2q

2013

1000

5

4

1q

1500

12

8

5

(excluding Cross-border)

TOTAL VALUE (EURm)

25

15

Largest Private Equity transactions in Portugal

No. OF DEALS

500

3q

4q

1q

2q

2014

3q

4q

1Q

2Q

3Q

4Q

Total No.

Total Value

Year

of deals

(EURm)

2016

36

3.034,18

2015

49

1.794,76

2014

40

2.656,86

2013

41

364,58

Target

Subsector

Buyer

Seller

  1

Açoreana Seguros

Financial and Insurance

Seguradoras Unidas

Oitante

 2

Cheto

Technology; Electronics

Menlo Capital

Private Shareholders

Financial Advisors Clearwater International - Portugal

  1

0

Value (EURm) 22,7 5,2

Legal Advisors   1

Amaral Cabral & Asociados

2016

2015

Due Dilligence   1

EY Portugal

Private Equity PORTUGAL

Total Value (EURm) * Transactions can be accounted for as investments and exit at the same time, due to in some cases it may be a secondary buyout transaction.

VALOR TOTAL (R$m)

VALOR TOTAL (R$m) sem Secundary Buyout sem Secundary Buyout

Private Equity PORTUGAL

Private Equity -Investments vs Exits*

1.825,08

2.655,36

726,13

LEGEND

129,58

Investments Exits

1.825,08

2.655,36

726,13

129,58

235,00

1.209,10 2016

1.068,63

1,50

2015

1.209,10 2016

2014

1.068,63

2013

235,00

1,50

2015

2014

2013

Number of Deals

Nº DE NEGÓCIOS

41 41

27

Nº DE NEGÓCIOS

38

38

38

LEGEND Investments

38

Exits

27

8

2016 2016

152

3

2

9

8 2015 2015

2

3

2014 2014

2013 2013

TTR - Transactional Track Record (www.TTRecord.com)

TTR - Transactional Track Record (www.TTRecord.com)

153

M&A HANDBOOK 2017

9

Energía y renovables Industria Infraestructuras Inmobiliario Construcción RRyNaturales

Most active subsectors for Private Equity

Largest investments by foreign Private Equity funds in Portugal

Energía y renovables Industria Infraestructuras Inmobiliario Construcción RRyNaturales SS y Distribución Target Industria Infraestructuras Inmobiliario Construcción RR yNaturales SS y Distribución Tecnología y Telecomunicaciones Energía y renovables

Energy and Renewable Energies

Industry

Infrastructure

Real State and

Natural

Services and

Technology

Infraestructuras Inmobiliario Construcción and Telecoms Construction Resources Distribution RRyNaturales SS y Distribución Tecnología y Telecomunicaciones Industria Subsetores com maior número e valor de transações envolvendo Venture Capital Inmobiliario Construcción RRyNaturales SS y Distribución Tecnología y Telecomunicaciones Infraestructuras

Glass, Ceramic, Paper, Plastics, Wood and timber Financial and insurance

Chemical and Chemical Materials

RR Naturales SS y Distribución Tecnología y Telecomunicaciones Inmobiliario y Construcción 4 3Tecnología y Telecomunicaciones SS y Distribución RR Naturales

Railroads; Financial and Insurance

Lusovia Investment

Ascendi Group

600

 2

Sapec - Agro, Tradecorp

Chemical and Chemical Materials

Bridgepoint Capital

SAPEC Portugal

456

  3

Millennium BCP

Financial and Insurance

Chiado

Private Shareholders

  4

MP Monumental, MP Torre

Real Estate

Merlin Properties

Lone Star Funds

103

  5

Nutricafés

Food and Beverage

Massimo Zanetti Beverage Group

MCH Private Equity, Explorer I

74,5

  6

Gascan Portugal

Oil and Gas

Artá Capital Fund II FCR, Artá Capital Fund II A SCR, Artá Capital Fund II B SCR, Deyá Capital IV SCR

Eficácia Verde

70

   7

Norscut

Transport, Aviation and Logistics

Meridiam Infrastructure Europe II (MEII)

Egis, Group BCPE, Eifagge, Sonae Capital

42

  8

Operscut

Roads and Highways

Egis Road Operation

Private Shareholders, Sonae Capital

1,75

3 3

Private Equity PORTUGAL

2

Food industry

Financial Advisors

2

Tecnología y Telecomunicaciones TOTAL VALUE Total Value (EURm) Glass, Ceramic, Paper, Plastics, Wood and timber

Energía y renovables

  1

Caixa BI

  1

Haitong Bank Portugal

  1

Millennium BCP

  2

HSBC

 2   5

917,85

Industria

Financial and insurance

795,88

PwC Spain

  2

EY Spain

  2

KPMG International

  4    7

PwC Portugal Arcano Partners

  6

600,00

railroads electric energy

550,00

Infraestructuras 456,00

Chemical and Chemical Materials

Audit   2

PwC UK

  2

EY UK

117,00

real estate

74,50

Food and Beverage

70,00

Oil and Gas

technology

5,2

electronics

5,2

Legal Advisors   1   1   3    7   1    7

Inmobiliario y Construcción

RR Naturales

PLMJ Morais Leitão, Galvão Teles, Soares da Silva & Associados Campos Ferreira, Sá Carneiro & Associados

  2

Freshfields Bruckhaus Deringer Spain and UK

  2

PwC Tax & Legal Spain

 2   4

Uría Menéndez - Proença de Carvalho

  2

Demarest Advogados

  2

Galicia Abogados

  2

Bredin Prat

  2

DSL Lawyers

  3

Linklaters Portugal

  4

Jardim, Sampaio, Magalhães e Silva Advogados

  5   6   6

42,00

transport, aviation and Logistics

CMS Rui Pena & Arnaut Cutrecasas Portugal

Due Diligence   2

EY Spain

  2

PwC Spain

Insureance Company   2

Willis

1,75

SS y Distribución

Others   2

154

173,18

Tecnología y Telecomunicaciones 2 SS y Distribución

Distribution and retail

roads and Highways

Value (EURm)

Ascendi PT, Ascendi PT II

3

real estate transport, aviation and Logistics

Seller

7

tourism, Hotels and restaurants electric energy

Buyer

  1

NUMBER DEALS

Number of deals

Subsector

Private Equity PORTUGAL

Main sectors

TTR - Transactional Track Record (www.TTRecord.com)

ERM Iberia

TTR - Transactional Track Record (www.TTRecord.com)

155

Foreign Private Equity acquisitions in Portugal Countries with most Private Equity investments in Portugal

Foreign Private Equity acquisitions in Portugal Countries with most Private Equity investments in Portugal Total Value (EURm)

United Kingdom

Luxembourg

United States

Spain

France

Italy

Foreign Private equity acquisitions in Portugal

Number of Investments

2016 2016

2015

Luxembourg

2014

6

Spain

4

3

2013

-

3

2

2

2

2

-

-

United Kingdom

2

2

-

-

Private Equity PORTUGAL

Italy

156

1 1

4 -

1 -

14

GB

0

US

0

US

215,40

FR

1,75

FR

218

LU

815,18

ES

2015

LU

13

173

ES

53

IT

74,50

IT

0

GB

0

GB

0

US

50

US

0

FR

0

FR

0

LU

0

ES IT

2

France

United States

GB

-

TTR - Transactional Track Record (www.TTRecord.com)

2014

2013

LU

13

0

ES

75

0

IT

0

TTR - Transactional Track Record (www.TTRecord.com)

Private Equity PORTUGAL

LEGEND

157

Exits by foreign Private Equity funds in Portugal Countries with most Private Equity funds making exits in Portugal

Energía y renovables Subsectors that attracted most foreign Private Equity Industria

LEGEND

Luxembourg

Portugal

France

Spain

Italy

Infraestructuras

2016

Energía y renovables

2015

Inmobiliario y Construcción Real Estate

3

Industria Number of Investments

2014

2013

-

-

2014

2013

4

RR Naturales Infraestructuras 2016

2015

Spain

2

Portugal

2

1 -

2014

2013

-

SS y Distribución

1

-

Inmobiliario y Construcción

-

Luxembourg

1

-

-

France

1

-

-

-

Italy

1

-

-

-

Tecnología y Telecomunicaciones RR Naturales

1

2016

and SS yFinancial Distribución

2015

2

Insurance

-

2

-

Private Equity PORTUGAL

Total Value (EURm)

Private Equity PORTUGAL

Tecnología y Telecomunicaciones

Foreign Private equity acquisitions in Portugal 2016

2015

2014

2013

2

-

-

-

2

-

-

Energía y renovables

2016

LU

42

LU

0

FR

0

FR

0

PT

0

PT

0

SP

173

SP

53

IT

74,50

IT

0

2015

Chemical and Chemical Materials

Industria Glass, Ceramic, Paper, Plastics, Wood and Timber

1

Infraestructuras

Inmobiliario y Construcción

RR Naturales

SS y Distribución

2014

158

LU

0

LU

0

FR

0

PT

0

FR

0

PT

0

SP

0

SP

75

IT

0

IT

0

2013

TTR - Transactional Track Record (www.TTRecord.com)

Tecnología y Telecomunicaciones

TTR - Transactional Track Record (www.TTRecord.com)

159

Private Equity - Portuguese vs. Foreign Investments LEGEND

PORTUGUESE INVESTING IN PORTUGAL FOREIGNERS INVESTING IN PORTUGAL

Private Equity - Investimento brasileiro vs Investimento estrangeiro 31,90 tOtaL vaLue (eurm)

15

tOtaL NuMBer OF

Private Equity PORTUGAL

iNveStMeNtS

17

1.534,43

32

160

TTR - Transactional Track Record (www.TTRecord.com)

Venture Capital

LEGEND

Largest Venture Capital transactions in Portugal

TOTAL No. OF DEALS

(excluding Cross-border)

TOTAL VALUE (EURm)

11 12

70

11 10

9

7

8

8

7

4

50 40

20 1

Internet Technology

Shilling Capital Partners, Notion Capital, Faber Ventures, CGD Caixa Capital

-

4,57

 2

Videobserver

Technology; Media, Multimedia and Editorial

Portugal Ventures

-

4

  3

Aptoide

Other Services

Golden Gate Ventures, Gobi Partners, e.ventures, Portugal Ventures

-

3,5

  4

360imprimir

Media, Multimedia and Editorial; Internet

Pathena

-

3

  5

Kinematix

Technology; Healthcare, Hygiene, Medical Aesthetics and Cosmetics

Portugal Ventures

-

2,19

  6

BioMimetx

Biotechnology

Teak Capital Venture Portugal, Intercapital Venture Portugal, CGD Caixa Capital

-

1,6

   7

Movvo

Marketing and Advertising

Dueto Portugal, Sonae IM, CGD Caixa Capital

-

1,38

  8

Petable

Technology Healthcare, Hygiene, Medical Aesthetics and Cosmetics

Portugal Ventures

-

0,77

   9

eSolidar

Technology Other Services

Portugal Ventures, Private Shareholders

-

0,24

  10

Fibersail

Technology Electronics

CGD Caixa Capital

-

0,2

10

1Q

2Q

3Q

4Q

1Q

2013

Venture Capital PORTUGAL

Unbabel

30

4

3 0

  1

7 6

6

Seller

60

9

8

Buyer

80

13

12

Subsector

2Q

3Q

2014

Year

Total No. of deals

Total Value (EURm)

2016

36

92,84

2015

36

40,42

2014

35

16,81

2013

19

5,22

4Q

1Q

2Q

3Q

2015

4Q

1Q

2Q

3Q

4Q

0

2016

Legal Advisors  2   3   6    7

162

TTR - Transactional Track Record (www.TTRecord.com)

Morais Leitão, Galvão Teles, Soares da Silva & Associados 

  3

Ferreira Pinto

  3

PESA

   7

Taylor Wessing

TTR - Transactional Track Record (www.TTRecord.com)

163

M&A HANDBOOK 2017

Evolução trimestral desde 2013

15

Value (EURm)

Target

Venture Capital PORTUGAL

2016 Overview Quarterly deal flow

Energía y renovables Industria Infraestructuras Inmobiliario Construcción RRyNaturales

Most active subsectors for Venture Capital

Largest transactions by foreign Venture Capital funds in Portugal

Energía y renovables Industria Infraestructuras Inmobiliario Construcción RRyNaturales SS y Distribución Target

Main sectors

Industria Infraestructuras Inmobiliario Construcción RR yNaturales SS y Distribución Tecnología y Telecomunicaciones Energía y renovables OutSystems   1 Energy and Renewable Energies

Industry

Technology

Infrastructure

Real State and Natural Services and Infraestructuras Inmobiliario Construcción and Telecoms Construction Resources Distribution RRyNaturales SS y Distribución Tecnología y Telecomunicaciones Industria Subsetorescom commaior maiornúmero númeroeevalor valorde detransações transaçõesenvolvendo envolvendoVenture VentureCapital Capital Subsetores

NUMBERDEALS DEALS NUMBER

Construcción RRyNaturales SS y Distribución Number of dealsInmobiliario Tecnología y Telecomunicaciones Infraestructuras technology technology

Value (EURm)

Subsector

Buyer

Seller

Technology

North Brigde

-

45,79

 2

Veniam

Internet; Technology

True Venture, Cane investments, Union Square Ventures (USV), Yamaha Motor Ventures, Orange Digital Venture, Cisco Investments, Verizon Ventures

-

19,39

  3

Unbabel

Internet; Technology

Shilling Capital Partners, Notion Capital, Faber Ventures, CGD Caixa Capital

-

4,57

  4

Aptoide

Other Services

Golden Gate Ventures, Gobi Partners, e.ventures, Portugal Ventures

-

3,5

2222

10 RR Naturales SS y10Distribución Tecnología y Telecomunicaciones Inmobiliario y Construcción 6

internet internet Healthcare, Hygiene, Medical Healthcare, Hygiene, Medical aesthetics and Cosmetics aesthetics and Cosmetics

6

Legal Advisors

44

SS y Distribución Tecnología y Telecomunicaciones RR Naturales

Marketing and advertising Marketing and advertising

33

tourism, Hotels and restaurants tourism, Hotels and restaurants

22

Consultancy, audit and engineering Consultancy, audit and engineering

22

Venture Capital PORTUGAL

Tecnología y Telecomunicaciones SS y Distribución

Biotechnology Biotechnology

22

Other Services Other Services

22

Media, Multimedia and editorial Media, Multimedia and editorial

22

  1

Uría Menéndez - Proença de Carvalho 

  1

Uría Menéndez UK

  4

Morais Leitão, Galvão Teles, Soares da Silva & Associados 

  4

Ferreira Pinto

  4

PESA

Venture Capital PORTUGAL

electronics electronics

Tecnología y Telecomunicaciones TOTALVALUE VALUE TOTAL Total Value (EURm)

technology technology internet internet

28,76 28,76

Media, Multimedia and editorial Media, Multimedia and editorial Other Services Other Services

3,74 3,74 3,33 3,33

Marketing and advertising Marketing and advertising

2,95 2,95

Biotechnology Biotechnology

Industria Industria

82,91 82,91

77

Healthcare, Hygiene, Medical Healthcare, Hygiene, Medical aesthetics and Cosmetics aesthetics and Cosmetics

Fashion and textile Fashion and textile

Energíay yrenovables renovables Energía

1,82 1,82 1,6 1,6

Infraestructuras Infraestructuras

Inmobiliarioy yConstrucción Construcción Inmobiliario

electronics 0,35 0,35 electronics Distribution and retail 0,3 Distribution and retail 0,3 electric energy 0,15 0,15 electric energy

RRNaturales Naturales RR

tourism, Hotels and restaurants 0,08 0,08 tourism, Hotels and restaurants

Distribución SSSSy yDistribución

164

TTR - Transactional Track Record (www.TTRecord.com)

TTR - Transactional Track Record (www.TTRecord.com)

165

Countries with greatest number of Venture Capital funds investing in Portugal Total Value (EURm) United Kingdom

China

United States

Netherlands

France

Singapore

exits by foreign private equity funds in Spain

2016

Number of Investments 2016

2015

United States

6

2014

1

2013

1

Venture Capital PORTUGAL

2

1

-

France

2

1

-

-

-

-

Netherlands

Singapore

166

1

1

1

-

-

-

-

-

0,00

GB

22,00

US

68,68

US

0,00

FR

19,39

FR

0,30

CN

3,50

NL

2015

CN

0,00

0,15

NL

0,00

SG

3,50

SG

0,00

GB

0,00

GB

0,84

US

3,96

US

2,40

FR

0,00

FR

0,00

CN

0,00

NL SG

1

United Kingdom

China

GB

3

-

-

TTR - Transactional Track Record (www.TTRecord.com)

2014

2013

CN

0,00

0,00

NL

0,00

0,00

SG

0,00

TTR - Transactional Track Record (www.TTRecord.com)

Venture Capital PORTUGAL

LEGEND

167

Energía y renovables

Industria

Subsectors most targeted by foreign Infraestructuras Venture Capital funds in Portugal

Venture Capital - Portugal-based vs. Foreign Investments

Inmobiliario y Construcción LEGEND

PORTUGUESE INVESTING IN SPAIN FOREIGNERS INVESTING IN PORTUGAL

RR Naturales 2016

SS y Distribución

2015

Technology

2014

5

2

Tecnología y Telecomunicaciones Internet

2

Energía y renovables Electronics

2

2

1

Venture Capital - PT vs Foreign Investments

2013 2

1

2

-

-

tOtal Value (eurm) -

73,77

Industria

Infraestructuras

10

2016

Venture Capital PORTUGAL

RR Naturales Healthcare, Hygiene, Medical Aesthetics and Cosmetics

2015

2014

2013

-

-

-

-

-

-

-

3

1

tOtal nuMBer OF inVeStMentS

Venture Capital PORTUGAL

Inmobiliario y Construcción

34

SS y Distribución Marketing and Advertising

1

Tecnología y Telecomunicaciones Other Servicesa

1

24 -

17,5

2016 Electric Energy Energía y renovables

2015

1

2014

-

2013

-

-

Industria

Infraestructuras

Inmobiliario y Construcción

RR Naturales

168

SS y Distribución

Tecnología y Telecomunicaciones

TTR - Transactional Track Record (www.TTRecord.com)

TTR - Transactional Track Record (www.TTRecord.com)

169

M&A HANDBOOK 2017

IBERIA

5 Sectors & Subsectors

Inmobiliario Construcción RRyNaturales Energía y renovables Industria Infraestructuras Inmobiliario y Construcción RR Naturales SS y Distribución

Most active subsectors in 2016

Industria Infraestructuras Inmobiliario Construcción RRyNaturales Energía y renovables

Main sectors

Energy and Renewable Energies

Industry

Infrastructure

Real State and

Natural

Construction Resources Infraestructuras Inmobiliario yNaturales Construcción RR SS y Distribución Industria

SS y Distribución Tecnología y Telecomunicaciones Services and Distribution

Technology and Telecoms

Tecnología y Telecomunicaciones

Total Value (EURm) Inmobiliario Construcción RRyNaturales SS y Distribución TOTAL VALUE Tecnología y Telecomunicaciones TOTAL VALUE Infraestructuras

Number of Deals NUMBER DEALS NUMBER DEALS technology

35

35 Financial and Insurance

Financial and Insurance

2161,2

RR Naturales SS y Distribución Tecnología y Telecomunicaciones Inmobiliario y Construcción

Financial and Insurance

Sectors and Subsectors PORTUGAL

Financial and Insurance Healthcare, Hygiene, Medical Healthcare, Hygiene, Medical aesthetics and cosmetics aesthetics and cosmetics Internet Internet Glass, ceramic, Paper, Glass, ceramic, Paper, Plastics, Wood and timber Plastics, Wood and timber distribution and retail

24

21

21

14

14

real estate

13

13

11

transport, aviation and Logistics transport, aviation and Logistics 8

8

Food Industry

Food Industry 8

8

electric energy

electric energy 7

7

electronics electronics 7 agriculture, agribusiness, agriculture, agribusiness, Farming and Fishing 6 Farming and Fishing

7

Tecnología y Telecomunicaciones SS y Distribución

oil and Gas 6

6

other Services

other Services 6

6 5

Marketing and advertising 5 Marketing and advertising

5

Fashion and textile 5 Steel, Metallurgy and Industrial 5 Production

5

409,98 324,67

transport, aviation and Logistics transport, aviation and Logistics 174,51

174,51

technology 132,65

132,65

Food and beverage 79,56

Water and Sanitation

Water and Sanitation 60

distribution and retail

distribution and retail 37,11

37,11

Internet 28,76 Internet Healthcare, Hygiene, Medical Healthcare, Hygiene, Medical aesthetics 26,95 and cosmetics aesthetics and cosmetics Solar energy 9 Solar energy

28,76

Media, Multimedia and editorial 7 Media, Multimedia and editorial electronics

5,55

other Services

4,74

5

TTR - Transactional Track Record (www.TTRecord.com)

110,08

Food and beverage

6

chemical and chemical Materials chemical and chemical Materials 5

172

real estate

real estate 324,67

tourism, Hotels and restaurants tourism, Hotels and restaurants 110,08

Tecnología y Telecomunicaciones

oil and Gas

456

oil and Gas 409,98

technology

555,15

555,15

oil and Gas 11

600

600

chemical and chemical Materials chemical and chemical Materials 456

12

12

8

Steel, Metallurgy and Industrial Production

electric energy

947,85

947,85

electric energy

2161,2

1287,07

1287,07

Glass, ceramic, Paper, Glass, ceramic, Paper, Plastics, Wood and timber Plastics, Wood and timber railroads railroads

SS y Distribución Tecnología y Telecomunicaciones RR Naturales

distribution and retail

tourism, Hotels and restaurants tourism, Hotels and restaurants 8

Fashion and textile

Waste Management, Pollution and recycling

Waste Management, Pollution and recycling

13

13

consultancy, audit and engineering consultancy, audit and engineering real estate

24

Sectors and Subsectors PORTUGAL

technology

79,56 60

26,95 9 7

electronics

5,55

other Services

4,74

TTR - Transactional Track Record (www.TTRecord.com)

173

Electric Energy

Energía y renovables

Energy and Renewable Energies

Energía y renovables

Industria

Total number of transactions Infraestructuras

Private equity

Industria

Total number of transactions by subsector

Electric Energy

Inmobiliario y Construcción Smaller Market (
7

coMPLeted

4

Venture capital

3

canceLLed

RR Naturales 2

SS y Distribución

Mid Market (≥EUR 15m) Tecnología y Telecomunicaciones

Infraestructuras 1

Solar Energy

1

Wind Energy

1

0

Geothermal Energy

0

Largest transactions

Sectors and Subsectors PORTUGAL

RR Naturales0

Target

Buyer

Seller

Private equity

  1

0

EDPR Participaciones Smaller Market (
 2

SS y Distribución

4

Vortex Energy Investments II

Tecnología y Telecomunicaciones

C2C - New cap Mid Market (≥EUR 15m)

Capwatt

1

Gulbenkian, ENOVOS, EIP Electricidade Industrial Portuguesa

KIC InnoEnergy, CGD Caixa Capital

0

Financial Advisors BNP Paribas Corporate & Investment Banking

  1

Citigroup

  1

PwC Spain

  1

PwC UK

big ticket (≥EUR 250m)

distressed

0,15

  1

Sherman & Sterling

  2

Cuatrecasas Portugal

  3

Morais Leitão, Galvão Teles, Soares da Silva & Associados

PwC Spain

Technical Advisory

TTR - Transactional Track Record (www.TTRecord.com)

0

totaL   1 Linklaters Spain 6 Portuguese   1 PwC Tax & Legal Spain acquisitions 6 abroad   1 King & Wood Mallesons Spain

Due Diligence

  1

Foreign acquisitions in Portugal

5,00

Legal Advisors

  1

  1

550,00

Venture capital Soitec Solar, Fundação Calouste canceLLed

3

Suncoutim

Value (EURm)

coMPLeted EDP Renewables Europe

2

  3

174

7

distressed

Hydraulic Energy Nuclear Energy

0

totaL 7

Portuguese acquisitions abroad

big ticket (≥EUR 250m)

Inmobiliario y Construcción

Biofuel

Foreign acquisitions in Portugal

0

Insurance Companies

DNV GL

  1

Willis

Private Equity/Venture Capital with investments

Country

Number of Investments

CGD Caixa Capital

Portugal

1

Oxy Capital

Portugal

2

Vortex Energy Investments II (EFG Hermes Private Equity)

Egypt

1

TTR - Transactional Track Record (www.TTRecord.com)

175

Sectors and Subsectors PORTUGAL

Biomass

1

Electric

6

Oil/Gas

Oil and Gas

Electric

totaL 7

Portuguese acquisitions abroad

big ticket (≥EUR 250m)

7

distressed

Oil and Gas

Energía y renovables

Infraestructuras

Inmobiliario y Construcción Real State and Construction

Industria

Total number of transactions Infraestructuras

Private equity Inmobiliario y Construcción

Venture capital

3

RR Naturales

RR NaturalesTotal number of transactions by subsector

coMPLeted

4

Smaller Market (
canceLLed

Real Estate

2

11

SS y Distribución

Foreign acquisitions in Portugal

0

and Machinery)

totaL 6

Portuguese acquisitions abroad

big ticket (≥EUR 250m)

SS y Distribución Construction (Materials 3

0

Oil/Gas

1

Mid Market (≥EUR 15m)

Tecnología y Telecomunicaciones

6

distressed

Tecnología y Telecomunicaciones

Largest transactions Buyer

Seller

  1

Gascan Portugal

Artá Capital Fund II FCR, Artá Capital Fund II A SCR, Artá Capital Fund II B SCR, Deyá Capital IV SCR

Eficácia Verde

70,00

 2

Naturgas Energía Grupo

Hidroeléctrica del Cantábrico

Ente Vasco de la Energía Energiaren Euskal Erakundeak

33,30

  3

Electrogas

Aerio Chile

Enel Generación Chile

Financial Advisors   1

Value (EURm)

168,68

Legal Advisors

BBVA Corporate Finance

  2

Cuatrecasas Portugal King & Wood Mallesons Spain

  3

Carey

  3

Prieto y Cía Abogados

  1

Private Equity/Venture Capital with investments

Country

Artá Capital Fund II A SCR (Artá Capital)

Spain

1

Artá Capital Fund II B SCR (Artá Capital)

Spain

1

Artá Capital Fund II FCR (Artá Capital)

Spain

1

Deyá Capital IV SCR (Artá Capital)

Spain

1

Explorer Investments

Portugal

1

176

Sectors and Subsectors PORTUGAL

Sectors and Subsectors PORTUGAL

Target

Number of Investments

TTR - Transactional Track Record (www.TTRecord.com)

TTR - Transactional Track Record (www.TTRecord.com)

177

Energía y renovables

Industria

Industria

Infraestructuras

Infraestructuras

Real State

Inmobiliario y Construcción

RR Naturales

11

distressed

RR Naturales

Total number of transactions

Total number of transactions

SS y Distribución

SS y Distribución

Private equity

Tecnología y Telecomunicaciones

coMPLeted

7

Smaller Market (
totaL 11

Construction (Materials and Machinery)

Inmobiliario y Construcción

Tecnología y Telecomunicaciones

Portuguese acquisitions abroad

big ticket (≥EUR 250m)

RealState

Energía y renovables

Private equity

coMPLeted

3

6

Venture capital

5

Smaller Market (
canceLLed

4

Venture capital

canceLLed

2

3 2

Mid Market (≥EUR 15m)

totaL 11

Portuguese acquisitions abroad

big ticket (≥EUR 250m)

1

0

11

3

Smaller Market (
  3

Imoconti

2

D-Marine Investments Holding Merlin Properties

big ticket KPMG Spain

  2

PwC Portugal

coMPLeted canceLLed

Sonae RP Foreign acquisitions in Portugal

0

Legal Advisors Portuguese   1 acquisitions abroad  2

(≥EUR 250m)

Value (EURm)

Lone Star Funds

Private Shareholders

Financial Advisors   1

Sodim

Venture capital

1

Mid Market (≥EUR 15m)

  2

distressed

Target

Buyer

Seller

Value (EURm)

180,00

  1

Auto-estradas XXI - Subconcessionária Transmontana

Globalvia Inversiones

SDC - Concessões

-

103,00

 2

Operestradas XXI

Globalvia Inversiones

SDC - Concessões

-

21,40

  3

MRN - Manutenção de Rodovias Nacionais

Globalvia Inversiones

SDC - Concessões

-

0

totaL 3

Clifford Chance Spain

Legal Advisors   1

Allen & Overy Spain

JSMS - Jardim, Sampaio,3 Magalhães e Silva Advogados Uría Menéndez - Proença de Carvalho

Private Equity/Venture Capital with investments

Country

Blackstone

United States

1

Lone Star Funds

United States

1

178

3

Number of Investments

TTR - Transactional Track Record (www.TTRecord.com)

TTR - Transactional Track Record (www.TTRecord.com)

179

Sectors and Subsectors PORTUGAL

Seller

Construction

Sectors and Subsectors PORTUGAL

Buyer Private equity

MP Monumental, MP Torre

totaL 3

Largest transactions

Target

 2

0

distressed

Largest transactions

Vieznada, Hotel Villa Magna

Foreign acquisitions in Portugal

Portuguese acquisitions abroad

big ticket (≥EUR 250m)

distressed

  1

0

Construction

Foreign acquisitions in Portugal

0

RealState

1

Mid Market (≥EUR 15m)

Energía y renovables Energía y renovables

Industria

Industria Industry

Glass, Ceramic, Paper, Plastics, Wood and Timber

Infraestructuras

Total number of transactions Inmobiliario y Construcción

Total number of transactions by subsector Infraestructuras Glass, Ceramic, Paper, Plastics, Wood and Timber

Private equity

RR Naturales

13

coMPLeted

7

Smaller Market (
6

Venture capital

5

canceLLed

4 3

Tecnología y Telecomunicaciones

2

8

Fashion and Textile

5

Steel, Metallurgy and Industrial Production

5

Chemical Materials

5

RR Naturales Chemical and

1

Mid Market (≥EUR 15m)

Foreign acquisitions in Portugal

0

0

totaL 13

Portuguese acquisitions abroad

big ticket (≥EUR 250m)

Glass/Ceramic

Inmobiliario y Construcción Food Industry

13

distressed

3

Sectors and Subsectors PORTUGAL

SS y Distribución Shipbuilding

Largest transactions

  1

0

Target

Buyer

Seller

Anchor Glass Container

Private equity CVC Capital Partners UK, BA Vidros

KPS Capital Partners

coMPLeted

2

Other consumer goods

0

Aeronautical

0

Tobacco

0

Tecnología y Telecomunicaciones Aerospace and

Smaller Market

 2

US Floors (
Shaw1,5 Industries

  3

Logoplaste

Carlyle1 Europe Partners IV

Amorim Flooring Investments Venture capital canceLLed Private Shareholders

0,5

Mid Market Financial Advisors (≥EUR 15m)

Citigroup

  1

Credit Suisse Securities (USA)

  1

J.P. Morgan Securities (United States)

  1   3   3

Foreign Legal Advisors acquisitions in Portugal

0

  1

bigStanley ticket US Morgan (≥EUR 250m)

Barclays Capital

Value (EURm)

0

Baker & McKenzie

  1

Paul, Weiss, Rifkind, Wharton & Garrison

  3

Linklaters Spain

totaL 8

PLMJ 8

Credit Suisse Portugal distressed

Private Equity/Venture Capital with investments

Country

Atena Equity Partners

Portugal

Carlyle Europe Partners IV (Carlyle ) Smaller Market (
CVC Capital Partners UK

Private equity 2

1,5

1

Finpro

Number of Investments 2 coMPLeted

United States PortugalVenture capital

1 canceLLed

United Kingdom

0,5 0

Portugal

2 Foreign acquisitions in Portugal

Inter-Risco II CI (Inter-Risco)

Portugal

KPS Capital Partners

United Kingdom

Vallis Sustainable Investments I big ticket (≥EUR 250m) (Vallis Capital Partners)

Portuguese Portugalacquisitions abroad

0

TTR - Transactional Track Record (www.TTRecord.com)

totaL 5

3

Smaller Market

1 1

5

TTR - Transactional Track Record (www.TTRecord.com)

Private equity

1 1

distressed

180

1 1

Portugal

Mid Market Fundo Cometa (≥EUR 15m)

30,00 -

  1

Portuguese   3 acquisitions abroad

917,85

181

coMPLeted

Sectors and Subsectors PORTUGAL

Pharmaceutical, Parapharmaceutical and Cosmetics

Food Industry

3

Fashion

Automotive and Recreational Vehicles

Industria

Fashion and Textile

8

distressed Infraestructuras

Infraestructuras

Total number of transactions

Total number of transactions Inmobiliario y Construcción

Private equity

Private equity 2

Tecnología y Telecomunicaciones

Venture capital

1,5

canceLLed

Smaller Market (
1

0,5

Mid Market (≥EUR 15m)

RR Naturales

Foreign acquisitions in Portugal

0

totaL 8

Portuguese acquisitions abroad

big ticket (≥EUR 250m)

8

distressed

Smaller Market (
Buyer Spar

Seller Venture capital

1

 2

Proyeast

  3

Mid Market

NovoDia Cafés (≥EUR 15m)

0

New Coffee

  2

Candido Martins Advogados

  3

PLMJ

  3

Telles de Abreu Advogados

Foreign acquisitions Riberalves in Portugal

Portuguese acquisitions Due Diligence abroad

big ticket (≥EUR 250m) Legal Advisors

distressed

canceLLed

Luckprovider, Sugar Investors, Florencio Empreendimentos

Yes 0,5

Alisuper

coMPLeted

5

  3

Deloitte Portugal

-

totaL 5

EY Portugal (Ernst & Young)

Private equity

Target

Foreign acquisitions in Portugal

0

3

  1

StyleSage

 2

Minty Square

Buyer

Venture capital

Venture capital

2

Trammell Venture Partners, Sonae IM

-

Clever Advertising

-

  3

Mid Market Triunfo Internacional (≥EUR 15m)

0

Foreign acquisitions in Portugal

Gramax Capital

Portuguese acquisitions abroad

big ticket (≥EUR 250m)

coMPLeted canceLLed

Value (EURm) 1,82 1,00

0

Triumph International

totaL 5 5

distressed

Smaller Market (
canceLLed

5

Seller

Private equity

2

totaL 5

Private equity

-

coMPLeted

3

Smaller Market (
0

Portuguese acquisitions abroad

Smaller Market (
coMPLeted

3

1

1

0

  3

0,75

canceLLed

distressed

Value (EURm)

Fashion

  1

2

Venture capital

1,5

big ticket (≥EUR 250m)

Largest transactions

Private equity

Venture capital

canceLLed

2

0

Private Equity/Venture Capital with investments big ticket Inter-Risco (≥EUR 250m)

Vallis Sustainable Investments I (Vallis Capital Partners)

Foreign acquisitions in Portugal

Country Portuguese acquisitions Portugal abroad

Portugal

0

1

Mid Market (≥EUR 15m) totaL 5

Number of Investments

1

5

distressed

182

1

TTR - Transactional Track Record (www.TTRecord.com) Private equity

coMPLeted

3

Smaller Market (
Venture capital

canceLLed

Foreign acquisitions in Portugal

0

Private Equity/Venture Capital with investments

Country

big ticket Trammell Venture Partners (≥EUR 250m)

Portuguese United States acquisitions abroad distressed

TTR - Transactional Track Record (www.TTRecord.com)

0

totaL Number of Investments 5

Chemical

1

Mid Market (≥EUR 15m)

Steel / Metal

Sectors and Subsectors PORTUGAL

Largest transactions Target

coMPLeted

2

0,5

Mid Market (≥EUR 15m)

0

Food Industry

Smaller Market SS y Distribución (
coMPLeted

1

5

183

Sectors and Subsectors PORTUGAL

Inmobiliario y Construcción

RR Naturales

Food Industry

Glass/Cera

big ticket (≥EUR 250m)

distressed

totaL 8

Portuguese acquisitions abroad

Energía y renovables

Fashion

Food Industry

13

Steel / Metal

Industria

totaL 13

Portuguese acquisitions abroad

big ticket (≥EUR 250m) Energía y renovables

acquisitions in Portugal

0

(≥EUR 15m)

Energía y renovables

(≥EUR 15m)

totaL 5

Portuguese acquisitions abroad

big ticket (≥EUR 250m)

Industria

5

Steel, Metallurgy and Industrial Production distressed

Infraestructuras

(≥EUR 250m)

Chemical and Chemical Materials distressed

Total number of transactions Inmobiliario y Construcción

Private equity 3

Smaller Market (
Venture capital

coMPLeted

RR Naturales

canceLLed

Smaller Market (
Private equity

coMPLeted

3

Venture capital

canceLLed

2

2

Tecnología y Telecomunicaciones

Foreign acquisitions in Portugal

0

totaL 5

Portuguese acquisitions abroad

big ticket (≥EUR 250m)

1

0

5

distressed

Mid Market (≥EUR 15m)

Steel / Metal

1

Mid Market (≥EUR 15m)

Foreign acquisitions in Portugal

0

0

totaL 5

Portuguese acquisitions abroad

big ticket (≥EUR 250m)

Chemical

Tecnología y Telecomunicaciones

5

distressed

3

Buyer

Seller

coMPLeted

Smaller Market

Cudell -(
HANSA-FLEX

Venture capital Private ShareholderscanceLLed

Target

Buyer

Seller

  1

Sapec - Agro, Tradecorp

Bridgepoint Capital

SAPEC Portugal

 2

Raclac

Vallis Sustainable Investments I

Private Shareholders

-

  3

Cipan - Companhia Industrial Produtora de Antibióticos

Lusosuan

AtralCipan

-

Value (EURm) -

Value (EURm) 456,00

2

 2

  3

Alcobre Condutores Eléctricos, Cables de Comunicaciones Zaragoza Mid Market (≥EUR 15m) Sermetal Barcelona Grandaços,

Aberdare Cables International Holdings

Hengtong Optic-Electric 1 0

Voestalpine

Foreign acquisitions Private Shareholders in Portugal

0

Financial Advisors

Portuguese acquisitions abroad

big ticket (≥EUR 250m)

Legal Advisors   2

ENSafrica

distressed

  2

King & Wood Mallesons Spain,

  2

Morais Leitão, Galvão Teles, Soares da Silva & Associados,

totaL 5 5

Chemical

Sectors and Subsectors PORTUGAL

Private equity

Legal Advisors

  1

EY Spain (Ernst & Young)

  1

Bredin Prat

  1

HSBC

  1

Demarest Advogados

  1

KPMG International

  1

DSL Lawyers

  1

Lazard

  1

Freshfields Bruckhaus Deringer Spain,

PwC Spain

  1

Freshfields Bruckhaus Deringer UK ,

Haitong Bank Portugal

  1

Galicia Abogados

  1

PwC Tax & Legal Spain

  1

Uría Menéndez - Proença de Carvalho Garrigues Portugal Pedro Pinto, Bessa Monteiro, Reis, Branco, Alexandre Jardim & Associados

  1   3   3

Auditors

  2

Nauta Duilh

  1

PwC UK

  3

  3

Cuatrecasas Spain

  1

EY United Kingdom (Ernst & Young)

  3

  3

Cuatrecasas Portugal Due Diligence

184

TTR - Transactional Track Record (www.TTRecord.com)

  1

EY Spain (Ernst & Young)

  1

PwC Spain

Insurance Companies   1

Other

Willis

  1

ERM Iberia

Private Equity/Venture Capital with investments

Country

Bridgepoint Capital

United Kingdom

1

ProA Capital

Spain

1

Vallis Sustainable Investments I (Vallis Capital Partners)

Portugal

1

TTR - Transactional Track Record (www.TTRecord.com)

Number of Investments

185

Sectors and Subsectors PORTUGAL

Largest transactions

Largest transactions

  1

5

Industria

Inmobiliario y Construcción

Target

totaL 5

Portuguese acquisitions abroad

Energíabig y renovables ticket

Infraestructuras

Total number of transactions

RR Naturales

in Portugal

Steel / Metal

acquisitions in Portugal

0

Fashion

Mid Market (≥EUR 15m)

Industria

Inmobiliario y Construcción

Infraestructuras

Inmobiliario y Construcción

Agriculture, Agribusiness, Farming and Fishing

RR Naturales

Natural Resources RR Naturales

SS y Distribución

Total number of transactions Tecnología y Telecomunicaciones

Private equity

Total number of transactions by subsector SS y Distribución Agriculture, Agribusiness, Farming and Fishing

0,8

Venture capital

canceLLed

0,6

6

0,4

Mid Market (≥EUR 15m)

Foreign acquisitions in Portugal

0

0

0 totaL 6

Portuguese acquisitions abroad

big ticket (≥EUR 250m)

6

Agriculture

0,2

Mining 1 Tecnología y Telecomunicaciones Forestry

coMPLeted

1

Smaller Market (
Sectors and Subsectors PORTUGAL

Largest transactions Target

Buyer

Seller

  1

Brasmar

MCH Private Equity

Metalcon

-

 2

Sortegel

SDEL

Partinvest

-

  3

Sapju Carnes

Campicarn

Saltiproud

-

Financial Advisors   1   1  2   3

186

TTR - Transactional Track Record (www.TTRecord.com)

Legal Advisors

Deloitte Spain

  1

Deloitte Legal

Clearwater International - Portugal

  1

Garrigues Portugal

Haitong Bank Portugal

  1

Telles de Abreu Advogados

Private Equity/Venture Capital with investment

Country

MCH Private Equity

Spain

TTR - Transactional Track Record (www.TTRecord.com)

Value (EURm)

Number of Investments 1

187

Sectors and Subsectors PORTUGAL

distressed

Infraestructuras

RR Naturales

Inmobiliario y Construcción

RR Naturales

Financial and Insurance

SS y Distribución

Services and Distribution SS y Distribución

Tecnología y Telecomunicaciones

Total number of transactions Private equity

Total number of transactions by subsector

Tecnología y Telecomunicaciones

coMPLeted

7

Financial and Insurance

Smaller Market (
24

6

Venture capital

5

canceLLed

4

Healthcare, Hygiene, Medical Aesthetics and Cosmetics

3

21

2

Distribution and Retail

13

Consultancy, Audit and Engineering

Foreign acquisitions in Portugal

0

12

Tourism, Hotels and Restaurants

8

Transport, Aviation and Logistics

8

Other Services

totaL 24

Portuguese acquisitions abroad

big ticket (≥EUR 250m)

0

Financial

1

Mid Market (≥EUR 15m)

24

distressed

Sectors and Subsectors PORTUGAL

Marketing and Advertising

Largest transactions

5

Target

Media, Multimedia and Editorial

4

Sports and Leisure

4

Food and Beverage

Buyer Private equity

Seller

Value (EURm) coMPLeted

7

  1

BancoSmaller BPI Market (
 2

3

Ascendi PT, Ascendi PT II

6 CaixaBank (Criteria CaixaCorp)

Private Shareholders, Santoro Finance

Venture capital

5 4

Lusovia Investment 3

644,00

canceLLed

Ascendi Group

600,00

2

2

Printing and Binding

2

Water and Sanitation

2

Event Production and Management

1

Luxury Goods and Services

1

  1

big ticket Deutsche Bank (Portugal) (≥EUR 250m)

  2

Caixa BI

0

Education

0

Funeral Services

0

Sociedade Francisco Manuel 1 dos Santos Países Baixos 0

Legal Advisors

Haitong Bank Portugal

  2

Millennium BCP

  2

Santander Global Corporate Banking Spain

Public Relations Llorente & Cuenca Smaller Market (
Jerónimo Martins Foreign acquisitions in Portugal

Portuguese   1 acquisitions abroad   1  2

  2

  2

Courier

Mid Market (≥EUR 15m)

Financial Advisors

1

Inspection and Certification

Monterroio

285,00

0

totaL 21

Cuatrecasas Portugal PLMJ

21

  2

Campos Ferreira, Sá Carneiro & Associados

  2

Morais Leitão, Galvão Teles, Soares da Silva & Associados

distressed

Private equity

coMPLeted

4

Venture capital

3

canceLLed

2

Private Equity/Venture Capital with investments 1 Mid Market (≥EUR 15m) Apollo Global Management

0

0

Country

Foreign acquisitions United States in Portugal

Ardian

France

Fosun Group

China

Portuguese Portugalacquisitions abroad

big ticket Vallis Consolidation Strategies I (≥EUR 250m)

0

Number of Investments 1 1

totaL 13

TTR - Transactional Track Record (www.TTRecord.com)

TTR - Transactional Track Record (www.TTRecord.com)

Private equity 6

1 1

13

distressed

188

Healthecare

Cars, Motorcycles and Other Vehicles

Security and Private Arms, Ammunition and Explosives

  3

3

Distribution

Waste Management, Pollution and Recycling

189

coMPLeted

Sectors and Subsectors PORTUGAL

6

Infraestructuras

Infraestructuras

(≥EUR 15m)

RR Naturales

24

Inmobiliario y Construcción

(≥EUR 250m)

distressed

totaL 21

Portuguese acquisitions abroad

RR Naturales big ticket

Healthcare, Hygiene, Medical Aesthetics and Cosmetics

SS y Distribución

acquisitions in Portugal

0

Distribution and Retail

SS y Distribución

Healthecare

Portuguese acquisitions abroad

big ticket (≥EUR 250m)

Financial

Inmobiliario y Construcción

totaL 24

21

distressed Tecnología y Telecomunicaciones

Tecnología y Telecomunicaciones

Total number of transactions

Total number of transactions Private equity

Smaller Market (
Private equity

coMPLeted

7

5

Venture capital

coMPLeted

4

6

Smaller Market (
canceLLed

Venture capital

3

canceLLed

4 3

2

2

21

distressed

Largest transactions

 2   3

Kinematix Mid Saúde Market Luz (≥EUR 15m)

3

FPB Venture Invest capital

2

Portugal Ventures

1

Foreign Private Shareholders acquisitions in Portugal

0

GalileicanceLLed

1,62

 2

Venture capital

4

2 1 0

Mid Market (≥EUR 15m)

4 3 2

Buyer

Seller

China National Fisheries

Pérez-Llorca

  2

Cuatrecasas Portugal

Private Shareholders

Foreign acquisitions in Portugal -

Clever Advertising

Portuguese acquisitions abroad

big ticket (≥EUR 250m) Legal Advisors   1

United States Foreign

Portugal acquisitions

Portugal

big ticket (≥EUR 250m)

Vallis Sustainable Investments I (Vallis Capital Partners)

0

Portuguese United States acquisitions Portugal abroad

totaL 12 12

distressed

190

Smaller Market (
2

Big Sur Ventures

Spain

1

BStartup 10

1

(≥EUR 15m) Busy Angels

2

Oxy Capital

coMPLeted

3

0

1

canceLLed

1,00 totaL 12 12

canceLLed

Number of Investments 1

Spain Portugal

Foreign acquisitions in Portugal

Portuguese acquisitions abroad

big ticket (≥EUR 250m)

0

Private equity

TTR - Transactional Track Record (www.TTRecord.com)

2 totaL 8 8

coMPLeted

3

Smaller Market (
Venture capital

1 1

distressed

2

Venture capital

5,06

Portugal

2

TTR - Transactional Track Record (www.TTRecord.com) Private equity

Venture capital

Country

Mid Market

30,00

coMPLeted

Private Equity/Venture Capital with investments 2

1

Value (EURm)

0

distressed

Private equity

Number of Investments

coMPLeted

ActivumSG CapitalVenture capital Fundo Sierra, CBRE canceLLed Management Global Investors

0

Minty Square

canceLLed

Country

United Kingdom

Portugal Ventures

Smaller Market (
Marfresco

5

1

  3

in Portugal

Mustard Seed

SOSV

Inmobiliarias

6

3 5

Private Equity/Venture Capital with investments 3

(≥EUR 15m)

Smaller Market (
coMPLeted

6

Market HovioneMid Capital

  1

0 Private Shareholders

13

Private equity

Private equity

Target

22,00 2,19

distressed

HAX

distressed

Value (EURm)

-

totaL 13

Portuguese acquisitions abroad

big ticket (≥EUR 250m)

Smaller Market (
13

Consultancy

  1

totaL 13

Portuguese acquisitions abroad

big ticket (≥EUR 250m)

canceLLed

Tourism

Seller coMPLeted

Distribution

Buyer

4

Smaller Market Galilei (
0

Largest transactions Private equity

Consultancy

Sectors and Subsectors PORTUGAL

Target

Foreign acquisitions in Portugal

0

191

Sectors and Subsectors PORTUGAL

Mid Market (≥EUR 15m)

totaL 21

Portuguese acquisitions abroad

big ticket (≥EUR 250m)

1

0

Distribution

Foreign acquisitions in Portugal

0

Healthecare

1

Mid Market (≥EUR 15m)

(≥EUR 15m)

Infraestructuras

acquisitions in Portugal

0

(≥EUR 15m)

totaL 13

Portuguese acquisitions abroad

RR Naturales big ticket

(≥EUR 250m)

13

Consultancy, Audit and Engineering

SS y Distribución

distressed Tecnología y Telecomunicaciones

RR Naturales big ticket

(≥EUR 250m)

Tourism, Hotels and Restaurants

totaL 12

Portuguese acquisitions abroad

12

SS y Distribución

distressed Tecnología y Telecomunicaciones

Total number of transactions

Total number of transactions Private equity

Private equity

coMPLeted

6

Smaller Market (
Inmobiliario y Construcción

Distribution

Inmobiliario y Construcción

acquisitions in Portugal

0

Consultancy

Infraestructuras

coMPLeted

3

5

Venture capital

4

Smaller Market (
canceLLed

Venture capital

canceLLed

2

3 2

12

distressed

Target   1

Private equity 3

Buyer

Seller

coMPLeted

0

totaL 8

Portuguese acquisitions abroad

big ticket (≥EUR 250m)

8

distressed

Largest transactions

Private equity

Value (EURm)

coMPLeted

3

Smaller Market Target(
Buyer

Seller Venture capital

canceLLed

Value (EURm)

2

Smaller Market (
CGD Caixa CapitalVenture capital Private ShareholderscanceLLed

-

  1

The Eat Out Group

Portugal Ventures

-

 2

Climber Hotel Mid Market

Grupo Ibersol

Agrolimen

110,00

2

-

1

  3

Mid Market Ignios (≥EUR 15m)

0

Foreign Private Shareholders acquisitions in Portugal

Iberinform

0

-

8

distressed

Private Shareholders

0

Ecovillage

Venture capital

Financial Advisors

8

Legal Advisors distressed

AZ Capital

  1

Cuatrecasas Spain

  1

Banco BPI

  1

Garrigues Spain

  1

PwC Spain

  3

Franca Pinto & Associados

  3

coMPLeted Uría Menéndez - Proença de Carvalho

Private equity

PwC Spain

Venture capital

0,08 -

totaL 8

  1

  1

canceLLed

0

Amazing Evolution

Portuguese acquisitions abroad

Smaller Market Due Diligence (
coMPLeted

3

Foreign acquisitions in Portugal

Flit Fund

3

Private equity Smaller Market (
  3

1

big ticket (≥EUR 250m)

totaL 8

Portuguese acquisitions abroad

big ticket (≥EUR 250m)

(≥EUR 15m)

Transport

proGrow

Tourism

 2

canceLLed

2

2

1

Mid Market (≥EUR 15m)

Foreign acquisitions in Portugal

0

Private Equity/Venture Capital with investments CGD Caixa Capital

Country

Number of Investments totaL 8

Portugal

Portuguese Portugalacquisitions abroad

big ticket (≥EUR 250m) Portugal Ventures

0

8

distressed

Foreign acquisitions in Portugal

0

Private Equity/Venture Capital with investments

Country

1

big ticket (≥EUR 250m) Flit Fund (ECS Capital)

Portuguese acquisitions Portugal abroad

1

Fundo Aquarius (Oxy Capital)

Portugal

Fundo SC1 (Menlo Capital)

distressed

Portugal Ventures

192

TTR - Transactional Track Record (www.TTRecord.com)

Smaller Market (
Venture capital

canceLLed

6

1

Portugal

Smaller Market (
1 coMPLeted

Venture capital

TTR - Transactional Track Record (www.TTRecord.com) 2

canceLLed

2 1

Mid Market

0

1 1

3

coMPLeted

3

totaL Number of Investments 6

Portugal

Private equity Private equity

0

Other

1

Mid Market (≥EUR 15m)

Transport

Sectors and Subsectors PORTUGAL

Largest transactions

Foreign acquisitions in Portugal

0

Foreign acquisitions

0

193

Sectors and Subsectors PORTUGAL

Mid Market (≥EUR 15m)

totaL 12

Portuguese acquisitions abroad

big ticket (≥EUR 250m)

1

0

Tourism

Foreign acquisitions in Portugal

0

Consultancy

1

Mid Market (≥EUR 15m)

Infraestructuras 1 0

Portuguese abroad

8

Transport, Aviation and Logistics acquisitions (≥EUR 250m)

big ticket SS y Distribución

Tecnología y Telecomunicaciones

distressed

Private equity Smaller Market (
Other Services

Tecnología y Telecomunicaciones

Venture capital

Private equity

Venture capital

Transport

totaL 8 8

Private equity

1 0

Haitong Bank Portugal

  2

PwC Portugal

Smaller Market Target (
Value (EURm)

SDC - Concessões

Meridiam Infrastructure Foreign Egis, Group BCPE, Eifagge, 0 acquisitions Europe II (MEII) Sonae Capital

coMPLeted

Buyer

Venture capital

126,50

  1

Aptoide

Golden Gate Ventures, Gobi Partners, e.ventures, Portugal Ventures

42,00

 2

Mid Market Estrela Elevadores

Orona

1

(≥EUR 15m)

in Portugal

Private Shareholders

Portuguese acquisitions abroad

Private equity

6

  1

Allen & Overy Spain

  2

Campos Ferreira, Sá Carneiro & Associados coMPLeted

3

  2

Morais Leitão, Galvão Teles, Soares da Silva & Associados

Venture capital   3 2

  3

eSolidar

Foreign acquisitions in Portugal

0

Portugal Ventures, Private Shareholders Portuguese acquisitions abroad

big ticket

Legal Advisors

distressed

Smaller Market (
4,51 totaL 6

Other

Intergaliza Participações

big ticket (≥EUR 250m)

  2

Private equity

Seller

canceLLed

Value (EURm)

2

Globalvia Inversiones

Rodoviária do Tejo

Financial Advisors

canceLLed

6

distressed

2

(≥EUR 15m)

  3

Seller Venture capital

totaL 6

3

Legal Advisors (≥EUR 250m)   1

Ferreira Pinto & Associados

  1

distressed Morais Leitão, Galvão Teles, Soares da Silva & Associados

  1

PESA Paulo Espírito Santo Amil & Associados

  1

RL Sociedade de Advogados Private equity

  2

Garrigues SmallerPortugal Market

canceLLed

Cuatrecasas Portugal

(
-

3,50

0 Private Shareholders

1,00

-

0,24 totaL 5 5

coMPLeted

2

Venture capital

1,5

canceLLed

1

Mid Market (≥EUR 15m)

Foreign acquisitions in Portugal

0

Private Equity/Venture Capital with investments

Country

Meridiam Infrastructure Europe II (MEII) (Meridiam Infrastructure Managers) big ticket

France

Portuguese acquisitions abroad Portugal

(≥EUR 250m)

Sonae Capital

0

0,5

Number of Investments totaL 5 5

distressed

Private equity

194

1,5

Track Record (www.TTRecord.com) Venture capitalTTR - TransactionalcanceLLed

1

0,5

1

Country

e.ventures

United States

Gobi Partnersbig ticket

China

(≥EUR 250m)

Golden Gate Ventures Portugal Ventures

Portuguese acquisitions

Singapore abroad distressed

Portugal

0

Number of Investments totaL 4 4v

1 1 1 2

coMPLeted

2

Smaller Market (
1

Foreign acquisitions in Portugal

Mid Market 0 15m) Private (≥EUR Equity/Venture Capital with investment

Media

1

Marketing

Sectors and Subsectors PORTUGAL

Norscut Mid Market

Buyer

0

Portuguese acquisitions abroad

big ticket (≥EUR 250m)

Largest transactions

coMPLeted

3

Foreign acquisitions in Portugal

0

Foreign

TTR - Transactional Track Record (www.TTRecord.com)

195

Sectors and Subsectors PORTUGAL

Mid Market (≥EUR 15m)

distressed

 2

canceLLed

Other

1

0

Portuguese acquisitions abroad

big ticket (≥EUR 250m)

Scutvias - Autoestradas Da Beira Interior

coMPLeted

3

Smaller Market (
canceLLed

Foreign acquisitions in Portugal

0

Smaller Market Target(
8

2

1

Mid Market (≥EUR 15m)

totaL 8

distressed

Total number of transactions

2

  1

0

Portuguese acquisitions abroad

big ticket SS y Distribución (≥EUR 250m)

coMPLeted

3

Largest transactions

Foreign acquisitions in Portugal

0

RR Naturales

totaL 8

Tourism

RR Naturales

Total number of transactions

1

Mid Market (≥EUR 15m)y Construcción Inmobiliario

0

Marketing

Mid Market Inmobiliario y Construcción (≥EUR 15m)

Foreign acquisitions in Portugal

Transport

Infraestructuras

big ticket

Marketing and Advertising

Tecnología y Telecomunicaciones

Mid Market (≥EUR 15m)

0

RR Naturales

totaL 6

Portuguese acquisitions abroad

big ticket (≥EUR 250m)

6

distressed

Total number of transactions

Media, Multimedia and Editorial

SS y Distribución

Tecnología y Telecomunicaciones

totaL 5 5

distressed

Total number of transactions

coMPLeted

3

Venture capital

0

Portuguese acquisitions abroad

Private equity

Private equity Smaller Market (
0

Inmobiliario y Construcción

RR Naturales

SS y Distribución (≥EUR 250m)

Foreign acquisitions in Portugal

Infraestructuras

Foreign acquisitions in Portugal

0

Marketing

1

Mid Market (≥EUR 15m)y Construcción Inmobiliario

Other

Infraestructuras

coMPLeted

2

Smaller Market (
canceLLed

Venture capital

1,5

canceLLed

2 1

0

totaL 5

Portuguese acquisitions abroad

big ticket (≥EUR 250m)

Mid Market (≥EUR 15m)

5

distressed

2

Smaller Market (
1,5

Smarkio Brasil

1

Movvo 0,5

Mid Market (≥EUR 15m) Center Moçambique, ES Contact

  3

Ligações e Gestão de Negócios, E.S. Contact Center

Buyer

  3

Seller Venture capital

Fundo Revitalizar Norte Dueto Portugal, Sonae IM, CGD Caixa Capital

0

Armatis LC Holding, Inváfrica Consulting

coMPLeted canceLLed

-

Foreign 0 acquisitions Tranquilidade Moçambique, E.S. in Portugal Contact Center, GNB - Companhia

de Seguros, Seguradoras Unidas, ES Tech Ventures, Novo Banco totaL

4v

Legal Advisors

distressed

Haitong Bank Portugal

Value (EURm)

Target

Buyer

Seller

Value (EURm)

1,57

  1

Videobserver

Portugal Ventures

-

4,00

1,38

 2

360imprimir

Pathena

-

3,00

  3

Sport TV

Vodafone Portugal

Olivedesportos, NOS

-

-

  2

CMS Rui Pena & Arnaut

  2

Morais Leitão, Galvão Teles, Soares da Silva & Associados

  2

Taylor Wessing UK

  2

Uría Menéndez - Proença de Carvalho

Private Equity/Venture Capital with investments

Country

Number of Investments

CGD Caixa Capital

Portugal

ES Tech Ventures

Portugal

Fundo Revitalizar Norte (Explorer Investments)

Portugal

1

196

distressed

4

Portuguese acquisitions abroad

big ticket (≥EUR 250m)

Financial Advisors

4v

Financial Advisors   3

Legal Advisors

Haitong Bank Portugal

  1

Morais Leitão, Galvão Teles, Soares da Silva & Associados

Private Equity/Venture Capital with investments

Country

Number of Investments

1

Pathena

Portugal

1

1

Portugal Ventures

Portugal

1

TTR - Transactional Track Record (www.TTRecord.com)

TTR - Transactional Track Record (www.TTRecord.com)

197

Sectors and Subsectors PORTUGAL

Target

Media

Sectors and Subsectors PORTUGAL

Private equity

 2

totaL 4

Portuguese acquisitions abroad

big ticket (≥EUR 250m)

0

Largest transactions

Largest transactions

  1

Foreign acquisitions in Portugal

0

Media

0,5

Foreign acquisitions in Portugal

0

Marketing

1

Mid Market (≥EUR 15m)

Inmobiliario y Construcción

SS y Distribución

RR Naturales

SS y Distribución

Technology

Tecnología y Telecomunicaciones

Technology Telecoms Tecnologíaand y Telecomunicaciones

Total number of transactions Private equity

Total number of transactions by subsector 35

Technology

20

Venture capital

canceLLed

15 10

14

5

Electronics

Mid Market (≥EUR 15m)

7

Biotechnology

0

Foreign acquisitions in Portugal

0

2 1

totaL 35

Portuguese acquisitions abroad

big ticket (≥EUR 250m)

35

Technology

Internet

Telecoms

coMPLeted

25

Smaller Market (
Target

Buyer

Seller

Private equity

  1

 2

w   3

OutSystems

Smaller Market (
Novabase IMS Infrastructures & Managed Services Mid Market

Veniam (≥EUR 15m)

10

North Brigde 8 6 4 2 True Venture, Cane investments, Union Foreign Square Ventures (USV), Yamaha Motor 0 acquisitions Ventures, Orange Digital Venture, Cisco in Portugal Investments, Verizon Ventures

Portuguese acquisitions abroad

Legal Advisors

198

TTR - Transactional Track Record (www.TTRecord.com)

Venture capital

Vinci Energies Portugal

big ticket (≥EUR 250m)

  1

Uría Menéndez - Proença de Carvalho

  2

Uría Menéndez United Kingdom

  2

PLMJ

distressed

TTR - Transactional Track Record (www.TTRecord.com)

Value (EURm) coMPLeted

45,79 canceLLed

Novabase Infraestruturas, Sociedade Gestora de Participações Sociais

44,04

0

-

19,39

totaL 14 14

Internet

Sectors and Subsectors PORTUGAL

Largest transactions

199

Sectors and Subsectors PORTUGAL

distressed

RR Naturales

Portuguese acquisitions abroad

big ticket (≥EUR 250m)

SS y Distribución

Internet

Tecnología y Telecomunicaciones

Number of Investments

Amazon Alexa Fund

United States

1

Cane investments

United States

1

distressed

Total number of transactions Private equity

Portugal

6

Cisco Investments

United States

1

6

Citi Ventures

United States

1

4

Creative Wings Business Angels

Portugal

1

Sectors and Subsectors PORTUGAL

Portugal

1

Fundo Revitalizar Norte (Explorer Investments)

Portugal

1

Ganexa Seed Capital

Portugal

1

Menlo Capital

Portugal

1

Mustard Seed

United Kingdom

1

North Brigde

United States

1

Notion Capital

United Kingdom

1

Orange Digital Venture

France

1

Portugal Ventures

Portugal

8

Shilling Capital Partners

Portugal

1

Sony Innovation Fund

United States

1

Trammell Venture Partners

United States

1

True Venture

United States

1

Union Square Ventures (USV)

United States

1

Verizon Ventures

United States

1

Yamaha Motor Ventures

United States

1

200

TTR - Transactional Track Record (www.TTRecord.com)

coMPLeted

10

Smaller Market (
CGD Caixa Capital

Faber Ventures

35

8

Venture capital

2

Mid Market (≥EUR 15m)

Foreign acquisitions in Portugal

0

Portuguese acquisitions abroad

big ticket (≥EUR 250m)

canceLLed

0

totaL 14 14

distressed

Largest transactions Target

Buyer

Seller

Value (EURm)

  1

Veniam

True Venture, Cane investments, Union Square Ventures (USV), Yamaha Motor Ventures, Orange Digital Venture, Cisco Investments, Verizon Ventures

-

19,39

 2

Unbabel

Shilling Capital Partners, Notion Capital, Faber Ventures, CGD Caixa Capital

-

4,57

  3

360imprimir

Pathena

-

3,00

Private Equity/Venture Capital with investments

Country

Amazon Alexa Fund

United States

1

Cane investments

United States

1

CGD Caixa Capital

Portugal

4

Cisco Investments

United States

1

Faber Ventures

Portugal

1

Notion Capital

United Kingdom

1

Orange Digital Venture

France

1

Pathena

Portugal

1

Portugal Ventures

Portugal

2

Shilling Capital Partners

Portugal

1

Sony Innovation Fund

Portugal

1

True Venture

United States

1

Union Square Ventures (USV)

United States

1

Verizon Ventures

United States

1

Yamaha Motor Ventures

United States

1

TTR - Transactional Track Record (www.TTRecord.com)

Number of Investments

201

Sectors and Subsectors PORTUGAL

Country

totaL 35

Internet

Private Equity/Venture Capital with investments

Technology

Inmobiliario y Construcción

M&A HANDBOOK 2017

IBERIA

6 Most Active Advisors

Financial Advisors Most Active Advisors in 2016 Banco BPI

Awards

Banco Santander

TTR Deal of the month

Banco BPI Target

Country (Target)

Subsector

Buyer

Seller

Value (EURm)

The Eat Out Group

Spain

Tourism, Hotels and Restaurants

Grupo Ibersol

Agrolimen

110,00

Cartosis

Portugal

Printing and Binding

SIBS

Private Shareholders

-

-

Transportes Figueiredo

Portugal

Transport, Aviation and Logistics

Private Shareholders

Private Shareholders

-

-

BBVA TTR Deal of the quarter

C

Awards

Caixa BI Clearwater International - Portugal

H

Haitong Securities

M

Millennium BCP

T

Tradinveste

Main sectors Energíaand y renovables Energy Renewable Energies

Financial Advisors PORTUGAL

Energía y renovables Energía y renovables Energía y renovables Energía y renovables Industria Energía Industriay renovables Industry Industria Industria Industria Infraestructuras Industria Infraestructuras Infrastructure Infraestructuras Infraestructuras Infraestructuras Inmobiliario y Construcción Infraestructuras Inmobiliario y Construcción Inmobiliario y Construcción Real Estate and Construction Inmobiliario y Construcción Inmobiliario RR Naturales y Construcción Inmobiliario RR Naturalesy Construcción RR Naturales RR Naturales Natural Resources RR yNaturales SS Distribución RR SS yNaturales Distribución SS y Distribución SS y Distribución SS y Distribución Tecnología y Telecomunicaciones Services and Distribution SS y Distribución Tecnología y Telecomunicaciones Tecnología y Telecomunicaciones Tecnología y Telecomunicaciones Tecnología y Telecomunicaciones Tecnología yand Telecomunicaciones Technology Telecoms

No. of deals advised*

Total value (EURm)

6

110,00

Banco Santander Target

Country (Target)

Subsector

Buyer

Seller

Value (EURm)

Urbaser

Spain

Waste Management, Pollution and Recycling

Firion Investments

ACS Servicios y Concesiones

1.281,50

Ascendi PT, Ascendi PT II

Portugal

Railroads; Financial and Insurance

Lusovia Investment

Ascendi Group

600,00

Generg

Portugal

Energy and Renewable Energies

NoveEnergia Portugal

TrustEnergy

-

No. of deals advised*

Total value (EURm)

3

Awards

Financial Advisors PORTUGAL

B

LEGEND

-

1.881,5

BBVA Target

Country (Target)

Subsector

Buyer

Seller

Value (EURm)

Urbaser

Spain

Waste Management, Pollution and Recycling

Firion Investments

ACS Servicios y Concesiones

1.281,50

Electrogas

Chile

Oil and Gas

Aerio Chile

Enel Generación Chile

168,68

GGND

Portugal

Oil and Gas

Marubeni Corporation

Galp Gás & Power

138,00

No. of deals advised*

3

Main Subsector: OIL AND GAS

Energía y renovables

Total value (EURm)

Awards

-

1.588,18

Industria

* Deals announced in 2016. Status Completed. Does not include asset acquisitions nor Joint Ventures Infraestructuras

Inmobiliario y Construcción

204

TTR - Transactional Track Record (www.TTRecord.com)

TTR - Transactional Track Record (www.TTRecord.com)

RR Naturales

SS y Distribución

Tecnología y Telecomunicaciones

205

Caixa BI

Millennium BCP

Target

Country (Target)

Subsector

Buyer

Seller

Value (EURm)

Ascendi PT, Ascendi PT II

Portugal

Railroads; Financial and Insurance

Lusovia Investment

Ascendi Group

600,00

Rico Corretora

Brazil

Financial and Insurance

XP Investimentos

CGD Securities

114,32

Empark

Spain

ASSIP, ES Concessions International Holding, GED Infrastructure, Private Shareholders

Parkinvest

Awards

-

Target

Country (Target)

Subsector

Seller

Value (EURm)

Ascendi PT, Ascendi PT II

Portugal

Railroads; Financial Energía y renovables Lusovia and Insurance Investment

Ascendi Group

600,00

SDC - Investimentos

France

Industria Financial and Insurance; Real Estate; Construction (Materials and Machinery)

Private Shareholders I, Investifino

3,18

Papier Union

-

Buyer

Investéder - Investimentos

Infraestructuras

-

-

Inapa Suíça

Switzerland

Financial and Insurance Papyrus Inmobiliario y Construcción

Awards

-

RR Naturales

Total value (EURm)

5

No. of deals advised*

714,33

Financial Advisors PORTUGAL

Cheto

Country (Target)

Subsector

Portugal

Seller

Menlo Capital

Private Shareholders

Value (EURm)

Awards

5,20

-

Target Selplus, Seldata

Country (Target)

Subsector

Portugal

Technology; Consultancy, Audit and Engineering

Catari

Agriculture, Agribusiness, Farming and Fishing; Food Industry

Portugal Portugal

Industry

SDEL

Partinvest

-

-

RAV

Portugal

Industria

Inter-Risco

Infraestructuras

No. of deals advised*

7

Seller

Industria Energía y renovables

Advantage Smollan

Private Shareholders

-

-

Selsoft

Portugal

Consultancy, Audit and Engineering; Technology

Advantage Smollan

Technology

Advantage Smollan

Inmobiliario y Construcción Main Subsector: AGRICULTURE, AGRIBUSINESS, FARMING AND FISHING

Energía y renovables

Buyer

Value (EURm)

Awards

Private Shareholders

-

-

Private Shareholders

-

-

-

-

Infraestructuras Industria

Energía y renovables

Sortegel

603,18

Tradinveste Buyer

Technology; Electronics

Total value (EURm)

SS y Distribución

Tecnología y Telecomunicaciones

Clearwater International - Portugal Target

6

Inmobiliario y Construcción Infraestructuras

Private Shareholders

RR Naturales Inmobiliario y Construcción

RR Naturales SS y Distribución Total value (EURm)

RR Naturales

No. of deals advised*

5,2

6

Main Subsector: TECHNOLOGY AND CONSULTANCY, AUDIT AND ENGINEERING

SS y Distribución

SS yy Telecomunicaciones Distribución Tecnología

Total value (EURm)

---

Tecnología y Telecomunicaciones

Tecnología y Telecomunicaciones

Haitong Securities Country (Target)

Subsector

Ascendi PT, Ascendi PT II

Portugal

Railroads; Financial and Insurance

Norscut

Portugal

Transport, Aviation and Logistics

Target

Seller

Value (EURm)

Energía yInvestment renovables Lusovia

Ascendi Group

600,00

Industria Meridiam Infrastructure Europe II (MEII)

Egis, Group BCPE, Eifagge, Sonae Capital

42,00

-

Well Link Group

Novo Banco

39,99

-

Buyer

Infraestructuras

Novo Banco Ásia

Macao

Financial and Insurance

Inmobiliario y Construcción

Awards

RR Naturales

No. of deals advised*

11

Main Subsector: FINANCIAL AND INSURANCE

SS y Distribución

Total value (EURm)

681,99

Tecnología y Telecomunicaciones

206

TTR - Transactional Track Record (www.TTRecord.com)

TTR - Transactional Track Record (www.TTRecord.com)

207

Financial Advisors PORTUGAL

No. of deals advised*

Main Subsector: FINANCIAL AND INSURANCE

Legal Advisors Largest Most Active transactions Advisors in 2016 ABBC

C

Campos Ferreira, Sá Carneiro & Associados

Target

Country (Target)

Subsector

Buyer

Seller

Value (EURm)

  1

Cobertura

Portugal

Real Estate; Luxury Goods and Services

JLL Portugal

-

-

-

 2

Fundo Espírito Santo Ventures III, FCR - Espírito Santo Ventures II, Fundo Espírito Santo Ventures Inovação e Internacionalização

Portugal

Financial and Insurance

Sonae IM

ES Tech Ventures

-

-

CMS Rui Pena & Arnaut Cuatrecasas Portugal

G

Garrigues Portugal

L

Linklaters Portugal

No. of deals advised*

M

Morais Leitão, Galvão Teles, Soares da Silva & Associados

P

Pedro Pinto, Bessa Monteiro, Reis, Branco, Alexandre Jardim & Associados

Legal Advisors PORTUGAL

Telles de Abreu Advogados

U

Uría Menéndez - Proença de Carvalho

V

Vieira de Almeida

---

Campos Ferreira, Sá Carneiro & Associados

PLMJ

T

Total value (EURm)

2

Awards

Target

Country (Target)

Subsector

Buyer

Seller

Value (EURm)

  1

Ascendi PT, Ascendi PT II

Portugal

Railroads; Financial and Insurance

Lusovia Investment

Ascendi Group

600,00

 2

Norscut

Portugal

Transport, Aviation and Logistics

Meridiam Infrastructure Europe II (MEII)

Egis, Group BCPE, Eifagge, Sonae Capital

42,00

-

  3

Ascendi Norte, Ascendi Costa da Prata, Ascendi Beiras Litoral e Alta, Ascendi Grande Porto, Ascendi Operadora NT, Ascendi Operadora CP, Ascendi Operadora BLA, Ascendi Operadora GP

Portugal

Roads and Highways

Ascendi Group

Rosas Construções

-

-

No. of deals advised*

Total value (EURm)

3

Awards

Legal Advisors PORTUGAL

A

ABBC

642,00

CMS Rui Pena & Arnaut

* General classification of the most active consultants operations completed, involving Portugal in 2016 Only those with 2 or more changes. In alphabetic order

208

TTR - Transactional Track Record (www.TTRecord.com)

Target

Country (Target)

Subsector

Buyer

Seller

Value (EURm)

Awards

  1

Nutricafés

Portugal

Food and Beverage

Massimo Zanetti Beverage Group

MCH Private Equity, Explorer I

74,50

-

 2

Martifer Solar

Portugal

Solar

Voltalia

Martifer, HSF

9,00

-

  3

ES Contact Center Moçambique, Ligações e Gestão de Negócios, E.S. Contact Center

Marketing and Advertising

Armatis LC Holding, Inváfrica Consulting

Tranquilidade Moçambique, E.S. Contact Center, GNB - Companhia de Seguros, Seguradoras Unidas, ES Tech Ventures, Novo Banco

-

-

No. of deals advised*

Mozambique, Portugal

3

TTR - Transactional Track Record (www.TTRecord.com)

Total value (EURm)

83,5

209

Cuatrecasas Portugal

  1

 2

Morais Leitão, Galvão Teles, Soares da Silva & Associados

Target

Country (Target)

Subsector

Buyer

Seller

Value (EURm)

Banco BPI

Portugal

Financial and Insurance

CaixaBank (Criteria CaixaCorp)

Private Shareholders, Santoro Finance

644,00

Oil and Gas

Energía y renovables Artá Capital Fund II FCR, Artá Capital Fund II A SCR, Artá Capital Fund Industria II B SCR, Deyá Capital IV SCR, Private Shareholders

Eficácia Verde

70,00

Gascan Portugal

Portugal

  3

Marfresco

Portugal

ChinaInmobiliario National Fisheries y Construcción

Main Subsector: TRANSPORTS, AVIATION AND LOGISTICS

8

Subsector

  1

Ascendi PT, Ascendi PT II

Portugal

Railroads; Financial and Insurance

 2

Millennium BCP

Portugal

Financial and Insurance

  3 Private Shareholders

Buyer

Seller

Value (EURm)

Lusovia Investment

Ascendi Group

600,00

Private Shareholders

173,18

Egis, Group BCPE, Eifagge, Sonae Capital

42,00

Energía y renovables

Industria

Chiado

Norscut

Portugal

Transport, Aviation and Logistics

Meridiam Infrastructure

Inmobiliario y Construcción Europe II (MEII)

5,06

Awards

-

RR Naturales

RR Naturales

No. of deals advised*

Country (Target)

Infraestructuras

Infraestructuras

Distribution and Retail; Food and Beverage

Target

Awards

Total value (EURm)

SS y Distribución

No. of deals advised*

18

730,07

Main Subsector: FINANCIAL AND INSURANCE

Total value (EURm)

SS y Distribución

885,8

Tecnología y Telecomunicaciones

Tecnología y Telecomunicaciones

Garrigues Portugal

  1

Office Park Expo

 2

Atalimmo Actividades Imobiliárias

  3

Estrela Elevadores

Subsector

Buyer

Seller

Portugal

Financial and Insurance

Private Shareholders

Fundação Calouste Gulbenkian, FEFSS, FPP da CGD

223,00

CBRE Southern Investors Europe Energía y renovables

Weddell Comércio Internacional e Consultoria

6,27

Industria Orona

Private Shareholders

Portugal

Real Estate

Portugal

Other Services

Value (EURm)

Awards

Target

Country (Target)

Subsector

Buyer

Seller

Value (EURm)

Medifarma

AtralCipan

-

-

Lusosuan

AtralCipan

-

-

  1

Laboratórios Atral

Portugal

Pharmaceutical, Parapharmaceutical and Cosmetics; Healthcare, Hygiene, Medical Aesthetics and Cosmetics

 2

Cipan - Companhia Industrial Produtora de Antibióticos

Portugal

Chemical and Chemical Materials

-

-

1,00

Infraestructuras

No. of deals advised*

12

Main Subsector: REAL ESTATE

Total value (EURm)

Inmobiliario y Construcción

No. of deals advised*

235,61

Total value (EURm)

2

Awards

---

RR Naturales

SS y Distribución

Tecnología y Telecomunicaciones

Linklaters Portugal

  1  2

PLMJ

Target

Country (Target)

Millennium BCP

Portugal

Banif Pensões

Portugal

Subsector

Buyer

Energía y renovables Financial and Insurance Chiado Industria

Financial and Insurance

Real Vida Seguros

Seller

Value (EURm)

Target

Country (Target)

Subsector

Private Shareholders

173,18

  1

Banco BPI

Portugal

Financial and Insurance

Oitante

-

 2

Ascendi PT, Ascendi PT II

Portugal

Railroads; Financial Industria and Insurance

Private Shareholders

-

  3

Novabase IMS Infrastructures & Managed Services

Portugal

Technology

Awards

Buyer

Seller

Value (EURm)

CaixaBank (Criteria

Private Shareholders, Santoro Finance

644,00

Lusovia Investment

Ascendi Group

600,00

Novabase Infraestruturas, Sociedade Gestora de Participações Sociais

44,04

CaixaCorp) Energía y renovables

Awards

Infraestructuras

  3

Clínica Santa Catarina

Portugal

Healthcare, Hygiene, Medical Aesthetics Luz Saúde Inmobiliario y Construcción and Cosmetics

Infraestructuras

Vinci Energies

Inmobiliario yPortugal Construcción

-

RR Naturales RR Naturales

No. of deals advised*

3

Main Subsector: FINANCIAL AND INSURANCE

Total value (EURm)

SS y Distribución

173,18

Tecnología y Telecomunicaciones

No. of deals advised*

22

Main Subsector: FINANCIAL AND INSURANCE

SS y Distribución

Total value (EURm)

1.326,17

Tecnología y Telecomunicaciones

210

TTR - Transactional Track Record (www.TTRecord.com)

TTR - Transactional Track Record (www.TTRecord.com)

211

Legal Advisors PORTUGAL

Legal Advisors PORTUGAL

Target

Pedro Pinto, Bessa Monteiro, Reis, Branco, Alexandre Jardim & Associados

Country (Target)

Telles de Abreu Advogados Target

Country (Target)

Subsector

Buyer

Seller

Value (EURm)

  1

Solara4

Portugal

Elecric and Solar Energy

WElink Energy (U.K.)

Private Shareholders

11,00

-

 2

Expressglass, Diveraxial

Portugal

Glass, Ceramic, Paper, Plastics, Wood and Timber; Automotive and Recreational Vehicles

Inter-Risco II CI

ExpressGlass Holding

-

-

  3

Brasmar

Portugal

Agriculture, Agribusiness, Farming and Fishing

MCH Private Equity

Metalcon

-

No. of deals advised*

Main Subsector: ELECTRIC AND SOLAR ENERGY

3

Total value (EURm)

Energía y renovables

Awards

11,00

Industria

Infraestructuras

Inmobiliario y Construcción

RR Naturales

Uría Menéndez - Proença de Carvalho Legal Advisors PORTUGAL

Target

Country (Target)

Subsector

  1

Sapec - Agro, Tradecorp

Portugal, Spain

 2

GGND

  3

MP Monumental, MP Torre

SS y Distribución

Buyer

Seller

Value (EURm)

Chemical and Chemical Materials

Bridgepoint Capital

SAPEC Portugal

456,00

Portugal

Oil and Gas

Marubeni

Galp Gás & Power

138,00

Portugal

Real Estate

Merlin Properties

Lone Star Funds

103,00

Tecnología y Telecomunicaciones

Energía y renovablesCorporation Industria

Awards

Infraestructuras

No. of deals advised*

15

Main Subsector: REAL ESTATE

Total value (EURm)

Inmobiliario y Construcción

873,79

RR Naturales

SS y Distribución

Tecnología y Telecomunicaciones

Vieira de Almeida Country (Target)

Target

Energía y renovables

Subsector

Buyer

Seller

Value (EURm)

Awards

850,00

-

126,50

Industria

  1

Irus Vila do Conde, Irus Vila do Conde II, Irus Vila do Conde III

Portugal

Real Estate

Via Holdco

Irus Holding Luxembourg

 2

Scutvias - Autoestradas Da Beira Interior

Portugal

Transports, Aviation Globalvia Inmobiliario y Construcción and Logistics Inversiones

SDC - Concessões

Infraestructuras

RR Naturales

No. of deals advised*

5

Main Subsector: TRANSPORTS, AVIATION AND LOGISTICS

Total value (EURm)

SS y Distribución

979,26

Tecnología y Telecomunicaciones

212

TTR - Transactional Track Record (www.TTRecord.com)

Corporate Profiles

ID: 2469

Portugal

Contacts ADDRESS

TELEPHONE

WEBSITE

Rua Alexandre Herculano, 50, 8º 1250-011 Lisboa

(+351) 213 309 300

www.AAA.pt

Profile START OF ACTIVITY

N.º OF EMPLOYEES

2008

The firm currently employs 25 professionals, 5 of them partners, focusing on a wide range of practice areas.

LEGAL ADVISORS

Team Dulce Franco

José Jácome

Rita Gama Abreu

PARTNER

PARTNER

PARTNER

[email protected]

[email protected]

[email protected]

Gabriela Rodrigues Martins

Vítor Pereira das Neves

PARTNER

PARTNER

[email protected]

[email protected]

Main Areas of Practice:

·· Banking and finance ·· Competition, regulatory and EU ·· Corporate ·· M&A ·· Energy and natural

·· Tax ·· Advertising ·· Aerogenerators ·· Automotive ·· Aviation ·· Banking and financial

·· Hospital equipment ·· Hotels ·· Industrial cleaning ·· Industrial engineering ·· Industrial explosives ·· Insurance and reinsurance

resources ·· Insurance ·· International contracts ·· Infrastructure ·· Labour law ·· Litigation and arbitration ·· Pharmaceutical ·· Projects ·· Public law ·· Public Procurement ·· Real estate and tourism ·· Restructuring and insolvency

services ·· Breweries ·· Ceramics and flooring ·· Concessions ·· Construction ·· Cork ·· Cosmetics ·· Defense ·· Direct sales ·· Electricity ·· Food distribution ·· Forestry ·· Gas

·· Medical devices ·· Metals ·· New technologies ·· Oil ·· Pharmaceuticals ·· Pulp and paper ·· Real estate ·· Rent-a-Car ·· Retail ·· Tourism ·· Waste management ·· Windfarms and renewables ·· Wine

International Work AAA has extensive international experience and works regularly in co-operation with highly reputed law firms across all main jurisdictions in Europe and America. The firm has established solid professional relationships with reputed law firms abroad, particularly in Angola, Brazil and Macao/ Hong-Kong/China. Languages English, French and Spanish

About Us Launched in January 2008 by a group of lawyers lead by five founding partners with extensive experience and consolidated reputation. AAA is structured to be recognized as a modern boutique, focusing mainly on business law and all related areas of practice. Backed by a solid legal education, AAA lawyers are highly experienced in the industries and services to which they are most committed, founded on their continued work with clients and the knowledge of the markets in which they operate. The firm has exclusive consultants for certain specific areas of law, with exceptional academic and professional background. AAA is committed to social responsibility, encouraging and supporting causes and projects, particularly through its pro bono program.

214

Industry and Services:

TTR - Transactional Track Record (www.TTRecord.com)

Clients AAA regularly advises national and international companies and is often retained to assist major projects and transactions, including cross-border operations. Regular clients include leading companies in several industry sectors and services, national and foreign banks, governmental agencies and leading law firms in other jurisdictions. The rules of the Portuguese Law Society do not permit the disclosure of the identity of the firm’s clients.

TTR - Transactional Track Record (www.TTRecord.com)

215

LEGAL ADVISORS

AAA Advogados

Across Legal

ID: 5291

Other Offices

Spain

Strategic alliances in Chicago, New York, San Francisco, London.

Highlighted Transactions Contacts ADDRESS

WEBSITE

EMAIL

Rambla de Cataluña, 86, 1º 1ª 08008 Barcelona

www.acrosslegal.com

[email protected]

TELEPHONE

Amount

Target

Country

Subsector

Buyer

Seller

Red Points

Spain

Technology

Mangrove Capital

-

2,00

Wave

Spain

Technology

Private Shareholders

-

0,92

Dietox

Spain

Healthcare, Hygiene and Medical Aesthetics Internet

Inderhabs Investments, Faraday Venture Partners, Cabiedes & Partners

-

0,61

Badi App

Spain

Internet

Private Shareholders, Mangrove Capital

-

1,00

3Scale

United States

Technology

Red Hat

Javelin Venture Partners, Costanoa Venture Capital, Inveready Capital (Inveready Technology Investment Group), Private Shareholders

Hu:toma

United States

Technology

Dominion

-

0,30

Agroptima

Spain

Technology

Private Shareholders, Tandem Capital

-

0,70

21 Buttons

Spain

Technology

Lánzame Capital, Private Shareholders

-

0,50

Badi App

Spain

Technology

Mangrove Capital, Private Shareholders

-

0,30

(EURm)

Profile START OF ACTIVITY

N.º OF EMPLOYEES

2007

The firm currently employs 10 professionals, 3 of them partners.

Team LEGAL ADVISORS

Ignacio Lacasa Valls

Miguel Angel Martínez Conde

FOUNDING PARTNER

PARTNER

[email protected]

[email protected]

Iván Moll PARTNER

-

[email protected]

About Us Legal advisors to emerging and high-growth companies primarily in the digital/mobile health, Internet, social networking, information technology and clean technologies industries in all aspects of general corporate law, from formation and corporate governance responsibilities to seed and venture financings, commercial transactions and M&A. Across Legal S.L.P, with a large network in the U.S. market, specializes in providing legal advice to flip international startups for U.S. venture capital, and counseling startups in the legal aspects of doing business in the U.S. Practice Areas ·· International Law

·· Civil Law

·· Commercial and Corporate Law

·· Labour and Employment Law

·· Litigation and Insolvency Law

·· Real Estate and Planning Law

·· Tax Law

·· Entrepreneurs

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217

LEGAL ADVISORS

(+34) 932 724 837

ID: 1683

Spain

difference if they are shared, believed in and practised. Our challenge is to uphold our values in everything we do - they are there to guide us in the way we work, in the decisions we make and in the way we interact with people. ·· Excellence ·· Dedication to our clients ·· Helping our people to achieve their potential

Contacts ADDRESS 1

Pedro de Valdivia, 10 28006 Madrid

ADDRESS 2

Mestre Nicolau, 19 08021 Barcelona

TELEPHONE

(+34) 917 829 800

TELEPHONE

(+34) 932 028 100

WEBSITE

www.allenovery.com

LINKEDIN

/allen-&-overy-spain

Profile START OF ACTIVITY

N.º OF EMPLOYEES

1930

The firm currently fields in excess of 120 professionals in Spain,

(1991 in Madrid)

including 14 partners, focusing on a wide range of practice areas.

(2014 in Barcelona)

LEGAL ADVISORS

Team

Offices Abu Dhabi, Amsterdam, Antwerp, Athens (representative office), Bangkok, Barcelona, Beijing, Belfast, Bratislava, Brussels, Bucharest (associated office), Budapest, Casablanca, Doha, Dubai, Düsseldorf, Frankfurt, Hamburg, Hanoi, Ho Chi Minh City, Hong Kong, Istanbul, Jakarta (associated office), Johannesburg, London, Luxembourg, Madrid, Mannheim, Milan, Moscow, Munich, New York, Paris, Perth, Prague, Riyadh (associated office), Rome, São Paulo, Shanghai, Singapore, Sydney, Tokyo, Warsaw, Washington D.C and Yangon. Practice areas Banking and Finance, Capital Markets, Corporate, Litigation and Arbitration, Public Law, Competition & European Law, Tax, Employment and Real Estate. Awards ·· Top M&A advisor by deal value in Spain in 2015, 2016 – TTR ·· M&A Team of the Year – IFLR 2016 ·· Band 1 for Corporate/M&A – Chambers Europe 2016 ·· Lead M&A adviser in 5 of the 25 value cross-border M&A deals in 2016 ·· Over 80 partners ranked as leading individuals in Chambers global covering 25 jurisdictions ·· Nº1 in number of cross-border M&A deals – Chambers Europe 2015

Pablo Mayor

Antonio Martínez

CORPORATE AND REGULATED PARTNER [email protected]

COMPETITION & EUROPEAN LAW PARTNER [email protected]

Fenando Torrente

Moira Guitart

CORPORATE/M&A [email protected]

EMPLOYMENT COUNSEL [email protected]

Antoni Valverde

Ignacio Hornedo

CORPORATE/M&A [email protected]

CORPORATE/M&A [email protected]

·· Advising Gamesa in its merger with Siemens

Íñigo del Val

Javier Bau

·· Advising Lone Star in Neinor’s IPO.

CORPORATE/M&A [email protected]

CORPORATE/M&A [email protected]

·· Advising Bridgpoint in the sale of its wind farms

Highlighted Transactions

in Spain to a consortium of Exus Management Partners, SHAM NV, and others

About Us

·· Advising Infracapital (a subsidiary of Prudential

Allen & Overy is one of the most prestigious law firms globally. With approximately 5,000 people including more than 800 M&A lawyers working in 44 offices in 31 countries. Our internal network incorporates lawyers who are experts in domestic law as well as have the ability to negotiate in cross-border transactions. They act in 118 jurisdictions (representing 99% of the global total). The knowledge and availability of our professionals worldwide guarantee an effective coordination and an excellent service anywhere and anytime. Our Values At Allen & Overy we share across our worldwide network. By clearly stating these, we aim to reinforce what makes us successful and to make a clear statement about our identity. Values only make a

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·· Respecting and including every individual ·· Working together ·· Entrepreneurial spirit and energy

LEGAL ADVISORS

Allen & Overy

Group), in the sale of its photovoltaic plant portfolio in Spain to Renovalia Energy Group (a subsidiary of Cerberus Capital) ·· Advising TUI Group in the sale of Hotelbeds to Cinven Capital Management fund and Canada Pension Plan Investment Board (CCPIB) ·· Advising G Square Healthcare Private Equity and Aribau, in the sale of SARQuavitae to PAI Partners

TTR - Transactional Track Record (www.TTRecord.com)

·· Advising Intermediate Capital Group (ICG), in the acquisition of Vitaldent ·· Advising Gamesa in the acquisition of 50% of Adwen Offshore. Adwen Offshore is a JV between Areva and Gamesa and the largest wind power generator ·· Advising EQT Infraestructure, in the sale of parking company Parkia to First State Investments fund. In 2014, EQT Infraestructura and Mutua Madrileña merged Parkia and MutuaPark, turning Parkia into the third public parking operator in Spain. Since 2011, Parkia doubled in size and currently has 58 parking lots across Spain and Andorra. ·· Intermediate Capital Group (ICG), in its investment in Spain in Garnica Plywood, a leader in poplar wood production.

219

Araoz & Rueda

ID: 719

Spain

Awards ·· Nominated in 2017 as “Best Legal Boutique in Spain” in the II Edition of Expansión’s Legal Awards. ·· “Recommended Firm” in the main legal directories (Legal 500, Chambers & Partners, IFLR 1000 and Best Lawyers) in all editions since 2000 up to the latest in 2017. ·· Awarded in Paris with the “Special Distinction as Best Spanish Law Firm in 2012” by Legal Alliance Summit.

Contacts ADDRESS

TELEPHONE

WEBSITE

Paseo de la Castellana, 164 28046, Madrid

(+34) 91 319 02 33 (+34) 91 319 13 50

www.araozyrueda.com EMAIL

[email protected]

Profile START OF ACTIVITY

1994

·· Administrative & Regulatory ·· Banking and Finance/ Restructuring ·· Capital Markets / Securities ·· Company Law ·· Energy ·· EU/Competition Law

·· Insolvency / Restructuring ·· IP/IT ·· Labour ·· Litigation ·· Mergers and Acquisitions ·· National and International Arbitration

·· Private Equity ·· Project Finance ·· Real Estate ·· Tax ·· Unfair Competition

LEGAL ADVISORS

Alejandro Fernández de Araoz

Javier Prieto

PARTNER

PARTNER

Rafael Bazán

Pedro A. Rueda

PARTNER

PARTNER

Jesús Conde

Francisco Solchaga

PARTNER

PARTNER

Clifford J. Hendel

Ainhoa Veiga

PARTNER

PARTNER

Eduardo de Leon

Alfonso Suárez

PARTNER

OF COUNSEL

About Us Araoz & Rueda Araoz & Rueda is a leading Spanish independent firm with broad-based corporate and commercial practice and particular expertise and market recognition in M&A and Private Equity. Formed in 1994, our firm was recognized by the specialized magazines and legal guides as an “M&A and Private Equity boutique” in its early years. Having grown in size (currently 32 lawyers, 10 of which are partners) and expanded its scope of services over time, our firm has participated in many of the most significant national and international transactions with blue-chip clients and other leading law firms and involving both listed and non-listed companies.

TTR - Transactional Track Record (www.TTRecord.com)

Amount

Target

Country

Subsector

Buyer

Seller

Sanyres

Spain

Healthcare, Hygiene, Medical Aesthetics and Cosmetics

Orpea Ibérica (Care)

Bami, Prasa, CajaSur, Banco Santander, BBVA

641,48

Igenomix

Spain

Biotechnology; Healthcare, Hygiene, Medical Aesthetics and Cosmetics

Aleph Capital Partners, Amadeus Capital Partners, Private Shareholders, Charme Capital

Private Shareholders

283,22

Conservas Albo

Spain

Food

Shanghai Kaichuang Marine International

Private Shareholders

235,84

Marypaz

Spain

Distribution and Retail

Black Toro Capital

-

108,08

GES Siemsa Energía, Oil&Gas

Spain

Oil and Gas

Ferrovial Servicios (Ferroser)

Global Energy Services (GES)

83,70

Aleastur

Spain

Steel, Metallurgy and Industrial Production

Mumtalakat

GED Capital, Private Shareholders

60,61

Diode España

Spain

Distribution and Retail

GTI Software & Networking

EspañaDuero (Banco Ceiss)

-

Residencia geriátrica en Rincón de la Victoria, Residencia geriátrica en Culleredo

Spain

Real Estate; Healthcare, Hygiene, Medical Aesthetics and Cosmetics

Orpea Groupe

Anjoca

-

Residencia Reyes de Aragón

Spain

Real Estate

Orpea Ibérica (Care)

Sekilur

-

Cubierta Solar Onda B

Spain

Solar

Perwyn

Cubierta Solar

-

TTR - Transactional Track Record (www.TTRecord.com)

(EURm)

221

LEGAL ADVISORS

Highlighted Transactions

Team

220

Practice Areas

ARPA

ID: 1041

Spain

practice with ease through the creation of multidisciplinary areas of practice, collaborating between our people and departments without barriers.

Contacts

Practice Areas:

Exp erts In:

·· Company Law

·· Venture Capital

·· Tax Law

·· Family Business

·· Procedural- Bankruptcy

·· Agri-food Sector

·· Civil and Commercial Contracts

·· Energy & Environment

Profile

·· International Law

·· Corporate Groups

START OF ACTIVITY

·· Labour

·· ICT companies

·· Administrative Law

·· Start-ups & Entrepreneurs

·· New Technologies

·· Pharma & Biotechnology

·· Industrial and Intellectual Proprety

·· Mining

·· Data Protection

·· Foundations

·· Corporate Compliance

·· Entertainment Law

·· Criminal Law

·· Microenterprises & Freelancers

ADDRESS

WEBSITE

P. º Sarasate, 5. 1º dch 31002 Pamplona

www.arpa.es

EMAIL

TELEPHONE

[email protected]

(+34) 948 210 112

1991 N.º OF EMPLOYEES

LEGAL ADVISORS

We have a team of more than 70 specialized professionals in Spain including lawyers, legal and economic advisors and collaborators. In addition to our founding partner & CEO, the law firm has 5 partners and 5 associates.

Team José Antonio Arrieta Garnica

LEGAL ADVISORS

Our extensive participation and experience in many Administration Boards as Members of the Board or Secretaries non-members for different companies from different industries gives us a solid understanding of today’s complex business environment and an understanding of your concerns and your business.

·· Economic Law

FOUNDING PARTNER & CEO

·· Competition Law

About Us

·· Urban Planning

ARPA Abogados Consultores ARPA’s professionals have a vast experience in delivering legal advice and high quality service to companies, which enables them to cover all practice areas of business law. ARPA is a law firm that consists of a team of specialised professionals with extensive experience in providing comprehensive advice (legal, economic and tax consulting) and encouraging the building of relationships. It currently has offices in Navarra (Pamplona), Guipuzcoa (San Sebastian) and Castille and Leon (Valladolid).

Network of offices Spain (Pamplona, San Sebastian, Valladolid); Our activity  in mergers and acquisitions ARPA delivers a global service and practice in any corporate mergers and acquisitions. We take the time required to understand our client’s businesses and priorities and to deliver first-class service.

Our professionals’ technical and interpersonal skills and our collaborative culture between professionals and legal departments are at the core of our identity.

Our professional teams are experienced across different areas of practice including commercial, regulatory, tax and economic law and are capable of resolving any issues inherent to merger and acquisitions operations, including due diligence, assessments, shareholder agreements, corporate structuring, joint ventures, etc.

We anticipate our client’s needs and believe deep market knowledge in different practice areas is the best way to respond to your interests. Our expertise enables us to navigate across issues and global

During the last 5 years, ARPA has taken part in more than one hundred mergers and acquisitions, including Venture Capital investments and disinvestments.

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223

Baker McKenzie

ID: 1304

Spain

Contacts ADDRESS 1

Paseo de la Castellana, 92

ADDRESS 2

Avda. Diagonal, 652

TELEPHONE

28046 Madrid (+34) 912 304 500

TELEPHONE

08034 Barcelona (+34) 932 060 820

E-MAIL

[email protected] bakermckenzie.com

WEBSITE

www.bakermckenzie.com

[email protected] bakermckenzie.com

E-MAIL

N.º OF EMPLOYEES

1965

362

Practice areas / Sectors M&A, Private Equity, Capital Markets / Corporate Governance Corporate, Banking & Finance, Financial Institutions, Tax and Wealth Management, Employment, Public Law, EU and Competition, Corporate Compliance, Dispute Resolution, White Collar Crime, Restructuring & Insolvency, Pharmaceutical & Healthcare, Energy and Environment, Investment Funds, Real Estate and Planning, Hotels, Resorts & Tourism, Intellectual Property, Industrial Property and Media, Luxury & Fashion, Telecommunications and Information Technologies, Sports & Entertainment. Awards & Recognitions Ranked Tier 2 in Corporate/M&A by Chambers Europe/Global 2017 and Legal 500 2017 , Baker McKenzie is the favorite law firm to execute deals abroad among Spanish clients according to Iberian Lawyer and Firm #1 in cross-border deals by Thomson Reuters 2016.

Profile START OF ACTIVITY

Other offices Argentina, Australia, Austria, Azerbaijan, Bahrain, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Egypt, France, Germany, Hungary, Indonesia, Italy, Japan, Kazakhstan, Luxembourg, Malaysia, Mexico, Myanmar, Morocco, Myanmar, Netherlands, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Taiwan, Thailand, Turkey, UAE, UK, US, Ukraine, Venezuela, Vietnam.

LEGAL ADVISORS

Team Jorge Adell

Maite Diez

Javier Menor

CORPORATE / M&A / REAL ESTATE [email protected]

M&A [email protected]

Josep M. Balcells

Marcel Enrich

M&A / PRIVATE EQUITY / COMPETITION [email protected]

CORPORATE / M&A [email protected]

BANKING & FINANCE / PRIVATE EQUITY [email protected]

Rodrigo Ogea

Ana García

Esteban Raventós

FINANCIAL SERVICES [email protected]

TAX [email protected]

Rafael Jiménez-Gusi

Guillermo Rodrigo

CORPORATE / M&A [email protected]

REAL ESTATE [email protected]

Montserrat Llopart

Xavier Junquera

M&A / HEALTHCARE [email protected]

REAL ESTATE [email protected]

Fernando Marroquín

Enrique Valera

M&A [email protected]

M&A / PRIVATE EQUITY [email protected]

Enrique Carretero M&A / CAPITAL MARKETS [email protected]

Luis Casals M&A / PRIVATE EQUITY [email protected]

Israel de Diego CAPITAL MARKETS / M&A [email protected]

Rossanna D’Onza BANKING & FINANCE [email protected]

TAX [email protected]

About Us ·· The first global law firm in Spain, here since 1965. ·· Largest international network: more than 5.600 fee earners in 77 offices across 47 countries. ·· Baker McKenzie has the largest M&A practice within the legal market, Law360 2015. ·· Legal firm with more M&A practitioners ranked in more jurisdictions. Chambers Global 2015. ·· World’s Strongest Law Firm for sixth year running, Acritas 2016.

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Amount

Target

Country

Subsector

Buyer

Seller

SARquavitae

Spain

Health, Hygiene and Medical Aesthetics

GeriaVi

G Square, Palamon Capital Partners, Grupo Confide

550,00

Social Point

Spain

Technology

Take-Two Interactive Software

Nauta Capital, Idinvest Partners, BBVA, Greylock Partners, Highland Capital Partners, Private Shareholders I

232,60

The Bank of East Asia

Hong Kong

Financial and Insurance

Criteria Caixa

CaixaBank (Criteria CaixaCorp)

1.549,00

Grupo Financiero Inbursa

Mexico

Financial and Insurance

Criteria Caixa

CaixaBank (Criteria CaixaCorp)

1.102,00

Hospitales Nisa

Spain

Health, Hygiene and Medical Aesthetics

Vithas

Private Shareholders I

159,00

FCC

Spain

Construction, Materials and Machinery

Control Empresarial de Capitales

Private Shareholders

738,80

Cartera de préstamos asegurados y no asegurados

Spain

Financial and Insurance

Axactor (ex Nickel Mountain)

Private Shareholders

565,00

Poli Group Holding

Luxembourg

Financial and Insurance

Almirall

Private Shareholders

365,00

Invent Farma US, Qualigen, Laboratorios Lesvi, Inke

United States, Spain

Pharmaceutical, Parapharmaceutical and Cosmetics

Maxwelton Investments

The Iceland Enterprise Investment Fund (Framtakssjóður Íslands), Invent Farma

221,00

TTR - Transactional Track Record (www.TTRecord.com)

(EURm)

225

LEGAL ADVISORS

Highlighted Transactions

Broseta

ID: 1767

Spain

Contacts ADDRESS 1

C/ Goya, 29 28001 Madrid

ADDRESS 2

C/ Pascual y Genís, 5 46002 Valencia

TELEPHONE

(+34) 91 432 31 44

TELEPHONE

(+34) 96 39210 06 / 07

EMAIL

[email protected]

WEBSITE

www.broseta.com

90

Team LEGAL ADVISORS

Manuel Broseta SENIOR PARTNER [email protected]

Carlos Diéguez PARTNER Head of the Tax Department [email protected]

Pablo Bieger PARTNER M&A [email protected]

Rosa Vidal MANAGING PARTNER Head of the Public Law Department [email protected]

Javier Morera PARTNER Tax Department [email protected]

Abraham Castro PARTNER Head of White Collar Crime Department [email protected]

Luis Trigo PARTNER Head of the Wealth Management Department [email protected]

Patricia Gualde PARTNER Head of the Litigation and Arbitration Department [email protected]

Rosa Sanz PARTNER Public Law Department [email protected]

Antonio J. Navarro PARTNER Head of the Banking and Finance Department [email protected]

Isabel Merenciano PARTNER Head of the Employment Law Department [email protected]

Alejandro Ríos PARTNER Head of the Valencia Office [email protected]

Carmen March PARTNER Corporate and Commercial Department [email protected]

Julio Veloso PARTNER Head of the Corporate and Commercial Department [email protected]

Miguel Geijo PARTNER IP and IT Director – L. Sciences [email protected]

Enrique Beaus PARTNER Tax Law [email protected] Fernando Cacho PARTNER Public Law [email protected] Miguel Navarro PARTNER Banking and Finance Law [email protected] Luis Berenguer SENIOR ADVISOR Competition and EU Law Department [email protected]

About Us BROSETA is a benchmark firm in the legal sector characterized by its involvement and commitment to the quality and excellence of the service provided to the client. From a model that combines the individual capabilities with the collective strength of the team, BROSETA offers legal advice in the main areas of law (Commercial, Employment, Litigation, Public, Tax) to local, national, and multinational companies and all kinds entities and agencies of the Public Administration, operating in countries around the world.

226

Compliance; Intellectual property and industrial property; Mergers and acquisitions; Private Equity /Funds; Public Private Partnership; Procedural and Litigation; Public law; Real Estate; Tax; Urban planning; Wealth Management;

TTR - Transactional Track Record (www.TTRecord.com)

Awards and acknowledgments Firm recognized by International Directories: Best Lawyers, Chambers Europe, Chambers Global, Finance Monthly, IFLR 1000, Legal 500 and The Lawyer.

Highlighted Transactions Amount

Target

Country

Subsector

Buyer

Seller

Ahorro Corporación Financiera

Spain

Consulting, Auditing and Engineering

StormHarbour Securities

Grupo Ahorro Corporación

Nuevos Productos Cerámicos

Spain

Glass, Ceramics, Paper, Plastics and Wood

Participación e Impulso

Keraben Grupo, Azteca y Ceracasa

N/D

Construplas

Spain

Glass, Ceramics, Paper, Plastics and Wood

MBO Partenaires y Aquasourça

Private Shareholders

N/D

Gigigo

Spain

Technology

Digital Dimension

Private Shareholders

N/D

Cerámica Meridiano

Spain

Glass, Ceramics, Paper, Plastics and Wood

N Capital

Private Shareholders

N/D

Mosaic Media

Mexico

Marketing and Advertising

Private Shareholders

Private Shareholders

N/D

Oil Distribution Terminals

Spain

Oil and gas

ICSM Holding Coöperatief

Oil Distribution Terminals

Sol

Argentina

Transportation and Logistics

Sol

Air Nostrum

Optenet

Spain

Technology

Allot Communications

Optenet

Mayoría accionarial

Spain

Transportation and Logistics

Cadoil Trading

Compañía concesionaria del Puerto de Málaga

TTR - Transactional Track Record (www.TTRecord.com)

(EUR m)

20

13

N/D 36 3

227

LEGAL ADVISORS

N.º OF EMPLOYEES

1975

Practice Areas Administrative; Arbitration; Banking and finance; restructuring and insolvencies; Competition and EU law; Corporate and Commercial; Employment; Environment; Family office; Governance, Risk &

Activity  Sectors Automotive industry; Aviation; Banking and Financial Institutions; Distribution; Energy and natural resources; Food and beverages; Infrastructures; Insurance; Life sciences; Manufacturing; Maritime; Professional services; Public; Real Estate; Technology, media and telecommunications; Transport and Logistics; Tourism, hospitality and leisure.

Profile START OF ACTIVITY

In addition, the firm operates through three subsidiaries that comprise the BROSETA Group: Business Initiatives Consulting, specializing in advising on subsidies and public aid for large investment projects; Lexer, dedicated to debt management of large organizations both legal and extra-judicial; BROSETA Compliance, focus to strengthening systems of corporate governance, internal control and compliance in the organizations.

Caetano de Freitas & Associados

ID: 4118

About Us

Portugal

Caetano de Freitas & Associados We believe in Man, in his unique, unmatched characteristics and in his ability to create and work for a fairer and more humane world.

Contacts ADDRESS

WEBSITE

EMAIL

Av. 24 de Julho, Nº 68 E 1200-869 Lisboa

www.caetanodefreitas.com

[email protected]

We trust in the creativity and talent that we each possess to make the difference at every moment, to ourselves and to others, between riches and poverty, between happiness and misery, between ethical and unethical behavior. We believe that each of us is accountable to ourself and to others for the way we live. We strive for a clear and faithful definition of contract conditions and do not intentionally allow ambiguity to creep into any clause in order to enable somebody to benefit from it.

TELEPHONE

(+351) 213 170 620

We aim for mutual respect for the agreed conditions, and where this is not possible, we draw solutions from the best market practices in line with the reasonable judgment of a bonus pater familias. We adopt the principle of reasonable prudence, constantly analyzing and reviewing the risks, anticipating problems and expediting solutions.

Profile START OF ACTIVITY

N.º OF EMPLOYEES

1997

The firm currently employs 17 professionals.

Practice Areas ·· Legal and Tax Planning: mergers, acquisitions and restructuring of international groups and assets

Team Miguel Caetano de Freitas

Catarina Silva de Oliveira

FOUNDER & MANAGING PARTNER

ASSOCIATE

[email protected]

[email protected]

Sofia Almeida Ribeiro

Joana Mendonça Ferreira

PARTNER

ASSOCIATE

[email protected]

[email protected]

Marta Cerveira Patricio

Diana Domingues

PARTNER

ASSOCIATE

[email protected]

[email protected]

Ana Menezes Monteiro

Pedro Cabrita

SENIOR ASSOCIATE

ASSOCIATE

[email protected]

[email protected]

LEGAL ADVISORS

LEGAL ADVISORS

·· Wealth Planning: structuring of family offices and design of global strategies for high net worth individuals and their families

André Trindade ASSOCIATE [email protected]

228

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229

CMS Albiñana & Suárez de Lezo

ID: 750

Spain

Highlighted Transactions

ADDRESS

Paseo de Recoletos, 7-9

TELEPHONE

(+34) 914 519 300

28004 Madrid

WEBSITE

www.cms.law

Profile START OF ACTIVITY

N.º OF EMPLOYEES

1927

The firm currently fields in excess of 150 professionals in Spain.

Team César Albiñana

Rafael Suárez de Lezo

MANAGING PARTNER

MANAGING PARTNER

[email protected]

[email protected]

LEGAL ADVISORS

Head Lawyer

About the transaction

Iberdrola

César Albiñana (partner/ director) and Luis Miguel de Dios (partner)

Advice to Iberdrola as majority shareholder of Gamesa on its merger with Siemens Wind Power.

6.200

Globalvía

Rafael Suárez de Lezo (partner/director) and Carlos Peña (partner)

Advice to Globalvía on the acquisition of Itínere.

1.000

Tüv Süd Aktiengesellschaft

Luis Miguel de Dios (partner)

Advice to TÜV SÜD AG on the acquisition of 100% of ASISTENCIA TÉCNICA INDUSTRIAL, one of the major players in the testing and PTI station business in Spain.

Telefónica

César Albiñana

Advice to Telefónica on a capital increase.

3.048

Telefónica

César Albiñana

Advice to Telefónica in connection with the sale and purchase of up to 40% of Telxius Telecom.

1.275

Agencia Estatal de Resolución de Entidades Bancarias (AREB) de Andorra

Curra Munuera (partner) and María Guinot (partner)

Advice to Agencia Estatal de Resolución de Entidades bancarias (AREB) de Andorra on the restructuring and subsequent sale to the JC Flowers Funds of the finance business of Banca Privada d'Andorra.

600

Citizens Bank of Pennsylvania

Abraham Nájera (partner)

Advice to Citizens Bank of Pensylvania in relation to the backed securities granted under Spanish law from a loan agreement suscribed with Communications Test Design, Inc. Y Ctdi Holdings Limited

240

Coherent, Inc.

Abraham Nájera (partner)

Advice to Coherent on several aspects of Spanish law relating to a loan agreement for an approximate value of USD850m.

Medbank

Curra Munuera (partner)

Advice to Medbank in relation to the suscription of (i) a financing agreement for public subsidies granted to el Consorcio de la Zona Franca de Cádiz (EUR 50m) and (ii) an agreement for the refinancing of its bank debt (EUR 70m).

120

Wacker Chemie AG

Luis Miguel de Dios (partner)

Advice to Wacker Chemie AG on the acquisition of several assets from Antibióticos de León.

35

MEAG Munich Ergo Asset Management GmbH

Abraham Nájera (partner)

Advice to MEAG Munich Ergo Asset Management in relation to the refinancing of Ausol (Autopista del Sol)

507

Acciona

Rafael Suárez de Lezo

Advice to Acciona on the sale of Acciona Windpower and the acquisition of 30% of Nordex

785

Haitong Bank

Gracia Sainz

Advice to Haitong Bank on the acquisition of Tressis Group

Confidential

Portobello Capital

Rafael Suárez de Lezo

Advice to Portobello Capital on the acquisition of Iberconsa Group

Confidential

Studio Canal SA

Carlos Peña

Advice to Studio Canal on the acquisition of a minority stake (33%) in the Spanish company Bambú Producciones.

9

Aubay Spain

Carlos Peña

Advice to Aubay Spain on the acquisition of 75% of Cast Info, S.A.

8,12

About Us Ranked as a Top 10 Global Law Firm, CMS is present in over 39 countries, 64 cities and boasts more than 70 offices worldwide. Our 4,500 plus CMS lawyers offer you specialist advice on numerous sectors tailored to your needs, whether in your local market or across multiple jurisdictions. CMS’ Spanish-based firm, CMS Albiñana & Suárez de Lezo, employs more than 100 lawyers located in Madrid, Barcelona and Seville, and is regarded as one of the most prestigious in the Spanish market, striving to establish a close working relationship with clients in order to fully understand their needs and offer innovative solutions in all areas of Law. Offices Aberdeen, Algiers, Amsterdam, Antwerp, Barcelona, Beijing, Belgrade, Berlin, Bogotá, Bratislava, Bristol, Brussels, Bucharest, Budapest, Casablanca, Cologne, Dubai, Duesseldorf, Edinburgh, Frankfurt, Funchal, Geneva, Glasgow, Hamburg, Hong Kong, Istanbul, Kyiv, Leipzig, Lima, Lisbon, Ljubljana, London, Luxembourg, Lyon, Madrid, Manchester, Medellín, Mexico City, Milan, Moscow, Munich, Muscat, Paris, Podgorica, Prague, Reading, Rio de Janeiro, Rome, Santiago de Chile, Sarajevo, Seville, Shanghai, Sheffield, Singapore, Sofia, Strasbourg, Stuttgart, Tehran, Tirana, Utrecht, Vienna, Warsaw, Zagreb and Zurich. Practice Areas ·· Corporate / M&A ·· Banking & Finance ·· Public and Regulated Sectors

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·· Dispute Resolution ·· Tax ·· Employment & Pensions

·· Competition & EU ·· Real Estate & Construction ·· Intellectual Property

TTR - Transactional Track Record (www.TTRecord.com)

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(EURm)

130

850 (USD)

231

LEGAL ADVISORS

Contacts

Value

Client

ID: 2246

Portugal

Contacts ADDRESS

WEBSITE

EMAIL

Rua Sousa Martins, 10

www.cms.law

[email protected]

1050-218 Lisboa

TELEPHONE

(+351) 210 958 100

Profile START OF ACTIVITY

N.º OF EMPLOYEES

2002

More than 120

Team LEGAL ADVISORS

Rui Pena SENIOR PARTNER [email protected]

Mónica Carneiro Pacheco SOCIA [email protected]m

Nuno Pena PARTNER [email protected]

José Luís Arnaut MANAGING PARTNER [email protected]

Luís Abreu Coutinho PARTNER [email protected]

Joaquim Shearman de Macedo PARTNER [email protected]

Francisco Xavier de Almeida PARTNER [email protected]

Patrick Dewerbe PARTNER [email protected]

Susana Afonso PARTNER [email protected]

João Caldeira PARTNER [email protected]

Gonçalo Guerra Tavares PARTNER [email protected]

Piedade Almeida Garrett PARTNER [email protected]

Lopo Cancella de Abreu PARTNER [email protected]

António Payan Martins PARTNER [email protected]

Sofia Mateus PARTNER [email protected]

About Us CMS Rui Pena & Arnaut is a law firm that dates back to 1964 and is firmly established in the Portuguese market. Renowned for its proficiency, professionalism and thoroughness, CMS Rui Pena & Arnaut builds long-term relationships with its clients which are based on trust and transparency. CMS Rui Pena & Arnaut works to provide reliable, ethical and legally correct solutions for clients while striving to be creative, competitive and efficient.

232

Drawing on its multidisciplinary expertise, CMS Rui Pena & Arnaut organises its work teams to take account of individual client requirements. This includes predicting likely scenarios and anticipating potential problems. The goal is to provide quality legal and tax advice and contribute to the successful pursuit of clients’ business objectives. With a strong presence in the Portuguese market, CMS Rui Pena & Arnaut is part of CMS, a global, full service law firm with 70 offices in

TTR - Transactional Track Record (www.TTRecord.com)

39 countries worldwide. CMS is the third most global law firm and the largest in Europe, with over 4,500 lawyers who work in international teams, focusing on industry sectors. With its wide range of jurisdictions and Experience, CMS strengthens and supports CMS Rui Pena & Arnaut’s capacity, offering strategic addedvalue for clients of CMS Rui Pena & Arnaut. We have our own unique culture which defines our

We carry out our work with dedication, enthusiasm and to the highest ethical standards.

identity and our work.

way we work.

We explicitly guarantee the quality of the services we provide.

Corporate responsibility is for us an essential value which we demand of all those who work with us.

Practice areas ·· Banking & Finance ·· Commercial ·· Competition & EU ·· Corporate/M&A ·· Dispute Resolution ·· Employment & Pensions ·· Tax

Sectors ·· Consumer Products ·· Energy ·· Funds ·· Hotel & Leisure ·· Infrastructure & Project Finance ·· Insurance ·· Lifesciences ·· Private Equity ·· Technology, Media & Communications

·· Intellectual Property ·· Public Procurement ·· Real Estate & Construction

We invest in those who work for us, encouraging their personal and professional growth, reinforcing team spirit and, above all, valuing those who work with us. We search for what is best in our day-to-day business as well as constantly innovating in the

LEGAL ADVISORS

CMS Rui Pena & Arnaut

Highlighted Transactions Amount

Target

Country

Subsector

Buyer

Seller

Nutricafés

Portugal

Food and Beverage

Massimo Zanetti Beverage Group

MCH Private Equity, Explorer I

74,50

Gascan Portugal

Portugal

Oil and Gas

Artá Capital Fund II FCR, Artá Capital Fund II A SCR, Artá Capital Fund II B SCR, Deyá Capital IV SCR, Private Shareholders I

Eficácia Verde

70,00

LFP - Lojas Francas de Portugal

Portugal

Distribution and Retail Food and Beverage

VINCI Airports

TAP Air Portugal

15,60

Martifer Solar

Portugal

Solar

Voltalia

Martifer, HSF

ES Contact Center Moçambique, Ligações e Gestão de Negócios, E.S. Contact Center

Portugal

Marketing and Advertising

Armatis LC Holding, Inváfrica Consulting

Multiples

ND

BrandCare

Brasil, Portugal

Chemical and Chemical Materials

Sodalis Group

Explorer Investments

ND

Charon

Portugal

Security and Private Arms, Ammunition and Explosives

Trivalor

Explorer II

ND

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(EURm)

9,00

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ID: 358

Spain Portugal

Contacts ADDRESS 1

Avenida Diagonal, 191 08018 Barcelona, Spain

ADDRESS 3

Praça Marquês de Pombal, 2 1250-160 Lisboa, Portugal

TELEPHONE

(+34) 932 905 500

TELEPHONE

(+351) 213 553 800

ADDRESS 2

Almagro, 9 28010 Madrid, Spain (+34) 915 247 100

WEBSITE

www.cuatrecasas.com

TELEPHONE

Profile START OF ACTIVITY

Nº OF EMPLOYEES

1917

Over 900 lawyers advise on all business law matters.

LEGAL ADVISORS

Team Rafael Fontana

Jorge Badía

SENIOR PARTNER

MANAGING PARTNER

Leading practice in M&A With over 150 deals registered in the last two years, Cuatrecasas is the law firm with the largest market share in Iberia. According to all the main rankings, the firm is leader since 2014 for volume of announced and completed transactions. We also advise on some of the main transactions in the market. Corporate and finance Our corporate and finance practices are ranked number one by international legal directories. We have over 300 lawyers advising listed and non-listed companies, and national and multinational groups on all areas of their business activity, including the following specialties: ·· M&A and private equity Advising on large-scale and complex transactions, we have participated in some of the most significant M&A and private equity transactions on the market. Our practice is acknowledged as a leader on the Iberian Peninsula and in the international legal market. ·· Capital markets We have extensive experience in advising the main listed companies in Spain and Portugal, and international companies with interests on the Iberian Peninsula. We have advised on some of the most important initial public offerings and takeover bids to have taken place in Spain and Portugal in recent years. We are also one of the few nationals firms to have a solid practice advising on the issuing and placing all types of debt. ·· Finance We advise on structuring and implementing all types of financing, fixed-income and structured transactions, and securitization, at national and international level.

Acknowledgments About Us Cuatrecasas Cuatrecasas is a leading law firm in Spain and Portugal. We represent some of the largest companies in both countries and advise foreign investors interested in the Iberian market. Full service We advise on all areas of business law, including 19 practice areas and 15 industry-specific knowledge groups. We offer the same level of quality throughout our legal services.

European Banking & Finance Deal of the Year The Lawyer European Awards 2017

Top 5 Most Attractive Employers Universum & People Matters, 2016

Best Spanish law firm and best national gender diversity initiative Europe Women in Business Law Awards 2015

Spain Law Firm of the Year Chambers & Partners, 2014

Best Spanish law firm and best national gender diversity initiative Europe Women in Business Law Awards 2015

Ranked first in majority of practices Chambers Global

Leaders in transaction rankings M&A Rankings

449 individual recommendations for our lawyers Best Lawyers, 2017

26 offices worldwide Our headquarters are located in Barcelona, Madrid and Lisbon. We cover the Iberian Peninsula with 16 offices, and we have 10 offices in the main financial centers of Europe, America, Africa and Asia. Cross-border advice We offer global coverage through our international offices, desks and country-specific groups, and thanks to our relationship with the leading law firms in each jurisdiction, particularly in continental Europe and Latin America.

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LEGAL ADVISORS

Cuatrecasas

Eversheds Sutherland Nicea

ID: 4086

Spain

In particular, 54 of our practice areas are mentioned expressly in Chambers and Partners Global and another 88 in Chambers and Partners Europe, various of which have been ranked as having the highest levels of excellence in the European legal market. Eversheds Sutherland Nicea Eversheds Sutherland Nicea is Eversheds Sutherland´s law firm in Spain and also coordinates the provision of legal services to our clients in Latin America.

Contacts ADDRESS

WEBSITE

TELEPHONE

Paseo de la Castellana, 66 28046 Madrid

www.eversheds-sutherland.es

(+34) 914 29 43 33

EMAIL

[email protected]

We are an international law brand with proven technical ability and experience in multi-jurisdictional transactions and in advising large multinational companies that operate in Spain. However, we also have strong roots in the national legal market and our clients include an extensive and growing range of Spanish companies of all different sizes and operating in a wide variety of business sectors. Eversheds Sutherland Nicea has 17 partners and near 60 qualified lawyers, all specialist in their respective practice areas.

Profile N.º OF EMPLOYEES

2009

76

Highlighted Transactions Total Value

Target

Country

Subsector

Buyer

Seller

Establecimiento en Parque de Medianas Artea, Establecimiento en Parque de Medianas Galaria

Spain

Real Estate

Olimpo Real Estate (Ores)

Private Shareholders

-

Edificio en Clara del Rey 26

Spain

Real Estate

HMC-Harbert Management Corporation, Momentum Real Estate

BBVA

-

Satlantis

Spain

Technology

Axis Participaciones Empresariales, ORZA, IDOM, Seed Capital Bizkaia, Everis, Telefónica, Basque

-

About Us

Edificio José Abascal 51

Spain

Real Estate

Grupo Mutua Madrileña

Credit Suisse Group

Eversheds Sutherland Eversheds Sutherland is one of the largest full service law firms in the world with over 2.300 lawyers across 61 offices in 29 countries.

Terreno en Tarrasa

Spain

Real Estate

CTGV Terrassa

Catalunya Banc (CaixaCatalunya)

-

Viva Gym Holding

United Kingdom

Sports and Leisure

Bridges Ventures

Private Shareholders

-

We have offices in Europe, the United States, the Middle East, Asia and Africa. In addition, we have relationship law firms in nearly 200 jurisdictions including India, Latin America and Russia. This enables us to ensure that the needs of our clients for legal services can be covered around the globe to the highest possible standard in a seamless and consistent manner.

Edificio en Ríos Rosas 26

Spain

Real Estate

WPP Group

NZ Patrimonio

-

Weidmann Plastics Technology

Switzerland, Brazil, Germany, China, United States

Technology Automotive and Recreational Vehicles

Dickten Masch Plastics

Wicor Group

409,87

Expansis

Spain

Healthcare, Hygiene, Medical Aesthetics and Cosmetics

United Drug

Private Shareholders

8,00

Room Mate

Spain

Tourism, Hotels and Restaurants

Private Shareholders, Rosp Corunna Participaciones Empresariales

Fondo de Reestructuración Ordenada Bancaria (FROB)

Team LEGAL ADVISORS

Juan E. Díaz

Sixto de la Calle

PARTNER

COUNSEL PRIVATE EQUITY

[email protected]

[email protected]

Carlos Pemán

David Williams

PARTNER

COUNSEL

[email protected]

[email protected]

Eversheds Sutherland is perfectly equipped to handle large-scale, multi-jurisdictional projects and transactions and to support our clients and their business activities anywhere in the world. Lawyers of Eversheds Sutherland are highlighted in the most recognized rankings and international professional directories.

236

TTR - Transactional Track Record (www.TTRecord.com)

TTR - Transactional Track Record (www.TTRecord.com)

(EURm)

2,30

30,80

-

237

LEGAL ADVISORS

START OF ACTIVITY

Garrido Abogados

ID: 22890

We are known for seeking innovative, simple, and effective solutions that satisfy our clients’ expectations in full.

Spain

A personalized and direct relationship with our clients, active involvement, and a commitment to attaining results, have allowed us to gain the confidence of numerous companies. From its foundation, Garrido Abogados has acted to defend and advise its clients in a multitude of transactions, which include some of the most significant on the Spanish market in recent years.

Contacts ADDRESS

EMAIL

TELEPHONE

The firm has seen considerable growth in the number of professionals with diverse training and expe-

Calle de Almagro, 26 28010 Madrid

[email protected]

(+34) 91 319 60 62

rience, which has allowed us to expand our range of legal and economic services with the aim of providing integral advisory services to our clients.

WEBSITE

www.garrido.es

Our trajectory has allowed us to be recognized as a leading law firm, with considerable prestige and reputation in Spanish legal circles.

Profile START OF ACTIVITY

N.º OF EMPLOYEES

1992

98

Practice Areas ·· Tax ·· Customs, Special Taxes and Commerce

Team

·· Criminal Law. Economic and Tax Offences Raúl de Francisco Garrido

PARTNER DIRECTOR

PARTNER

[email protected]

[email protected]

Roberto de Francisco Garrido

Carlos Neira Herrera

PARTNER

PARTNER

[email protected]

[email protected]

Francisco Conde Rivas

Juan Romaní Sancho

PARTNER

PARTNER

[email protected]

[email protected]

Belén Latas Zavala

Manuel Gordillo

PARTNER

PARTNER

[email protected]

[email protected]

·· Economic Services. Expert legal and economic report.

LEGAL ADVISORS

LEGAL ADVISORS

Miguel Ángel Garrido Riosalido

·· Corporate Law and Commercial Contracts ·· Litigation and Arbitration ·· Labor and Employment Law ·· Corporate Compliance

Enrique Benavente Rodríguez PARTNER [email protected]

About Us Garrido Abogados Garrido Abogados is a law firm dedicated to integral legal and tax advisory services, founded in 1992 by Miguel Ángel Garrido, Tax Inspector (on leave) and renowned economic expert.

238

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239

Garrido Forensic

ID: 62053

·· Reports in relation to claims for liquidated damages, and corporate and economic offences.

Spain

·· Broad experience in the drafting and subsequent defence of reports on tax offences. ·· Proof of any economic reasons relied on in employment proceedings. Juan Luis Sendín graduated in Law at the University of Salamanca and is a non-practising accounts auditor, is the Managing Partner of Garrido Forensic.

Contacts

He is an expert witness on economic matters and specializes in drafting reports on tax offences. Juan

ADDRESS

WEBSITE

Calle Barquillo 42 - 3º Izquierda 28004 Madrid

www.garridoforensic.es

EMAIL

(+34) 91 319 60 62

TELEPHONE

[email protected]

Profile START OF ACTIVITY

N.º OF EMPLOYEES

2014

5

Luis is also a Tax Inspector (on leave). In his career at the Spanish Tax Authorities, he has held office, inter alia, at the Regional Inspectorate of the Special AEAT Delegation in Castile-La Mancha (2003-2005), and he was the AEAT Delegate for Salamanca from 2010 to 2014. He has close links to the academic world, having prepared students for civil-service examinations to join the Senior Corps of State Tax Inspectors, and he is a frequent participant in workshops and courses on tax matters. He has authored numerous specialist articles and participated in the drafting of various manuals on Tax Law.

LEGAL ADVISORS

LEGAL ADVISORS

Team Juan Luis Sendín Cifuentes PARTNER DIRECTOR [email protected]

About Us Garrido Forensic We have proven experience and renowned prestige in our interventions as independent experts in the resolution of litigation and other disputes, both in and out of court, with the drafting and subsequent defence of reports and expert analyses in the economic-financial, accounting, and tax fields. Our reports are notable for their clarity, rigour, and professionalism, and act as a key component in the success of any proceedings. Practice Areas From amongst our professional services, we may highlight the following: ·· Intervention as independent experts in the resolution of litigation and other disputes, both in and out of court, of an economic-financial, accounting, and tax nature, with the drafting of reports for the valuation of companies, controlled transactions, and agreements for the distribution of costs or expert opinions.

240

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241

Garrigues

ID: 455

Spain

Other offices National: A Coruña, Alicante, Barcelona, Bilbao, Las Palmas, Madrid, Málaga, Murcia, Oviedo, Palma de Mallorca, Pamplona, San Sebastián, Sevilla, Sta. Cruz de Tenerife, Valencia, Valladolid, Vigo, Zaragoza. International: Beijing, Bogotá, Bruselas, Casablanca, Chile, Lima, Lisboa, Londres, México, Nueva York, Oporto, São Paulo, Shanghái, Varsovia.

Contacts

Awards

ADDRESS

WEBSITE

Hermosilla, 3 28001 Madrid

www.garrigues.com

TELEPHONE

[email protected]

EMAIL

(+34) 915 145 200

·· Client Service Award

·· Law Firm of the Year in Spain

Chambers Europe Awards 2016 ·· Law Firm of the Year Iberia The Lawyer European Awards 2016

·· International Firm of the Year Legal Business Awards 2015

·· European Law Firm of the Year The British Legal Awards 2015

Profile START OF ACTIVITY

N.º OF EMPLOYEES

1941

1.410 professionals

Highlighted Transactions Country

Subsector

Buyer

Seller

Amount

Coca-Cola European Partners

United Kingdom

Food and Beverages

Coca-Cola Enterprises, CocaCola Iberian Partners (CCIP), Coca-Cola Erfrischungsgetränke

Fernando Vives

Ricardo Gómez

-

20.000,00

MANAGER PARTNER AND EXECUTIVE PRESIDENT

SENIOR PARTNER

[email protected]

[email protected]

IDC Salud (Quirónsalud)

Spain

Healthcare, Hygiene and Cosmetics

Fresenius Helios

CVC Capital Partners (Global), Private Shareholders

5.760,00

About Us

Gas Natural Fenosa

Spain

Oil, Gas and Energy

GIP III Canary 1

Repsol (extinguida Repsol YPF), Criteria Caixa

3.802,62

Garrigues Is the Iberian Peninsula’s leading tax and legal services firm in terms of professional headcount and billings. We know the industry inside out and provide value added to each and every one of our clients.

Metrovacesa

Spain

Real Estate

Testa Residencial, Merlin Properties

-

2.441,12

Enel Green Power España

Spain

Energy

Endesa Generación

Enel Green Power International

1.207,00

Added Value Experience and prestige: We can boast more than seventy years at the forefront of the tax and legal services industry, playing an active role in legal and economic life. Independence and ethical values: Our work is governed by strict ethical principles and an in-house code of professional conduct that ensure the transparency and independence of our services. Technical expertise and specialization: The ongoing training of our professionals is a strategic value. We can draw on the services of experts in more than 30 practice areas and industry groups, taking in everything from traditional fields of legal practice to the latest and newest areas of the law. Flexibility and adaptation: Our relations with all of our clients are informed by trust and empathy. The aim is to offer a bespoke service, in keeping with the needs of each particular engagement. Rapid response time and anticipation: We offer full availability and the capability to always be one step ahead. We are fully aware that flexibility is the key to success. Knowledge management and technological resources: We have in place a knowledge management system enabling us to share necessary know-how with clients as and when required.

Renovalia Energy

Spain

Energy

Renaleto Servicios y Gestiones

Private Shareholders

1.000,00

Grup Marítim TCB

Spain

Ports, Transports, Aviation and Logistics

APM Terminals

Private Shareholders, Pérez y Cía

911,33

Cartera de 19 hoteles en España

Spain

Real Estate

Foncière des Murs

Merlin Properties

535,00

NW Diagonal DM3, NW Diagonal DM2, NW Diagonal DM1

Spain

Real Estate

Deutsche Bank

Northwood Investors

493,00

Vente - Privee

Index Ventures, Nauta Capital, Insight Venture Partners, Highland Capital Partners, General Atlantic, Sofina, Caixa Capital Risc (Global), Private Shareholders

470,00

TTR - Transactional Track Record (www.TTRecord.com)

Privalia

Spain

Internet

TTR - Transactional Track Record (www.TTRecord.com)

(EURm)

243

LEGAL ADVISORS

LEGAL ADVISORS

Target

Team

242

IFLR European Awards 2015

GBP Legal

ID: 18888

Spain

Highlighted Transactions Country

Subsector

Bidder

Seller

International Chimney Corporation (ICC)

United States

Steel, Metallurgy and Industrial Production Goods

Beroa

Private Investors

15,00

BillForge

India

Automotive & Recreational Vehicles Steel, Metallurgy and Industrial Production

Mahindra CIE Automotive

Private Investors

178,00

Grupo Amaya Tellería

Spain

Automotive & Recreational Vehicles

CIE Automotive

Private Investors

186,00

NEM Solutions

Spain

Technology

Gamesa

CAF, Tecnalia

Century Plastics

United States

Automotive & Recreational Vehicles

CIE Automotive

Private Investors

60,79

Commonwealth Dynamics

United States

Construction, Materials and Machinery

Dominion

Private Investors

5,27

Contacts ADDRESS

WEBSITE

EMAIL

Plaza Euskadi nº 5, Planta 15 Oficina 14 48009 Bilbao, País Vasco

www.gbp-legal.com

[email protected]

Value

Target

(EUR m)

TELEPHONE

(+34) 944 657 940

Profile N.º OF EMPLOYEES

2013

4

Team

-

LEGAL ADVISORS

José Ramón Berecibar PARTNER [email protected]

About Us GBP-Legal is a law firm provides legal advice in M&A transactions, closer to the client and from our more than 15 years’ experience. Adding value, fully committed and working closer to the client. GBP-Legal renders an integral service in M&A and capital markets transactions. It also coordinates the legal advice that in other fields of law or in other jurisdictions, specialists in other fields or international law firms from our network, may provide to our clients when transactions demand it. We do not run our practice under rigid billing or attention structures, as our lead lawyers do follow the matter from the beginning to the end. Practice Areas We focus our practice in M&A, commercial and finance law, Company law, advice to Board of Directors and capital markets (debt and equity). Awards and Recognitions José Ramón Berecibar was recently selected by her peers for inclusion in The Best Lawyers in Spain© 2016 in the fields of Corporate and M&A Law.

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245

LEGAL ADVISORS

START OF ACTIVITY

ID: 304

Spain

Contacts ADDRESS

WEBSITE

TELEPHONE

Pº de la Castellana, 216

www.ga-p.com

(+34) 915 829 100

28046 Madrid

Profile START OF ACTIVITY

1971 N.º OF EMPLOYEES

Our firm has more than 280 lawyers (67 partners), located in nine offices in five different countries (Spain, United Kingdom, United States of America, Portugal and Belgium).

LEGAL ADVISORS

Team Alfonso Areitio PARTNER [email protected]@ga-p.com

Francisco Fita PARTNER [email protected]@ga-p.com

Fernando de las Cuevas HEAD OF M&A [email protected]@ga-p.com

Almudena Arpón de Mendívil y Aldama PARTNER [email protected]@ga-p.com

Francisco Gil PARTNER [email protected]@ga-p.com

Carlos Rueda MANAGING PARTNER [email protected]@ga-p.com José María Álvarez PARTNER [email protected]@ga-p.com Estibaliz Aranburu PARTNER [email protected]@ga-p.com

David González Gálvez PARTNER [email protected]@ga-p.com

Mafalda Barreto PARTNER [email protected]@ga-p.com

Daniel Marín PARTNER [email protected]@ga-p.com

José Ángel Cano PARTNER [email protected]@ga-p.com Alex Carbonell Real-Salas PARTNER [email protected]@ga-p.com Rubén Ferrer PARTNER [email protected]@ga-p.com

Richard A. Silberstein PARTNER [email protected]@ga-p.com Mónica Weimann PARTNER [email protected]@ga-p.com

About Us We are an independent Iberian law firm and our aim is to provide first rate value to our clients through innovative, practical and successful legal strategies. This is possible thanks to: ·· the in-depth legal knowledge of our more than 280 lawyers; ·· in-depth understanding of our clients’ business and the ability to anticipate their needs; ·· our dedication and commitment; ·· the long-standing professional relationships we build with our clients; ·· our working method: by creating multidisciplinary teams led by one or more partners who interface with the client, ensuring that the best experts participate effectively in each case;

246

To achieve these objectives we recruit some of the finest young lawyers in the profession who are offered a compelling challenge in an environment that allows them to develop their capabilities to the full, receiving expert training in legal matters, languages and communication skills and to improve management and negotiation capacities. Moreover, the majority of our professionals bring to the firm knowledge of other jurisdictions as a result of internships at leading international law firms in the European Union, the United States and Japan. Corp orate ·· Mergers and acquisitions ·· National and international commercial contracts ·· Company law ·· Joint ventures / Partnership agreements ·· Venture capital operations ·· Insurance ·· Maritime law

·· Insolvency ·· Strategic alliances ·· Application of UNCITRAL rules ·· Retail ·· Commercial, agency, logistic and selective network distributions

Mergers and Acquisitions ·· Acquisitions ·· Corporate transactions and structural amendments ·· Capital Market transactions ·· Debt ·· Disinvestments

Highlighted Transactions

Iñigo Erlaiz HEAD OF CORPORATE [email protected]@ga-p.com

Manuel Martín SENIOR PARTNER [email protected]@ga-p.com

·· an Academic Council founded in 1988, composed of professors in different areas of law, all leaders in their respective fields, and who work together with the lawyers to cover the specific needs of each client and case, thereby ensuring advice of the highest standards.

TTR - Transactional Track Record (www.TTRecord.com)

Amount

Target

Country

Subsector

Buyer

Seller

Glion, Les Roches International

Switzerland

Education

Eurazeo

Laureate Education

383,60

Cartera de 11 centros comerciales

Spain

Real Estate

Invesco

Gonuri Harizartean

358,00

Mabe

Portugal

Steel, Metallurgy and Industrial Production Goods

Ontex

Private Shareholders

238,38

Aritex Cading

Spain

Cars, Motorcycles and Others Aerospace and Aeronautics

Hong Kong SPV

Comsa Corporación

166,50

Parque Empresarial Las Mercedes

Spain

Real Estate

GreenOak Real Estate UK

Standard Life Investments

140,00

Preciados 9, Serrano 61

Spain

Real Estate

CBRE Global Investment Partners

Zambal Spain SOCIMI

138,80

Axión

Spain

Telecom

AMP Capital

Antin Infrastructure Partners

135,00

Saggas

Spain

Oil and Gas

Enagás Transporte

Infraestructura de Gas

106,00

Vinzeo Technologies

Spain

Distribution and Retail

Esprinet

Corporación IBV

74,10

Parque Logístico en San Fernando de Henares

Spain

Real Estate

Axiare Patrimonio

Private Shareholders

43,00

TTR - Transactional Track Record (www.TTRecord.com)

(EURm)

247

LEGAL ADVISORS

Gómez-Acebo & Pombo

Herbert Smith Freehills

ID: 1422

Spain

In 2017, our Spanish office was recognized as “Law Firm of the year” in Energy by Best Lawyers. In 2012, the Madrid office was awarded with the third prize as “Value-add 2012” company and was shortlisted in the “Most Trusted Legal Advisers 2012” by Iberian Lawyer. In 2011, the office received the ‘Best overseas office’ award by The Lawyer.

ADDRESS

WEBSITE

TELEPHONE

International network Bangkok, Beijing, Belfast, Berlin, Brisbane, Brussels, Doha, Dubai, Düsseldorf, Frankfurt, Hong Kong, Johannesburg, London, Madrid, Melbourne, Moscow, New York, Paris, Perth, Riyadh*, Seoul, Shanghai, Singapore, Sydney, Tokyo, Jakarta*, Africa Group, India Group, Iran Group, Kazakhstan

Calle de Velázquez 63 28001 Madrid

herbertsmithfreehills.com

(+34) 91 423 4000

Group, Latam Group, Nordic Group, Saudi Arabia Group, Ukraine Group.

Contacts

*Associated firms

START OF ACTIVITY

N.º OF EMPLOYEES

2009

More than 100 employees led by 12 partners

Team LEGAL ADVISORS

Álvaro Sainz SENIOR PARTNER

Henar González PARTNER

Iria Calviño OF COUNSEL

[email protected]

[email protected]

[email protected]

Miguel Riaño MANAGING PARTNER

Paulino Fajardo PARTNER

Marta Esteban OF COUNSEL

[email protected]

[email protected]

[email protected]

Nicolás Martín PARTNER

Pablo García-Nieto PARTNER

Andrés Alfonso OF COUNSEL

[email protected]

[email protected]

[email protected]

Ignacio Paz PARTNER

Javier de Carvajal PARTNER

[email protected]

[email protected]

Leopoldo González-Echenique CONSULTANT [email protected]

Gonzalo Martín de Nicolás PARTNER

Manuel Rivero OF COUNSEL

[email protected]

[email protected]

Alberto Frasquet PARTNER

Jorge Viera OF COUNSEL

[email protected]

[email protected]

Eduardo Soler Tappa PARTNER

Marta Sánchez Villalta OF COUNSEL

[email protected]

[email protected]

Eduardo Gómez de Enterría PARTNER

Javier Gómez OF COUNSEL

[email protected]

[email protected]

Highlighted Transactions Target

Seller

Buyer (%)

Transaction Value

Parkia

EQT Infrastructure and Mutua Madrileña

First State Investments (100%)

342 million

Pachá Group

the Urgell family

Trilantic Capital Partners

Not disclosed, some media estimate it around 350 million

GreenOak Real Estate

P3 Logistic Parks (GIC)

Approx. 244million

Antonio Pastor CONSULTANT

12 companies owning 11 logistic buildings and a solar plant, respectively

[email protected]

ITASA

ISG

Magnum capital partners

95 million

Telefónica UK (O2)

Telefónica

Hutchinson Whampoa

13.716 million

Abengoa Bioenergy France, Biocarburantes Castilla y León, Bioetanol Galicia, Ecocarburantes Españoles, Ecoagrícola

Abengoa Bioenergía Inversiones, Private Shareholders

Bioenergy Investments

140 million

Ingesport Health & Spa Consulting

Corfin Capital

Mutua Madrileña and Torreal

Approx. 170 million

Axión Infraestructuras de Telecomunicaciones

Antin Infrastructure Partners

AMP Capital

135 million

Cepsa’s polyester business

Cepsa

Indorama

ND

IMOncology Group

Nazca Capital

GenesisCare

60 million

Fernando Gascón CONSULTANT [email protected]

Javier Guillén CONSULTANT [email protected]

About Us Herbert Smith Freehills is an international law firm result of the merger between Herbert Smith (London), and Freehills (Sydney). Operating from 26 offices across Asia Pacific, EMEA and the US, Herbert Smith Freehills is at the heart of the new global business landscape providing premium quality, full-service legal advice. In 2009, Herbert Smith opened its office in Madrid to provide national and cross-border legal advice to Ibex 35 companies and important local and multinational clients with complex and high-profile operations in Spain and in the rest of the world.

248

Main sectors Construction and engineering; Consumer products; Energy and mining; Environment and planning; Financial buyers; Financial services; Infrastructure and transport; Insurance; Leisure and sport; Manufacturing and industrials; Pharmaceuticals and healthcare; Professional services; Real estate; TMT.

TTR - Transactional Track Record (www.TTRecord.com)

TTR - Transactional Track Record (www.TTRecord.com)

LEGAL ADVISORS

Profile

Main p  ractice areas Corporate/M&A; Dispute resolution, ADR and arbitration; Competition and trade; Employment, pensions and incentives; Finance; Projects; Capital markets; Public law and regulatory; Restructuring and insolvency; Tax.

(EUR)

249

King & Wood Mallesons

ID: 1954

Spain

International Presence King & Wood Mallesons has a strategic presence in the fastest growing markets and major financial centers in the world. It has offices in Madrid, London, Brussels, Frankfurt, Milan, Dubai, Sydney, Melbourne, Perth, Brisbane, Canberra, Singapore, Hong Kong, Beijing, Shanghai, Shenzhen, Chengdu, Guangzhou, Hangzhou, Suzhou, Qingdao, Jinan, Sanya, Tokyo, New York and Silicon Valley.

ADDRESS

WEBSITE

TELEPHONE

Practice Areas ·· Corporate and M&A ·· Funds and Venture Capital ·· Banking and Finance

C/ Goya, 6 28001 Madrid

www.kwm.com

(+34) 91 426 00 50

·· Tax

Contacts

EMAIL

Nº OF EMPLOYEES

King & Wood Mallesons (KWM) in Spain has more than 50 lawyers, including 10 partners.

LEGAL ADVISORS

Carlos Pazos

Isabel Rodríguez PARTNER

Carlos Gil PARTNER

MANAGING PARTNER

Funds, Venture Capital

Labour Law

Corporate, M&A, Venture Capital

[email protected]

[email protected]

Joaquín Sales PARTNER

Alfredo Guerrero PARTNER

Roberto Pomares PARTNER

Banking and Finance

Litigation and Arbitration

Corporate, M&A

[email protected]

[email protected]

[email protected]

Alberto Ruano PARTNER

Enrique Isla PARTNER

Pablo Díaz PARTNER

Tax

Real Estate Law

Corporate, M&A

[email protected]

[email protected]

[email protected]

Gonzalo Olivera PARTNER Energy and Regulatory [email protected]

About Us King & Wood Mallesons (KWM) is a global and multidisciplinary law firm with more than 2,000 lawyers. With presence in Europe, Middle East, Australia, China, Japan and U.S., King & Wood Mallesons is one of the biggest law firms worldwide. KWM has become one of the benchmark firms for Corporate, M&A and Private Equity. It has a high level of expertise and a global team of more than 100 partners specialized in Corporate and M&A and more than 70 in Private Equity. The firm’s clients are large national and international companies, financial institutions, funds, private equity firms and investors. The firm advises them on major transactions (mostly with a cross-border component), the structuring of investment vehicles, capital markets, tax and regulatory issues.

250

Vocento

El Corte Inglés

COFIDES

Indigo

Hispasat

Alain Afflelou

Intertrust

Grupo Nicolás Correa

Equistone Partners

Corpfin Capital Real Estate

Lion Capital

Sonae

La Seda de Barcelona

Aurelius Group Aquila Capital

First State Sovena Oilseeds

Meriton Holdings

Zeltia

Ardian

Arcano Group

Associated British Food

Ladbrokes

Artá Capital

Capital Dynamics

Team

[email protected]

Grupo EDP

TTR - Transactional Track Record (www.TTRecord.com)

MCH Private Equity

Sherpa Capital

Meridia Capital

Swanlab Venture Factory

Grupo Entrecanales

Alantra

Ysios Capital

Nexxus Capital

Abac Capital

Espiga Capital

Oquendo Capital

Altamar Capital Partners

Akina

Portobello Capital

Black Toro Capital - AM Trea

Altan Capital

Magnum Capital Industrial Partners

GED Capital

Qualitas Equity Partners Realza Capital

Axis Participaciones Empresariales JB Capital Markets

Seaya Ventures

Highlighted Transactions Client

Transaction

Year

EDP

Advised EDP Renováveis in the transfer to Vortex, a fund managed by EFG Hermes and with investment from the Gulf Cooperation Council, of 49% of a portfolio comprised of 23 onshore wind farms in Spain, Portugal, France, and Belgium (deal worth EUR 550m).

2016

Muscari Property

Advised Muscari Property, a Netherlands-based real estate investment company, in the acquisition of Torre Norte Castellana, also known as Torre Cepsa, from Bankia (deal worth approximately EUR 400m).

2016

Portobello Capital

Advised the sale of the portfolio of its fund Fondo II to a new fund whose majority shareholder is US-based venture capital firm HarbourVest (deal worth approximately EUR 380m).

2016

EDP

Advised Portugal-based EDP in the acquisition from Repsol of piped gas assets in the Basque Country, Asturias, and Cantabria (deal worth EUR 116m).

2016

Aurelius Group

Advised Germany-based Aurelius Group in the acquisition from PHI Industrial of the operations of Grupo Abelan in northern Europe and in the sale of Spainbased textile group Tavex Europe to a consortium of Spanish investors.

2016

GED Capital

Advised Spain-based GED Capital in the sale of its stake in industrial group Aleastur and in its investment in Discefa.

2016

Sonae

Advised the acquisition of Grupo Salsa.

2016

Grupo de accionistas de Ticketbis

Advised a group of minority shareholders and business angels in the sale of 100% of Todoentradas (owner of the Ticketbis website) to technology multinational Ebay.

2016

Grupo de accionistas de El Corte Inglés

Advised shareholders of El Corte Inglés in the sale of 10% of the company’s equity to a Qatari investor sheikh Hamad Bin Jassim Bin Jaber Al Thani (deal worth EUR 1bn).

2015

TTR - Transactional Track Record (www.TTRecord.com)

251

LEGAL ADVISORS

Profile 1999

·· Real Estate

·· Energy and Infrastructure ·· Regulatory ·· EU and Competition

Clients

[email protected]

START OF ACTIVITY

·· Labour ·· Litigation and Arbitration ·· Insolvency

Lawesome

ID: 26499

Spain

Crisis Management Products: focusing on restructuring of companies, debt refinancing, bankruptcy proceedings, distressed funds, management delinquency, minority conflicts and similar cases related to financial and corporate conflicts. Practice Areas

Contacts ADDRESS

TELEPHONE

EMAIL

Gran Vía Don Diego Lopez de Haro, nº 17, 1ª Planta, 48001- Bilbao

(+34) 94 400 26 75

[email protected]

WEBSITE

www.lawesome.es

·· Commercial and corporate law ·· M&A ·· Venture Capital ·· Intellectual and Industrial Property Law

·· Fintech ·· Bankruptcy Law ·· Litigation ·· Banking Law

·· Internet ·· Fashion Law

·· Collaborative Economy

Highlighted Transactions

START OF ACTIVITY

N.º OF EMPLOYEES

2013

11

Team

Amount

LEGAL ADVISORS

Target

Country

Subsector

Buyer

Seller

Activos de fabricación de papel

Spain

Glass, Ceramic, Paper, Plastics and Timber

Albimas, Grupo Orue, Palets del Valle, Global Efficiency Aranguren

Pastguren

4,90

Optimitive

Spain

Technology

Surge, GGM High Growth IT Fund

-

1,40

(EURm)

Xabier Álvarez Lombardía

Laura Lucio Sedano

FOUNDING PARTNER

ASSOCIATE

Director of Growth Services

Responsible for the Litigation area

Wattio

Spain

Technology

Private Shareholders

-

1,25

Martin Eguia Barrio

Aitor Zubizarreta Gorostiza

Luxembourg

Technology

Enzen

-

1,25

FOUNDING PARTNER

SENIOR ASSOCIATE

Optimitive International

Director of Crisis Management Services

Startups, M&A and Venture Capital

Digimet 2013

Spain

Technology

Fundación Azti Tecnalia, Kereon Partners

-

1,05

Isabel Conde de la Rica

Borja Domingo

SENIOR ASSOCIATE

ASSOCIATE

Director of IP, e-commerce & Privacy

Litigation Area

Atten2

Spain

Technology

Centro para el Desarrollo Tecnológico e Industrial (CDTI), Perseo

-

0,70

Ekiona Iluminación Solar

Spain

Solar Energy; Steel, Metallurgy and Industrial Production

Private Shareholders

-

0,60

Boletus Network

Spain

Technology

Private Shareholders, Seed Capital Bizkaia, Gestión de Capital Riesgo del País Vasco (Global)

-

0,57

Pulsar Concept

Spain

Technology

López y Aller, Zubicar, Gorla Ventures, Emprendiza

-

0,50

Admotion

Spain

Technology

Zardoya Otis

Private Shareholders

0,46

Hermeneus

Spain

Internet

Private Shareholders, Seed Capital Bizkaia

-

0,40

Pantori

Spain

Internet

WebPixela, Deskontu, Sensinfinit Corporació

-

0,40

Amaia Romero Alday SENIOR ASSOCIATE Startups, M&A and Venture Capital

About Us Lawesome The firm is a Legal Boutique focused on advising companies and entrepreneurs with two distinct lines of business: Growth Services: focused on the launching of new businesses and, especially, on M&A and Venture Capital transactions. The team is highly specialized in advising startups with high growth potential as well as Technology Centers and Universities in launching their Spin Offs.

252

TTR - Transactional Track Record (www.TTRecord.com)

TTR - Transactional Track Record (www.TTRecord.com)

253

LEGAL ADVISORS

Profile

Linklaters

ID: 1540

Spain

Contacts ADDRESS

EMAIL

Almagro, 40

[email protected]

28010 Madrid

TELEPHONE

WEBSITE

(+34) 913 996 000

www.linklaters.com

Profile N.º OF EMPLOYEES

START OF ACTIVITY

The firm boasts more than 120 lawyers, including 17 partners, five counsels, a senior consultant and four consultants.

2000

International Presence The firm has about 2,600 lawyers worldwide. Linklaters also has a network of offices in the main financial hubs of Asia (Beijing, Seoul, Shanghai, Hong Kong, Tokyo, Singapore and Bangkok), the U.S. (New York), Latin America (São Paulo) and the Middle East (Dubai and Abu Dhabi). In addition, Linklaters has integrated alliances with leading firms Allens, in Australia, and Webber Wentzel, in South Africa. Our structure gives us complete flexibility to set up multi-jurisdictional and multi-disciplinary teams, offering clients the ease of having a single point of contact in Madrid and the guarantee of a consistent service in line with our firm’s standards of quality. The private equity and venture capital team is led by Alejandro Ortiz, head of the corporate department and senior partner of Madrid’s office. It includes a group of partners and senior lawyers highly experienced in the design, negotiation, execution, financing and tax structuring of all kinds of deals. Awards ·· In 2016, Madrid’s office won the awards: Mejor Despacho and Mejor Departamento Bancario y Financiero at Premios Expansión Jurídico. Highlighted Transactions

LEGAL ADVISORS

Alejandro Ortiz

José Giménez

Javier García-Pita

PARTNER (HEAD OF CORPORATE) [email protected]

PARTNER (PUBLIC LAW) [email protected]

PARTNER (TAX) [email protected]

Alexander Kolb

Pedro de Rojas

Rafael Molina

PARTNER (CORPORATE) [email protected]

PARTNER (BANKING) [email protected]

PARTNER (REAL ESTATE) [email protected]

Victor Manchado

Juan Barona

Carmen Burgos

PARTNER (CORPORATE) [email protected]

PARTNER (BANKING) [email protected]

COUNSEL (CORPORATE) [email protected]

Lara Hemzaoui

Ben Crosse

Roberto Sanchéz

PARTNER (CORPORATE) [email protected]

PARTNER (BANKING) [email protected]

COUNSEL (CORPORATE) [email protected]

About Us Linklaters Linklaters has become one of the leading law firms in Spain, with over 17 years’ experience in the country. Practice areas The corporate/M&A, finance and dispute resolution departments make up the firm’s core practice areas, complemented by market-leading specialist teams in other areas (tax, competition/antitrust, public/administrative law, real estate and employment). We also have lawyers practicing English and U.S. law who advise on the international aspects of the transactions in which we are involved. Linklaters is able to offer technical excellence and sound and comprehensive advice on almost all key areas of business law.

254

TTR - Transactional Track Record (www.TTRecord.com)

Amount

Target

Country

Subsector

Buyer

Seller

Isolux Corsán

Spain

Construction, Materials and Machinery, Metalurgy and Industrial Production

Banco de la Nación Argentina, CaixaBank, others.

Private Shareholders

1.409,00

Urbaser

Spain

Cleaning and Recycling

Firion Investments

ACS Servicios y Concesiones

1.281,50

-

826,54

(EURm)

Codere

Spain

Leisure and Sports

M&G Investments, Contrarian Funds, Silver Point Finance, Third Avenue Capital, Abrams Capital

Petrobras Argentina

Argentina

Oil and Gas

Pampa Energía

Petrobras Participaciones

816,12

Abertis Autopistas Chile

Chile

Highways

Abu Dhabi Investment Authority (ADIA)

Abertis

740,00

EDPR Participaciones

Spain

Electric

Vortex Energy Investments II

EDP Renewables Europe

550,00

Telepizza

Spain

Tourism, Hotels and Restaurants

Private Shareholders

FoodCo Finance

550,00

Broadspectrum (ex Transfield Services)

Australia

Consultancy, Audit and Engeneering

Ferrovial Services Australia

Private Shareholders

517,60

Redpier, Northsea Spain, Watkins

Spain

Finance and Insurance

Céfiro Energía, Korys, Exus Management Partners, Private Shareholders

Bridgepoint Capital (Global)

400,00

Aktua Soluciones Financieras Holding

Spain

Finance and Insurance

Lindorff España

Centerbridge Partners

313,00

TTR - Transactional Track Record (www.TTRecord.com)

255

LEGAL ADVISORS

Team

Ontier

ID: 1258

Spain

Contacts ADDRESS

WEBSITE

TELEPHONE

Pº de la Castellana, 55 28048 Madrid

www.ontier.net

(+34) 914 313 000

Profile

·· Business Inheritance & Corporate Governance ·· Corporate, M&A ·· Labour Law ·· Finance & Capital Markets ·· IT & IP ·· Litigation & Arbitration ·· Public Law (including Urban Planning) ·· Real Estate ·· Bankruptcy and Insolvency Law ·· Tax Law ·· White Collar Crime Law

N.º OF EMPLOYEES

1959

300 lawyers, including 45 partners.

Team LEGAL ADVISORS

Bernardo Gutiérrez de la Roza

Adolfo Suárez Illana

CEO

INTERNATIONAL PRESIDENT

Pedro Rodero

Ramón Hermosilla Martín

MANAGING PARTNER ONTIER SPAIN

HONORARY PRESIDENT

Litigation & Arbitration Pedro Rodero Rodríguez & Cristina Camarero Espinosa

Labour Law Eduardo Gonzáles Biedma & Javier Aurelio Rodríguez Pérez

Corporate, M&A Pablo Enrile Mora-Figueroa, Francisco Silván Rodríguez & Óscar Murillo Sanz

IT & IP Joaquín Muñoz Rodríguez

Energy & Natural Resources Bernardo Gutiérrez de la Roza Pérez & Pablo Enrile Mora-Figueroa Public Law and Urban Planning Jorge Álvarez González & Pedro Rubio Escobar

About Us ONTIER is a global law firm, headquartered in London, operating in 15 countries and three continents: Bolivia, Brazil, Chile, China, Colombia, Dominican Republic, Italy, Spain, the USA, Mexico, Paraguay, Peru, Portugal, the UK and Venezuela. It is currently the international firm with the largest footprint in Latin America. ONTIER is a full-service international law firm. Providing services in all areas of legal practice, ONTIER stands out for its expertise in complex corporate and commercial transactions and international commercial disputes. Some of ONTIER’s areas of expertise include: International Litigation and Arbitration, Corporate Law, White Collar Crime Law, Real Estate Law, Tax Law, Labour Law, Financial Law and Capital Markets, Family Law, IT & IP, Bankruptcy Law, Insolvency and Restructuring, Public Law. The firm also specializes in the energy sector and in advising family businesses. In countries such as Spain, the firm has advised in some of the most significant and complex disputes and transactions in the last few years, some of which are considered as the largest or most complex cases in the country´s history.

TTR - Transactional Track Record (www.TTRecord.com)

Bankruptcy and Insolvency Law Bernardo Gutiérrez de la Roza Pérez & Eutimio Martínez Suárez

LEGAL ADVISORS

Main p ractice areas managers

START OF ACTIVITY

256

Practice areas

Real Estate Jaime Díaz de Bustamante Berasategui Tax Manuel Díaz Corral & Francisco de Haro White-Collar Crime Law Berta Aguinaga Barrilero & Juan Casanueva Pérez-Llantada Business Inheritance & Corporate Governance Bernardo Gutiérrez de la Roza Pérez

Finance & Capital Markets Ramón Ruiz de la Torre Esporrín Other Offices Bolivia (La Paz and Santa Cruz), Brazil (Rio de Janeiro and São Paulo, in collaboration with Derraik & Menezes Advogados), Chile (Santiago), China (Shanghai), Colombia (Bogota), Italy (Roma and Milan), Mexico (Mexico City), Paraguay (Asuncion), Peru (Lima), Portugal (Lisbon, Porto), Spain (Madrid, Oviedo, Santander, Seville), UK (London), USA (Miami) and Venezuela (Caracas).

TTR - Transactional Track Record (www.TTRecord.com)

257

Osborne Clarke

ID: 11264

We have in-depth knowledge of the peculiarities and problems associated with such transactions from a commercial, financial, labor, tax and regulatory point of view.

Spain

Contacts ADDRESS 1

Av. Diagonal, 477, planta 20

ADDRESS 2

Pº de la Castellana, 52, planta 6

TELEPHONE

08036 Barcelona (+34) 93 419 18 18

TELEPHONE

28046 Madrid (+34) 91 576 44 76

WEBSITE

www.osborneclarke.com

TELEPHONE

Coso, 33 50003 Zaragoza (+34) 97 621 67 64

Awards ·· Law Firm of the Year 2015 (by The Lawyer and Legal Business)

Profile START OF ACTIVITY

N.º OF EMPLOYEES

1986

80 lawyers distributed between our Barcelona and Madrid offices, 17 of which are partners

LEGAL ADVISORS

Team Nuria Martin MANAGING PARTNER SPAIN AND BARCELONA [email protected] Daniel Riopérez MANAGING PARTNER MADRID [email protected] Francisco Díez Amoretti MANAGING PARTNER ZARAGOZA [email protected] osborneclarke.com Tomás Dagá PARTNER CORPORATE [email protected] David Miranda PARTNER CORPORATE [email protected]

Jordi Casas PARTNER CORPORATE [email protected]

Rafael Montejo PARTNER LITIGATION [email protected]

Jordi Fábregas PARTNER TAX [email protected]

Luis Castro PARTNER ENERGY/PUBLIC LAW [email protected]

Miguel Loran PARTNER TAX [email protected]

Rafael García del Poyo PARTNER TMT [email protected]

Silvia Steiner PARTNER CORPORATE [email protected]

Eduard Arruga PARTNER FINANCE [email protected]

Eva Otaegui PARTNER EMPLOYMENT [email protected]

Ignacio Calero PARTNER CORPORATE [email protected]

Jordi Muixí PARTNER LITIGATION [email protected]

Julián Matos PARTNER REAL ESTATE [email protected]

About Us Osborne Clarke We are an international legal services company with extensive experience in Spain. We have a longstanding history of more than 30 years providing advice to national and international clients, many of them leaders in their respective markets.

258

International memberships We have a clear international vocation. From our headquarters in Barcelona, Madrid and Zaragoza we regularly coordinate international transactions with our offices in the United Kingdom (London, Bristol and Thames Valley), Germany (Cologne, Berlin, Munich and Hamburg), Italy (Milan, Rome, Brescia and Padua) France (Paris), Holland (Amsterdam), China (Hong Kong and Shanghai), Singapore and USA (New York, Silicon Valley (Palo Alto) and San Francisco).

TTR - Transactional Track Record (www.TTRecord.com)

Highlighted Transactions Client

Description

Advisory Role to

Grifols

Acquisition of 49% of US company Interstate Blood Bank and call option over the remaining 51%

Buyer

US$100m (49%), US$100m (51%) US$10m (call option)

Grifols

Acquisition of 20% stake in Singulex

Buyer

€ 50m

Grifols

Acquisition of the diagnostic division of US pharma company Hologic.

Buyer

US$1,850m

Scranton Enterprises B.V

Renegotiation of €200m

Borrower

€200m

Metrovacesa SA

Cancellation of its €1,8 bn existing financial indebtedness

Borrower

€1,800m

Scranton Enterprises B.V

Renegotiation of a margin loan with Nomura in order to increase loan commitments to €300m

Borrower

€300m

Metrovacesa SA

Granting of a €250m financing for the partial cancellation of its existing syndicate facility

Borrower

€250m

Autopista Central Gallega C.E.S.A.

Refinancing of its financial indebtedness

Borrower

€175m

Grifols

USD 1.7bn commitment by Nomura to finance the acquisition of Hologic

Borrower

US$1,700m

Sareb

Acquisition of an asset package owned by Grupo Pinar.

Buyer

Scranton Enterprises

Series A-2 round in US medtech company Qardio Inc.

Investor

Confidential

Scranton Enterprises

Finance round in Real Track Systems, S.L.

Investor

Confidential

Glovoapp 23, S.L.

Finance round

-

Airbnb

Acquisition of Trip4Real

Buyer

TTR - Transactional Track Record (www.TTRecord.com)

Value

€59m

€5m Confidential

259

LEGAL ADVISORS

ADDRESS 3

Practice Areas At Osborne Clarke we believe that we cannot provide quality advice without knowing our clients’ business. We work with industries we know and understand. And we love being creative. This is why we are a leading law firm in sectors such as Digital Business, Life Sciences, Energy, Financial Services, Retail, Real Estate and Infrastructures.

ID: 1377

Spain

Contacts ADDRESS 1

Paseo de la Castellana, 50 28046 Madrid

TELEPHONE

(+34) 914 360 420

WEBSITE

www.perezllorca.com

ADDRESS 2

Av. Diagonal 640, 8ºA 08017 Barcelona (+34) 934 813 075

Other offices LONDON

24 Monument Place Street, 8th floor EC3R 8AJ London (+44) 207 337 9700

NEW YORK

375 Park Avenue, 38th floor New York, NY 10152 (+1) 646 846 6660

Profile LEGAL ADVISORS

START OF ACTIVITY

N.º OF EMPLOYEES

1983

Currently employing 160 lawyers, including partners.

Team Sergio Agüera

Alfredo Lafita

Carmen Reyna

PARTNER [email protected]

PARTNER [email protected]

PARTNER [email protected]

Javier Carvajal

Julio Lujambio

Fausto Romero-Miura

PARTNER [email protected]

PARTNER [email protected]

PARTNER [email protected]

Iván Delgado

Alejandro Osma

Gerard Serra

PARTNER [email protected]

PARTNER [email protected]

PARTNER [email protected]

Pedro Fernández

José María de Paz

Ander Valverde

PARTNER [email protected]

PARTNER [email protected]

PARTNER [email protected]

José Luis García-Manso

Pedro Pérez-Llorca

Luis Zurera

PARTNER [email protected]

MANAGING PARTNER [email protected]

PARTNER [email protected]

Pablo González

Fernando Quicios

PARTNER [email protected]

PARTNER [email protected]

The Corporate team offers comprehensive legal advice to both public capital companies and private capital corporations, and the lawyers often take part in complex cross-border transactions. Their practice encompasses advice to clients in all areas of the economy and in every phase of their corporate existence: from incorporation, financing, international expansion to their possible integration in complex corporate structures or, where necessary, their sale or financial restructuring. Additionally, the team has developed broad and sophisticated expertise in mergers and acquisitions, capital markets, corporate governance and restructuring, banking, transactions related to the energy sector, financing, development and purchase of projects and assets. Professional Membership s ·· Spanish Section of the International Law Association (ILA) ·· International Chambers of Commerce (ICC) ·· Asociación Española para la Defensa de la Competencia (AEDC) ·· The London Court of International Arbitration (LCIA) ·· International Bar Association (IBA) ·· Union Internationale des Avocats (UIA) ·· Asociación Española de Directivos (AED) ·· Club Español de Arbitraje (CEA) ·· Asociación Española de Entidades de Capital Riesgo (ASCRI) ·· Others Practice Areas Administrative Law, Banking and Finance, Capital Markets, Civil and Commercial Litigation, Commercial Law, Competition law, Copyright Law, Corporate compliance, Corporate Governance, Corporate Law, Corporate Restructuring, Data Protection and E-Commerce, Environment, European Union Law, Insolvency, Intellectual Property, Labour Law, Land Planning, Litigation before the ECJ (European Court of Justice), Litigation before the, Public Administrations , M&A, National and International Arbitration, Private Equity, Project Finance, Public Procurement Real Estate, Tax, Unfair Competition, White Collar Crime. Awards ·· “Spain Law Firm of the Year” 2017 (Chambers Europe Awards) Winner ·· “Best Managed International Firm” 2017 (MPF Awards for Management Excellence) Shortlist ·· “European Banking & Finance Deal of the Year” 2017 (The Lawyer European Awards) Shortlist ·· “Spain Client Service” 2015 (Chambers Europe Awards) Winner ·· “European Corporate Deal of the Year” 2016 (The Lawyer European Awards) Shortlist ·· “Ranked in Top 10 European Law Firms (Non-UK)” 2015 (Financial Times Innovative Lawyer Awards)

About Us Independent law firm dedicated to providing legal advice to national and foreign companies in the main areas of Spanish law.

260

Among our clients are high-profile financial institutions, listed and unlisted companies as well as prestigious foreign la firms.

TTR - Transactional Track Record (www.TTRecord.com)

Partners and lawyers are recommended in: Chambers Global, Chambers Europe, Legal 500 EMEA, IFLR 1000, Best Lawyers®, Who’s Who Legal, etc.

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LEGAL ADVISORS

Pérez-Llorca

PLMJ

ID: 2023

Portugal

Contacts ADDRESS

WEBSITE

EMAIL

Av. da Liberdade, 224

www.plmj.com

[email protected]

Edifício Eurolex 1250-148 Lisboa

TELEPHONE

Profile 410

PLMJ’s investment in the continuous training of its lawyers through PLMJ’s Excelentia Training Centre has made it possible to provide lawyers with the in-depth, critical vision of the challenges of the profession and of their clients’ businesses as well as the market in which they operate.

Team LEGAL ADVISORS

Luis Sáragga Leal PARTNER

Maria João Ribeiro Mata PARTNER

INTERNATIONAL PROJECTS

MERGERS AND ACQUISITIONS

[email protected]

[email protected]

Manuel Santos Vitor PARTNER

Hugo Rosa Ferreira PARTNER

ENERGY AND NATURAL RESOURCES

BANKING AND FINANCE

MERGERS AND ACQUISITIONS

[email protected]t

[email protected]

The focus on internationalisation is increasingly relevant for PLMJ and, through PLMJ Network, the

Duarte Schmidt Lino PARTNER

Highlighted Transactions Amount

Target

Country

Subsector

Buyer

Seller

Ascendi PT, Ascendi PT II

Portugal

Railways; Financial and Insurance

Lusovia Investment

Ascendi Group

600,00

Marinoteis, Hotéis Tivoli, Pojuca

Portugal, Brazil

Tourism, Hotels and Restaurants

Minor Continental Holding Luxembourg

Gespatrimónio Rendimento, Rioforte Brasil

294,20

200,00

(EURm)

André Figueiredo PARTNER

PRIVATE EQUITY; MERGERS AND ACQUISITIONS

Wind Energy

[email protected]

Wind assets in Portugal

Portugal

CAPITAL MARKETS

Lancashire County Pension Fund (LCPF)

EDF Energies Nouvelles Portugal

Tomás Pessanha PARTNER

Barclays Portugal operations

Portugal

Financial and Insurance

Bankinter

Barclays Portugal

86,00

Barclays Portugal insurance and pension portfolio

Portugal

Financial and Insurance

Bankinter Seguros Generales

Barclays Portugal

75,00

MC - Mercados da Capital

Portugal

Real Estate

Time Out Mercado

Private Shareholders

14,00

BPN Brasil

Brazil

Financial and Insurance

Banco BIC Angola

Parpública

8,38

TAP Air Portugal

Portugal

Transports, Aviation and Logistics

Parpública, Private Shareholders

Atlantic Gateway

2,76

NovoDia Cafés

Portugal

Food

New Coffee

Riberalves

-

Centro Comercial Luz del Tajo, Estação Viana Shopping, AlgarveShopping

Spain, Portugal

Leisure and Sports; Distribution and Retail

CBRE Global Investment Partners (GIP)

Sierra Portugal Fund (SPF)

-

Logoplaste

Portugal

Glass, Ceramics, Paper, Plastic and Timber

Carlyle Europe Partners IV

Private Shareholders

-

[email protected]

Sofia Gomes da Costa PARTNER

CORPORATE; MERGERS AND ACQUISITIONS

INTERNATIONAL PROJECTS

[email protected]

[email protected]

Diogo Perestrelo PARTNER

Vasco de Ataíde Marques PARTNER

CORPORATE; MERGERS AND ACQUISITIONS

GERMAN DESK

[email protected]

[email protected]

About Us PLMJ is Portugal’s largest and most senior law firm with nearly 290 lawyers, including 58 partners. With 50 years of history and experience, we are recognised for our immediate and assertive response to all our clients’ needs, and for our investment in human capital and the development of legal talent. We are also recognised for our unparalleled quality and track record of transactions of enormous complexity, advising Portuguese clients and handling major international and foreign investment

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TTR - Transactional Track Record (www.TTRecord.com)

TTR - Transactional Track Record (www.TTRecord.com)

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LEGAL ADVISORS

N.º OF EMPLOYEES

1967

As a true full-service firm, PLMJ offers a high level of specialisation in all areas of the law together with accumulated experience and specific know-how in the most important industries and sectors. We have multidisciplinary teams with the skills and experience necessary to act for clients in the most specific sectors.

firm has also established itself as a reference outside Portugal. The network is made up of partnerships with local, independent firms in Angola, Mozambique, China, Guinea-Bissau, São Tomé and Príncipe, Brazil and Cape Verde. PLMJ also has specialised desks for France, Switzerland, Germany, the United Kingdom, Benelux, Scandinavia and Italy, to cover the key markets for outbound and inbound investment in Portuguese-speaking countries.

(+351) 213 197 300

START OF ACTIVITY

operations. The reputation and values of PLMJ’s brand and legal services have spread across borders and have merited extensive international recognition for both excellence and innovation. PLMJ is one of the most innovative law firms in continental Europe, according to Financial Times.

Ramon y Cajal

ID: 818

Spain

Contacts Calle Almagro, 16-18

TELEPHONE

28010 Madrid

WEBSITE

(+34) 91 576 19 00 www.ramonycajalabogados.com

Profile START OF ACTIVITY

1986

·· Public Law ·· Arbitration ·· Competition ·· Insolvency ·· Commercial Contracts ·· Corporate compliance ·· Energy

·· Tax ·· Corporate Governance ·· CISs ·· Infrastructure ·· Real Estate ·· Gaming ·· Labor

·· Environment ·· Capital Markets ·· Litigation ·· Criminal ·· Project Finance ·· Corporate ·· Information Technology

·· Finance

·· M&A

·· Urban Planning

Highlighted Transactions N.º OF EMPLOYEES

135 lawyers, 39 partners

Team LEGAL ADVISORS

Francisco Palá

Rafael Mateu de Ros

MANAGING PARTNER

FOUNDING PARTNER

[email protected]

[email protected]

Target

Country

Subsector

Buyer

Seller

Value

Axiare Patrimonio

Spain

Colonial

Real Estate

Perry Capital

135,60

La Finca Global Assets

Spain

Värde Partners

Real Estate

Procisa

102,00

ODEON & UCI Cinemas Group

United Kingdom

AMC Entertainment Holdings

Leisure and Sports

Terra Firma Capital

Edificio Goya 63

Spain

IVAF Holding

Real Estate

VAC Holdings I

(EURm)

1.092,79

Pedro Ramón y Cajal FOUNDING PARTNER

-

[email protected]

About Us

Issuer (Ticker)

Country

Type

Stock Exchange

Subsector

Total Value (EURm)

Ramon y   Cajal We are a law firm focused on business law, providing legal advice to medium and large companies, across multiple business lines.

Colonial (COL)

Spain

Follow-On / Rights Issue

Bolsa de Valores de Valencia, Bolsa de Valores de Madrid, Bolsa de Valores de Bilbao, Bolsa de Valores de Barcelona

Real Estate

Since our founding in 1986 we have grown to become a firm of national standing within the Spanish legal sector.

Pangaea Oncology (PANG)

Spain

IPO

MAB Mercado Alternativo Bursátil

Biotechnology

Currently we are more than 135 lawyers, 39 of whom are partners, in our offices in Madrid and Barcelona.

Liberbank - Fusión entre Cajastur, Caja de Extremadura y Caja Cantabria - (LBK)

Spain

Follow-On / Rights Issue

Bolsa de Valores de Valencia, Bolsa de Valores de Madrid, Bolsa de Valores de Bilbao, Bolsa de Valores de Barcelona

Financial and Insurance

Colonial (COL)

Spain

Block Trade

Bolsa de Valores de Valencia, Bolsa de Valores de Madrid, Bolsa de Valores de Bilbao, Bolsa de Valores de Barcelona

Real Estate

Our clients include large and mid-sized companies from highly diverse sectors. Many of them have been with us since the beginning. As some of these companies have a noteworthy international presence and regularly handle cross-border transactions, we are involved in relevant capital markets and corporate transactions every year. We are open and approachable in our relationships with clients and tailor our services to meet their specific needs.

265,56

-

3,57

25,00

We have been acknowledged by the most prestigious International Legal Directories as one of the leading firm on a national scale.

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TTR - Transactional Track Record (www.TTRecord.com)

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LEGAL ADVISORS

ADDRESS

Practice Areas

Rivero & Gustafson

ID: 1617

Spain

Membership  of p   rofessional organizations Asociación Española de Entidades de Capital Riesgo (ASCRI) American Chamber of Commerce in Spain British Chamber of Commerce in Spain

Contacts

French Chamber of Commerce in Spain Spanish Chamber of Commerce in France

ADDRESS

EMAIL

Avda de Burgos, 17 - 3º 28036 Madrid

[email protected]

WEBSITE

(+34) 915 615 101

International

TELEPHONE

www.riverogustafson.com

AWERIAN, The boutique business law firm network Rivero & Gustafson Abogados is a founding partner of the AWERIAN Alliance, an integrated network of boutique business law firms to respond to cross-border challenges and opportunities in a more cost efficient approach than ever before.

Profile START OF ACTIVITY

N.º OF EMPLOYEES

1997

25 professionals

Its offices are located in offices in France, Belgium, Spain, Germany and Austria. What’s more, the Firm collaborates with prestigious law firms in the USA,The Netherlands, Italy, Norway, Portugal, UK, Sweden and Switzerland. Practice areas

John R. Gustafson

Eliecer Pérez Simón

Gema García Aragón

MANAGING PARTNER

PARTNER

SENIOR ASSOCIATE

[email protected]

[email protected]

[email protected]

·· Companies

Sebastián Rivero Galán

Javier Zapata Ferrer

Roberto Sanz López

·· Litigation & Dispute Resolution

PARTNER

PARTNER

SENIOR ASSOCIATE

[email protected]

[email protected]

[email protected]

LEGAL ADVISORS

LEGAL ADVISORS

Team

·· Corporate / Mergers & Acquisitions

·· Employment ·· Tax

About Us

Fields of exp ertise

Rivero & Gustafson The firm, founded in 1997 by lawyers coming from international law firms, provides legal advice in the daily activity of companies operating in the most diversified business sectors, assists clients throughout strategic transactions as well as in the defence of entrusted interests before courts and arbitration panels.

·· Private Equity ·· Banking and Finance ·· Insolvency ·· IT

We work in English, Spanish and French.

·· Real Estate

Leaning on a team of highly qualified practitioners coming from prestigious law firms, we offer the experience and quality of international outfits at exceptionally competitive rates.

·· Pharmaceuticals ·· Leisure & Entertainment

Legal500, Chambers and Tax Directors Handbook recommend Rivero & Gustafson Abogados for Corporate/M&A, Dispute Resolution, Employment and Tax.

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TTR - Transactional Track Record (www.TTRecord.com)

TTR - Transactional Track Record (www.TTRecord.com)

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Roca Junyent

ID: 1413

Spain

In recognition of this the Firm, and many of its fee earners, have been singled out by the most prestigious legal publications, including Chambers, Legal 500, and Best Lawyer International. Roca Junyent delivers advice across the whole spectrum of legal areas, particularly in Business Law. We are totally committed to our clients and aim at delivering the kind of service that can only be rated as excellent.

ADDRESS

EMAIL

Aribau 198, 1st floor 08036 Barcelona

[email protected]

WEBSITE

(+34) 93 241 92 00

TELEPHONE

www.rocajunyent.com

Profile START OF ACTIVITY

N.º OF EMPLOYEES

1997

230

Team LEGAL ADVISORS

Joan Roca Sagarra

Àlex Santacana Folgueroles

EXECUTIVE PRESIDENT

PARTNER AND HEAD OF EMPLOYMENT DEPARTMENT

[email protected]

[email protected]

Jordi Calvo Costa

Carlos Blanco Morillo

PARTNER AND HEAD OF LITIGATION DEPARTMENT

PARTNER AND HEAD OF CORPORATE

[email protected]

Miquel Àngel Alonso Latorre

DEPARTMENT AND HEAD OF MADRID OFFICE

Àlex Llevat Felius

[email protected]

PARTNER AND HEAD OF CORPORATE DEPARTMENT [email protected]

PARTNER AND HEAD OF REAL ESTATE DEPARTMENT

Álvaro Gasull Tort

[email protected]

PARTNER AND HEAD OF RESTRUCTURING

Jordi Guarch Recaj

service. In 2002 Roca Junyent became the first Spanish law firm to set up shop in China by opening up its Shanghai office. This was intended to fill up a perceived gap in the offer of legal services targeted at Spanish businesses in China and to address more effectively our clients’ needs in terms of legal advice. Fields of exp ertise Administrative, Air Navigation, Arbitration, Automotive, Banking and Finance , Civil & Commercial Litigation, Constitutional Law, Copyrights Law, Corporate, Criminal Law, Data Protection, Distribution Agreements, Employment Law, Energy, Entrepreneur Support, Environmental, EU & Competition law, Family Businesses, Health and Food Law, Infrastructures, Insurance, IP Law, Unfair Competition and Advertising, Mergers & Acquisitions, Non-profit organizations, Private Equity, Project Finance, Public Contracting Area, Real Estate, Refinancing, Restructuring and Insolvency, Sports Law, Tax Law, Technology and Leisure, Urban Planning, China Desk, French Desk, German Desk, Latam Desk, Scandinavian Desk, Dutch Desk, UK Desk, USA Desk. Highlighted Transactions Total Value

Target

Country

Subsector

Buyer

Seller

Privalia

Spain

Internet

Vente - Privee

Multiples

Cartera de oficinas en Barcelona

Spain

Real Estate

Meridia Fund III

Private Shareholders, Oaktree Capital Management

66,00

Edificio de oficinas en calle Río Rosas 24

Spain

Real Estate

Arcano Spanish Opportunity Real Estate Fund

Private Shareholders

10,60

Inversiones Turísticas Casas Bellas

Spain

Tourism, Hotels and Restaurants

Grupo CIO

Meliá Hotels International

-

Inversiones Hoteleras Playa del Duque

Spain

Tourism, Hotels and Restaurants

Grupo CIO

Meliá Hotels International

-

Palex Medical

Spain

Healthcare, Hygiene, Medical Aesthetics and Cosmetics

Corpfin Capital

Private Shareholders

-

Negocio de pan y derivados

Spain

Food

Adam Foods

Grupo Bimbo

-

EXEL

Spain

Financial and Insurance

Ferrer & Ojeda Asociados

Banco Sabadell, Bitarte, Guipuzcoano Valores

6,50

GPO Ingeniería

Spain

Consultancy, Audit and Engineering

DAR Group

Private Shareholders

-

(EURm)

470,00

[email protected]

PARTNER AND HEAD OF PUBLIC DEPARTMENT

Xavier Serramalera Cercós

Roca Junyent has established solid, permanent collaboration relationships with top-tier law firms in Europe and in the rest of the world. In 2006 the Firm joined the international network TerraLex, allowing it to rely on the assistance of top-notch legal Firms worldwide in order to offer clients a truly global

& INSOLVENCY DEPARTMENT [email protected]

PARTNER AND HEAD OF TAX DEPARTMENT [email protected]

About Us Established in 1996, Roca Junyent currently employs over 230 professionals working from offices in Barcelona, Madrid, Palma, Lleida, Girona and Shanghai. Roca Junyent’s rapid expansion and involvement in major transnational deals have resulted in the Firm being well positioned and acknowledged as one of the best law firms in the European legal market.

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TTR - Transactional Track Record (www.TTRecord.com)

TTR - Transactional Track Record (www.TTRecord.com)

269

LEGAL ADVISORS

Contacts

ID: 2409

Spain

“The lawyers have a lot of knowledge at the technical level and at the legal level. Whenever I need to do any sensitive transactions I don’t think twice about working with the firm” Chambers & Partners, Private Equity, Mid-Market, 2015

Contacts ADDRESS 1

Escoles Pies 102,

ADDRESS 2

Serrano 116,

TELEPHONE

08017 Barcelona (+34) 93 503 48 68

TELEPHONE

28006 Madrid (+34) 91 758 39 06

E-MAIL

[email protected]

WEBSITE

www.rcdslp.com

“A brilliant team with strong experience – RCD gives you advice based on real experience, unlike other firms that seem to learn as they go along” Chambers & Partners, Private Equity, Mid-Market, 2014

“It has great technical knowledge and is able to find solutions where others struggle to” Chambers & Partners, Private Equity, Mid-Market, 2013

Profile START OF ACTIVITY

N.º OF EMPLOYEES

2003

+200

Team LEGAL ADVISORS

Adolf Rousaud

Ignasi Costas

MANAGING PARTNER AND HEAD

HEAD OF INNOVATION AND ENTREPRENEURSHIP

OF CORPORATE AND COMMERCIAL

AND HEAD OF INTERNATIONAL RELATIONS

[email protected]

[email protected]

About Us RCD - Rousaud Costas Duran RCD is a leading independent, dynamic and innovative law firm and a reference for providing comprehensive legal advice. In the last decade we experienced strong and unstoppable growth and we are now ranked among the top law firms in Spain. Team and values RCD’s greatest asset is its team, made up of over 200 professionals who offer personalized advice focused on clients’ needs. We have business vision and knowledge and we provide innovative solutions by anticipating market trends. National and international coverage We advise clients nationwide from our offices in Barcelona and Madrid; our firm works on an

270

international level thanks to our global network of alliances and ‘best friends’ agreements with foreign world-class firms. Market Positioning In 2016, for the second consecutive year, the firm has been the main advisor by volume of operations in the Venture Capital market. In the area of Mergers and Acquisitions, the firm is consolidated in the top-5 firms by number of transactions advised. Likewise, in 2016 the firm has been recognized by the prestigious legal directory Chambers & Partners as the leader of the Venture Capital Mid-Market sector in Spain.

Practice Areas We customize our advice according to the needs of each client and matter and we cover all practice areas with over 20 legal practices and strong knowledge of the main economic sectors. Practice areas: bankruptcy, corporate and commercial, corporate crime, data protection, dispute resolution, finance, immigration, innovation and entrepreneurship, intellectual property, labor and employment, public, administrative law and urban planning, regulatory, and tax. Sectors: automotive, family business, energy, foundations and NGOs, hotels and leisure, insurance, life sciences, private wealth, real estate and construction, sports, TMT and venture capital.

National Securities Market Commission); as well as on the negotiation of investment transactions and sale of investee companies. We also advise companies on seed investment rounds with business angels, and also on investments, sale operations and/or divestments (mergers and/or acquisitions) and IPOs (continuous stock Exchange market, Alternative Equity Market…). M&A: Advice on the definition of strategies for investment and divestment processes; support and assistance in the purchase and sale of businesses or business groups, corporate restructurings and joint ventures; legal, tax and labor due diligence procedures; constitution and establishment of subsidiaries and branches in foreign countries. Contractual Law: Advice and drafting of all types of commercial contracts, both at a national and international level. Financial Commercial Law: Design and implementation of refinancing and debt restructuring operations. Corporate law: Comprehensive advice to partnerships, family businesses and other legal entities on all stages of their activity; continuous advice to the company’s management and administration bodies.

Our professionals have wide experience in corporate law, corporate restructuring, drafting and supervision of commercial contracts, M&A operations as well as in advising on the best practices for corporate governance.

Awards The most prestigious international legal directories such as Chambers & Partners and Legal 500 highlight both our practice and lawyers each year for their technical strengths as well as their client service focus.

Venture Capital: Advice to investors and venture capital firms on the creation of legal collective investment vehicles; advice on compliance with the law, particularly before the CNMV (Spanish

Moreover, the firm has been highlighted for its innovation capabilities by European ranking Financial Times FT – Innovative Lawyers 2016.

“The lawyers are always available to help with possible crises that need a rapid response” Chambers & Partners, Private Equity: Mid - Market, 2016

TTR - Transactional Track Record (www.TTRecord.com)

TTR - Transactional Track Record (www.TTRecord.com)

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LEGAL ADVISORS

Rousaud Costas Duran

Serra Lopes, Cortes Martins Advogados

ID: 601

Portugal

Practice Areas ·· Commercial and Company Law

Contacts ADDRESS

WEBSITE

TELEPHONE

Rua General Firmino Miguel, nº 3, Torre 2 – 10º 1600-100 Lisboa

www.slcm.pt

(+351) 21 723 40 00

EMAIL

[email protected]cm.pt

Profile START OF ACTIVITY

Nº OF EMPLOYEES

1961

50

·· Administrative Law, Public Contracts and Public-

·· Intellectual Property, Advertising and

Private Partnerships

Consumer Law

·· Litigation, Arbitration and Mediation

·· Employment Law

·· TMT

·· Banking and Financial Law

·· Tax Law and Tax Litigation

·· German Desk

·· Capital Markets

·· EU and Competition Law

PARTNER - RESTRUCTURING,

LITIGATION, ARBITRATION

LITIGATION

[email protected]

[email protected]

Rafael Lucas Pires

João Tiago Morais Antunes

PARTNER - M&A, CORPORATE

PARTNER - LITIGA-

[email protected]

TION, ARBITRATION

[email protected]

PARTNER - BANKING, FINANCE, PRIVATE EQUITY

Inês Pinheiro

[email protected]

ASSOCIATE - EMPLOYMENT

[email protected]

Highlighted Transactions

Isabel Garcia OF COUNSEL - TAX

[email protected]

PARTNER - M&A, CORPORATE

Gonçalo Reino Pires

Awards On the past years, SLCM and our teams have been consistently ranked on the top tiers in the most reputed directories (Chambers Global, Chambers Europe and Legal 500).

[email protected]

Dário Moura Vicente

Parte

Target

Country

Subsector

Buyer

Seller

SETELOTE, S. A.

Portugal

Tourism

Millennium BCP

Quinta da Marinha

Millennium BCP

Finalgarve

Portugal

Tourism

Millennium BCP

Galilei Group

Millennium BCP

Regency Palace Aparthotel

Portugal

Tourism

CA Património Crescente

Millennium BCP and Novo Banco

Millennium BCP

Edifício Diário de Notícias

Portugal

Real Estate

Liberdade 266

Global Media Group

Global Media Group

SEMAE, S.L.

Portugal

-

-

NUTRINVESTE SGPS, S.A.

The Seller

EMPARK, S.A.

Portugal

Infrastructure (auto parking facilities)

ASSIP and ESIF

MELLOPARK SGPS, S.A.

The Seller

Millennium BCP

Angola

Banking Finance

NANIUM, S.A.

Portugal

Semiconductor Industry

assessorada

OF COUNSEL - ARBITRATION,

[email protected]

INTELLECTUAL PROPRIETY

PARTNER - BANKING,

Miguel Pena Machete

FINANCE, PRIVATE EQUITY

ASSOCIATE - ADMINISTRATIVE,

[email protected]

REGULATORY

[email protected]

About Us Located in Lisbon, SLCM is based on multi-disciplinary dedicated teams with specializations in all business legal practice areas, particularly in the core areas of M&A, Banking & Finance, Competition and Regulatory Affairs and Dispute Resolution (Arbitration/Litigation). By combining a singular focus and in-depth knowledge of the way each client works with its significant experience in advising both domestic and international clients from a wide range of sectors of activity, such as financial services, telecoms, infrastructure, agro-industry, food & beverages, healthcare,

TTR - Transactional Track Record (www.TTRecord.com)

TTR - Transactional Track Record (www.TTRecord.com)

Merger of Angola subsidiary BMA with Atlântico AMKOR

BCP, Novo Banco, AICEP

Millennium BCP

The 3 Sellers

273

LEGAL ADVISORS

LEGAL ADVISORS

Maria Raquel Moreira

MANAGING PARTNER - M&A,

272

·· Planning and Real Estate

International Network DIRO (www.diro.eu); DACH (www.dach-ra.de)

Luis Miguel Cortes Martins

Francisco Barona

·· Mergers & Acquisitions

·· Private Equity

Partner Offices Marimón Abogados (Spain); MG Advogados (Angola); Lilla, Huck Otranto, Camargo, Advogados (Brazil)

Team

Martim Anahory

sports & media, real estate and consumer goods, on several cross-border transactions, SLCM is one of the most respected and reputable legal practices in Portugal. We believe that our aim (and our main strength) is to provide value added legal services and advice, embedded in our clients’ activities.

Uria Meníndez

ID: 1184

Spain

Other offices Barcelona, Bilbao, Valencia, Brussels, Sao Paulo, Beijing, Lisbon, Porto, London, New York, Frankfurt. Chile, Colombia and Peru with a participation in Philippi, Prietocarrizosa, Ferrero DU & Uría; Mexico; Argentina, in collaboration with Marval, O’Farrell & Mairal. Awards and Recognitions Uría Menéndez is considered a leading firm by the most prestigious international directories and has been honored in recent times with some of the most important awards in the legal sector.

Contacts ADDRESS

WEBSITE

TELEPHONE

Calle Príncipe de Vergara, 187 28002 Madrid

www.uria.com

(+34) 915 860 400

EMAIL

Highlighted Transactions

Profile START OF ACTIVITY

Nº OF EMPLOYEES

1946

943

Target

Country

Subsector

Buyer

Seller

Amount

Coca-Cola European Partners

United Kingdom

Food and Beverage

Coca-Cola Enterprises, CocaCola Iberian Partners (CCIP), Coca-Cola Erfrischungsgetränke

-

20.000,00

Siemens Wind HoldCo

Spain

Wind Energy

Gamesa

Siemens

6.615,58

Gas Natural Fenosa

Spain

Oil & Gas, Electric Energy

EDF Invest, Gingko Tree, PGGM

Private Shareholders, Morgan Stanley Infrastructure

3.802,62

Metrovacesa

Spain

Real Estate

Testa Residencial, Merlin Properties

-

2.441,12

Ticketbis

Spain

Internet

eBay

Active Venture Partners, Private Shareholders

531,84

470,00

Team LEGAL ADVISORS

José María Segovia Cañadas

Luis de Carlos Bertrán

SENIOR PARTNER

MANAGING PARTNER

[email protected]

[email protected]

About Us Uría Menéndez Is one of the most prestigious independent law firms in the Iberian market. Founded in the 1940s, we have over 500 lawyers in 17 offices located in the most important financial centres in Europe, the Americas and Asia. International Network Our international structure allows us to provide Spanish, Portuguese and EU legal advice to clients on their investments in the Iberian Peninsula and abroad. We work in close collaboration with renowned firms in Latin America and through our network of “best friends” in Europe: France (Bredin Prat), Germany (Hengeler Mueller), Italy (BonelliErede), the Netherlands (De Brauw Blackstone Westbroek) and the United Kingdom (Slaughter and May). Through our participation in Philippi, Prietocarrizosa, Ferrero DU & Uría we are also present in Colombia, Chile and Peru. Uría Menéndez is also a member of international associations such as Lex Mundi.

(EUR m)

Privalia

Spain

Internet

Vente - Privee

Index Ventures, Nauta Capital, Insight Venture Partners, Highland Capital Partners, General Atlantic, Sofina, Caixa Capital Risc (Global), Private Shareholders

Negócio de seguros e pensões

Portugal

Financial and Insurance

Bankinter Seguros Generales

Barclays Portugal

309,72

Tinsa

Spain

Consultancy, Audit and Engineering

Cinven

Advent International (Global)

300,00

* Includes closed M&A transactions in 2016.

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275

LEGAL ADVISORS

[email protected]

White & Case

ID: 21953

Spain

Contacts ADDRESS

WEBSITE

TELEPHONE

Paseo de la Castellana, 7 28046 Madrid

www.whitecase.com

(+34) 917 876 300

EMAIL

[email protected]

Profile START OF ACTIVITY

Practice Area ·· M&A/Corporate: M&A, Private Equity ·· Capital Markets ·· Banking/Finance ·· Real Estate ·· Financial Restructuring and Insolvency Emphasized Sectors ·· Financial Institutions ·· Construction ·· Maritime ·· Mining and Metals ·· Oil & Gas ·· Pharmaceuticals and Healthcare ·· Power ·· Technology Other Offices

March 2013 in Spain

Team LEGAL ADVISORS

Juan Manuel de Remedios

Carlos Daroca

Irene Arévalo

PARTNER AND MANAGING DIRECTOR

PARTNER

COUNSEL

[email protected]

[email protected]

[email protected]

Yoko Takagi

Jose Blanco Aróstegui

PARTNER

PARTNER

[email protected]

[email protected]

Latin America Mexico City, São Paulo Europe Almaty, Astana, Berlin, Bratislava, Brussels, Bucharest, Budapest, Düsseldorf, Frankfurt, Geneva, Hamburg, Helsinki, Istanbul, London, Madrid, Milan, Moscow, Paris, Prague, Stockholm, Warsaw Asia Beijing, Hong Kong, Jakarta, Seoul, Shanghai, Singapore, Tokyo Middle East/Africa Doha, El Cairo, Johannesburg, Riyadh, United Arab Emirates

About Us White & Case Is a leading global law firm, uniquely positioned to assist our clients achieve their projects around the world. As a pioneering international law firm, our cross-border expertise and diverse team of local, US and English-qualified lawyers consistently deliver results for our clients. In both established and emerging markets, our lawyers are integral, long-standing members of the community, giving our clients insights into the local business environment alongside our expertise in multiple jurisdictions. We work with some of the world’s most respected and well-established companies, as well as start-up visionaries, banks, governments and state-owned entities. White & Case Spanish practice comprises a global team of more than 60 Spanish-speaking lawyers, qualified to practice under Spanish, English and US law. We work in in-bound and out-bound transactions for Spanish and international clients. Our Madrid office opened in March 2013.

276

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277

LEGAL ADVISORS

North America Boston, Los Angeles, Miami, New York, Silicon Valley, Washington, DC

Youandlaw

ID: 18189

Spain

In particular, 54 of our practice areas are mentioned expressly in Chambers and Partners Global and another 92 in Chambers and Partners

Europe, various of which have been ranked as having the highest levels of excellence in the European legal market.

Main services

ADDRESS

WEBSITE

EMAIL

·· Business Angels, Private Equity and Venture Capital ·· M&A ·· New Technologies Law

Calle Núñez de Balboa, 120 28006 Madrid

www.youandlaw.es

[email protected]

·· Contractual Law

Contacts

N.º OF EMPLOYEES

2013

10

Country

Subsector

Buyer

Country

Cabify

Spain

Technology

Private Investors, Rakuten

Japan

105,46

Waynabox

Spain

Internet Tourism, Hotels and Restaurants

Grupo Marjal, Media Digital Ventures Spain, Palladium Hotel Group, Bankinter Capital Riesgo, JME Venture Capital, Across Business Partners

Spain

1,20

Wetaca

Spain

Technology Distribution and Retail Food

Turtle Capital, Cabiedes & Partners

Spain

0,15

Wetaca

Spain

Technology Distribution and Retail Food

Cabiedes & Partners

Spain

0,15

Paack SPV Investments, Paack

Spain, United Arab Emirates

Internet

Private Investors

Otogami

Spain

Internet

8KData Technology

Spain

0,50

Wazypark

Spain

Internet Technology

Blosom Sport, Blosom 2002, BBVA, BStartup 10, Media Digital Ventures Spain, Bankinter

Spain

0,63

Coverfy

Spain

Technology Finance and Insurance

Private Investors, KFund

Spain

0,75

Aplazame

Spain

Finance and Insurance

Venture If II

Mexico

0,45

VenuesPlace

Spain

Internet

Private Investors, Cube Investments

Spain

0,60

Glovo App

Spain

Distribution and Retail Internet

Solon Inversiones, Private Investors

Spain

1,00

Team LEGAL ADVISORS

FOUNDING PARTNER

Cristina García-Margallo Gomendio

Beatriz Prieto Almoguera JUNIOR ASSOCIATE

[email protected]

PARTNER

[email protected]

[email protected]

María del Mar Querol Ferrer

PARTNER

Core Jiménez Núñez

JUNIOR ASSOCIATE

[email protected]

ASSOCIATE

[email protected]

Cristina Ulloa Solís-Beaumont

[email protected]

PARTNER

María Barbed Isusi

[email protected]

ASSOCIATE

[email protected]

About Us Youandlaw The firm provides a very specialized legal advice to give satisfactory answers and solutions to companies with, corporate needs, a technological profile or with a strong presence on Internet. The law firm was launched in 2012 in response to the legal needs of tech companies which demand accurate legal advice with the ability of adaption to the new technologies and the needs of growth and flexibility of this kind of companies. This need has been specially confirmed in the legal advice on investment transactions being our law firm one of the most active legal advisors by number of transactions in the Private Equity and Venture Capital within 2014, 2015 and 2016.

Amount

Target

(EUR m)

-

*Includes closed M&A transactions in 2016.

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279

LEGAL ADVISORS

START OF ACTIVITY

Pablo Casado Bueno

·· Arbitration and litigation advice

Highlighted Transactions

Profile

Gonzalo María de Ulloa Lapetra

·· Corporate Law ·· Intellectual and Industrial Law ·· Personal Data Protection ·· Tax

AddVANTE

ID: 6717

Spain

Contacts

EMAIL

Av. Diagonal 482, 1ª. Planta

TELEPHONE

(+34) 93 415 88 77

08006 Barcelona

WEBSITE

www.addvante.com

[email protected]

www.addvante-ma.com

Profile START OF ACTIVITY

N.º OF EMPLOYEES

1991

50-100

M&A ·· Corporate finance ·· Venture capital – buyouts ·· Strategic advice ·· Fundraising ·· Strategic analysis and planning. ·· Business, financing and viability plans ·· Company valuation ·· External advisor on the Board of Directors ·· Business transfer and generational change-over

Highlighted Transactions

Team FINANCIAL ADVISORS

Josep Pere Gutiérrez

David Martinez García

Antonio Fernández-Bravo

PARTNER, ADDVANTE M&A

PARTNER, ADDVANTE M&A

CONSULTANT, ADDVANTE M&A

[email protected]

[email protected]

[email protected]

About Us AddVANTE AddVANTE M&A is an independent firm offering its clients financial and strategic advice for all manner of corporate operations and transactions, mergers, acquisitions, strategic alliances and the quest for public and private capital and funding nationally and internationally, regardless of the size, volume, sector or industry to which your company belongs. Our approach centres on three primary assets that will help you to manage every operation and will mark the future course of your organisation: the strategic vision of the business, the generation of value in each transaction and the assistance of a multidisciplinary team of professionals in a position to provide answers to the challenges posed and the complexity entailed by the current environment, conducting analyses from a range of standpoints in order to lend maximum value to each transaction. Most of M&A transactions advised by AddVANTE are cross-border, fact that proves Addvante´s capacity to adapt to new patterns and its clearly international focus.

Amount

Target

Country

Subsector

Buyer

Seller

Polymita

Spain

Technology

RED HAT

Private Shareholders

ND

Tango 04 Computing Group

Spain

Technology

HelpSystems

Private Shareholders

ND

LEDMOTIVE

Spain

Technology

Private Shareholders

-

ND

Advanced Nanotechnologies

Spain

Biotechnology Chemical and Chemical Materials

Private Shareholders

-

ND

Gelatiamo

Spain

Distribution and Retail

Private Shareholders

-

ND

AUTOMATICTRANS

Spain

Technology

KLB Group

Private Shareholders

ND

ISOCO (R&D+ICM)

Spain

Technology

Expert System (IT)

ISOCO

ND

NV Corporación

Spain

Glass, Ceramic, Paper, Plastics, Wood and Timber

Gabbiano

Private Shareholders

ND

Centro Logístico Avanzado

Spain

Facility services

Grupo Stock Uno – CTC

Private Shareholders

ND

(EURm)

*Includes announced and closed M&A transactions between 2012 and 2017.

280

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TTR - Transactional Track Record (www.TTRecord.com)

281

FINANCIAL ADVISORS

ADDRESS

Practice Areas

Auriga Global Investors

ID: 11126

Spain

In the U.S.A: Capital Markets: ·· Fixed Income: desk focused on Structured products, and RMBS Sales & Trading. Practice Areas Hedging Advisory

Contacts

Target Clients: Private Equities, Energy, RE & Infrastructure funds, family offices and SMEs.

ADDRESS

WEBSITE

Cuesta del Sagrado Corazón, 6-8 28016 Madrid

www.aurigasv.es

TELEPHONE

[email protected]

E-MAIL

(+34) 91 324 42 00

START OF ACTIVITY

N.º OF EMPLOYEES

2007

124

·· Overall coordination of the Hedging process and its execution.

Asset Classes: Interest rates, FX, commodities and Equities.

Product valuation.

Advisory on: ·· Financial Risk of a specific deal or of a client as a whole. ·· Market Situation and Expectations. ·· Hedging and investment products analysis and evaluation.

Profile

Team

Management of: ·· Contracts and Hedging clauses Negotiation.

Deal Follow-up and restructuring.

FINANCIAL ADVISORS

Diego García de la Peña

Beatriz Egea Pérez-Carasa

Borja Fernández-Miranda

DIRECTOR - HEAD OF DERIVATIVES

ANALYST - ALTERNATIVE

ANALYST - HEDGING ADVISORY

AND ALTERNATIVE INVESTMENTS

INVESTMENTS

[email protected]

[email protected]

[email protected]

About Us

Specialized in Corporate Financial Structure Optimization. Target Clients: Private Equities, Energy, RE & Infrastructure funds, family offices and SMEs.

FINANCIAL ADVISORS

Debt Optimization Products: ·· Receivables Financing. ·· Refinancings. ·· Private Placements.

Highlighted Transactions

Auriga Capital Investments, created in April 2007, is the parent company of a financial services conglomerate comprehending various companies focused on providing solutions to different market players. Auriga operates a wide range of business lines.

Target

Country

Subsector

Buyer

Seller

Garnica Plywood

Spain

Industry

Intermediate Capital Group (ICG)

-

In Spain:

Parque Logístico San Fernando de Henares

Spain

Real Estate

Axiare Patrimonio

-

Debt Optimization via Auriga Capital Investments, Finalter and Alterfin: ·· Alternative financing solutions, deal structuring, distressed debt deals.

Parque Fotovoltaico Extremadura

Spain

Energy

Naturener Solar Orellana

-

Parque Fotovoltaico Ciudad Real

Spain

Energy

NaturEner - Guadalta

-

Ingesport

Spain

Services

Torreal, Mutua Madrileña

Corpfin Capital, Oquendo Capital

Palex Medical

Spain

Services

Corpfin Capital

-

Elastorsa

Spain

Industry

Corpfin Capital

-

Venusaur

Spain

Real Estate

Axiare Patrimonio

-

Asset Energía Solar

Spain

Energy

Plenium Partners

Macquarie Capital

Ecoiberia Solar

Spain

Energy

Plenium Partners, Warwick Capital Partners

Liberbank

Capital Markets via Auriga Global Investors: ·· Fixed Income: Auriga is one of the leading fixed income desks in Spain, specialized in illiquid bonds. Pan-European desk icomposed by 14 professionals from different nationalities. ·· Equities: Spanish Equities desk servicing hedge funds, foreign brokers and other Institutional investors. Asset Management via Quadriga Funds: ·· UCITS IV Auriga Investors Funds ·· SIFs ·· PIFs

Equities & Derivatives Retail Sales via iBroker Hedging Advisory via Auriga Capital Investments

* Includes closed Hedging transactions advised in 2016

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**Advised entities are written in bold

283

Baker Tilly

ID: 40167

Spain

Highlighted Transactions Country

Subsector

Buyer

Seller

Amount

Negocio de cuidado de la diabetes

Germany

Health, Hygiene, Medical Aesthetics

Panasonic Healthcare Holdings

Bayer

1.023,64

(EURm)

ADDRESS

WEBSITE

Servocad

Spain

Technology

Private Shareholders

Private Shareholders

430,00

Passeig dels Til·lers, 3 08034 Barcelona

www.bakertilly.es www.gda-bbrokers.com

Hotel IFA Catarina

Spain

Tourism, Hotels and Restaurants

HI Partners

Lopesan Hotel Group

42,40

TELEPHONE

EMAIL

(+34) 93 229 20 60

[email protected]

Ology

Spain

Goods

Private Shareholders

Private Shareholders

-

Hotel AC Lérida

Spain

Tourism, Hotels and Restaurants

HI Partners

Private Shareholders

-

Disibeint Electronic

Spain

Steel, Metallurgy and Industrial Production

Grup Comellas I Cabeza

Private Shareholders

-

Hotel AC Málaga Palacio

Spain

Tourism, Hotels and Restaurants

HI Partners

Private Shareholders

-

Hotel AC Dos Málaga

Spain

Tourism, Hotels and Restaurants

HI Partners

Private Shareholders

-

Hermanas Gonzalez Monroy

Spain

Real Estate and Tourism, Hotels and Restaurants

HI Partners

Private Shareholders

-

Plastigraf

Spain

Glass, Creamics, Paper, Plastics and Wood

Private Shareholders

Private Shareholders

-

Profile CONSULTANCY & AUDIT

START OF ACTIVITY

N.º OF EMPLOYEES

Baker Tilly España was launched in 1979

Around 100 people between partners and associates.

Team Xavier Mercader

* Includes aclosed M&A transactions in 2016.

PARTNER [email protected]

Alex Wendt PARTNER [email protected]

Toni Carne MANAGER [email protected]

Carmen Andreu BUSINESS OPERATION [email protected]

284

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285

CONSULTANCY & AUDIT

Contacts

Target

BBVA

ID: 2653

Spain

Practice Areas Our practice areas include the following products: ·· Mergers & Acquisitions ·· Companies and Assets Disposals ·· Strategic Partner / Fund Raising

Contacts

Awards

ADDRESS

WEBSITE

BBVA City C/ Sauceda 28 28050 Madrid

www.bbvacib.com TELEPHONE

(+34) 913 743 944

Profile START OF ACTIVITY

N.º OF EMPLOYEES

1868

We currently have 30 professionals in the M&A department in Spain

·· Mergermarket “Spain’s Financial Adviser of the year” - Winner in 2016, 2014 and 2011 ·· Global Finance “Best Investment Bank in Spain” - Winner in 2016, 2015, 2014, 2013, 2012 and 2011

·· Financial Times “M&A Advisor of the Year in Iberia” - Winner in 2014 ·· Finance Europe Banking Awards “Best Investment Bank in Spain” Winner in 2014 and 2012

·· Euromoney Awards for Excellence “Best M&A House in Spain” Winner in 2014 and 2012

FINANCIAL ADVISORS

José García Casteleiro

Jaime Artola

GLOBAL HEAD OF CORPORATE FINANCE

HEAD OF M&A EUROPE

[email protected]

[email protected]

About Us BBVA is a reference M&A adviser in Spain providing financial advisory services among all sectors (excluding FIG) and with a remarkable track-record specially in the power & utilities, oil & gas, construction & infrastructure, consumer & retail, TMT and real estate sectors. Our activities cover all client segments needs from large international companies to middle market with a wide expertise in cross-border transactions and in attracting foreign investment flows into Spain. Our team has built one of the strongest M&A franchises in Spain with over 110 deals advised since 2009 leading league tables and demonstrating year after year our execution capabilities and knowhow in a wide variety of local and cross-border transactions. Furthermore, we distinguish ourselves not only for the number and varied profile of our deals but also for the quality of our pipeline with a leading position in sell-side assignments having advised in 55 transactions with Spanish target over the las 5 years. Additionally, we are also present in other geographies with a team of 40 proffessionals located across Mexico, Peru, Colombia, Chile and USA.

TTR - Transactional Track Record (www.TTRecord.com)

Value

FINANCIAL ADVISORS

Highlighted Transactions

Team

286

·· Privatizations ·· Fairness Opinion / Valuation Reports ·· Takeover Bids

Target

Country

Subsector

Bidder

Seller

Indusal

Spain

Laundry services

Elis S.A.

Spanish families

Urbaser

Spain

Waste treatment and collection

Firion Investments

ACS

2.463

ACS

Sagunto regasification plant (Saggas)

Spain

Gas infrastructure

Enagás Transporte

UFG

106

UFG

Parkia

Spain

Car parks

First State European Diversified Infra. Fund (EDIF)

Mutua Madrileña / EQT Infrastructure

Yoigo

Spain

TMT

MásMóvil Ibercom

TeliaSonera / Siema Investments / FCC / ACS

Vinzeo Technologies

Spain

Retail

Esprinet

Corporación IBV

58

Corporación IBV

Pepephone

Spain

TMT

MásMóvil Ibercom

Private investors

158

Private investors

Bora Wind

Spain

Renewables

Corporación Masaveu / Korys / Exus

Bridgepoint

11 retail premises

Spain

Real Estate

Invesco

Topland / Eroski / Mondragón

Compañía Logística de Hidrocarburos (CLH) (9.15% stake)

Spain

Oil & Gas

Borealis

Cepsa

TTR - Transactional Track Record (www.TTRecord.com)

(EURm)

170

Confidential

612

Confidential

358

Confidential

Sponsor Elis S.A.

Mutua Madrileña / EQT Infrastructure

ACS

Bridgepoint

Topland / Eroski / Mondragón

Cepsa

287

BNP Paribas

ID: 775

·· Nº1 by Number of Corporate Bonds deals in Spain, Nº1 by Corporate bond issues from Investment Grade Corporates in Spain, and Nº2 International Bank in Syndicated Loans in Iberia according to Dealogic 2016

Spain

·· Nº1 Volume of announced operations in M&A in Iberia, according to Mergermarket in February 2017

ADDRESS

Emilio Vargas, 4.

TELEPHONE

(+34) 91 762 5412

28043 Madrid

WEBSITE

www.bnpparibas.es

Highlighted Transactions Value

Date

Target

Country

Subsector

Bidder

Seller

Dec. 2016

Gruner + Jahr GMBh & Co KG magazine business in Spain

Spain

Publishing

Axos MidCap GmbH

Gruner + Jahr GmbH & Co KG

Dec. 2016

270 towers from Bouygues SA

France

Telecommunications

Cellnex Telecom, SA

Bouygues SA

Oct. 2016

SARQuavitae

Spain

Medical

HomeVI SAS

Palamon Capital Partners LP; Grupo Confide SA; G Square Healthcare Private Equity LLP

440

Oct. 2016

All substantial activities from Yioula Glassworks SA

Greece, Bulgaria and Romania

Packaging products and systems

BA Vidro SA

Yioula Glassworks SA

ND

Sep. 2016

Granado

Brazil

Personal care

Puig

Christopher Freeman

ND

Sep. 2016

ADWEN Offshore SL

Spain

Energy

Gamesa Corporación Tecnológica SA

AREVA SA

219

Practice Areas

Sep. 2016

Quirónsalud

Spain

Medical

HELIOS Kliniken GmbH

CVC Capital Partners Limited

BNP Paribas holds a unique positioning in the rendering of Corporate Finance advisory services for large and medium sized corporates.

Jul. 2016

230 towers from Bouygues SA

France

Telecommunications

Cellnex Telecom, SA

Bouygues SA

Jul. 2016

Gasco SA

Chile

Energy

Perez Cruz family

Gas Natural Fenosa

Jun. 2016

Gamesa Corporación Tecnológica SA

Spain

Energy

Siemens AG

Gamesa Corporación Tecnológica SA

Apr. 2016

Arteris SA

Brazil

Construction services

Participes en Brasil, S.L

Abertis Infraestructuras, SA

132

Apr. 2016

EDP Renovaveis

Spain, Portugal, Belgium, France

Energy

EFG Hermes Private Equity

EDP Renovaveis, S.A

550

Jan. 2016

Compañía Logística de Hidrocarburos CLH, S.A.

Spain

Energy

Borealis Infrastructure Management Inc.

Global Infrastructure Partners

n.a.

Jan. 2016

Compañía Logística de Hidrocarburos CLH, S.A.

Spain

Energy

Borealis Infrastructure Management Inc.

Compañía Española de Petroleos, S.A.U.

n.a.

Team Luis Sancho HEAD OF CLIENT COVERAGE, FINANCING & ADVISORY SPAIN

About Us FINANCIAL ADVISORS

BNP Paribas is one of the largest and most stable financial institutions in the world with a presence in 74 countries and close to 190,000 employees. The Group has been named “World´s Best Bank” for 2016. In Corporate & Institutional Banking and International Financial Services activities, BNP Paribas also enjoys top positions in Europe, a strong presence in America and solid and fast-growing businesses in Asia-Pacific. BNP Paribas Corporate & Institutional Banking provides services around the world to 13,000 corporate and institutional clients with more than 29,800 employees and 220 business centres in 57 countries. In Spain, BNP Paribas is the leading international bank by revenues and volume of assets.

BNP Paribas is specialized in complex Mergers and Acquisitions (“M&A”) and Equity Capital Markets (“ECM”) deals that are transformational for corporates, which require a bank able to provide diverse capacities on both the financing and equity sides (either through M&A or ECM solutions), offering as well deep industrial knowledge, global reach and a wide range of products, all of it underpinned by an unparalleled access to a wide universe of debt and equity investors. Awards ·· “World´s Best Bank” by Euromoney 2016; ·· “Euro bond House 2016” and “EMEA Loan House” by IFR; ·· BNP Paribas won the IFR award of the best equity-linked house for 2016 in EMEA. This is the 3rd time BNP Paribas receives this highly coveted distinction since 2010. BNP Paribas is also the leading equity-linked house in Iberia.

288

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(EURm)

ND

67

5.760

80

n.a.

6.640

289

FINANCIAL ADVISORS

Contacts

Citi

ID:113455

Spain

·· Treasury and Trade Solutions business provides integrated cash management and trade finance services to multinational corporations operating in Spain with the industry’s most comprehensive suite of digital and mobile-enabled platforms, tools and analytics.

Contacts ADDRESS

WEBSITE

TELEPHONE

José Ortega y Gasset 29 2nd floor 28006, Madrid

http://www.citigroup.com

(+34) 91 538 41 00

Profile N.º OF EMPLOYEES

1812

230,000

·· The Banker Awards – Most Innovative Bank

FINANCIAL ADVISORS

Highlighted Transactions

Ignacio Gutiérrez-Orrantia

Pablo Pallás

José Meseguer

HEAD OF IBERIA CORPORATE &

HEAD OF IBERIAN M&A

MANAGING DIRECTOR

COVERAGE

high net worth individuals and families. From banking and cash management to lending, investment strategies, and trust and wealth advisory services, Citi is in Spain to support its clients with a comprehensive range of services. Citi’s goal is to deliver expertise and a premier level of service while helping grow, manage and preserve wealth. Awards ·· Euromoney – Best Investment Bank in Spain

Team

CO-HEAD OF EMEA STRATEGIC

·· Private Banking team of professionals deliver private banking and wealth management services to

Target

Country

Subsector

Buyer

Seller

Value

Television Federal

Argentina

Telecom

Viacom

Telefonica

$340m

Barclaycard Business in Iberia

Spain and Portugal

FIG

Bancopopular-e

Barclays

Shere Group

UK

Telecom

Cellnex Telecom

Arcus Infrastucture

€393m

Gas Natural

Spain

Utilities

GIP

Repsol and Caixa Criteria

€3.8bn

Reorganization of the Chilean Gasco

Chile

Utilities

Gas Natural

N/A

--

Inbursa, BEA and Caixabank

Mexico, China and Spain

FIG

N/A

N/A

€2.7bn

Chile Auopista Central

Chile

Transportation

Abertis

AIMCo

€948m

Álvaro Revuelta MANAGING DIRECTOR

About Us Citi has had a presence in Spain since 1919 and was one of the first foreign banks to establish an office in the country. In 1983, Citi acquired Banco de Levante (Citibank España, sold to Banco Popular in 2014). Salomon Brothers opened its first office in Madrid in 1988, and Schroders established its Spanish headquarters in Madrid in 1990. In 1997, Smith Barney merged with Salomon Inc. to form Salomon Smith Barney. Citi merged Salomon Smith Barney with Schroders Plc in 2000, creating a leading pan-European investment bank. Citi has always had a firm commitment to Spain and proudly serve local communities every day. Citi is the preferred financial partner for Spanish and global institutions, as well as the leading provider in investment banking, capital markets, transactional services and private banking businesses. Practice Areas Covering all sectors and products:

--

* Includes aclosed M&A transactions in 2016.

·· M&A / Markets and Securities Services business provides world-class financial products and services to corporations, institutions, and investors Citi serves in Spain.

290

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291

FINANCIAL ADVISORS

START OF ACTIVITY

INVESTMENT BANKING &

·· Capital Markets Origination business is focused on the capital-raising needs of Citi’s Spanish institutional clients, from inaugural issuances and exchanges to cross-border transactions and first-oftheir-kind landmark structures. Citi Spain is the first choice among issuers for clients’ underwriting needs owing to Citi’s unmatched global footprint and diverse range of financial products.

Deloitte

ID: 1260

Spain

About Us With over 500 experienced professionals we are the largest Financial Advisory team in Spain providing corporate finance, M&A transactions, restructuring services, valuation and modelling, forensic and dispute consulting services.

Contacts ADDRESS

WEBSITE

TELEPHONE

Torre Picasso Plaza Pablo Ruiz Picasso 1, 28020 Madrid

www.deloitte.es

(+34) 915 145 000

We are part of an international network present in over 150 countries enabling us to share substantial information and to be on top of the latest global trends and policy developments.

E-MAIL

[email protected]

Highlighted Transactions

START OF ACTIVITY

N.º OF EMPLOYEES

1987

500

Target

Country

Subsector

Buyer

Seller

Amount

Coca-Cola European Partners

United Kingdom

Food and Beverage

Coca-Cola Enterprises and others

-

20.000,00

IDC Salud (Quirónsalud)

Spain

Health, Hygiene and Aesthetics

Fresenius Helios

CVC Capital Partners, Private Shareholders

5.760,00

Urbaser

Spain

Cleaning and Recycling

Firion Investments

ACS Servicios y Concesiones

1.281,50

Enel Green Power España

Spain

Wind Energy

Endesa Generación

Enel Green Power International

1.207,00

Hotelbeds Group

Spain

Finance and Insurance

Private Shareholders, CPPIB - Canada Pension Plan Investment Board, Cinven

TUI Group

1.165,00

Cartera de 8 negócios de autopeças

Belgium, Slovakia, Germany, Spain, USA, Brazil, Argentina, France

Cars, Motorcycles and Other Vehicles

Plastic Omnium

Faurencia

665,00

Cristian Torras

NW Diagonal DM3, NW Diagonal DM2, NW Diagonal DM1

Spain

Real Estate

Deutsche Bank

Northwood Investors

493,00

PARTNER OF RESTRUCTURING [email protected]

Torre Foster

Spain

Real Estate

Pontegadea

Muscari Property

490,00

PARTNER OF INFRASTRUCTURE ADVISORY [email protected]

Privalia

Spain

Internet

Vente - Privee

La Caixa, General Atlantic and others

470,00

Daniel Ramos Morales

Parkia

Spain

Transport, Aviation and Logistics

First State European Diversified Infrastructure Fund (EDIF)

Grupo Mutua Madrileña, EQT Infrastructure

342,00

Team FINANCIAL ADVISORS

Enrique Gutiérrez

Óscar Arroyo

Emilio Zurilla

PARTNER MANAGING DIRECTOR OF FINANCIAL ADVISORY [email protected]

PARTNER OF M&A TRANSACTION [email protected]

PARTNER OF VALUATION & MODELLING [email protected]

Fernando Baldellou

PARTNER OF M&A TRANSACTION [email protected]

Tomás de Heredia PARTNER OF CORPORATE FINANCE [email protected]

José Manuel Lasa PARTNER OF CORPORATE FINANCE [email protected]

Jordi Llidó PARTNER OF CORPORATE FINANCE [email protected]

José Antonio Olavarrieta PARTNER OF CORPORATE FINANCE [email protected]

Roger Villarino PARTNER OF CORPORATE FINANCE [email protected]

Alejandro González de Aguilar PARTNER OF DEBT, CAPITAL & TREASURY ADVISORY [email protected]

Juan Ramón Rodríguez PARTNER OF M&A TRANSACTION [email protected]

292

Simon Howard

Jordi Vall Carbonell PARTNER OF M&A TRANSACTION [email protected]

Cristina Cabrerizo PARTNER OF FINANCIAL ADVISORY [email protected]

Alberto Valls

PARTNER OF FORENSIC & DISPUTE CONSULTING [email protected]

Enrique Domínguez

PARTNER OF REAL ESTATE [email protected]

PARTNER OF RESTRUCTURING [email protected]

Gonzalo Gallego PARTNER OF REAL ESTATE [email protected]

Javier García-Mateo Morales

PARTNER OF VALUATION & MODELLING [email protected]

Amir Sarshar

PARTNER OF RESTRUCTURING [email protected]

Rafael Arcas

Jesús F. Valero

PARTNER OF FORENSIC & DISPUTE CONSULTING [email protected]

Senén Touza

PARTNER OF REAL ESTATE [email protected]

PARTNER OF REAL ESTATE [email protected]

Jorge Lledias

(EURm)

Miguel Laserna

PARTNER OF INFRASTRUCTURE ADVISORY [email protected]

TTR - Transactional Track Record (www.TTRecord.com)

* Includes closed M&A transactions in 2016.

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FINANCIAL ADVISORS

Profile

PARTNER OF CORPORATE FINANCE [email protected]

With the aim of providing effective and customised advice, we focus on industry specialisation allowing us to adapt to our client needs. Our team has extensive knowledge within all transactional areas and expertise in developing projects with the largest national and international companies.

Eurohold

ID: 1421

Spain

The team of professionals that forms Eurohold combines Corporate Finance specialists and industrial experts from different nationalities, enabling it to offer a global and independent service at an international level. Services ·· Mergers & Acquisitions ·· Consulting for Private Equity

ADDRESS

Av. Diagonal, 361, 2-2

TELEPHONE

(+34) 934 578 980

08037 Barcelona

WEBSITE

www.eurohold.com

Profile START OF ACTIVITY

N.º OF EMPLOYEES

1989

The firm has a team of 40 people working in Spain, France, Switzerland, Germany, Turkey, Russia, Belarus, South Africa, China, United Kingdom and Mexico.

Team FINANCIAL ADVISORS

Jean-François Alandry

Bernard Demode

Patrick Camps

FOUNDER & MANAGING PARTNER

MANAGING PARTNER FRANCE

MANAGING PARTNER SOUTH AFRICA

Oliver Gottstein

Bruno Tourme

MANAGING PARTNER GERMANY

·· Strategic consulting for M&A ·· Financing search

Sectors of exp ertise ·· IT, Internet & Telecomunications ·· Pharmacy and Health Industrials ·· Distribution ·· Retail

·· B2B Services ·· Energy and Environment ·· Transport & Logistics ·· Finance

Highlighted Transactions Seller

Country

Buyer

Country

Type

Datknosys

Spain

Grupo CMC

Spain

Purchase of 100% of capital

MANAGING PARTNER UK

Hotel Scan

Switzerland

Big Sur Ventures

Spain

Capital increase for a minority stake

Dilek Ilhan

Joaquín Alcalá

Agranix

France

Neovia

France

Purchase of 100% of capital

MANAGING PARTNER TURKEY

MANAGING PARTNER MEXICO

Grupo Planeta Azul

Spain

Capfun

France

Purchase of 100% of capital

Vitali Dasinevich

Mehdi Ziady

MANAGING PARTNER

MANAGING PARTNER MOROCCO

Amélie

France

Private Investors

Spain

Capital Increase for 60% of capital

RUSSIA & CIS COUNTRIES

Decartec

Colombia

Diusframi

Spain

Purchase of 100% of capital

Pauline Houl

Efron

Spain

GFI

France

Purchase of 100% of capital

Gigigo

Spain

Digital Dimension

France

Majority acquisition of the capital

Private Investors

Spain

Mosaic Media

Mexico

Purchase of 100% of capital

Clinic Point

Spain

Private Investors

Spain

Capital Increase for 18,2 % of capital

Eurohold The firm was founded in 1989 as a Corporate Finance Consulting Company, and it is nowadays one of the most active Mergers & Acquisitions Companies in Spain.

Agruppahomes

Spain

La Caixa

Spain

Financing of € 17 M

Ubiqum

Spain

Grupo Godo

Szpain

Capital Increase for 20% of capital

Eurohold relies on strong ethical values, a clear Mid-Cap orientation, a focus on cross-border transactions, and an ability to generate transactions thanks to deep sectors knowledge.

En Alquiler

Spain

Immobiliare

Italy

Purchase of 92% of capital

Mnemon

Spain

Eurofirms

Spain

Purchase of 100% of capital

Castelo de Medina

Spain

Caldiberia

Spain

Purchase of 100% of capital

[email protected]

Pascal Vieilledent FOUNDER & MANAGING PARTNER [email protected]

Ignacio Loring MANAGING PARTNER MADRID

Miguel Iraburu MANAGING PARTNER MADRID

François Fauran

MANAGING PARTNER CHINA

MANAGING PARTNER SWITZERLAND

About Us

Leader in Spain in number of Mid-Cap transactions over the last years, Eurohold has created its own international network which is constantly growing in order to accompany its clients worldwide.

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FINANCIAL ADVISORS

Contacts

EY

ID: 747

Potugal

Contacts ADDRESS

WEBSITE

TELEPHONE

Av. Republica, 90 - 3º 1649-024 Lisboa

http://www.ey.com

(+351) 217 912 000

Practice Areas Transaction Advisory Services (TAS) Area Transaction Advisory Services (TAS) has nearly 13,000 people in over 90 countries. We work with a wide range of clients to help them make better and more informed decisions about how they strategically manage capital and transactions in a changing world. Our aim is to help businesses drive competitive advantage

by proactively managing their capital agenda which determines how they strategically raise, invest, preserve and optimize their capital. TAS has three sub-service lines: Transaction Support, Capital Transformation and Transaction Tax. EY Portugal has 1,000 professional based on 3 offices located in Lisbon, Porto and Luanda in Angola.

E-MAIL

[email protected] Highlighted Transactions

START OF ACTIVITY

N.º OF EMPLOYEES

1849, in Portugal since 1971

We currently have 70 professionals in the Transaction Advisory Services (TAS) Department in Portugal.

Team CONSULTANCY & AUDIT

Miguel Farinha PARTNER

António Oliveira EXECUTIVE DIRECTOR

TRANSACTION ADVISORY SERVICES

V&BM AND M&A

[email protected]

[email protected]

Florbela Lima PARTNER

Carlos Lopes EXECUTIVE DIRECTOR

TRANSACTION SUPPORT

INFRASTRUCTURE ADVISORY

[email protected]

[email protected]

Hélder Matias EXECUTIVE DIRECTOR

Nuno Silva EXECUTIVE DIRECTOR

TRANSACTION SUPPORT

RESTRUCTURING

[email protected]

[email protected]

About Us We are 231,000 people based in 728 offices in 150 countries, organized into 28 Regions and four Areas. All of our people work in one of our service lines – Assurance, Advisory, Tax, Transaction Advisory Services (TAS) – or in Core Business Services (CBS) which provides internal operational support such as HR and IT services. EY is committed to doing its part in building a better working world. The insights and quality services we deliver help build trust and confidence in the capital markets and

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in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. Our values define who we are. They influence the way we work with each other, our clients and regulators, and our communities, where we use professional skills to create positive change close to home and around the world.

TTR - Transactional Track Record (www.TTRecord.com)

Target

Country

Subsector

Buyer

Seller

Amount

SAPEC Agro Business

Portugal

Industry

Bridgepoint

SAPEC

456

Mota-Engil Logística, SGPS, S.A. and Tertir, Terminiais de Portugal, S.A.

Portugal

Infrastructure

Yildirim Group

Mota.Engil SGPS

330

Banif - Banco Internacional do Funchal, S.A.

Portugal

Banking and Capital Markets

Banco Santander Totta

Resolution Fund

150

Novabase IMS

Portugal

Infrastructure

Vinci Energies Portugal SGPS

Novabase

38,4

Sport tv Portugal S.A.

Portugal

Media and Entertainment

Vodafone Portugal

Capital increase

ND

IVN Group (Salsa Jeans)

Portugal

Goods; Retail

Sonae - Specialized Retail, SGPS

Wonder Investments

ND

FEPI – Distribuição, S.A.

Portugal

Goods; Retail

IT Internacional Tabacos

Private shareholder

ND

ExpressGlass - Vidros Para Viaturas, S.A.; DiverAxial Importação e Distribuição de Vidros Auto, S.A.

Portugal

Cars

Inter-Risco - Sociedade De Capital De Risco

Auto Sueco Group

ND

Chetocorporation, S.A.

Portugal

Industry

Menlo Capital - Sociedade de Capital de Risco

Private shareholder

5,2

P&i - Displays & Packaging, Lda

Portugal

Industry

D S Smith PLC

Private shareholder

ND

Solzaima

Portugal

Goods; Retail

HCapital Partners

Explorer Investments

ND

Ach Brito

Portugal

Goods; Retail

Menlo Capital - Sociedade de Capital de Risco

Private shareholder

ND

Novo Dia Cafés Lda

Portugal

Goods; Retail

Newcoffee - Indústria Torrefatora de Cafés

Riberalves

ND

Selecta - Sociedade Gestora de Fundos de Investimento Imobiliário

Portugal

Real Estate

Dunas Capital Gestão de Activos

-

ND

TTR - Transactional Track Record (www.TTRecord.com)

(EURm)

297

CONSULTANCY & AUDIT

Profile

KPMG

ID: 2327

Spain

Contacts ADDRESS 1

Pº de la Castellana 259 C

ADDRESS 2

28046 Madrid TELEPHONE

(+34) 914 563 400

WEBSITE

www.kpmg.es

Plaça d’Europa 41-43 L’Hospitalet de Llobregat 08908 Barcelona

TELEPHONE

(+34) 932 532 900

Profile START OF ACTIVITY 1971

N.º OF EMPLOYEES

Over 340 in Deal Advisory at KPMG in Spain

Team Ignacio Faus Deputy Chairman and Partner Head of Deal Advisory at KPMG in Spain CONSULTANCY & AUDIT

Corp orate Finance:

Debt Advisory :

Javier López Torres PARTNER

Jorge Rioperez PARTNER HEAD

Gonzalo Montes PARTNER HEAD

Jesús García Sánchez PARTNER

Eloy Serrano PARTNER

Jordi Castiñeira PARTNER

Jordi Castiñeira PARTNER

Manuel Santillana PARTNER

Ovidio Turrado PARTNER

Luis García Laynez PARTNER

Corp orate Finance for Financial Services & Real Estate:

Deal Strategy & Post-deal:

Transaction Services

David Samu PARTNER HEAD

David Höhn PARTNER HEAD

Fernando Maldonado GENERAL DIRECTOR HEAD

Borja Peñas de Bustillo PARTNER Carlos Rodriguez de Rivera PARTNER Carlos Rubí PARTNER Manuel González-Mesones PARTNER

Beltrán Romero Cervilla PARTNER

Capital Markets:

Fernando García Ferrer PARTNER

Noelle Cajigas PARTNER HEAD

Jaime Muñoz Estrada PARTNER

Restructuring:

Manuel Carrera PARTNER

Ángel Martín PARTNER HEAD

Manuel Parra PARTNER

Alfonso Junguitu PARTNER

Miguel Angel Castello PARTNER

Javier Ibañez PARTNER

Miguel Montero PARTNER

About Us We are trusted advisors and we work pro-actively with management teams and members of the board throughout the acquisition and economic cycle, rendering global services and working in an integrated manner. Our team comprises professionals with experience in financial advisory services, strategy and markets, M&A and valuations, balance sheet, project and infrastructure financing, financial and operational restructures, debt refinancing, advisory services on transactions involving non-core asset portfolios, insolvency proceedings, legal and tax M&A, sales of non-core assets, advisory services to resolve legal or out-of-court disputes, etc. Through our global firms’ network we offer high knowledge and experience in national and international markets. In the current market context marked by an increasing M&A activity trend initiated in Spain in 2015, KPMG once again was the leading financial advisor by number of completed transactions, as indicated in Bloomberg’s ranking, with 47 completed deals in 2016. (2/1/2017)

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ID:110668

ANABELA CAIXEIRO Partner

Portugal

Company level:

[email protected] +351 914 699 708

·· Project appraisal and optimal capital structure

Second Home, Mercado da Ribeira 1º piso Av. 24 de Julho, 1200-479 Lisboa Portugal

·· Incorporation: Legal form and articles of association; tax requirements (including TOC choice)

www.lpw.pt

Contacts

Practice Areas

·· Fund raising

ADDRESS

TELEPHONE

EMAIL

Second Home Mercado da Ribeira Av. 24 Julho 1200-479 Lisboa

(+351) 917512424

[email protected]

WEBSITE

·· Search of strategic / technological partnerships ·· Ongoing banking relationship ·· Growth through acquisitions

www.lpw.pt

·· Exit: M&A; IPOs Personal level:

Profile

·· Evaluation of shareholders financial strength and definition of the amount of capital to be allocated to a project.

START OF ACTIVITY

2017

·· Financial requirements at personal level (definition of what guarantees to provide) ·· Options available to apply excess funds

FINANCIAL ADVISORS

Team

FINANCIAL ADVISORS

LPW Advisors

·· Ongoing banking relationship/portfolio management

Augusto Marques

Boris Coelho

PARTNER

PARTNER

[email protected]

[email protected]

Anabela Caixeiro

·· New equity needs/financing at personal level ·· Global wealth management International membership s

PARTNER

Partnerships:

[email protected]

·· Lisis Capital, a Spanish investment banking boutique that provides LPW an easy access to several countries in America and Africa, besides our local markets Spain and Portugal.

About Us LPW Advisors Corporate decisions are often dependent on personal financial choices that have to be made by entrepreneurs/shareholders. LPW Advisors (“LPW”) main objective is to help entrepreneurs taking the right financial decisions at a corporate and personal level. LPW was created in 2017 and is led by 3 partners with a large experience in the financial industry, advising corporations on issues such as financing through capital markets, leasing and factoring financing, company valuation and M&A. But also in private banking and asset management to both private and institutional clients. As a result, LPW Advisors has the required skills to be in a privileged position to add value to corporations and their shareholders, through a complete offer of advisory services, from the moment the company is incorporated till the moment when the owners decide to grow through acquisitions or to sell part or the whole company’s equity. At this early stage of our company, we are particularly focused on M&A, with several mandates currently underway.

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Sabadell

ID: 1977

SCF provides corporate finance and other financial advisory services to entrepreneurs and middle market companies, as well as family businesses. Our team has a strong expertise in rising financial resources for acquisitions.

Spain

Contacts ADDRESS

TELEPHONE

WEBSITE

Serrano 67

(+34) 91 319 88 07

[email protected]

28006, Madrid

ratefinance.com

Profile N.º OF EMPLOYEES

1990

17

International membership s Founder and member of Terra Corporate Finance Alliance, an M&A international network founded in 2002 through which SCF maintains a strong presence in cross-border transactions. Awards Acquisition International Excellence Awards 2016: M&A Advisory Firm of the Year – Spain

Team FINANCIAL ADVISORS

Pablo Rocamora

Ignacio Mestres

MANAGING DIRECTOR

DIRECTOR

[email protected]

[email protected]

Juan Diego Jiménez

José Luis Zubizarreta

DIRECTOR

DIRECTOR

[email protected]

[email protected]

Highlighted Transactions EV Amount

Date

Target

Country

Subsector

Bidder

Seller

04/2017

Guzmán Gastronomía

Spain

Food and Beverage

Bidcorp

Miura Private Equity, Private Shareholders

11/2016

Centro Residencial La SEU

Spain

Healthcare – Nursing homes

Grupo Sanitas

Bancalé

NA

[email protected]

08/2016

Parques Eólicos de Villanueva

Spain

Renewable Energy

Cubico y Plenium

Elecnor

88

About Us

07/2016

Centroplast

Italy

Packaging

SAICA

Athena Private Equity SA and Centro Impresa

41

07/2016

COUTH (Constructora de Utillajes y Herramientas)

Spain

Machine tool

Private Investors

Private Shareholders

16

07/2016

Hospital Infanta Luisa

Spain

Hospitals

Quirón Salud

Private Shareholders

67

06/2016

Eólica Sorihuela

Spain

Renewable Energy

Fenie Energia

Grupo Ascia

16

José López-Linares

(EURm)

70-80

DIRECTOR

Sabadell Corporate Finance is the Mergers & Acquisitions advisory services unit of Banco Sabadell. It has offices in Madrid, Barcelona, Bilbao and San Sebastián. Created in 1990, SCF is one of the major players in the Spanish Corporate Finance sector, with a sound track-record and experience. SCF takes advantage of Banco Sabadell’s network of c.60 offices specialized in Corporate Banking, c.2,000 offices in Retail Banking covering the Spanish territory, and the M&A international network, Terra Corporate Finance Alliance. SCF has a strong team of professionals with more than 20 years of experience, deep industry knowledge and local market expertise. The principals are fully involved at every stage of the transaction process, from valuation to negotiation and completion.

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FINANCIAL ADVISORS

START OF ACTIVITY

Practice Areas ·· M&A ·· Financial Advisory ·· Valuation Services ·· Divestments

Santander

ID: 99

Spain

International Network Strong cross-border capabilities thanks to our international network with global presence through our M&A teams in Mexico, Colombia, Brazil, Chile, Argentina, France, Germany, Poland, Italy and APAC. Recent Awards Global Finance Award: “Best Debt Bank Latam”

ADDRESS

WEBSITE

TELEPHONE

Gran Via de Hortaleza, 3. 28033 Madrid

www.santander.com

(+34) 91 289 11 52

E-MAIL

[email protected]

Profile START OF ACTIVITY

N.º OF EMPLOYEES

1857

30 M&A professionals in Spain

Team

Latin Finance Awards: ·· “Deal of the year Equity Follow-On of the Year Telefonica Brazil (BRL16.1 bn)“ ·· “Cross border deal of the year: State Power Investment Corp/Pacific Hydro” Infrastructure Investor Awards: “Latin America Bank of the year” Project Finance International Awards: ·· “Renewables Deal of the year: Merkur” ·· “Latin American Power Deal of the year: Transmisora Eléctrica del Norte” ·· “Power Deal of the year in Europe: MGT Power deal” The Banker Awards: “Infrastructure & Project Finance deal of the years Americas: Metro de Lima”

FINANCIAL ADVISORS

Highlighted Transactions

Juan Orbea

Renato Alves

HEAD OF M&A IBERIA

TMT AND REAL ESTATE IBERIA

[email protected]

[email protected]

Target

Country

Subsector

Buyer

Seller

Ruben Rodriguez Gallego

Eduardo Muñoz Fernández-Velasco

Hune

Spain

Industrials

Loxam Orental

Hune

ENERGY IBERIA

RETAIL & CONSUMER IBERIA

[email protected]

[email protected]

Indusal

Spain

Industrials

Elis

Indusal

170

Generg

Portugal

Energy

Trust Energy

Generg

Confidential

Duarte Santos

Alberto Sparrow

INFRASTRUCTURES IBERIA

MIDMARKET AND PRIVATE EQUITIES IBERIA

Telxius (Valuation of the sale of 15,604 towers)

Spain

TMT

Telefonica

Telxius

Confidential

[email protected]

[email protected] Ascendi (Acquisition of the Ardian stakes held in an asset portfolio)

Portugal

Infra

Ardian

Ascendi

FCC

Spain

Industrials

Inversora Carso

FCC

7.870

Allus

Argentina

TMT

Konecta

Allus

192

Gerdau Sidenor

Brazil

Industrials

Clerbil S.L.

Gerdau Sidenor

155

Grupo Cementos Portland

Spain

Industrials

FCC

Cementos Portland

Eroski (Portfolio of 36 hypermarkets)

Spain

Retail

Carrefour

Eroski

Carlo Lodigiani INDUSTRIALS IBERIA [email protected]

About Us Banco Santander is the leading M&A house in Spain and Portugal with strong execution capabilities. #1 M&A advisor in Iberia in 2016 according to both Mergermarket and Bloomberg. Vastly experienced team, with a significant number of professionals exclusively dedicated to M&A deals in Iberia (approximately 30 professionals). Culture of client service with deep sector expertise. Practice Areas Domestic and international transactions including acquisitions, divestitures, mergers, joint ventures, recapitalizations, spin-offs, exchange offers, leveraged buyouts and takeover defense.

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Amount (EURm)

Confidential

653

1.728

200

* Includes aclosed M&A transactions in 2016. **Advised entities are written in bold

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FINANCIAL ADVISORS

Contacts

TRADINVESTE

ID: 3720

Portugal

acquisition transactions, its team has also successfully directed the process of growth through acquisition of several domestic and foreign groups. The fact that we have a structure with international coverage allows us to offer all our clients cooperation with a wide geographical reach, advising them in all countries where we have a presence, with teams specialized in the activity and experts on the markets where they operate.

Contacts ADDRESS

Avenida de Nossa Senhora de Rosário,

TELEPHONE

(+351) 21 481 8390

603, Bloco 1, 2º M

WEBSITE

www.tradinveste.com

2750-179 Cascais

EMAIL

[email protected]

In 2016, TTR identified us as the Portugal-based company that closed the most transactions in the first quarter, based on the number of M&A deals, becoming the most distinguished active M&A independent company in the domestic market.

Highlighted Transactions

Profile START OF ACTIVITY

N.º OF EMPLOYEES

1991

1-10

Target

Country

Subsector

Buyer

Seller

Sakproject International, S.A.

Portugal

Goods

Private Investors

-

Polipex

Brasil 

Goods

Armacell

Private Shareholders

Lokemark

Portugal

Services

Contisystems

Mota-Engil

Desentop 

Portugal

Services 

Grupo Assista

Private Shareholders

Selsoft 

Portugal 

Technology

Advantage Smollan

Private Shareholders

RAV

Portugal 

Technology

Advantage Smollan

Private Shareholders

Selplus

Portugal 

Technology

Advantage Smollan

Private Shareholders

Cobertura 

Portugal 

Real Estate

JLL Portugal 

Private Shareholders

Castellaries Investimentos

Portugal

Real Estate

Private

Private Shareholders

FINANCIAL ADVISORS

João Santos

Ivo Pimentel

Catarina Brandão

CEO - FOUNDING PARTNER

IT AND ENTERPRENEUSHIP

ANALYST

[email protected]

[email protected]

[email protected]

João Carvalho

Gil Guedes de Queirós

Tomas Mexia Thomaz

RETAIL AND REAL ESTATE

F&B

ANALYST

[email protected]

[email protected]

[email protected]

António Oliveira

Inês Silva

BUSINESS SERVICES

TOURISM

[email protected]

[email protected]

About Us We operate in Portugal with a team of professionals exclusively engaged in Merger and Acquisition transactions, providing the necessary services for the execution and closing of a deal. Our structure with an international presence in 23 countries and over 300 professionals is part of a global M&A group, CFI Group, which allows us to offer advisory in any of the geographies where we operate, connecting the interests of buyers and sellers from different business sectors. We provide advisory on any type of M&A deals, particularly focused on medium and large companies. We closely monitor our clients’ investment and divestment strategies, especially in transactions of acquisition, sale, and merger of companies, evaluation, structuring of finance connected to the M&A process, and the sale of non-strategic assets. TRADINVESTE is a global M&A advisory firm, both in terms of geographical presence and in sectoral terms, where it crosses all segments of the economy. As well as providing orientation in sale and

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FINANCIAL ADVISORS

Team

Asociación Española de Capital, Crecimiento e Inversión

ID: 11076

Spain

Contacts ADDRESS

WEBSITE

TELEPHONE

C/ Príncipe de Vergara, 55 - 4ºD 28006 Madrid

www.ascri.org

(+34) 91 411 96 17

EMAIL

[email protected]

Profile PRIVATE EQUITY & VENTURE CAPITAL

1986

Nº OF EMPLOYEES

PRIVATE EQUITY & VENTURE CAPITAL

START OF ACTIVITY

4

Team Dominique Barthel

Silvia Martín

GENERAL DIRECTOR

HEAD OF COMMUNICATION

Ángela Alférez

Christel Sundell

HEAD OF STUDIES

ADMINISTRATIVE MANAGER

About Us The Asociación Española de Capital, Crecimiento e Inversión (ASCRI) is founded in 1986 as a nonprofit organization that represents the Venture Capital and Private Equity industry in Spain. ASCRI groups nearly 100 domestic and international Venture Capital & Private Equity firms, over 50 services providers and 5 limited partners, spreading and guarantying professional standards among its members: transparency, the best practices, and good governance. ASCRI represents the Venture Capital and Private Equity sector before authorities, the Government, institutions, investors, businesspeople, and media. It regularly issues releases and provides updated statistics and information regarding the evolution of the legal and fiscal framework, as well as organizing a series of activities (training courses, events, and round tables) for its members and the public to spread and reinforce the contribution of Private Capital to the economy and the growth of SMEs in Spain.

Area of Practice Venture Capital & Private Equity

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Explorer Investments

ID: 40

Portugal

Funds

Contacts

Fund

Fund Size

Deadline

Explorer II

EUR 200M

2007

Explorer III

EUR 135M

2009

EUR 79M

2013

FCR Revitalizar Norte

ADDRESS

EMAIL

Av. Eng. Duarte Pacheco, 7, 7ºA 1070-110 Lisboa

[email protected]

WEBSITE

(+351) 213 241 820

TELEPHONE

Highlighted Transactions

www.explorerinvestments.com Fund Size

Type of Operation

Charon

Private security services

Build-Up

MOP

Sale of outdoor advertising space

LBO

CFO

Processing and preparation of scrap metal for recycling

LBO

Starfoods

Fast-food chain

LBO

Gascan

Distribution and retailing of piped propane gas

LBO

PowerVia

Special transportation

LBO

FINANCE DEPARTMENT

Totalmédia

Home deliveries

Growth

Sofia Sombreireiro

Brandcare

Distributor of home hygiene and cleaning products

Build-Up

FINANCE DEPARTMENT

S. Roque

Manufacturers of machinery for the textile industry

LBO

Paulo Santos

Finieco

Producer of paper shopping bags

LBO

Espaço Casa

Household Goods Retail

LBO

Grestel

Production and sale stoneware tableware

LBO

Globaltest

Car inspection center

LBO

Team Rodrigo Guimarães PRIVATE EQUITY & VENTURE CAPITAL

FOUNDING PARTNER

Elizabeth Rothfield FOUNDING PARTNER

Marco Lebre FOUNDING PARTNER

Ana Leite PARTNER

David Cálem Ferreira PARTNER

Inês Lopo de Carvalho

António Rocha e Silva

ANALYST

ANALYST

Gonçalo Abreu

Pedro Valente

ANALYST

ANALYST

João Pessanha

Vasco D’Orey

ANALYST

ANALYST

João Nazareth de Sousa

Clara Câmara

ANALYST

LEGAL ADVISER

Andreia Sousa

Ana Pimentel FINANCE DEPARTMENT

Mafalda Santos FINANCE DEPARTMENT

Sara Santos

FINANCE DEPARTMENT

PRIVATE EQUITY & VENTURE CAPITAL

Fund

FINANCE DEPARTMENT

About Us Explorers’ objective is to acquire stakes in the capital of Portuguese companies which have a competitive advantage, promoting their organization, development and growth. Explorer targets companies at an advanced stage of development which have a competitive advantage either due to the skills they have developed or their geographical position, that aim to lead a consolidation process and/or intend to expand their activities into other markets. Investments features Minumum investment per project: EUR 1,5M Maximum investment per project: EUR 30M Capital Invested in 2016: EUR 0

Number of transactions in 2016: 0 Number of companies in portfolio (31.12.2016): 43 (30 pertenecen a FCR Revitalizar Norte)

Resources Capital under management (31.12.2016): EUR 414M

Capital available to invest (31.12.2016): EUR 37,8M

310

TTR - Transactional Track Record (www.TTRecord.com)

Amount

Target / Country

Subsector

Buyer

Seller

Nutricafés / Portugal

Roasting and coffee distribution

Segafredo

Explorer I

ND

Solzaima / Portugal

Fireplaces and salamanders heat recovery

Hcapital

Explorer I

ND

TTR - Transactional Track Record (www.TTRecord.com)

(EUR m)

311

ID: 3641

Spain

Contacts

developing coherent and consistent communication strategies to help its clients to interact with markets in all kinds of situations. The firm adapts highly specialized teams in Financial Communications with experts in relations with regulators and authorities, as well as specialists in Information and Communications Technology.

ADDRESS

TELEPHONE

EMAIL

We have been involved in the most relevant

Calle Lagasca 88 - Planta 3 28001 Madrid

(+34) 915 637 722

[email protected] [email protected]

M&A deals that have taken place in the Spanish and Latin American markets in the past 10 years. Furthermore, we have been advisors in 6 of the 10 major M&A transactions in the history of the Spanish market, thanks to our highly qualified and multidisciplinary team.

WEBSITE

www.llorenteycuenca.com

Profile START OF ACTIVITY

N.º OF EMPLOYEES

1995

482

COMMUNICATION CONSULTANCY

Team Xabier Álvarez Lombardía

Jorge López Zafra

FOUNDING PARTNER AND PRESIDENT

FINANCIAL COMMUNICATIONS SENIOR DIRECTOR

[email protected]

[email protected]

Arturo Pinedo

Meritxell Pérez de Castro-Acuña

PARTNER AND GENERAL DIRECTOR FOR IBERIA

INVESTOR RELATIONS DIRECTOR

[email protected]

[email protected]

Goyo Panadero

LL&C has been recognized in the Global Sabre Awards as “Best Consultancy of Financial Communications in the World” in 2013. This makes us the only Spanish communications consultancy firm to receive this award, granted by the Holmes Report.

Corporate and Financial Communications with more than 950 professionals which stands annually at the top of the global rankings of advisers in corporate transactions. The companies that comprise AMO advised in 223 corporate transactions last year, which reached a total of $300 billion, more than any other network or agency in 2015. Other Areas of Exp ertise In addition to Corporate and Financial Communications, LLORENTE & CUENCA offers comprehensive strategic consultancy services with specialists and experts in all fields of communication: Digital, Public Affairs, Crisis, Consumer Engagement, European Affairs, Leadership and Corporate Positioning, Creation of Contents and Storytelling, CSR and Corporate Foundations, Organisations and Persons, Metrics, Diagnosis and Monitoring, Sport and Business Strategy, Litigation, Multi-country Projects and Executive Coaching in Communication.

Highlighted Transactions Amount

Target

Country

Subsector

Buyer

Seller

Aviva Vida y Pensiones

Spain

Financial and Insurance

Seguros Santa Lucía

Aviva Europe

CLH

Spain

Oil and Gas

Global Casandra

Ardian, Kutxabank, Abanca, AIMCo

The Beauty Bell Chain

Spain

Health, Hygiene and Medical Aesthetics

Douglas

Bayside Capital, Private Shareholders

-

Windsor Atlântica Hotel

Brazil

Tourism, Hotels and Restaurants

Blackstone

Grupo Windsor Hotéis, Private Shareholders

-

Siemens Wind HoldCo

Spain

Wind Energy

Gamesa

Siemens

6.615,58

Activos energéticos

Mexico

Electric

KKR

Pemex

1.064,30

Banco BPI

Portugal

Financial and Insurance

CaixaBank (Criteria CaixaCorp)

Private Shareholders, Santoro Finance

644,00

Ascendi PT, Ascendi PT II

Portugal

Railways

Lusovia Investment

Ascendi Group

600,00

Grupo Aeroméxico

Mexico

Transports, Aviation and Logistics

Delta Air Lines

Private Shareholders

581,61

Jazztel Group

Spain, UK

Telecommunication

Orange

Private Shareholders

218,70

(EURm)

475,00

PARTNER AND GENERAL DIRECTOR FOR IBERIA [email protected]

About Us The firm is the leading Reputation, Communication and Public Affairs management consultancy in Spain, Portugal and Latin America. It has 22 partners, 20 of which are professional and two financial and 482 professionals who provide strategic consultancy services to companies in all sectors, with operations geared towards the Spanish and Portuguese-speaking world. It has its own offices in en Europe; Spain (Barcelona, Cink, Impossible Tellers and Madrid), in Latin America; Argentina (Buenos Aires), Brazil (Río de Janeiro and São Paulo), Colombia

312

(Bogota), Cuba (La Habana), Chile (Santiago de Chile), Ecuador (Quito), Mexico (Mexico City), Panama (Panama), Peru (Lima) and Dominican Republic (Santo Domingo); and United States; Miami and New York. Our international development earned us the 54th position on the Global Ranking of the most important communications firms in the world in 2016 – a leader board drawn up by The Holmes Report. LLORENTE & CUENCA is the leader in Corporate and Financial Communications in Spain, TTR - Transactional Track Record (www.TTRecord.com)

1.000,00

*Advised entities written in bold TTR - Transactional Track Record (www.TTRecord.com)

313

COMMUNICATION CONSULTANCY

Llorente & Cuenca

IBERICA

M&A HANDBOOK 2017

We would like to thank all of those who have co-operated and supported us in the creation of our seventh edition of the M&A Handbook, which was published for the first time in 2011, and its success has enabled us to be more rigorous and comprehensive in the information we offer. We thank Intralinks for its support, as well as all the experts and professionals from the corporate, financial and legal sector who trusted the TTR team with all their knowledge and opinions.

Acknowledgements

IBERIA M&A HANDBOOK 2017

Index of Entities

IBERIA

M&A HANDBOOK 2017

1 12 Pontos Comerciais no Algarve  182

2 21 Buttons  112, 217 2UP Seed Capital  99

3 360 Capital Partners  92, 97, 112 360 Capital Ventures  89 360imprimir  140, 163, 197, 201

A ABBC 208–209 Abengoa  33, 130, 249 Aberdare Cables International Holdings  184 Abertis  94, 113, 255, 289, 291 Abertis Autopistas Chile  94, 113, 255 Abrams Capital  23, 91, 125, 255 Abu Dhabi Investment Authority (ADIA) 94, 113, 255 Accel Partners  99 Açoreana Seguros  140, 153 Across Legal  51, 111–112, 216 ACS  22, 33, 105, 107, 116–118, 125, 205, 255, 287, 293 ACS Servicios y Concesiones  22, 105, 125, 205, 255, 293 ACS Telefonía Móvil  105, 107, 116–118 Action Potential Venture Capital  97 Actis 62 Active Venture Partners  98, 275 ActivumSG Capital Management  191 Ad4ventures Spain  51, 99, 129 Adara Ventures  97 Addiens Asesores  75 Adman Media  49 Adsmurai 49 Advantage Smollan  207, 307 Advent International  40, 66, 85–86, 275 Adveq 90 Advokatfirman Lindahl  72 Advokatfirman Vinge  24, 94 Aérea y del Transporte  126 Aerio Chile  176, 205

Agile Content  49 AGM Abogados  111–112 Agnitio 114 Agrolimen  89, 142, 193, 205 Agromillora  40, 79, 123 AIMCo  24, 94, 106, 112–113, 291, 313 Akerton Partners  90 Aktua Soluciones Financieras Holding  113, 255

Antares Consulting  49 Antin Infrastructure Partners  109, 121, 247, 249 Apax Partners  40, 77 Apollo Global Management  84, 189 Aptoide  163, 165, 195 Aquasourça  71, 227 Araoz & Rueda  22, 111, 113, 220

Atalimmo Actividades Imobiliárias  210 Atena Equity Partners  181 Atento Spain  22 Atlantic Blue  79 Atomico 99 AtralCipan  150, 185, 211 Atresmedia 49 Aurelius  24, 71, 75, 116, 251

Alantra  37, 69, 81, 86, 102–103, 251 Alantra Partners  37, 86 Alcobre Condutores Eléctricos  184 Aleph Capital Partners  88, 103, 113, 221 Alfanar 122 Alisuper 182 Alivira 122 Allen & Overy Germany  23, 40 Allen & Overy Spain  22–24, 37, 40, 64, 71, 79, 83, 87, 90, 111–112, 179, 194 Allen & Overy UK  24, 94 ALLVP 84 Alma Mundi Ventures  49, 89, 97, 99 Almax 72 Alonso Muras Inversiones  112 Alten Energías Renovables  64 Alten Energías Renovables México Cinco  64 Alten Energías Renovables México Cuatro  64 Alten Energías Renovables México Dos  64 Alten Energías Renovables México Tres  64 Alten Energías Renovables México Uno  64 Altium Capital Spain  90 Altra I  124 Alva House Capital  99 Amadeus Capital Partners  88, 103, 113, 221 Amaral Cabral & Asociados  153 Amaral Cabral & Associados  140 Amasia 97 Amazing Evolution  193 Amazon Alexa Fund  142, 200–201 Amérigo Innvierte Spain Technologies  49 Amerigo Ventures Pacífico  82 Amorim Flooring Investments  181 AMP Capital  109, 121, 247, 249 Anchor Glass Container  142, 181 Angels Capital  97 Antai Venture Builder  49, 82, 129

Arcano  22, 102–103, 155, 251, 269 Arcano Partners  155 ArcelorMittal 73 Arcus Infrastructure Partners  24, 104 Ardian  64, 74, 189, 251, 305, 313 Argom Invest  99 Argos Ventures  99 Aritex Cading  96, 121, 247 Armatis LC Holding  196, 209, 233 Arpa Abogados  111, 113, 222 Artá Capital  155, 176, 210, 233, 251 Artá Capital Fund II A SCR  155, 176, 210, 233 Artá Capital Fund II B SCR  155, 176, 210, 233 Artá Capital Fund II FCR  155, 176, 210, 233 Arteris 289 Ascendi Beiras Litoral e Alta  209 Ascendi Costa da Prata  209 Ascendi Grande Porto  209 Ascendi Group  141, 155, 189, 205–207, 209, 211, 263, 313 Ascendi Norte  209 Ascendi Operadora BLA  209 Ascendi Operadora CP  209 Ascendi Operadora GP  209 Ascendi Operadora NT  209 Ascendi PT  141, 155, 189, 205–207, 209, 211, 263, 313 Ascendi PT II  141, 155, 189, 205–207, 209, 211, 263, 313 Ascil Biopharm  119 Aser Capital  97, 99 Ashurst Spain  64, 111, 113 Ashurst Luxembourg & Sweden  24, 94 Ashurst UK  24, 94 Asimov Ventures  97, 110 ASSIP  206, 273 AT Kearney Spain  37

Auto-estradas XXI - Subconcessionária Transmontana 179 Autopista Central  24, 94, 106, 112–113, 259 Autronic 112 Avianta Capital  97, 99 AVIC International Capital  97 Axiare Patrimonio  22, 127, 247, 265, 283 Axión  109, 121, 247, 249 Axis Participaciones Empresariales  37, 128, 237, 251 Axon Partners Group  49, 63, 82, 84, 97, 99 Axxon Group  67, 86 AZ Capital  22–24, 37, 61, 63, 89, 102, 104, 142, 193 AZB & Partners  70 Azkaran  22, 103, 122 Azteca  51, 115, 129, 227

B B the travel brand (Viajes Barceló)  37 B4 Motion  97 B4Motion 99 BA Vidros  142, 149, 181 Badi App  112, 217 Bain Capital  86 Baker & McKenzie  23, 37, 40, 67, 76, 87, 91, 111, 114, 142, 181 Baker & Mckenzie Colombia  91 Baker & McKenzie Spain  23, 37, 40, 67, 76, 87, 111, 114 Baker & McKenzie UK  40 Baker Tilly GDA Corporate Finance  22, 96 Bami  22, 113, 221 Banca IMI  81 Banco BPI  24, 83, 89, 141–142, 189, 193, 204–205, 210–211, 313 Banco BTG Pactual  63

IBERIA

M&A HANDBOOK 2017

Banco de la Nación Argentina (BNA)  67, 70, 123, 125, 129, 255 Banco Itaú BBA  61, 85, 102, 104 Banco Mare Nostrum (BMN)  67, 70, 123, 125, 129 Banco Popular  67, 70, 103, 116, 123, 125, 129, 290 Banco Sabadell  32, 49, 67, 70, 102, 105, 123,

BNP Paribas Corporate & Investment Banking  23, 40, 61, 63, 87, 175 Bodytech 91 Boehringer Ingelheim Venture Fund  128 Boletus Network  124, 253 Bonsai Venture Capital  49, 51, 82, 99, 129 Borealis Infrastructure  61, 116, 124, 289 BPO Solutions  110, 128

Calvo & Munar  37 CAM Capital - Caxton Alternative Management 76–77 Campicarn 187 Campos Ferreira, Sá Carneiro & Associados  141, 155, 189, 194, 208–209 Candido Martins Advogados  182 Cane investments  165, 199–201

Charme Capital  88, 103, 113, 221 Cheto  140, 153, 206 Chiado  141, 155, 210–211 ChicPlace  49, 129 China National Fisheries  191, 210 Chipper Invest  71, 123 CHR Legal  37 CIE Automotive  22, 70, 73, 120, 245

125, 129, 269, 302 Banco Santander  22, 63, 67, 70, 102, 105, 113, 116, 123, 125, 129, 204–205, 221, 297, 304 Banif Pensões  210 Bank of America Merrill Lynch  23, 40, 83, 141 Bankia  67, 70, 123, 125, 129, 251 Bankia (fusión Caja Madrid y Bancaja)  67, 70, 123, 125, 129 Bankinter  49, 67, 70, 84, 89, 99, 123, 125, 129, 263, 275, 279 Bankinter Capital Riesgo  49, 84, 89, 99, 279 Banque Marocaine du Commerce Extérieur (BMCE)  67, 70, 123, 125, 129 Bao Global Services  99 Barbosa, Müssnich, Aragão  85 Barbosa, Raimundo, Gontijo, Câmara e Horta Advogados 85 Barclays Capital  181 BB - Banco de Investimento  63 BBVA  22, 64, 66–67, 81, 90, 102, 105, 113, 116, 141, 176, 204–205, 221, 225, 237, 279, 286 BBVA Bancomer  67 BBVA Corporate Finance  22, 64, 66, 81, 90, 141, 176 Begles 125 Beroa  72, 245 Big Sur Ventures  82, 99, 191, 295 BillForge  70, 120, 245 Biogran  69, 81 BioMimetx 163 Bio-Oils Energy  124 Bird & Bird Spain  111, 114 Black Toro Capital  70, 82, 221, 251 Blackstone  178, 274, 313 BNP Paribas  23–24, 40, 61, 63, 67, 70, 87, 102, 106, 123, 125, 129, 175, 288

Brasmar  187, 212 Bredin Prat  74, 141, 155, 185, 274 Breega Capital  89, 92, 97, 112 Bridgepoint Capital  74, 107–108, 118, 141, 155, 185, 212, 255 Brigard & Urrutia Abogados  91 Brohuvudet 76–77 Broseta Abogados  111, 115 Bruchou, Fernández Madero & Lombardi  71 BStartup 10  49, 97, 99, 191, 279 Bucotelar 117 Bull Partners  82, 99 Bullnet Gestión  97 Businessgate 75 Bustillo Abogados  111, 115 Busy Angels  82, 191 BV Financeira  63

Capital Group  71, 88, 97, 126–127, 219, 283 Capital Invent  99 Capital Trust Group  84 Capitana Venture Partners  97 Capwatt  140, 175 Carey  24, 176 Carlyle  67, 69, 71, 82, 90, 97, 124, 181, 263 Carlyle Europe Partners IV  181, 263 Cartosis 205 Catai 37 Catari 206 Catherine Spain Holdings  91 Catterton 91 CBRE Global Investment Partners (GIP)  121, 123, 191, 247, 263 CBRE Global Investors  191 CBRE Southern Investors Europe  210 CBRE Spain  66 CCF Logistics Holdings  90, 122 Cediani Business  24, 75, 116 CEF 3 Wind Energy  62 Céfiro Energía  118, 255 Cellnex Telecom  24, 104, 289, 291 Cementos Portland Valderrivas  67, 126 Centaur Luxco  91 Centerbridge Partners  113, 255 Century Plastics  120, 245 Ceracasa  115, 227 Cerámica Meridiano  115, 227 Cerberus Capital Management  64 CG Automation Systems UK  122 CG Health Ventures  97, 99 CG Power Automation  122 CGD Caixa Capital  149, 163, 165, 175, 181, 192, 196, 200–201 CGD Securities  206 Chadbourne & Parke US  24, 83, 94

Cinven  23, 40, 83–86, 107–108, 112, 121, 219, 275, 293 Cipan - Companhia Industrial Produtora de Antibióticos  185, 211 Cisco Investments  165, 199–201 Citi Ventures  200 Citigroup  24, 61, 63, 94, 102, 106, 142, 175, 181, 290 Citigroup Global Markets  61 Claro y Cía. Abogados  24, 94 Clearwater International - Portugal  140, 153, 187, 204, 206 Cleary Gottlieb Steen & Hamilton BR  61 Cleary Gottlieb Steen & Hamilton US  61 Clerbil  70, 109, 305 Clever Advertising  183, 191 Clifford Chance Spain  22, 24, 40, 61, 64, 85, 89–90, 111, 116, 178 Clifford Chance UK  40, 85 Climber Hotel  193 Clínica Santa Catarina  210 CMS Albiñana & Suárez de Lezo  24, 75, 111, 116, 230 CMS Cameron McKenna  62 CMS Rui Pena & Arnaut  92, 155, 196, 208–209, 232–233 Coats (ex. J&P Coats)  75 Cobertura  209, 307 Cockerill Maintenance & Ingénierie (CMI Groupe) 122 Codere  23, 91, 125, 255 Cododal Agrícola  79 Collins Capital Advisors  61, 63 Colonial  127, 265 Comienzos Siglo XXI  89 Commercial Growth Fund  99 Commerzbank  67, 70, 123, 125, 129

C C2C - New cap  175 Cabiedes & Partners  69, 82, 84, 88, 97, 99, 124, 217, 279 Cabify  51, 96, 129, 279 Cables de Comunicaciones Zaragoza  184 Caixa BI  141, 155, 189, 204, 206 Caixa Capital Risc  49, 70–71, 82, 86, 88, 97–99, 119, 128–129, 243, 275 Caixa Capital Risc  49, 70–71, 82, 86, 88, 97–99, 119, 128–129, 243, 275 CaixaBank (Criteria CaixaCorp)  24, 67, 70, 83, 87, 123, 125, 129, 141, 189, 210, 211, 225, 255, 291, 313 Caja Castilla - La Mancha  67, 70, 123, 129 Caja de Extremadura y Caja Cantabria  67, 70, 123, 125, 129, 265 Caja Rural de Teruel  67, 70, 123, 125, 129 CajaSur  22, 113, 221

IBERIA

M&A HANDBOOK 2017

CommerzVentures 97 Compañía Logística de Hidrocarburos (CLH) 289 Comsa Corporación  96, 121, 247 Conservas Albo  113, 221 Contax-Mobitel  85, 104 Contrarian Funds  23, 91, 125, 255 Control Empresarial de Capitales  23, 67, 114,

Daruan Venture Capital  63 Davis Polk Brazil and US  61 DCM 86 De Andrés Y Artiñano  111, 117 DefinedCrowd 142 Deliberry 119 Deloitte Spain  22–23, 37, 40, 49, 62, 64, 66, 71, 74, 76, 79, 83, 87, 90, 98, 187

E

126–127, 225 Corpfin Capital  37, 71, 82, 86, 88, 103, 251, 269, 283 Corporación Financiera Alba  91 Corporación IBV  81, 110, 247, 287 Corporación Mondragón  32 CPPIB - Canada Pension Plan Investment Board  23, 40, 83, 107–108, 112, 121, 293 CREA Inversión  49, 102, 107 Creative  200, 232, 259 Creative Wings Business Angels  200 Credit Suisse Group  23, 67, 83, 237 Credit Suisse Portugal  181 Credit Suisse Securities (USA)  181 Crisdago Inversiones  22 Criteria Caixa  23, 33, 61, 63, 104–105, 119–120, 127, 129, 225, 243 Crompton Greaves  122 Crowe Horwath Legal y Tributario  37 Cuatrecasas Spain  22, 49, 51, 61, 64, 71–73, 79, 83, 89, 92, 98, 111, 117, 142, 184, 193 Cuatrecasas Portugal  22, 24, 83, 140–141, 175–176, 184, 189, 191, 194, 208, 210 Cube Investments  32, 51, 99, 129, 279 Cubico Sustainable Investments  64 Cudell - Engenharia & Serviços  184 Cupa Group  71 Cutrecasas Portugal  155 CVC Capital Partners  23, 37, 87–88, 106, 112, 118–120, 142, 181, 243, 289, 293 CVC Capital Partners UK  142, 181 CVF Capital Partners  76–77 Cyclicus DDP DOS  22

Deloitte Legal  22–23, 40, 49, 61, 63–64, 66, 74, 83, 85, 87, 90, 96, 187 Deloitte Portugal  182 Delvy Asesores Financieros  49 Delvy Asesores Legales  49 Demarest Advogados  74, 141, 155, 185 Demium Ventures  97 Derraik & Menezes Advogados  257 Despacho Torres Díaz Abogados  111, 118 Deutsche Bank  23–24, 40, 66, 83, 127, 141, 189, 243, 293 Deutsche Bank (Portugal)  83, 141, 189 Deyá Capital IV SCR  155, 176, 210, 233 Diana Capital  37, 62, 64, 86 Digital Dimension  115, 227, 295 Digital Leaders Ventures  97 Digital Toledo  115 Digitex 124 Diveraxial  212, 297 Djin Saidin Inversiones  49 DLA Piper Spain  23, 37, 69, 81, 87, 111, 118 D-Marine Investments Holding  178 DNV GL  63, 175 DocOut 85 DocPlanner 128 Doctoralia 128 Dogi 75 Dogus Group  89 DSL Lawyers  74, 141, 155, 185 Dueto Portugal  163, 196 Duke Energy International (DEI)  105, 117 Duke Energy International Spain Holdings  83, 105, 117 Duke Energy International Group  83, 105, 117 Duke Energy International Investments No. 2  83, 105, 117

Edificio Miño  37 Edmond de Rothschild Investment Partners  90 EDP Renewables Europe  63, 106, 123, 175, 255 EDPR Participaciones  63, 106, 123, 175, 255 EFG Hermes Private Equity  63, 175, 289 Eficácia Verde  155, 176, 210, 233 Egis  155, 194, 206, 209, 211 Egis Road Operation  155 Eifagge  155, 194, 206, 209, 211 EIP - Electricidade Industrial Portuguesa  140, 175 Elaia Partners  114 Elderstreet Investments  82, 99 Electrogas  176, 205 Elementia  67, 126 Elimco Sistemas  126 Elimco Soluciones Integrales  126 Ellestad 72 Empark  206, 273 Emprendiza  124, 253 Enagás  32, 114, 247, 287 Enagás Transporte  114, 247, 287 Endesa Generación  62, 243, 293 Enel Generación Chile  176, 205 Enel Green Power  33, 62, 243, 293 Enel Green Power Spain  62 Enel Green Power International  62, 243, 293 Energías Renovables del Bierzo  37 Enforce 150 ENOVOS  140, 175 ENSafrica 184 Ente Vasco de la Energía - Energiaren Euskal Erakundeak 176 Entrée Capital  82, 99 EQT Infrastructure  90, 121, 249, 287, 293 ERM Iberia  74, 141, 155, 185

D Danone Spain  69 Darrois Villey  98

E.S. Contact Center  196, 209, 233 e.ventures  51, 97, 99, 129, 163, 165, 195 Earth and Wind Energías  64, 130 eBay  98, 251, 275 Ecolumber 79 Ecovillage 193 ECS Capital  193

ES Concessions International Holding  206 ES Contact Center Moçambique  196, 209, 233 ES Tech Ventures  196, 209 Es Vedra Capital Advisors  88 eShop Ventures  49, 129 eSolidar  163, 195 EspañaDuero (Banco Ceiss)  106, 123, 125, 129, 221 Espiga Capital  71, 74, 86, 251 Espiga Equity Fund  113, 130 Esprinet  81, 110, 247, 287 Estrela Elevadores  195, 210 Estudio Garrido Abogados  85 Eurofins Scientific  110, 125 Evercore Partners  61 Evolvia 124 Explorer I  92, 155, 209, 233, 311 Explorer Investments  176, 196, 200, 233, 297, 310 Expressglass  212, 297 ExpressGlass Holding  212 Exus Management Partners  118, 219, 255 EY Abogados Spain  22 EY Spain  22, 37, 69, 72, 74, 81, 92, 141, 155, 185 EY Portugal  140, 153, 182, 297 EY UK  155 EY United Kingdom  74, 141, 185

F Faber Ventures  163, 165, 200–201 Faraday Venture Partners  88, 97, 99, 217 FCC  23, 67, 105, 107, 114, 116–118, 126–127, 225, 287, 305 FCR - Espírito Santo Ventures II  209 FEFSS  140, 210 Felix Capital  99 Ferreira Pinto  163, 165, 195 Ferreira Pinto & Associados  195 Ferrere Bolivia  61 Fibersail 163 Fides Capital  84 Finpro 181 Finstar Financial Group  84

IBERIA

M&A HANDBOOK 2017

Firion Investments  22, 105, 125, 205, 255, 287, 293 First State European Diversified Infrastructure Fund (EDIF)  90, 121, 287, 293 FJ Labs  99 Flerie Invest  76–77 Flit Fund  193 Florencio Empreendimentos  182

G

Fondo de Infraestructura Macquarie México  64 Fondo ICT III (Axon Partners Group)  49, 63, 107 Font Consulting  99 FoodCo Finance  89, 255 Foresight Group  130 Fornesa Abogados  111, 119 Fosun Group  126, 189 Foundation Capital  88 Founders Fund  88 FPB Invest  190 FPP da CGD  140, 210 Franca Pinto & Associados  193 Fresenius Helios  23, 32, 87, 106, 112, 118–120, 243, 293 Freshfields Bruckhaus Deringer  22–23, 40, 61, 63, 66, 74, 83, 87, 111, 119, 141, 155, 185 Freshfields Bruckhaus Deringer China  22 Freshfields Bruckhaus Deringer Spain  22–23, 40, 63, 66, 74, 83, 87, 111, 119, 141, 155, 185 Freshfields Bruckhaus Deringer Germany  23 Freshfields Bruckhaus Deringer UK  141, 185 Fruselva  37, 92 Fuciños Rivas  118 Fuentetaja  69, 109 Fundação Calouste Gulbenkian  140, 175, 210 Fundo Aquarius  193 Fundo Cometa  181 Fundo Espírito Santo Ventures III  209 Fundo Espírito Santo Ventures Inovação e Internacionalização 209 Fundo Revitalizar Norte  142, 196, 200 Fundo SC1  193 Fundo Sierra  191 Funeraria la Auxiliadora  22, 103, 122

Garnica Plywood  71, 123, 219, 283 Garrigues Spain  22–23, 37, 40, 51, 61–63, 66, 70, 74–75, 85, 87, 89–90, 98, 111, 120, 142, 193 Garrigues Portugal  140, 185, 187, 195, 208, 210 Gas Natural Fenosa  23, 61, 63, 104–105, 119–120, 127, 129, 243, 275, 289 Gascan Portugal  155, 176, 210, 233 GBP Legal  22, 70, 72–73, 111, 120, 244 GED Capital  69, 86, 92, 221, 251 GED Infrastructure  206 Gener To Wind  122 General Atlantic  98, 128, 243, 275, 293 General Oilex Company  37 Generg  205, 305 Gerdau  70, 109, 305 Gerdau Aceros Spain  70, 109 GeriaVi  40, 87, 106, 114, 225 German Media Pool VC  99 Gestamp Automoción  73 Gestión de Capital Riesgo del País Vasco  90, 97, 99, 124, 253 GGND  141, 205, 212 Giant Cement Holding  67, 126 Gigigo  115, 227, 295 Gilde Healthcare  97, 128 GIP III Canary 1  23, 61, 63, 104–105, 119–120, 127, 129, 243 Global 3 Combi  22 Global 3 Energía  22 Global Infrastructure Partners - GIP  23, 32, 61, 116, 124 Global Yachting Group  116 Globalvía  24, 94, 231 Globalvia Inversiones  32, 90, 179, 194, 212 GNB - Companhia de Seguros  196, 209

G Square  40, 87, 106, 114, 219, 225, 289 Galicia Abogados  74, 141, 155, 185 Galilei  190, 273 Galilei Saúde  190 Galloplast 37 Galp Gás & Power  141, 205, 212 Ganexa Seed Capital  200

Go Beyond  82, 99 Gobi Partners  163, 165, 195 Golden Gate Ventures  163, 165, 195 Gómez-Acebo & Pombo Spain  49, 51, 81, 96, 111, 121 Gorla Ventures  97, 124, 253 Gotex 75 GPF Capital  112

HAX 190 Hemav 51 Hemisphere Yachting Services  116 Hengtong Optic-Electric  184 Herbert Smith Freehills Spain  23, 37, 40, 83, 90, 111, 121 Herbert Smith Freehills UK  90 Hernández & Cía Abogados  91

Gramax Capital  183 Grandaços 184 Gransolar (GRS)  37 Greentech Energy Systems  130 Grifols  81, 126, 259 Grifols Worldwide Operations  81, 126 Group BCPE  155, 194, 206, 209, 211 Groupalia 128 Groupe Danone  69 Grupo Aldanondo  92 Grupo Allus  85, 104 Grupo Amaya Tellería  22, 73, 120, 245 Grupo Amma  87 Grupo Catalana Occidente  22, 103, 122 Grupo Cemig  63 Grupo Confide  40, 87, 106, 114, 225, 289 Grupo Fuciños Conde  118 Grupo Giner (Buenaventura Giner)  130 Grupo Hospitalario Quirón (CVC Capital Partners)  37, 105 Grupo Ibersol  89, 142, 149, 193, 205 Grupo Industrial Saltillo (GIS)  73 Grupo Infun  73 Grupo Inversor Petroquímica  71 Grupo Level Capital  97 Grupo Mutua Madrileña  90, 121, 237, 293 Grupo Osborne  126 Grupo Palacios  69, 109 Grupo Sonae  150

Hidroeléctrica del Cantábrico  176 High Tech Hoteles  37 Highland Capital Partners  98, 128, 225, 243, 275 HMS Industrial Networks  72 Hogan Lovells Spain  90, 111, 122 Hogan Lovells UK  69, 81 Holaluz.com  49, 107 Hong Kong SPV  96, 121, 247 Hospital Infanta Luisa  37, 105, 303 Hotel Villa Magna  178 Hotelbeds Group  23, 40, 83, 107–108, 112, 121, 293 Housers 119 Hovione Capital  190 HOWZAT Partners  89, 97, 99 HR Ventures  99 HSBC  23, 40, 74, 83, 102, 107, 141, 155, 185 Hundredrooms 49 Hune  109, 122, 305 Huntsman Performance Products Spain  74 Huntsman Surface Sciences France  74 Huntsman Surface Sciences Italia  74

H H.I.G. Europe  72 Haitong Bank Portugal  141, 155, 185, 187, 189, 194, 196–197 Haitong Capital  86, 116 Haitong Securities  204, 206 HANSA-FLEX 184

I I Squared Capital  64, 84 Ibercaja  67, 70, 103, 123, 125, 129 Iberdrola Renovables Italia  62 Iberinform 192 ICG Europe Fund VI  71, 123 ID Logistics  90, 122 IDC Salud (Quirónsalud)  23, 87, 106, 112, 118120, 243, 293 Idinvest Partners  76–77, 128, 225 Idodi Venture Capital  82, 97, 99 Igenomix  103, 113, 221 Ignios 192

IBERIA

M&A HANDBOOK 2017

IMAG 149 Immfly 49 Imoconti  140, 178 Inapa Suíça  207 Inch Cape Offshore  62 Index Ventures  98, 128, 243, 275 Infracapital  64, 130, 219 Infraestructura de Gas  114, 247

J

Infrapar 192 InfraVia Capital Partners  90 ING Group  32, 67, 70, 123, 125, 129 Ingeniería Marítima  126 Inke  40, 76, 114, 225 Insight Venture Partners  98, 128, 243, 275 Integra Capital  70 Intel Capital  97 Intercapital Venture Portugal  163 Intergaliza Participações  140, 194 Intermediate Capital Group  71, 88, 126, 219, 283 International Chimney Corporation (ICC)  72, 245 Inter-Risco  181–182, 206, 212, 297 Inter-Risco II CI  181, 212 Interstate Blood Bank  81, 126, 259 Intesis Software  72 Intralinks  4, 91, 315 Inváfrica Consulting  196, 209, 233 Invenergy 130 Invent Farma  40, 76, 114, 225 Invent Farma US  40, 76, 114, 225 Inveravante 89 Inveready Capital  49, 77, 97, 99, 124, 217 Inveready Capital  49, 77, 97, 99, 124, 217 Inversiones El Piles  37 Inversora Carso  126, 305 Inversora de Infraestructuras  24, 94, 106, 112–113 Investcorp  40, 79, 123 IPH Group  130 Iproteos 119 Isolux Corsán  64, 67, 70, 123, 125, 129, 255 Itasa  37, 249 Ithaca Ventures  51, 99, 129 Izertis Ventures  99

Jefferies US  40, 76 Jerónimo Martins  150, 189 JHG Investments  22 Jiménez de Parga Abogados  49 JLL Portugal  209, 307 JME Venture Capital  89, 99, 279 Job Digital Networks (CornerJob)  51, 129 Johnson & Johnson Innovation  97 Jones Day Spain  37, 40, 67, 70, 79, 89, 111, 123 JSMS - Jardim, Sampaio, Magalhães e Silva Advogados 178 Juncadella Prosegur Group Andina  125 Just Eat  98 JZ Capital Partners  85 JZ International  66

J.P. Morgan  83, 142, 181 J.P. Morgan Securities (Estados Unidos)  181 Jaice Investments  49 Jardim, Sampaio, Magalhães e Silva Advogados  155, 178, 185, 208, 211 Jausas  22, 111, 122 JB Inversiones Odontológicas  126

K Kala Pharmaceuticals  76 Kennet Partners  99 Keraben Grupo  37, 115, 227 Kereon Partners  82, 99, 253 Kerry Group  103, 114 Keyhaven Capital Partners  77 KFund  49, 63, 84, 97, 99, 279 Kibo Ventures  82, 90, 97, 99 KIC InnoEnergy  175 Kima Ventures  99 Kinematix  140, 163, 190 King & Wood Mallesons Spain  24, 37, 63, 71, 75, 98, 111, 123, 175–176, 184 Kinled Holdings  119 Kirkland & Ellis US  89 Kleiner Perkins Caufield & Byers (KPCB)  99 Komm Investment  97 Konecta  85, 104, 305 Korporate Technologies  115 Korys  118, 255, 287

KPMG Spain  22–23, 37, 49, 62, 69, 75, 81, 85, 87, 90, 92, 178 KPMG International  74, 141, 155, 185 KPMG Mexico  73 KPS Capital Partners  142, 181 KRW Schindler Private Ventures  97 Kurma Life Sciences Partners (KLS Partners)  76-77, 128

Loxam  109, 122, 305 Loyens & Loeff Luxembourg  24, 94 Luckprovider 182 Lusosuan  185, 211 Lusovia Investment  141, 155, 189, 205–207, 209, 211, 263, 313 Lux Capital  76–77 Luz Saúde  190, 210 LyondellBasell 71

L La Belle Assiette La Caixa  128, 293, 295 La Castilleja Energía  130 La Finca Global Assets  103, 127, 265 La Nevera Roja  98 Laboratórios Atral  211 Laboratorios Lesvi  40, 76, 114, 225 Lácteos Saiona  92 Lanai Partners  69, 82, 99 Latham & Watkins Spain  61, 111, 124 Lawesome Legal Services  111, 124 Lazard  23, 40, 74, 83, 102, 108, 141, 185 Lerer Hippeau Ventures  84 Leukos Biotech  49, 124 Lexcrea  49, 111, 124 Liberbank (Fusión entre Cajastur)  67, 70, 123, 125, 129, 265, 283 Life Science Partners  76–77 Ligações e Gestão de Negócios  196, 209, 233 Lincoln International  37 Lindorff Spain  113 Linklaters Brazil  61 Linklaters Portugal  141, 155, 208, 210 Linklaters Spain  22–23, 40, 63–64, 67, 69–71, 76, 89, 91, 94, 98, 111, 125, 175, 181 Llorente & Cuenca  141, 189, 312–313 Local Globe  90, 99 Logisgroup 125 Logiters  90, 122 Logoplaste  181, 263 LOGOS Legal Services  40, 76 Lone Star Funds  155, 178, 212 Longitude Capital  76–77 Lonsdale Capital Partners  116 López y Aller  124, 253

M M&G Investments  23, 91, 125, 255 Macquarie Capital Funds  64, 109 Magnum Capital  37, 71, 249, 251 Magnum II (Magnum Capital)  37 Maha Energy Mahindra CIE Automotive  70, 120, 245 MAIO Abogados  111, 125 Maisons de Famille  87 Mangrove Capital  51, 97, 99, 112, 217 Mapfre  67, 70, 123, 125, 129 Maples and Calder  83 Marfresco  191, 210 Martifer  209, 233 Martifer Solar SGPS  209, 233 Marubeni Corporation  141, 205, 212 Marval O´Farrel & Mairal  61, 71 MásMóvil Ibercom  22, 105, 107, 116–118, 287 Massena Partners  90 Massimo Zanetti Beverage Group  92, 155, 209, 233 Maxwelton Investments  40, 76, 114, 225 MBO Partenaires  71, 227 McCarter & English  72 MCH Private Equity  67, 70, 74, 77, 79, 92, 155, 187, 209, 212, 233, 251 McKinsey & Company Spain  85 Mecanizados Escribano  117 Media Digital Ventures Spain  49, 51, 89, 97, 99, 129, 279 Mediaset Group  112 Medifarma 211 Mediterrània Capital  84, 97 Megalab 125 Menlo Capital  140, 153, 193, 200, 206, 297

IBERIA

M&A HANDBOOK 2017

Merchant Digital Services  128 Meridia Capital  69, 251 Meridiam Infrastructure Europe II (MEII)  155, 194, 206, 209, 211 Meridiam Infrastructure Managers  194 Merlin Properties  22, 32, 66, 104–105, 119–120, 129, 155, 178, 212, 243, 275 Metalcon  187, 212

New Coffee  182, 263 New Enterprise Associates (NEA)  84, 97 Nexxus Capital  67, 251 Nicefield 130 Noa Brands  72 Norgestión  70, 102, 109 Norscut  155, 194, 206, 209, 211 North Brigde  165, 199–200

ONTIER México  67 Onza Capital  49, 99 OpCapita 92 Operador Neutro Navarro (ONENA)  107, 113 Operestradas XXI  179 Operscut 155 Optare Ventures  97 Oquendo Capital  69–71, 89, 92, 251, 283

Pepemobile 22 Pepephone  22, 287 Pérez, Bustamante & Ponce Abogados  23, 61, 63, 66, 69, 81, 85, 90, 111, 126–127, 191, 243, 257, 260, 266, 282, 312 Pérez-Llorca  23, 63, 66, 69, 81, 85, 90, 111, 127, 191, 260 Permedika Entrepeneurs  126

Metric Capital Partners  72 Metrovacesa  22, 66, 105, 119–120, 129, 243, 259, 275 Millennium BCP  141, 155, 189, 204, 207, 210–211, 273 Minersa 126 Minty Square  183, 191 Miranda & Amado Abogados  83 Miura Private Equity  69, 90, 303 Mnext Ventures  82, 97, 99 Monkfish Equity  89, 99 Montalbán Atlas Capital  69, 102, 109 Montero Aramburu Abogados  111, 126 Monterroio 189 Morais Leitão, Galvão Teles, Soares da Silva & Associados  140–141, 155, 163, 165, 175, 184, 189, 194–197, 208, 211 Morais Leitão, Galvão Teles, Soares da Silva & Associados  140–141, 155, 163, 165, 175, 184, 189, 194–197, 208, 211 Morgan Stanley  23, 40, 83, 98, 142, 181, 275 Morgan Stanley US  142, 181 Movvo  163, 196 MP Monumental  155, 178, 212 MP Torre  155, 178, 212 MRN - Manutenção de Rodovias Nacionais  179 Muscari Property  66, 123, 251, 293 Mustard Seed  190, 200

Northsea Spain  118, 255 Northwood Investors  66, 127, 243, 293 Northzone  51, 99, 129 NOS 197 Notion Capital  163, 165, 200–201 Novabase Infraestruturas  140, 199, 211 Novabase IMS Infrastructures & Managed Services  140, 199, 211, 297 NoveEnergia Portugal  205 Novo Banco  67, 70, 123, 125, 129, 196, 206, 209, 273 Novo Banco Spain  67, 70, 123, 125, 129 NovoDia Cafés  182, 263 Nuance Communications  114 Nueva Samede 2016  126 Nuevos Productos Cerámicos (NPC)  115, 227 Nutricafés  92, 155, 209, 233, 311 NW Diagonal DM1  66, 127, 243, 293 NW Diagonal DM2  66, 127, 243, 293 NW Diagonal DM3  66, 127, 243, 293 Nyca 86

Orange Digital Venture  165, 199–201 Orazul Energía Holdings Spain  83, 105, 117 Orazul Energy Peru  83, 105, 117 OrbiMed 76–77 Orona  195, 210 Orpea Ibérica (Care)  22, 113, 221 Orza  73, 237 Osborne Clarke Spain  51, 81, 111, 126 Otium Capital  51, 99 OutSystems  165, 199 OxThera 76 Oxy Capital  175, 191, 193

Perry Capital  127, 265 Perwin 64 PESA  163, 165, 195 PESA Paulo Espírito Santo Amil & Associados 195 Petable 163 Petrobras Argentina  61, 104, 106, 117, 255 Petrobras Participaciones  61, 104, 106, 117, 255 Petroken 71 Philippi, Prietocarrizosa Ferrero DU & Uría  91, 94, 274–275 Philippi, Prietocarrizosa Ferrero DU & Uría Chile  91, 94, 274–275 PJT Partners  40, 87, 90 PKF Attest  81, 102, 110 PLMJ  140–141, 155, 181–182, 189, 199, 208, 211, 262–263 Plug and Play Ventures  99 Pocahontas Parkway  24, 94 Point Nine Capital  90, 99 Polaris Partners  76–77 Pontegadea  66, 293 Portobello Capital  69, 84, 88, 90, 92, 97, 109, 231, 251 Portugal Ventures  140, 142, 149, 163, 165, 190, 192–193, 195, 197, 200–201 Posse Herrera Ruiz  61 Prasa  22, 113, 221 Preciados 9 Desarrollos Urbanos  121, 123 Previsora Bilbaína  22, 103, 122 Previsora Bilbaina Vida Seguros  22, 103, 122 Prieto y Cía Abogados  176 Privalia  98, 128, 243, 269, 275, 293 ProA Capital  37, 69, 74, 89, 92, 185 Procisa  103, 127, 265 Progenika 126

N N Capital  71, 115, 227 N+1 Dinamia Portfolio (Alantra Partners)  37 Natixis  67, 70, 102, 109, 123, 125, 129 Naturgas Energía Grupo  176 Nauta Capital  97–99, 114, 128, 225, 243, 275 Nauta Duilh  184 Nazca Capital  40, 69, 71, 79, 81, 123, 249

O Oakley Capital Investments  97 Octopus Investments  97 Ofertix 128 Offerum 128 Office Park Expo  140, 210 Oitante  140, 150, 153, 210 Olivedesportos 197 Oliver Wyman  85 Olympus Partners  71 Ombuds 85 Ona Capital  84, 97 Oncostellae 124 Oneworld Packaging  85 ONTIER Spain  23, 67, 111, 126, 256

P P101  97, 99 PAI Partners  40, 88–89, 219 Paladin Capital Group  97 Palamon Capital Partners  40, 87, 106, 114, 225, 289 Pampa Energía  61, 104, 106, 117, 255 Pantera Capital  88 Papier Union  207 Papyrus 207 Parati 63 Parkia  90, 121, 219, 249, 287, 293 Parkinvest 206 Parque Eólico Ausines  37 Parques Reunidos  91 Participación e Impulso  115, 227 Partinvest  187, 206 Pathena  140, 163, 197, 201 Paul, Weiss, Rifkind, Wharton & Garrison  98, 142, 181 PDG Invest  82, 99 Pedro Pinto, Bessa Monteiro, Reis, Branco, Alexandre Jardim & Associados  185, 208, 211 Pepe Energy  22

IBERIA

M&A HANDBOOK 2017

proGrow 192 Promail 125 Propel Venture Partners  84, 88, 99 Prosegur 125 Prosegur Internationale Handels  125 Proyeast 182 Pulsar Concept  124, 253 PwC Spain  23–24, 37, 40, 63–64, 66, 70, 72,

Repsol  23, 33 Repsol (extinguida Repsol YPF)  61-63, 104105, 119-120, 127, 129, 243, 251, 291 Restauradores Asturcova  89 Reus Venture Capital  99 Riberalves  182, 263, 297 Rico Corretora  206 Riva y García Gestión  84, 97

Santoro Finance  24, 83, 141, 189, 210–211, 313 Sanyres  22, 113, 221 Sapec - Agro  74, 107–108, 141, 155, 185, 212 SAPEC Portugal  74, 107–108, 141, 150, 155, 185, 212 Sapju Carnes  187 Sariñena Solar  64, 130

Sitka Capital Partners  69, 75, 82, 92, 99, 115, 119 Skadden, Arps, Slate, Meagher & Flom US  83 Slaughter And May UK  40, 87 Smarkio Brasil  142, 196 Sociedade Francisco Manuel dos Santos  149, 189 Sociedade Francisco Manuel dos Santos Países

74–75, 79, 81, 83, 85, 87, 89, 92, 98, 141–142, 155, 175, 185, 193 PwC Italy  81 PwC Portugal  155, 178, 194 PwC Tax & Legal  23, 37, 40, 49, 61–64, 70, 72, 74, 76, 79, 81, 83, 87, 94, 98, 141, 155, 175, 185 PwC Tax & Legal Spain  23, 37, 40, 49, 61–64, 72, 74, 76, 79, 81, 83, 87, 94, 98, 141, 155, 175, 185 PwC UK  63, 74, 141, 155, 175, 185 PwC US  83

RL Sociedade de Advogados  195 Roca Junyent  98, 111, 128, 268–269 Rocket Internet  98 Rodoviária do Tejo  140, 194 Rodrigo, Elías & Medrano Abogados  83, 116, 130, 224, 310 Rosas Construções  209 Rosemark Capital  99 Rotem 74 Rothschild  40, 85, 90 Rousaud Costas Duran (RCD)  49, 51, 72, 111, 128, 270

SARquavitae  40, 87, 106, 114, 219, 225, 289 Scale Capital  97 Scranton Enterprises  51, 259 Scutvias - Autoestradas Da Beira Interior  90, 194, 212 SDC - Concessões  90, 150, 179, 194, 212 SDC - Investimentos  33, 207 SDEL  187, 206 SDIC Power  62 Seaya Ventures  49, 82, 99, 251 Seed Capital Bizkaia  124, 237, 253 Seed CDC  99, 115 Seguradoras Unidas  140, 149, 153, 196, 209 Seldata 207 Selplus  207, 307 Selsoft  207, 307 SER 62 Serena Capital  90, 99 Sermetal Barcelona  184 Serrano 61 Desarrollos  121, 123 Servocad  22, 96, 104, 285 Shanghai Kaichuang Marine International  113, 221 Shaw Industries  181 Shere Group  24, 104, 291 Sherman & Sterling  63, 175 Sherpa  37, 49, 72, 74–75, 88, 251 Sherpa Capital  37, 72, 74–75, 88, 251 Shilling Capital Partners  163, 165, 200–201 SIBS 205 Siema Investments  105, 107, 116–118, 287 Sigrun Partners  37 Silver Point Finance  23, 91, 125, 255 Simpson Thacher & Bartlett UK  40 Singulex  126, 259 Sinia Renovables  37, 62 Siroco Capital  62

Baixos 189 Sociedade Gestora de Participações Sociais  140, 199, 211 Société Foncière Lyonnaise  127 Société Générale Group  67, 70, 123, 125, 129 Socios Q Venture Capital  97 Sodena  62, 97, 107, 113 Sodim 178 Sofina  98, 128, 243, 275 Soitec Solar  140, 175 Solutions 30  112 Sonae Capital  155, 194, 206, 209, 211 Sonae IM  142, 149, 163, 183, 196, 209 Sonae RP  140, 178 Sony Innovation Fund  142, 200–201 Sortegel  187, 206 SOSV 190 Sourced Technologies  51 Souza, Cescon, Barrieu & Flesch Advogados  85 Spanish Acquisition Company  117 Spar 182 Sport TV  197, 297 Springwater Capital  89 Sputnik Ventures  82, 97, 99, 112 Sputnik Ventures Capital  97, 99 Stamar Venture  82, 91, 99 Start up Capital Navarra  97, 107, 113 Startupxplore 115 STAT-Diagnóstica 128 Stella Maris Partners  97, 99 Stiftelsen Industrifonden  76–77 Stikeman Elliott  24, 94 Stocche, Forbes, Padis, Filizzola, Clapis, Passaro, Meyer e Refinetti Sociedade de Advogados  63 Strata Advisory Group  72 StyleSage  142, 183 Sugar Investors  182

Q Q Growth Fund  49 Quadrifoglio Venture Capital  84 Qualigen  40, 76, 114, 225 Qualitas Equity Partners  69, 71, 99, 123, 251 Qualitas Venture Capital  49, 82

R RA Capital Management  76–77 Raclac 185 Rakuten  51, 96, 129, 279 Ramón y Cajal  37, 92, 111, 127, 264 RatnerPrestia 49 RAV  207, 307 RBC Capital Markets  24, 94 Real Vida Seguros  210 Realiza Business Angels  97, 99 Rebi 37 Red de Calor de Soria  37 Red Points  51, 112, 217 Redalpine Venture Partners  99 Redpier  118, 255 Reig Capital Group Luxembourg  127 Relendo 115 Renovalia Energy  64, 130, 219, 243

S Saba Infraestructuras  22, 104 Saba Parques Logísticos  22, 104 Sabadell Capital  99 Sabadell Corporate Finance  37, 302 Sabadell Venture Capital  51, 97, 99, 112, 129 Saggas  114, 247, 287 Salaberren & López Sansón  61 Salaverri, Dellatorre, Burgio & Wetzler Malbrán Abogados 61 Saldum Ventures  128 Saltiproud 187 Salupro 49 Samaipata Ventures  51, 82, 89–90, 92, 97, 99, 112, 129 Santamarina y Steta Abogados  73 Santander Global Corporate Banking Chile  83 Santander Global Corporate Banking Spain  22–23, 61, 63, 67, 70, 73, 85, 141, 189 Santander Global Corporate Banking Spain  22–23, 61, 63, 67, 70, 73, 85, 141, 189 Santander Innoventures  86, 97, 99 Santoro Capital  150

IBERIA

M&A HANDBOOK 2017

Suma Capital  37, 71, 74 Suncoutim  140, 175 Sunstone Capital  51, 76–77, 99

T TA Associates  82 Talde  70–71, 74 Tandem Capital  97, 217 Tavex Europe  24, 75, 116, 251 TAVEX France  24, 75, 116 Taylor Wessing  163, 196 Taylor Wessing UK  196 Teak Capital Venture Portugal  163 TechAgri 79 TedCas  107, 113 Telefónica  49, 97, 231, 237, 249 Telefónica Ventures  97 Telegraph Hill Group (THCap)  97 Telepizza  89, 255 TeliaSonera  105, 107, 116–118, 287 Telles de Abreu Advogados  182, 187, 208, 212 TEM International  74 Tessi  110, 128 Testa Residencial  22, 32, 66, 105, 116, 119–120, 129, 243, 275 TF1  51, 129 THCap Spain  49, 129 The Abraaj Group  84, 88 The Eat Out Group  89, 142, 193, 205 The Iceland Enterprise Investment Fund (Framtakssjóður Íslands)  40, 76, 114, 225 Third Avenue Capital  23, 91, 125, 255 Three Hills Capital Partners (THCP)  88 Ticketbis  98, 251, 275 Tiendas Aurgi  112 Tinsa  40, 85, 275 Torna Capital  71–72 Toro Finance  85 Torre Foster  66, 123, 293 Tradecorp  74, 107–108, 141, 155, 185, 212 Tradinveste  204, 207, 306 Trammell Venture Partners  142, 183, 200 Tranquilidade Moçambique  196, 209 Transamerica Ventures  99 Transportes Figueiredo  205

Treiss 75 Tressis  116, 231 Trident Capital  97 Triumph International  183 Triunfo Internacional  183 Trivalor  149, 233 True Venture  165, 199–201 TrustEnergy 205

Verizon Ventures  165, 199–201 Victoria Venture Capital  64, 86, 97 Videobserver  140, 163, 197 Vieira de Almeida  208, 212 Vieznada 178 Vila Viña Participacions  122 Vinci Energies Portugal  140, 149, 199, 211, 297

TUI Group  23, 33, 40, 83, 107–108, 112, 121, 219, 293 Turtle Capital  69, 82, 84, 89, 97, 119, 279 TV Azteca  51, 129 Tviso 124

Vinzeo Technologies  81, 110, 247, 287 VIR Audit  49 Viriditas Ventures  84 Vitaldent  126, 219 Vitamina K  90, 99 Vivo Capital  76–77 Vodafone Portugal  197, 297 Voestalpine 184 Voltalia  209, 233 Vortex Energy Investments II  63, 106, 123, 175, 255

U U&Law  49, 51, 96, 111, 129 Unbabel  163, 165, 201 Unicaja Banco  67, 70, 123, 125, 129 Unión de Industrias C.A. (UNICA)  113, 130 Union Square Ventures (USV)  86, 165, 199-201 Upcelera Ecommerce  49 Urbaser  22, 105, 125, 205, 255, 287, 293 Uría Menéndez - Proença de Carvalho  74, 141, 155, 165, 178, 185, 193, 196, 199, 208, 212 Uría Menéndez Spain  22–23, 40, 61, 63, 66–67, 70, 73, 85, 87, 98, 111, 129 Uría Menéndez UK  165, 199 US Floors  181

V Vallis Capital Partners  181–182, 185, 190 Vallis Consolidation Strategies I  189 Vallis Sustainable Investments I  181–182, 185, 190 Vander Capital Partners  99 Värde Partners  103, 109, 127, 265 Velem Ventures  99 Velum Ventures  84 Vendin  103, 114 Veniam  165, 199, 201 Vente - Privee  98, 128, 243, 269, 275, 293 Venturangi Capital  88 VenturCap  97, 112 Venusaur  22, 283 Verdant Palms  124

W Watkins  61, 111, 118, 124, 255 Watson Farley & Williams Spain  64, 111, 130 Wayra  97, 99 Weddell Comércio Internacional e Consultoria 210 Wellington Management  76 Wessanen  69, 81 White & Case Spain  111, 130 Willis  63, 74, 90, 141, 155, 175, 185 Willis Spain  90 Willkie Farr & Gallagher  40, 87 Windham Venture Partners  97

X Xacom Comunicaciones  85 Xesgalicia 97 XP Investimentos  206

Y Yamaha Motor Ventures  165, 199–201 Yes 182 Yoigo  105, 107, 116–118, 287 YouandLaw 278 Ysios Capital Partners  76–77, 97, 128

Z Zambal Spain SOCIMI  121, 123, 247 ZIV Aplicaciones y Tecnología  122 ZIV Automation India  122 Zubiarte Inversiones Inmobiliarias  191 Zubicar  124, 253

IBERIA

M&A HANDBOOK 2017

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ANNUAL RANKING 2016 SPAIN Mergers & Acquisitions (M&A)

LAW FIRMS Ranking by Total Value

Ranking by Number of Transactions

Law Firm

1

Value (EURm)

Uría Menéndez

Largest Transaction

18.624,38

Law Firm

Number of Transactions

Most Active Sectors

Number of transactions in the main sector

6.615,58

1

Cuatrecasas

92

Technology

11

85

Technology

12

2

Allen & Overy

17.261,74

6.615,58

2

Garrigues

3

Garrigues

17.016,51

5.760,00

3

Uría Menéndez

57

Consultancy, Audit and Engineering

6

4

Linklaters

15.446,92

6.615,58

4

Rousaud Costas Duran (RCD)

55

Technology

24

5

Freshfields Bruckhaus Deringer

14.906,24

5.760,00

5

Pérez-Llorca

41

Real Estate

9

6

DLA Piper

7.097,80

5.760,00

4

7

CMS Albiñana & Suárez de Lezo

6.886,45

6.615,58

8

Pérez-Llorca

6.587,28

3.802,62

9

Cuatrecasas

5.150,27

1.155,51

10

Clifford Chance

4.378,59

659,70

11

Hogan Lovells

2.728,51

12

Ashurst

13

6

Linklaters

32

Construction (Materials and Machinery); Financial and Insurance; Food; Oil and Gas

7

Clifford Chance

32

Real Estate

10

8

YouandLaw

32

Technology

18

9

Allen & Overy

25

Wind

4

10

Gómez-Acebo & Pombo

24

Internet

8

2.441,12

11

Fornesa Abogados

24

Internet

10

2.354,00

948,00

12

Ramón y Cajal

18

Real Estate

5

Herbert Smith Freehills

1.882,00

1.165,00

13

DLA Piper

17

Marketing and Advertising

3

14

Jones Day

1.858,78

1.409,00

14

King & Wood Mallesons

17

Technology

3

15

Baker & McKenzie

1.796,85

738,00

15

Baker & McKenzie

15

Construction (Materials and Machinery)

3

13

Technology

6

16

King & Wood Mallesons

1.558,54

550,00

16

Osborne Clarke

17

Latham & Watkins

1.118,60

550,00

17

Hogan Lovells

11

Media, Multimedia and Editorial; Technology

2

18

ONTIER

1.067,99

738,00

18

Herbert Smith Freehills

10

Financial and Insurance; Transport, Aviation and Logistics

2

19

Gómez-Acebo & Pombo

741,14

166,50

19

Across Legal

10

Technology

7

20

Roca Junyent

679,00

470,00

20

CMS Albiñana & Suárez de Lezo

9

Wind; Consultancy, Audit and Engineering

1

PEOPLE* Ranking by Total Value

Ranking by Number of Transactions Advisor

Law Firm

N.º of Transactions

Most Active Sectors

N.º of transactions in the main sector

1

Carlos Guerrero Martín

Fornesa Abogados

22

Internet

6

5.760,00

2

Pablo Casado Bueno

YouandLaw

19

Technology

8

8.116,27

6.615,58

3

Íñigo del Val

Allen & Overy

15

Healthcare, Hygiene, Medical Aesthetics and Cosmetics

3

Linklaters

7.897,08

6.615,58

4

Iñaki Frías

Rousaud Costas Duran (RCD)

14

Internet

5

5

Armando Albarrán

Freshfields Bruckhaus Deringer

7.525,24

3.802,62

5

Gonzalo María de Ulloa Lapetra

YouandLaw

13

Technology

8

6

Rafael Sebastián Quetglas

Uría Menéndez

6.853,75

6.615,58

6

Ángel Piñeiro Nogueira

Garrigues

13

Technology

3

7

Antonio Martínez

Allen & Overy

6.742,08

6.615,58

7

Ignasi Costas

Rousaud Costas Duran (RCD)

11

Internet

5

8

Pedro Ravina Martín

Uría Menéndez

6.675,58

6.615,58

8

Diana Rivera

Cuatrecasas

10

Internet

6

César Albiñana Cilveti

CMS Albiñana & Suárez de Lezo

6.617,57

6.615,58

9

David Villa

Rousaud Costas Duran (RCD)

10

Internet

4

Javier García-Pita

Linklaters

6.615,58

6.615,58

10

Ivan Moll Florit

Across Legal

10

Technology

7

Advisor

Law Firm

Value (EURm)

Largest Transaction

1

Javier Monzón

Freshfields Bruckhaus Deringer

8.657,12

5.760,00

2

Luis Guerreiro Antolín

Garrigues

8.201,12

3

Alejandro Ortiz

Linklaters

4

Sebastián Albella

9 10

FINANCIAL ADVISORS Ranking by Total Value

Ranking by Number of Transactions

Financial Advisors

Value (EURm)

Number of transactions

Financial Advisors

Number of transactions

1

BNP Paribas

15.029,30

11

2

Goldman Sachs

9.056,70

3

Banco Santander

8.251,25

4

Morgan Stanley

8.250,58

5

BBVA

6

Citi Global Markets

7

Value (EURm)

1

BBVA

24

2

2

Banco Santander

16

8.251,25

16

3

BNP Paribas

11

15.029,30

3

4

Eurohold

11

38,00

6.920,82

24

5

Arcano Partners

8

369,18

5.071,10

3

6

ONEtoONE Corporate Finance

8

-

Deutsche Bank

4.967,62

2

7

Alantra

7

385,00

8

AZ Capital

4.443,12

6

8

Montalbán Atlas Capital

7

291,20

9

Citigroup

2.990,84

5

9

PKF Attest

7

111,32

10

HSBC

2.233,00

3

10

AZ Capital

6

4.443,12

11

Credit Suisse Group

1.894,31

2

11

Banco Sabadell

6

165,22

12

Lazard

1.670,61

3

12

Norgestión

6

155,00

13

Bank of America

1.478,00

2

13

Citigroup

5

2.990,84

14

J.P. Morgan Chase International Holdings

1.155,51

1

14

Baker Tilly

5

430,00

15

Banco Itaú BBA

986,52

3

15

CREA Inversión

5

5,60

16

Evercore Partners

816,12

1

16

Llana Consultores

5

-

17

PJT Partners

635,00

2

17

Livingstone Partners

4

15,00

18

Erneholm Haskel

612,00

1

18

Natixis Partners

4

-

19

HSBC

612,00

1

19

Morgan Stanley

3

8.250,58

20

RBC Capital Markets

577,76

1

20

Citi Global Markets

3

5.071,10

6.920,82

CONSULTING FIRMS Financial Advisory and Due Diligence Ranking by Total Value

Ranking by Number of Transactions

Consulting Firms

Total Value (EURm)

Number of Transactions

Consulting Firms

Number of Transactions

Total Value (EURm)

1

Deloitte

20.678,75

59

2

PwC

13.468,93

119

1

PwC

119

13.468,93

2

Deloitte

59

20.678,75

3

KPMG

9.607,08

4

EY

3.572,91

51

3

KPMG

51

9.607,08

49

4

EY

49

3.572,91

5

BDO

6

Grant Thornton International

6,94

3

5

Grant Thornton International

4

3

3

4

6

BDO

3

6,94

Consulting Firms

Total Value (EURm)

Number of Transactions

Consulting Firms

Number of Transactions

Total Value (EURm)

1

Deloitte Legal

8.299,71

34

1

PwC Tax & Legal

69

6.332,19

2

KPMG Abogados

7.830,30

16

2

Deloitte Legal

34

8.299,71

3

PwC Tax & Legal

6.332,19

69

3

KPMG Abogados

16

7.830,30

4

EY Abogados

290,50

4

4

EY Abogados

4

290,50

Big Four Legal Advisory Ranking by Total Value

Ranking by Number of Transactions

* This ranking only includes Partners. TTR Rankings are generated with transactions announced between 1 January and 31 December 2016 which are already closed. Sales and acquisitions of shares are taken into account. The Rankings do not include acquisitions/sales of assets and joint venture. Legal rankings are based on local law advice. In case of draw, the adopted criteria will be the following: before a draw of number of transactions, the total deal value prevails; before a draw of deal value, the number of transactions prevails. When a draw of both deal number and deal value occurs, the original position will be maintained and the deals will be arranged alphabetically. All transactions and financial data are available at www.TTRecord.com.

To find out more: [email protected]

www.TTRecord.com

ANNUAL RANKING 2016 PORTUGAL Mergers & Acquisitions (M&A)

LAW FIRMS Ranking by Total Value Law Firm

Ranking by Number of Transactions Value (EURm)

Largest Transaction

Law Firm

Number of Transactions

Most Active Sectors

Number of transactions in the main sector

1

PLMJ

1.326,17

644,00

1

PLMJ

22

Cars, Motorcycles and Other Vehicles

3

2

Vieira de Almeida

979,26

850,00

2

Morais Leitão, Galvão Teles, Soares da Silva & Associados

18

Financial and Insurance

6

3

Morais Leitão, Galvão Teles, Soares da Silva & Associados

885,80

600,00

3

Uría Menéndez Proença de Carvalho

15

Real Estate

3

4

Uría Menéndez - Proença de Carvalho

873,79

456,00

4

Garrigues Portugal

12

Real Estate

3

5

Cuatrecasas Portugal

660,07

644,00

5

Cuatrecasas Portugal

8

Transport, Aviation and Logistics

2

6

Campos Ferreira, Sá Carneiro & Associados

642,00

600,00

6

Vieira de Almeida

5

Transport, Aviation and Logistics

2

7

Garrigues Portugal

235,61

223,00

7

Telles de Abreu Advogados

4

Electric Energy

2

8

Linklaters Portugal

173,18

173,18

8

Campos Ferreira, Sá Carneiro & Associados

3

Railroads

1

9

F4LM

126,50

126,50

9

Linklaters Portugal

3

Financial and Insurance

2

10

Jardim, Sampaio, Magalhães e Silva Advogados

103,00

103,00

10

CMS Rui Pena & Arnaut

3

Food and Beverage

1

11

CMS Rui Pena & Arnaut

83,5

74,50

11

F4LM

2

Transport, Aviation and Logistics

1

12

Telles de Abreu Advogados

11,00

11,00

12

Abreu Advogados

2

Cars, Motorcycles and Other Vehicles

1

13

Amaral Cabral & Associados

5,20

5,20

12

DLA Piper ABBC

2

Financial and Insurance

1

14

Ferreira Pinto

3,50

3,50

12

Pedro Pinto, Bessa Monteiro, Reis, Branco, Alexandre Jardim & Associados

2

Healthcare, Hygiene, Medical Aesthetics and Cosmetics

1

PEOPLE* Ranking by Number of Transactions

Ranking by Total Value

Advisor

Law Firm

N.º of Transactions

Most Active Sectors

1

Tomás Pessanha

PLMJ

8

Cars, Motorcycles and Other Vehicles

850,00

2

Mário Lino Dias

Garrigues Portugal

6

Financial and Insurance

773,18

600,00

3

André Figueiredo

PLMJ

4

Financial and Insurance

Morais Leitão, Galvão Teles, Soares da Silva & Associados

773,18

600,00

4

Duarte Schmidt Lino

PLMJ

4

Technology

Maria João Ricou

Cuatrecasas Portugal

644,00

644,00

5

Diogo Perestrelo

PLMJ

3

Railroads

6

Diogo Perestrelo

PLMJ

606,88

600,00

6

Miguel Marques dos Santos

Garrigues Portugal

3

Financial and Insurance

7

Eduardo Paulino

Morais Leitão, Galvão Teles, Soares da Silva & Associados

600,00

600,00

7

Duarte Garin

Uría Menéndez Proença de Carvalho

3

Real Estate

8

Carlos Osório de Castro

Morais Leitão, Galvão Teles, Soares da Silva & Associados

600,00

600,00

8

Carlos Costa Andrade

Uría Menéndez Proença de Carvalho

3

Water and Sanitation

9

Jorge Brito Pereira

Uría Menéndez - Proença de Carvalho

594,00

456,00

9

José Diogo Horta Osório

Cuatrecasas Portugal

3

Transport, Aviation and Logistics

Miguel Marques dos Santos

Garrigues Portugal

229,27

223,00

10

Susana Pimenta de Sousa

Garrigues Portugal

3

Real Estate

Advisor

Law Firm

Value (EURm)

1

André Figueiredo

PLMJ

1.246,76

644,00

2

Pedro Cassiano Santos

Vieira de Almeida

850,00

3

João Soares da Silva

Morais Leitão, Galvão Teles, Soares da Silva & Associados

4

Luísa Soares da Silva

5

10

Largest Transaction

FINANCIAL ADVISORS Ranking by Total Value

Ranking by Number of Transactions

Financial Advisors

Value (EURm)

Number of transactions

Financial Advisors

Number of transactions

1

Banco Santander

1.881,5

3

2

BBVA

1.588,18

3

Citigroup

4

Value (EURm)

1

Haitong Securities

11

681,99

3

2

Clearwater International - Portugal

7

5,2

1.467,85

2

3

Millennium BCP

6

603,18

Morgan Stanley

917,85

1

4

Banco BPI

6

110

5

Caixa BI

714,33

5

5

Tradinveste

6

-

6

Haitong Securities

681,99

11

6

Caixa BI

5

714,33

7

Millennium BCP

603,18

6

7

Banco Santander

3

1.881,5

8

BNP Paribas

550

1

8

BBVA

3

1.588,18

9

HSBC

456

1

9

Citigroup

2

1.467,85

10

Lazard

456

1

11

Bank of America

138

1

12

Banco BPI

110

6

13

AZ Capital

110

1

14

Clearwater International - Portugal

5,2

7

CONSULTING FIRMS Financial Advisory and Due Diligence Ranking by Total Value

Ranking by Number of Transactions

Consulting Firms

Total Value (EURm)

Number of Transactions

Consulting Firms

Number of Transactions

Total Value (EURm)

1

EY

1.742,70

4

1

PwC

14

1.335,50

2

PwC

1.335,50

14

2

EY

4

1.742,70

3

Deloitte

1.281,50

3

3

KPMG

4

696

4

KPMG

696

4

4

Deloitte

3

1.281,50

* This ranking only includes Partners. TTR Rankings are generated with transactions announced between 1 January and 31 December 2016 which are already closed. Sales and acquisitions of shares are taken into account. The Rankings do not include acquisitions/sales of assets and joint venture. Legal rankings are based on local law advice. In case of draw, the adopted criteria will be the following: before a draw of number of transactions, the total deal value prevails; before a draw of deal value, the number of transactions prevails. When a draw of both deal number and deal value occurs, the original position will be maintained and the deals will be arranged alphabetically. All transactions and financial data are available at www.TTRecord.com.

To find out more: [email protected]

www.TTRecord.com