Linklaters > Madrid, Spain > Firm Profile

Linklaters > The Legal 500 Rankings

Spain > Banking and finance Tier 1

Noted for its ‘great knowledge of banking regulations‘, Linklaters possesses an impressive track record in highly complex, and often market-shaping financing transactions in Spain and abroad. Singled out for its wealth of experience in acquisition finance and LBOs, the department is equipped to handle the financing of energy projects, real estate-related deals, direct lending mandates, refinancings and restructurings. The group is led by a capable quartet: Juan Barona, who has over two decades of experience in the banking and finance space, and has been particularly active in acquisition finance, takeover bids and financings in the real estate and energy segments; English law partner Ben Crosse, a key contact for both investment banks and corporate clients in relation to private equity leveraged finance, investment grade lending and real estate finance; Francisco Sáinz-Trápaga, who handles a host of domestic and cross-border financing deals; and recently promoted partner Begoña Martínez, who excels in refinancing and restructuring matters. They ‘successfully lead a team that cooperates seamlessly with their colleagues in London and other offices in the Linklaters network’. Paloma Fierro oversees the financial regulatory practice, advising on the reorganisation of banks and investment firms, regulatory M&A and the setting up of credit institutions and branches.

Spain > Capital markets: Debt Tier 1

Rated for its ‘knowledge, flexibility, and diligence‘, Linklaters enjoys a strong reputation in the Spanish market for its frequent involvement in consequential DCM deals, ranging from standalone bond issues to MTN programmes, regulatory capital instruments, convertible bonds, high yield matters and securitisations. With the ability to advise on Spanish, English and US law issues, the Madrid-based team is recurrently engaged by seasoned issuers and financial institutions. Jorge Alegre, who oversees the capital markets group, has recently advised on the issuance of sustainable notes, hybrid bonds, and regulatory capital instruments. A key contact for banks, corporates, and sponsors, Iñigo Berricano maintains a broad practice covering debt and convertible bond issuances, regulatory capital, and liability management. English law-qualified partner Federico Briano specialises in securities law and capital markets products (both debt and equity). Pablo Medina brings together experience in equity offerings, debt issues, hybrid instruments, and M&A deals with a capital markets component. These are all key areas of activity for Juan María Lamo, who stands out for his strong track record in securitisations.

Spain > Capital markets: Equity Tier 1

‘Among the best law firms in Spain‘ for capital markets matters, Linklaters manages a busy ECM workload where big-ticket IPOs feature alongside accelerated bookbuild offerings, rights issues, and capital increases. Capital markets group head Jorge Alegre brings together expertise in equity and debt offerings, and on the ECM side, has recently advised on a number of prospective IPOs. Iñigo Berricano specialises in capital markets and corporate governance, while English law partner Federico Briano is particularly recommended for equity-linked transactions. Pablo Medina acts for sponsors, corporates, and investment banks in equity offerings and M&A deals with a capital markets component. Counsel Juan María Lamo is also part of the core capital markets team, assisting with both ECM and DCM matters.

Spain > Commercial, corporate and M&A Tier 1

Offering legal support to a stellar client base comprising multinational companies, financial investors and other active participants in M&A, Linklaters excels in big-ticket transactions at the domestic and international level. Singled out for its ‘excellent M&A track record and knowledge of corporate law‘, the team continues to attract instructions from an impressive number of new clients from the energy, life sciences, infrastructure and private equity spaces. Víctor Manchado, head of the corporate department in Madrid, is particularly skilled in public M&A mandates in the energy and financial services sectors; he is also proficient in M&A involving distressed assets and private equity. Energy and infrastructure-related deals are among Lara Hemzaoui‘s core areas of focus. The ‘fantastic‘ Carmen Burgos is a key contact for domestic and cross-border M&A, joint ventures and commercial agreements. Other names to note include: M&A and PE specialist Esteban Arza; Jose María López, who plays a prominent role in renewable energy transactions; managing partner José Giménez, who shines on matters involving regulated sectors; and senior consultant Jaime Zurita, whose broad practice covers IPOs, public M&A and tender offers.

Spain > EU and competition Tier 1

The market-leading competition and antitrust department at Linklaters ‘always seeks professional excellence’ and is rated for its ‘in-depth theoretical knowledge and practical approach'. Adept in the entire array of competition matters, the group is led by Jaime Pérez-Bustamante, who is regularly called upon by clients from the financial services and healthcare sectors to advise on transactions and cartel investigations. Dual qualified partner Fredrik Löwhagen (Spain and Sweden) stands out for his wealth of experience in merger control at the domestic and EU level; he is also a name to note for state aid. Juan Passás has a strong track record of representing clients before competition authorities, while Laura Pinilla handles a mix of merger control and antitrust proceedings before competition authorities and courts.

Spain > Private equity Tier 1

A go-to destination for some of the leading domestic and international PE houses, alternative asset managers, real estate and specialist infrastructure and energy funds, Linklaters continues to advise on a number of high-end, cross-border transactions in the private equity space, notably leveraged buyouts (LBOs) and distressed deals. With a wealth of experience in LBOs, Víctor Manchado ‘possesses deep and broad knowledge of all corporate and contractual matters‘, and is adept at assisting with the setting up and restructuring of PE funds. Lara Hemzaoui specialises in infrastructure and energy-related transactions, while Carmen Burgos is often engaged in matters within the TMT and consumer goods sectors. Other noteworthy practitioners include Esteban Arza and Jose María López, the latter of whom has been particularly active in renewables. Sebastián Albella returned to the firm at the end of 2022, following a 4-year stint as Chairman of the Spanish Securities and Exchange Commission (CNMV); clients rate his ‘deep knowledge, practical approach, dedication and empathy‘.

Spain > Projects and energy Tier 1

Covering the entire energy chain, Linklaters is praised for its ability to ‘provide creative solutions that best defend the interests of its clients’ in the context of M&A and financing transactions, projects, regulatory and contentious matters. Managing partner of the Madrid office José Giménez 'stands out for his encyclopedic knowledge of law' and proficiency in regulatory matters and transactions in this space. Lara Hemzaoui frequently advises on M&A deals within the energy sector. The deep bench also includes Roberto Sánchez, who is highly knowledgeable of regulatory issues, project finance and contentious-administrative proceedings, and Jorge Toral coordinates domestic and cross-border transactions in the energy sector, encompassing power, gas and green hydrogen.

Spain > Public law Tier 1

The ‘leading and outstanding’ public law and regulated sectors team at Linklaters provides legal support in regulatory matters, transactions and administrative-contentious proceedings, particularly in the energy, infrastructure, and telecoms sectors. The team is led by José Giménez who possesses broad advisory and contentious experience, acting for large corporations in sectors with a strong regulatory component. Roberto Sánchez, who is currently on secondment in the Washington office, advises Spanish clients on international regulatory matters. Noted for both his transactional and litigation credentials, Mario García is seen with great regularity acting for domestic and international clients in administrative and judicial proceedings.

Spain > Restructuring and insolvency Tier 1

Linklaters boasts a well-balanced restructuring and insolvency practice, serving creditors, financial institutions, funds, distressed debtors, and their administrators. The team is particularly well equipped to provide advice on real estate-related restructurings, and has of late advised corporates and banks on distressed asset and debt scenarios within this sector. The group is jointly led by Francisco Sáinz-Trápaga, an expert in restructuring transactions; Ben Crosse, an English law partner who advises on a range of financing deals; Juan Barona, the head of the firm’s banking practice; Borja Fernandez De Troconiz, a key point of contact for matters involving banking litigation and complex insolvencies; and Alex Ferreres.

Spain > Tax Tier 1

Working across several sectors, the team at Linklaters handles the full spectrum of tax matters; recently, it has been particularly active in advising on the tax aspects of M&A deals, restructurings and refinancing transactions for some of the largest Spanish corporates. The team is also equipped to represent clients in contentious proceedings and guide them through the tax intricacies of the capital markets and financial industries. The team is co-led by Javier García-Pita, who is proficient in both transactional matters and tax audit proceedings, and Alejandro Meca, a key contact for Spanish and international companies, private equity houses, and financial institutions, who is well versed in the tax structuring of foreign investments. Carlos Olmedo is another name to note in the tax team.

Spain > Dispute resolution Tier 2

Linklaters is a dominant force in all areas of dispute resolution work, covering arbitration, pre-litigation advice, civil, criminal, and public litigation, as well as insolvency matters. The practice advises across a range sectors, including banking, corporate, real estate, energy, construction, and infrastructure, and its client roster includes large financial institutions, private equity houses, and domestic and international corporations. Commercial litigation specialist Borja Fernandez De Troconiz oversees the team alongside Alex Ferreres, who joined the firm in January 2023 from Uría Menéndez, and brings a wealth of experience in contractual liability and tort law matters.

Spain > Industry focus: TMT Tier 3

Linklaters is a key adviser to international tech and telecoms companies, among them Telefónica and Alipay, and is sought out for regulatory advice, litigation services, corporate deals and financing transactions. Led by José Giménez, who ‘stands out for his deep knowledge of the telecoms and energy sector‘, and Ceyhun Pehlivan, who has ‘very deep subject matter knowledge and experience‘, the TMT practice recently assisted Red Eléctrica de España with the potential implementation of co-location services to develop 5G. Corporate partner Carmen Burgos also plays a key role in the team.

Spain > Real estate and construction Tier 3

Praised for its collaboration with other departments, such as finance and tax, Linklaters covers the gamut of real estate matters. Adolfo Guerrero heads up the practice, handling real estate M&A, sale-leaseback agreements and restructurings. Other key individuals include Gabriel Cabello, whose diverse workload covers urban planning, asset management and permitting matters, and Santiago Alfonsetti, who possesses a strong background in corporate real estate transactions, joint ventures and cross-border restructurings.