The Legal 500

Within Banking and finance, Linklaters LLP is a first tier firm,

Linklaters’ recent work includes acting for AXA and Permira on financing for the joint acquisition of online travel agency Opodo. The practice worked extensively on restructurings in 2011, including advising a syndicate of banks as creditors in the restructuring of Dinosol Supermercados’ debt, and transfer of ownership from Permira to the lenders. It also advised lenders on the €1.2bn facilities agreement granted to Gamesa Corporación Tecnológica. Pedro de Rojas leads the practice, which also includes the highly regarded Ben Crosse.

Within Capital markets, Linklaters LLP is a first tier firm,

One high-profile client opines that Linklaters is ‘the number-one choice in any equity capital markets transaction’. Practice leader Iñigo Berrícano wins rave reviews for his ‘truly outstanding’ work, while newly promoted partner Federico Briano is ‘the most committed, hands-on lawyer anyone could want’. In 2011, the team acted on the IPOs of newly created savings banks including Bankia and Banca Civica. Other highlights included acting for Société Générale on Sacyr Vallehermoso’s inaugural €200m convertible bond issue.

Within Capital markets (US law), Linklaters LLP is a second tier firm,

Linklaters’ Federico Briano and Conrado Tenaglia have ‘great knowledge and a good pro-business approach’. The practice is commended for ‘quality, responsiveness and commitment to the client’, and ‘a very deep team that allows for seamless execution and advice’. It has been advising the banks on domestic and international aspects of the Bankia and Banca Civica IPOs, and its debt-side instructions included advising Befesa Zinc as borrower of €300m proceeds from 8.875% senior secured notes issued by Zinc Capital.

Within Corporate and M&A, Linklaters LLP is a first tier firm,

Linklaters’ high-grade team advised International Petroleum Investment Company (IPIC) on its bid for a stake in CEPSA, and AXA Private Equity and Permira on their joint acquisition of Opodo. Two separate teams have been advising Goldman Sachs and Macquarie Infrastructures on Endesa’s sale of gas distribution assets. Corporate head Alejandro Ortiz is recommended along with Sebastián Albella, who is ‘a clever and brilliant lawyer’; ‘creative and full of ideas’.

Within Dispute resolution , tier 4

Linklaters continues to flourish under the leadership of Francisco Málaga. It is representing BBVA in disputes arising from derivatives and other financial products, and has been appointed as one of three arbitrators in a dispute regarding the sale of Grupo Inversor Hispania.

Within EU and competition, Linklaters LLP is a second tier firm,

Linklaters attracts glowing feedback, particularly for its multijurisdictional capabilities. Jaime Pérez-Bustamente leads a quality team and is ‘at the top of his game; he is not only smart and well connected, but an extremely insightful counsel as well’. The team recently advised Grupo ACS on merger control aspects of its hostile bid for Hochtief. International Petroleum Investment Corporation (IPIC) instructed the group on a takeover bid for Cepsa.

Within Employment Other recommended firms

Within Legal market overview,

A number of UK firms enjoy prominent positions: namely Clifford Chance, Freshfields Bruckhaus Deringer and Linklaters. Olswang was among new entrants to the market in 2011.

Within Projects and energy, Linklaters LLP is a second tier firm,

Linklaters advises banks and corporations on a range of energy-related matters. It advised Capio on the new Móstoles hospital, JBIC on financing a solar power plant in Extremadura, and Acciona on financing aspects of the sale of a 15% stake in Acciona Energía to Mitsubishi. On the regulatory side, clients include Gas Natural, Iberdrola and Gamesa. Ben Crosse, José Giménez and practice head Pedro de Rojas are the three partners in the team.

Within Real estate, Linklaters LLP is a second tier firm,

Linklaters’ Rafael Molina has an excellent reputation. The team advised four of the final bidders for RBS’ real estate portfolio, and acted on a number of distressed debt and equity transactions. It advised Mount Kellet on the proposed acquisition of real estate debt assets owned by a savings bank that was being restructured. Other clients include British Land, Oaktree and Cerberus. Jesús Varela moved to Salan in October 2011.

Within Restructuring and insolvency, Linklaters LLP is a second tier firm,

Linklaters has solid experience in equity and debt restructuring. It advised Dinosol Supermercados’ creditors on its indebtedness and transfer of ownership from Permira. Nomura instructed the firm when it was advising the Bank of Spain on the sale of Cajasur as part of a restructuring process. Insolvency work included advising an industrial investor on the potential distressed acquisition of Newco, and continuing to represent King Sturge in two insolvency proceedings. Pedro de Rojas, Rafael Molina and Francisco Málaga are recommended.

Within TMT, Linklaters LLP is a third tier firm,

Linklaters advised Permira on the acquisition of eDreams, and Telvent on financing under US law. Counsel Carmen Burgos is the main contact for transactional advice. José Giménez is the primary regulatory partner, whose clients include Telefónica.

Within Tax, Linklaters LLP is a third tier firm,

Linklaters’ relatively small tax department is ‘excellent in all fields: knowledge, fees and punctual responses’. Recent instructions include advising Endesa on selling an 80% stake in its gas distribution and transmission business to Goldman Sachs. Practice head Javier García-Pita is ‘impressive’, and provides ‘creative, complete and punctual solutions’.