The Legal 500

Lauded as ‘ the best Portuguese firm’, Morais Leitão, Galvão Teles, Soares da Silva & Associados’ towering reputation as Portugal’s corporate and M&A champion owes much to the fact that the firm was called up to advise the bidders in the country’s two largest-ever takeover bids: Sonaecom’s failed bid for PT, and Millenium BCP’s failed attempt to takeover Banco BPI. Fielding some of the market’s most coveted M&A heavyweights, João Soares da Silva, Carlos Osório de Castro and Nuno Galvão Teles receive the most praise. Also involved in Portugal’s largest outbound coporate investments, the firm notably advised EDP in the €2.15bn acquisition of Horizon Wind Energy of the US. Traditional corporate clients include Inapa, Martifer and Mota-Engil.

Gonçalves Pereira, Castelo Branco & Associados’ corporate and M&A team has recently become ‘ much stronger’. The firm was one of the four key advisers to PT in fending off Sonaecom’s takeover bid. Corporate partner Diogo Perestrelo is praised all round and also boasts strong project finance expertise. Perestrelo led the firm’s advice to Galp Energia and its subsidiary Transgás in the €800m sale of its gas transportation and storage business to REN, as well as in the negotiation of a concession agreement with the Portuguese Republic. Also highly admired in the market, André Luiz Gomes took the lead in the firm’s advice to Fundação José Berardo regarding its acquisition of a 4% stake in BCP – Banco Comercial Português. José Diogo Horta Osório is particularly recommended for LBOs.

Standing out as one of the best corporate practices in Portugal, Linklaters LLP’s small team of seven fee-earners has been hugely successful so far in focusing almost exclusively on Portugal’s high-end market for corporate transactions. Jorge Bleck, the firm’s head of department, is widely recognised as ‘ one of the best corporate lawyers in the country – he is a tough negotiator and a real expert in getting what the client wants’. Bleck led the team which advised Banco BPI and Goldman Sachs in the successful defence of BCP’s €4.3bn hostile bid for Banco BPI. The firm was also notably acting for Group Portucel, one of the leading European players in the pulp and paper market, in its acquisition of a paper machine which will be a part of the group's new paper mill to be built in Setúbal, Portugal.

As we went to press, PLMJ - A. M. Pereira, Sáragga Leal, Oliveira Martins, Júdice e Associados Sociedade de Advogados, RL had suffered a major blow to its widely acclaimed corporate department - four of the firm’s seven fully dedicated corporate partners had left, taking with them a total of 18 fee-earners. Among them is Gabriela Rodrigues Martins, one of the market’s most prized corporate heavyweights. Rodrigues Martins was key in two of last year’s largest deals in Portugal: the €1.3bn sale of one of the biggest real estate groups operating in Portugal (boasting 62 companies) in the residential, corporate and retail sectors; and Galp Energia’s €1.5bn global agreement with EDP. Victor Réffega Fernandes, Martim Morgado and Vasco de Ataíde Marques remain in the corporate team. Réffega Fernandes led the firm’s advice in the €662m sale of the Carrefour Group in Portugal to Sonae.

Uría Menéndez’s up-and-coming corporate team has carved its place as one of the leaders in the Portuguese market. With finance expert partner Francisco Sá Carneiro at the helm, the firm was involved in a major cross-border transaction just before the end of last year - Jerónimo Martins instructed the firm on its €320m acquisition of the Plus Operation in Portugal and in Poland, a highly complex corporate transaction involving Portugal, Germany and Poland. Uría Menéndez worked alongside Hengeler Mueller and Soltysinski Kawecki & Szlezak on this deal. Other M&A highlights include acting for Grupo Prisa in its €419m takeover of Grupo Média Capital; as well as for Banco Espírito Santo (Portugal) and Banco Espírito Santo (Spain) in their €44m merger, the first cross-border merger involving credit entities in Spain and Portugal. Corporate partner Duarte Vasconcelos is also highly recommended.

Vieira de Almeida & Associados was heavily involved in Sonaecom’s attempted takeover of PT; whilst the firm was chosen to be PT’s key adviser only for competition and regulatory issues, a number of PT shareholders instructed the firm in connection with their corporate transactions, in the context of the takeover bid. Managing partner João Vieira de Almeida is praised for being ‘ much more than a mere legal adviser. He is truly a business developer.’

AAA was set up at the start of 2008 as a spin-off from PLMJ - A. M. Pereira, Sáragga Leal, Oliveira Martins, Júdice e Associados Sociedade de Advogados, RL. Fielding one of the market’s most praised corporate experts, Gabriela Rodrigues Martins, the firm regularly advises some of the market’s most active corporate clients, including Grupo Amorim. Partners Dulce Franco and Vitor Pereira das Neves are also recommended.

Despite only being established at the beginning of 2007, ABBC - Azevedo Neves, Benjamim Mendes, Bessa Monteiro, Cardigos & Associados - Sociedade de Advogados RL has had a staggering start in Portugal’s tremendously competitive high-end corporate market. Sonatrach instructed the firm on its €800m JV and acquisition of a 2% stake in EDP. Pedro Cardigos led the matter, working alongside leading French firm Bredin Prat. Cardigos was also recently involved in the €200m sale of TV and cable operator Cabovisao to Cogeco.

Fielding one of the fastest-growing corporate practices in Portugal, Abreu Advogados scores high in client satisfaction. ‘ One of the best law firms I have ever worked with,’ one international client reported. Managing partner Miguel Teixeira de Abreu and Sofia Baptista were part of an international team of lawyers advising Ideal Standard on the completion of its $1.7bn sale of its global bath and kitchen products business. The firm also carried out the due diligence of Iberdrola Renovables’ business in Portugal in connection with the company’s IPO. According to another international client: ‘ You get senior attention whenever you need it, they have great creativity and are top-notch in knowing the market’.

Albuquerque & Associados is a favourite with a number of US law firms and clients. The firm has been involved in several international M&A deals as Portuguese counsel. Most notably, the firm worked alongside Hogan & Hartson, advising Smithfield Foods in its $600m acquisition of Sara Lee Group‘s European meat business. The Portuguese side was commercially significant in the overall transaction, as it included a manufacturing unit. Chiron Corporation also instructed the firm in connection with its acquisition of Novartis, a worldwide deal in the amount of $6bn. António de Mendonça Raimundo is recommended.

M&A highlights at Barrocas Sarmento Neves include its role as Portuguese counsel in the $2.3bn worldwide acquisition of the healthcare division of Eastman Kodak Company by private equity group Onex Partners. João Nuno Barrocas led the matter. Name partner and head of practice Manuel Barrocas has been most notably advising Brazilian oil and gas giant Petrobras – Petroleo Brasileiro on its investments in Portugal and Mozambique.

Corporate boutique Carlos Aguiar, Ferreira de Lima & Associados - Sociedade de Avogados, R.L. is praised for producing ‘ excellent work’. Name partner Carlos Aguiar is singled out for his ‘ constructive advice, a great guy to work with’. Clients include major international banks and investment funds.

F. Castelo Branco & Associados’ best-known corporate practitioner is Gonçalo da Cunha, who leads ‘ a solid team of very good corporate lawyers’. M&A is a key strength and a number of international clients instruct the firm on various day-to-day corporate dealings. Managing partner Miguel Castelo Branco also receives praise. Emerging partners Pedro Guimarães and Rodrigo Almeida Dias are well regarded. ‘ They are definitely among the best we’ve worked with so far,’ one client said.

At GARRIGUES PORTUGAL, S.L. - Sucursal, Diogo Leónidas Rocha was the key adviser on PT’s defence of Sonaecom’s takeover bid last year. Even though the takeover was unsuccessful, the move caused PT to restructure its business, namely with regard to its media company PT Multimedia. Leónidas Rocha has been acting for PT the €2bn spin-off of PT Multmedia. The firm also advises a number of major international companies in Portugal on their general commercial and corporate work.

At just 24 lawyers, including five partners, Macedo Vitorino & Associados regularly punches above its weight, consistently scooping some of the Portuguese market’s most coveted instructions, particularly in the telecoms sector. The firm recently advised private equity firm Riverside Company on its €160m acquisition of Portuguese telecoms company ONI from EDP. Name partner and finance expert Antonio Macedo Vitorino led the matter. Regular corporate clients include Apple, Electronic Arts and Louis Vuitton.

Miranda Correia Amendoeira & Associados’ Lisbon office is key in supporting the firm’s unique position as a market leader in Angola, particularly with regard to major LNG projects. The firm boasts an array of highly coveted international clients operating in Angola in the oil and gas sector. Name partner Rui Amendoeira is highly recommended.

João Caldeira heads up Rui Pena, Arnaut & Associados, Sociedade de Advogados, RL’s corporate and M&A department. The firm has advised in a number of transactions, namely acting for Ikea’s furniture production companies in their negotiation with the Portuguese State of financial incentives and tax benefits regarding a €100m investment in Portugal, and also Simum in its bid for the acquisition of 5% stake in REN – Rede Eléctrica Nacional from EDP. The recent arrival of capital markets expert Francisco Xavier de Almeida and finance specialist Antonio Payan Martins, as well as tax expert Patrick Dewerbe and corporate litigator Antonio Andrade Matos, all previously at Linklaters LLP, is expected to further strengthen the firm’s corporate profile in the future.

At newly merged Sérvulo & Associados, Fernando Ferreira Pinto is regarded as ‘ an exceptionally strong corporate lawyer’. The firm had a surprise appearance in the high-end Portuguese M&A market last year when it advised Altri in its €428m acquisition of Celbi from Stora Enso. The matter was co-led by partner Teresa Serra and Francisco Ferraz de Carvalho, who has, however, recently moved to Linklaters LLP.

Regarded as ‘ one of the best corporate lawyers around’, Luís Cortes Martins, Serra Lopes, Cortes Martins & Associados’ managing partner, has been involved in a number of Portugal’s most significant transactions. The firm recently hired a team of five lawyers, including well-respected partners Isabel Garcia and Martim Anahory from Abreu & Marques, Vinhas e Associados. Rising star partner Rafael Lucas Pires is also recommended.

Simmons & Simmons Rebelo de Sousa maintains a solid reputation for general corporate matters, with partner Octavio Castelo Paulo receiving plaudits from international clients. The firm has been particularly involved in restructuring work, most notably for A Santo, one of Portugal’s largest construction groups which is starting to develop its presence in real estate-driven financial products. AIG has also instructed the firm in connection with amendments to its D&O insurance policy, following new insurance law specifications. British Telecom (Portugal), ENI and Iberdrola are other active clients in the corporate sector.