Commercial, corporate and M&A in Spain

Allen & Overy

Allen & Overy provides local and international expertise, advising corporates and sponsors in large-scale inbound and outbound M&A transactions. The practice is particularly active in inbound M&A related to the private equity, infrastructure, financial institutions and energy sectors. In addition, the firm is experienced in acting for private equity funds in M&A transactions and advising in regulated sectors. Fernando Torrente specialises in public M&A and capital markets. He co-leads the team with Iñigo del Val, who is well-regarded for domestic and cross-border public and private M&A transactions; Ignacio Hornedo, whose expertise includes M&A, disposals, joint ventures and commercial contracts; and Pablo Mayor, who focuses on advising private entities in relation to energy, infrastructure, public procurement and public law litigation.


‘Outstanding availabilty. They understand the customer’s needs better than anyone’

‘Íñigo del Val is a best-in-class attorney always looking for solutions and pushing the boundaries until the deal is done in a satisfactory way, even in deals taking place in foreign jurisdictions’

‘Very specialised team, with very deep technical knowledge’

‘Total availability and with a very business-minded vision of the issues’

‘Very pragmatic advice adapted to the client’s profile’

‘In addition to extraordinary technical knowledge, they have full availability, flexibility in dealing with problems and possible solutions and a great capacity for co-ordination with lawyers from other jurisdictions’

‘Very qualified and with reasonable fees’

Key clients



Santander Consumer Finance








Work highlights

  • Advised Banco Sabadell on the sale of  a portfolio of real estate assets to Oaktree Capital (Project Greco).
  • Advised Mubadala and Cepsa on the sale of Cepsa to the Carlyle Group.
  • Advised Atlantia on the takeover bid of Abertis.

Clifford Chance

The ‘competent, experienced and availableClifford Chance is 'very business minded and understands the dynamics of the deal-making process and how to shape it'. Acting for public and private companies, the firm has particular expertise in multi-jurisdictional matters and insurance sector-related transactions. Javier García de Enterría leads the practice and specialises in M&A, corporate governance, equity capital markets and corporate law. Notable in the team are Jaime Velázquez, who is known for his expertise in regulated sectors, including TMT, energy, financial institutions and infrastructure; Javier Amantegui, who focuses on private equity, cross-border M&A and infrastructure transactions; and the ‘excellent adviser and negotiatorLuis Alonso, who has experience in transactional, local and cross-border M&A. Also well regarded are Samir Azzouzi, who is active in the Latam region, and associate Miguel Barredo, who advises on M&A and corporate restructurings.


‘I would like to highlight the qualifications of the team and its high level of involvement in all phases of the process, especially in negotiations with the counterparty and in the detection of issues of concern in the contractual documents’

‘They are very thorough in all aspects of a transaction, no matter how complex it is’

‘They were able to build up a very good team, mixing profiles and experiences, leading to a really good result and providing excellent value for money’

‘They were able to manage a very complex transaction, providing solutions to all problems found in a seamless way. In addition, they were extremely helpful during the negotiation phase, providing advice that turned out to be a key success factor for the transaction’

‘I really appreciated that they were honest enough to challenge me and provide guidance even if it was not my initial preference’

‘All the open debates and exchanges yielded to a more solid and better result. I have not experienced such openness in other firms. On top of that, they demonstrated themselves to be experts in our industry.’

‘They are a very competent team, with experience and very good availability’

‘Very business-minded team’

‘Clifford Chance is always ready to help us no matter how challenging the topic may be’

‘The extraordinary capacity and ability of Luis Alonso in the negotiation, both in relation to legal and financial issues and to the global vision of the project, adds additional value to the competitors’

‘The ability of Miguel Barredo to prepare and review any contract as many times as are necessary to get the best position for the client, as well as to detect potential strengths and weaknesses, makes for a team with an extraordinary ability to achieve the best result’

‘Luis Alonso is extremely good and professional. He was able to manage the team and drive the transaction in a very efficient and effective way. I was particularly impressed by his advice during negotiation and by the fact he was able to analyse things from very different angles, leading to a very solid outcome of the contract and negotiation. In addition, I was surprised by his deep knowledge in topics that were not normally under his area of expertice (regulatory, tax, litigation, etc)’

‘Jorge Martin is a young brilliant lawyer. Very smart, quick learner and very hard worker. He was able to pose his opinion in a very comprehensive way’

Key clients

Actividades de Construccion y Servicios, S.A. (ACS)


ADV Partners

Advent International Corporation



Algonquin Power & Utilities Corp



Artá Capital




Work highlights

  • Advised the Dia group in all corporate matters relating to its restructuring situation from October 2018 to May 2019, including in relation to the LetterOne’s hostile takeover bid, Dia’s overall debt refinancing, a projected €600m rights issue, and projected disposals of the Clarel and Max Descuento business.
  • Advised Crédit Agricole on the combination of its asset management and securities deposit and custody business with that of Banco Santander
  • Advised the Airbus group on the sale of Spanish tier 1 producer Alestis to Aciturri in the context of a competitive bid process.


Cuatrecasas has strength in depth, enabling the team to provide industry-focused expertise in key sectors. The firm is particularly experienced in energy and cross-border M&A transaction, especially related to London, New York, Mexico and Bogotá. Javier Villasante specialises in advising listed companies, multinationals, large industrials and private equity firms on multi-jurisdictional deals. He leads the practice with Víctor Xercavins, who focuses on the financial, insurance and industrial sectors, as well as fund investments. In a recent highlight, the department advised Kosmos Group on negotiating and signing the licensing and management agreement for the Davis Cup, covering the period of 2019-2043.

Key clients


Bain Capital


Dow Chemical

DP World

Gaw Capital

HRS Management

Pernod Ricard

Seat Volkswagen Audi Group

Seguros Catalana Occidente

Work highlights

  • Advising the listed France-based company Elior Group on selling the company Areas in the Colombian, Mexican, Portuguese and Spanish jurisdictions to Pai Partners, the France-based private equity firm.
  • Advising AIMCo, the Canada-based institutional investment manager, on the acquisition from Oaktree Capital Management of an undisclosed majority stake in Eolia Renovables de Inversiones, a Spain-based renewable energy company.
  • Advising Universidad Alfonso X El Sabio, the Spain-based private university, on the sale of the company to CVC Capital Partners, the UK-based private equity firm, along with the sellers and management, in a management buyout transaction.


The ‘knowledgeable and adaptableGarrigues is prolific in M&A deals across Spain and Portugal, with increasing activity in cross-border transactions. Álvaro López-Jorrín is an expert in corporate law, M&A and commercial restructuring, particularly in relation to financial institutions. He co-leads the practice with Mónica Martín de Vidales, who specialises in company and corporate law, and Fernando Vives, who has a particular focus on capital markets and financial services. The team advised a consortium of investors, led by funds advised by Bridgepoint, on acquiring a €2.6bn majority stake in Dorna Sports. José María Gil-Robles left to join DLA Piper in 2019.


‘Knowledge of the subject and knowledge of the client’

‘The team is normally fully available and able to help at any time’

‘They are able to look for agile solutions and ready to overcome issues in a multi-jurisdictional project’

‘Ildefonso Polo is fully available and very hands on to react to and overcome unexpected issues. He is very solutions oriented and has unique technical capabilities on the M&A and corporate front’

Key clients


Banco Bilbao Vizcaya Argentaria (BBVA)

Banco Santander

Banco Sabadell

IAG (British Airways and Iberia)







Merlin Properties





General Electric


Merlin Properties


Work highlights

  • Advised Praxair on its divestment in favour of Taiyo Nippon Sanso Corporation.
  • Advised Piolin BidCo (a special purpose company indirectly owned by EQT, Groupe Bruxelles Lambert and Corporación Financiera Alba) on the launch of a €630.7m takeover offer for 56% of Spanish leisure park operator Parques Reunidos.
  • Advised Red Eléctrica on the acquisition of Hispasat shares.


Linklaters acts across the board in the area, with particular expertise in energy, infrastructure and the financial sector, as well as public M&A deals. The practice is known for its strength-in-depth and is co-led by Víctor Manchado, Alejandro Ortiz, Alexander Kolb, Lara Hemzaoui, José Giménez, Carmen Burgos, Jaime Zurita and consultant Jesús Alfaro. Also notable in the team is managing associate Esteban Arza, who has experience in advising Spanish and international groups on domestic and cross-border acquisitions, auction processes, joint ventures, restructuring and commercial agreements. In a recent highlight, the firm advised Carlyle on the acquisition of up to a 40% stake in Compañía Española de Petróleos from Mubadala Investment Company. Juan Oñate left the firm for Pérez-Llorca in 2020.


‘They are always available and they are always willing to help’

‘Their advice is practical, they cut to the chase and get straight to the point’

‘Strong commercial acumen and well versed with client’s needs’

‘They are always willing to help and are proactive in finding the way to satisfy customers’ needs’

‘Victor Manchado is a best-in-class M&A lawyer’

‘Javier Garcia-Pita is solution oriented; he has answers to the most complex issues’

‘Carmen Burgos is diligent, practical and has a super response time’

‘Victor Manchado is a top lawyer who understands what actions create value for his clients’

Key clients

Banco Santander




Yum! Restaurants International


Rhône Capital



ProA Capital



Work highlights

  • Advising PAI Partners on the acquisition of Areas, owned by Elior Group.
  • Advising Rhône Capital on the cross-border merger between its controlled portfolio company, the Zodiac group, and the Spanish listed company Fluidra.
  • Advising AIMCo on the acquisition of a majority stake in Eolia Renovables from Oaktree Capital Management.


Known for its cross-border expertise, Pérez-Llorca has offices in Madrid, Barcelona, London and New York. Practice head Javier Carvajal is an expert in M&A, private equity, corporate restructurings, joint ventures and IPOs. He can call on the experience of senior partner Pedro Pérez-Llorca, who focuses on public and private M&A. The team's bench strength was further bolstered by the arrivals of Francisco Iso, who has particular expertise in multi-juristictional transactions with a US component, from PwC Tax & Legal Services in 2019; Alejandro Alberte, who joined from Herbert Smith Freehills LLP in 2018 and specialises in M&A corporate transactions related to energy and infrastructure; and Dídac Severino, who joined from Clifford Chance and is known for M&A, joint ventures and corporate restructuring. Also notable in the team are Juan Oñate, who joined from Linklaters in 2020; Álvaro Ramírez de Haro and Jordi Farrés, who were promoted to partner in 2019; and Rafael Díaz, who made partner in 2020.

Practice head(s):

Javier Carvajal

Key clients

CVC Capital Partners


Rhône Capital

Oaktree Capital Management

DS Smith

Banco Santander

I Squared Capital



Grupo Inversor Hesperia

Work highlights

  • Advised Grupo Inversor Hesperia on the hostile takeover bid launched by Minor International Public Company over 100% of the share capital of NH Hotel Group.
  • Acted as the lead adviser to Blackstone on the Spanish legal aspects of various transactions leading to Blackstone’s acquisition of around 99% of Testa Residencial Socimi.
  • Advised DS Smith on all Spanish law matters relating to the voluntary tender offer for 100% of the issued share capital of Papeles y Cartones de Europa (Europac).

Uría Menéndez

Known for providing ‘a top-quality product and service’, Uría Menéndez has expertise in complex and cross-border transactions, notably in Portugal and the Latam region. The practice offers ‘unique, well-rounded solutions’ and is co-led by Manuel Echenique, who specialises in domestic and international M&A, private equity and general corporate law, and Francisco San Miguel, who is experienced in domestic and international private equity and banking M&A. Their prolific team includes Juan Francisco Falcón, who covers a range of corporate law and financing work, with particular emphasis on M&A, private equity, structured finance and securitisations; Juan Miguel Goenechea Domínguez, who focuses on public and private transactions, in Spain and internationally; Salvador Sánchez Terán, who advises on corporate transactions involving credit entities and on the development of new financial instruments; and Tomás Acosta who acts in debt restructuring and multi-jurisdictional structured finance deals, as well as equity and debt issuances.


‘Committed beyond their job, they treat the transaction as theirs’

‘They are proactive and one step ahead of the needs of the client’

‘Jaime Pereda is able to explain things calmly to the client and his performance is key in the negotiations. He is a practical lawyer with expertise in his field’

‘Leonor de Osma is devoted to every transaction and she treats them as hers. Her active and positive attitude combined with her commitment to her work its vital.’

‘Carlos Paredes has deep knowledge of the sector and an up-to-date, practical approach to any legal situation’

Key clients

Banco Santander







Lone Star


Coca-Cola European Partners

Work highlights

  • Advising Abertis Infraestructuras on the voluntary tender offer launched by Hochtief Aktiengesellschaft for shares representing 100% of its share capital.
  • Advising Lone Star Funds on its acquisition of 80% of CaixaBank’s real estate business.
  • Advised Repsol on the sale of approximately 20.072% of the share capital of Gas Natural SDG to Rioja Bidco Shareholdings, a company controlled by funds advised by CVC.

Ashurst LLP

Ashurst LLP distinguishes itself in M&A transactions involving financial institutions and insurance companies, as well as advising multinational corporations in a range of matters. The firm particularly specialises in distressed assets transactions and investments in special situations. Practice head María José Menéndez has expertise in corporate and commercial law, notably private equity and commercial contracts. Her team was boosted by the 2018 arrival of Andrés Alfonso from Herbert Smith Freehills LLP, who brings experience in project development, M&A, capital markets and finance; he is particularly well known for acting in the energy sector, as well in international matters related to African and Latam jurisdictions. Senior associate Tannia Rodríguez is also recommended, with her expertise covering corporate reorganisations and shareholder and joint venture agreements.

Practice head(s):

Maria José Menéndez


‘My experience working with Ashurst has been very positive. The co-ordination between the different areas was perfect and they were always focused and aligned to meet the client’s goals’

‘The team was very flexible, and they were able to adapt to the situations that we had to face during the selling process’

‘All the leaders from the different areas were very proactive but I have to make a special mention of Andres Alfonso and Tannia Rodriguez. They were always available and ready, with great knowledge as lawyers but also with a great understanding of the customer’s needs’

‘Jorge Vazquez’s knowledge, both legal and in the sector, as well as his behaviour in meetings and negotiations, is stellar. He is courteous, never losing his nerve or temper, but always quick and precise in negotiations’

Key clients




Elliott Funds




Cobra (ACS)



Work highlights

  • Advised funds managed by Corsair Capital on the €769.6m acquisition, together with APG, of a 59.2% interest in Itínere Infraestructuras from Gateway Infrastructure Investments, Sacyr and Liberbank
  • Advised doBank on the €360m acquisition of 85% of Altamira Asset Management.
  • Advised Aviva Europe on the €238m sale of a 50% stake in the Spanish life insurance company Pelayo Vida Seguros y Reaseguros.

Baker McKenzie

The multi-disciplinary team at Baker McKenzie specialises in matters related to the real estate, hospitality and tourism sectors. The firm is also increasingly active in advising private equity funds as investors in M&A transactions. Enrique Carretero leads the Madrid office's corporate and M&A practice, with a particular focus on public M&A and takeovers, as well as capital markets law. Co-leading the practice from Barcelona is Javier Menor, who is experienced in advising international and domestic clients on strategic alliances, private equity and competition law.


‘It is the best M&A team with whom I have worked in my professional career’

‘Deep knowledge of the subjects, closeness, empathy and cordiality of the whole team’

‘They are great professionals and great people’

‘If a person stands out it is Juanjo Corral’

Key clients

Minor International Public Company Limited

Lifull Co. Ltd.

Akzo Nobel

LVMH Moët Hennessy Louis Vuitton

Wotrant Technologies

Codorniu´s shareholders

Telepizza Group, S.A.

AINA Hospitality

Magna Management AG

BP International, Ltd.

Trina Solar (Schweiz) AG

Abac Solutions Manager, S.a.r.l.



Santander Consumer Finance

Work highlights

  • Advised on the acquisition by a wholly owned subsidiary of Minor International, a Thai listed company, of a 38.2% stake in the Spanish listed company NH Hotel Group from several Oceanwood-controlled entities and from HNA through different transactions, and in the subsequent launching of a public takeover bid over the entire share capital of the Spanish entity.
  • Advised the shareholders of Codorníu, the oldest manufacturer of sparkling wine in Spain, on the sale to The Carlyle Group of the majority of the shares of the company.
  • Advised the board of directors of Telepizza Group, a Spanish listed company, on the public takeover bid launched by a subsidiary of KKR & Co. Inc. over the entire capital of Telepizza.

CMS Albiñana y Suárez de Lezo

The ‘first-class' CMS Albiñana y Suárez de Lezo provides the full spectrum of M&A and corporate advice, particularly in the energy and insurance sectors. The firm has expertise in venture capital, outsourcing, capital markets, group restructuring and privatisation. Managing partner César Albiñana specialises in the securities market, corporate law and regulatory advice. He co-leads the practice with the ‘very valuable and trustedRafael Suárez de Lezo, who has expertise in group restructurings. The team was strengthened in 2019 by the arrivals of M&A, corporate and securities market law expert Ignacio Zarzalejos, from Uría Menéndez, and counsel Pedro Ferreras, who joined from Ferreras Abogados and is known for advising start-ups and leading technology companies. Also notable are Rafael Sánchez and Javier Leyva, who were promoted to partner in 2019 and focus on private equity and venture capital.


‘César Albiñana is a first-class lawyer, who is always available and ready to provide support’

‘A pro is the strength of their network and how they work in a co-ordinated manner’

‘Fully available, with the most complete knowledge of corporate and M&A practice in Spain’

‘Javier Leyva is a very reliable partner and he is always available. He has been advising on my company for years, providing the best advice and service’

‘They act as a real team, can support you even in the absence of partners, and are able to transfer customer knowledge within their organisation’

‘The team is always very aware of the client’s needs, trying to resolve every situation in a short period of time’

‘Rafael Suárez de Lezo always followed the project as well as leading the team. It was a great pleasure to work with such an experienced lawyer who had different points of view at all stages and took action with the counter-parties’

Key clients


Brookfield Renewable Energy Partners

Advance Publications


Compass Group

Emerging Markets Property Group: EMPG

Encavis AG

Inypsa Renovables

Boluda Towage and Boluda Corporación Marítima


LC Publishing Group


Universities Superannuation Scheme Limited


Work highlights

  • Advised Colgate-Palmolive on the €1.5bn acquisition of Laboratoires Filorga Cosmétiques.
  • Advised Brookfield on the acquisition of 50% of X-Elio from KKR.
  • Advised Advance Publications on the acquisition of the shares of Stage Entertainment from CVC Fund VI and Joop van den Ende.

DLA Piper

Specialising in cross-border M&A deals, DLA Piper is active advising domestic and international clients across sectors including fashion and real estate. Practice head José María Gil-Robles joined from J&A Garrigues SLP in 2019 and is known for advising on M&A, as well as assisting private equity investors, hedge funds and other distress players. Iñigo Gómez-Jordana left the firm in early 2021.

Practice head(s):

José María Gil-Robles


‘Communication with other teams, availability and a high quality of results’

‘The team is always available for the client’s needs, regardless of the size of the deal or the quantity of the fees’

‘The main points that make them different are co-operation (they integrate perfectly with our team, reaching the same goals) and reaching deadlines (they understand the rhythm of the deal, so they deliver work when it is needed).

Key clients


Aina Capital

Alstom Group



Autostrade per l’Italia (Atlantia)


Beech Tree


Blantyre Capital

Bregal Capital



Capital Riesgo Global SCR



Corpfin Capital

Cube Asset Management

Doughty Hanson

Duke Street Capital


Elevar C-IV Investments L.P.


Equity Provider Elevar Equity LLC



Fosun Industrial

GED Private Equity


Work highlights

  • Advised on the due diligence for the sale of the Cognita schools group worldwide to Jacobs Holding.
  • Advised Europac on its acquisition by DS Smith plc.
  • Represented Atlantia on the sale by Abertis of Hispasat to Red Eléctrica de España.

Gómez-Acebo & Pombo

Gómez-Acebo & Pombo is known for its distressed investment, public M&A, venture capital and financial services expertise. The firm particularly excels in advising on the energy, hospitality, retail and technology sectors. Iñigo Erláiz specialises in corporate, commercial and M&A transactions, notably involving private equity, insurance and insolvency-related matters. He co-leads the practice with Fernando de las Cuevas, who focuses on inbound and international M&A and reorganisations. Augusto Piñel joined from KPMG Abogados in 2018 and brings experience in complex transactions and the financial services industry.


‘Its main strength is the ability to find practical and straightforward solutions and approaches to corporate and business issues’

‘Fernando de las Cuevas has an ability to provide easy-to-understand, simple formulations of complex problems’

‘Fernando Marin de la Barcena is outstanding in the depth of his knowledge of regulation’

Key clients






Metro Group


Bayer AG



Work highlights

  • Advised Eutelsat Services und Beteiligungen on its agreement with Abertis Telecom Satélites for the sale of its 33.69% stake in Hispasat.
  • Advised on the sale of Oak Hill Advisor’s portfolio company Greenpark Aparcamientos to Parkia (owned by First State Investments).
  • Advising Wyndham Worldwide on the sale of its European vacation rental business to Platinum Equity for approximately $1.3bn.

Herbert Smith Freehills LLP

The ‘highly skilled and talented people’ at Herbert Smith Freehills LLP cover the spectrum of corporate and M&A matters, particularly commercial and distribution contracts, management buyouts, leveraged buyouts and corporate governance. The firm also provides expertise in trade agreements, capital markets and joint ventures. Alberto Frasquet specialises in advising investment banks, private equity houses and corporations. He co-leads the practice with Nicolás Martín, who is known for M&A, tax and private equity issues. Álvaro Sainz left the firm to become chairman of Carbonia Investments.


‘It is always a pleasure to work with HSF’

‘They have a great team, very well co-ordinated and always available’

‘They are focused, pragmatic and have the capacity to see beyond the short-term issues’

‘Specific and strong sector-product capabilities’

‘They are a solid group of professionals with strong technical capabilities and a detailed understanding of the commercial sense of a transaction’

Key clients

Antin Infrastructure Partners

JZ International


GMT Communications Partners

Meridia Capital

JB Capital Markets Sociedad De Valores

Hotelbeds Group

Incus Capital Advisors

Reolux Holding


Work highlights

  • Advised GoldenTree Asset Management on the acquisition of a portfolio held by Bankia, BFA Tenedora de Acciones and Bankia Habitat comprising of 829 secured non-performing loans with an outstanding balance of €153m and 1,727 real estate properties, through an auction process known as “Project Giants”.
  • Advised Antin Infrastructure Partners on the acquisition of the Spanish business of Ufinet Group through the purchase of the entire share capital of Ufinet Telecom Holding, the parent company of Ufinet Telecom, from Pertento, a company controlled by Cinven, pursuant to a competitive auction sale process.
  • Advised Abengoa on the sale of 25% of Atlantica Yield (AY) to the Canadian company Algonquin Power and Utilities; on the option to purchase the remaining stake held by Abengoa in AY; and on the joint venture between both companies to seek energy and utility project opportunities globally.

Hogan Lovells International LLP

The ‘great professionals’ at Hogan Lovells International LLP specialise in multi-jurisdictional transactions, particularly in relation to the Latam region. The firm is strong in the infrastructure, life sciences and healthcare sectors, as well as remaining active in retail. Practice head Alex Dolmans is an expert in M&A, joint ventures and strategic alliances. His team includes the ‘outstandingLucas Osorio, who is known for infrastructure matters. Also notable is Eduardo Pérez, who was promoted to counsel in 2020 and advises on domestic and cross-border M&A, joint ventures and corporate reorganisations. In a recent highlight, the department represented Testa in the acquisition of 80% of its capital by Blackstone. Counsel Miguel García Stuyck left the firm for Ramón y Cajal Abogados in 2019.

Practice head(s):

Alex Dolmans


‘Lucas Osorio brings a huge amount of experience in corporate matters, has a commercial mindset, and is always trying find solutions’

‘The team had a very good attitude’

‘The team has two great strengths – the first is that it always makes you feel important and its attention is very personalised and close, and the second, no less important, is that it is a very hardworking team’

‘The partners are very prepared people who convey great confidence. I would highlight José María Balañá’

Key clients

Testa Residencial Socimi, SA

HNA Group Co., Ltd



Mahou San Miguel

Alantra Partners, S.A.





Alfanar Co, LLC


Work highlights

  • Advising Cintra on the sale of an 85% stake in Autopista del Sol to Meridiam.
  • Advising Ferrovial on the disposal of its participation in Greek motorways.
  • Advising Spain’s largest beer company, Mahou, on the acquisition of a 70% stake in Colorado-based Avery Brewing.

Latham & Watkins LLP

The ‘diligent, committed and resilientLatham & Watkins LLP specialises in cross-border work for multinational corporations, global private equity houses and large financial institutions. Manuel Deó leads the practice and is proficient in large M&A buyouts, as well as increasingly experienced in the Latam region. Notable in the team is Ignacio Pallarés, who excels in commercial operations, from M&A to restructurings and capital markets. In a recent highlight, the department advised Telefónica in the sale of its subsidiary in El Salvador to América Móvil, a Latam telecoms operator based in Mexico.

Practice head(s):

Manuel Deó


‘They are very knowledgable and provide quick, accurate and dynamic advice’

Work highlights

  • Advised Telefónica on the sale of its subsidiary in Guatemala to América Móvil, a Latam telecoms operator based in Mexico.
  • Advised Telefónica and Corporación Multi Inversiones on the sale of its subsidiary in Panama to Millicom.
  • Advising Aelca on its merger with real estate developer Via Célere.

Araoz & Rueda

The ‘engaged, motivated and committedAraoz & Rueda is a ‘boutique and specialised firm that provides very unique M&A and corporate services’. The practice handles the spectrum of transactional and corporate work, across sectors including pharmaceuticals, construction, media, logistics and renewable energy. The team is co-led by Pedro Rueda, who has experience advising industrial and financial clients on behalf of the buyer and the seller; Israel de Diego, who is active in domestic and cross-border matters; and M&A and capital markets specialist Alejandro Fernández de Araoz.


‘Quick understanding of customer needs. Very good management of equipment and resources’

‘True attention to details regardless of the size of the deal’

‘Good understanding of what metrics are important for the sector and for the deal itself’

‘The firm has good knowledge and vast experience in capital markets and M&A’

‘They prove to be fast, responsive, and provide valuable advice and excellent negotiation skills’

‘Alejandro Fernandez de Araoz is a responsive, persuasive and multi-skilled lawyer. Over the years he has shown ample experience and a broad knowledge in a different number of fields related to M&A and capital markets’

‘The team is extremely committed and results oriented’

‘They are really committed, extremely efficient and very knowledgeable lawyers to rely on’

Key clients

Gala Capital Partners

Grupo EDT

Grupo Gerdau

Grupo Orpea

Total Specific Solutions, B.V.

SES Iberia Private Equity

Puy Du Fou España

Castellana 93 Asset Management


Mazuelo Holdings


Work highlights

  • Advised British private equity fund Charme Capital Partners on the sale of Igenomix.
  • Advised Dermapharm, a German pharmaceutical laboratory, on the acquisition of Euromed Botanicals.
  • Advised Mazuelo Holding regarding the takeover bid launched for the acquisition of Barón de Ley.

Deloitte Legal

The ‘absolutely reliable' Deloitte Legal provides multi-disciplinary advice on M&A matters, including on the tax, labour and corporate finance aspects of transactions. The firm is experienced in joint ventures and exits, as well as domestic and cross-border acquisitions of public and private companies. In terms of sector expertise, the practice is particularly adept in finance, pharmaceuticals, travel and leisure, manufacturing and private equity. Sharon Izaguirre leads the team and specialises in multi-jurisdictional negotiations.

Practice head(s):

Sharon Izaguirre


‘They are very experienced, and they devote time and effort to understanding and getting to know your company and your needs’

‘They adapt to your strategy and advise on the best way to proceed, sometimes with quite innovative proposals’

‘Experienced and with good knowledge, focused on reaching the goal’

Key clients



Banco Sabadell


Grupo Antolín


Grupo Catalana Occidente

Grupo Iberostar

Mahou San Miguel

Honda Motor


Work highlights

  • Assisted Spanish corporate Bynsa Pet Food on the sale of Bynsa Mascotas.
  • Represented the vehicle logistics subsidiaries of Bergé and Gefco on the creation of a joint venture which will result in the creation of Bergé Gefco.
  • Assisted Sponsorship Consulting Media and Fiesxi Inversiones in the sale of a 14% stake in Secuoya Grupo de Comunicación, listed on the MAB, to Gala Global Travels, part of Gala Capital.

Jones Day

Specialising in cross-border matters, Jones Day is known for advising on outbound and inbound investments. The firm has experience in a range of advice, from distressed M&A and business restructuring to compliance and corporate governance. Practice head Federico Merino focuses on assisting industrial and venture capital companies in takeovers, buyouts and private equity transactions, across various key sectors. Recently, the team represented Portobello Capital Gestión in the sale to Mutua Madrileña of 80% of its share capital in Centauro.

Practice head(s):

Federico Merino


‘Jones Day has exceeded our expectations as a legal adviser both locally and internationally and has added value in all transactions’

‘Availability, knowledge of our business, speed in providing advice, knowledge of the needs, requirements and red lines of our internal legal department’

Key clients

CBRE Group, Inc.

Portobello Capital Gestión SA SGEIC




Orange, S. A.

Work highlights

  • Advised CBRE on its acquisition of a 6,458-unit portfolio of Spanish residential properties valued at €870m.
  • Advised CBRE on its joint venture and investment management agreements with Azora and Tamerlane to acquire and develop two prime plots of real estate in the Green Corridor of Madrid Rio, which is owned by Atlético de Madrid football club and located on the premises of the former Vicente Calderon Stadium.
  • Advised Orange on its acquisition of 100% of the share capital of República de Comunicaciones Móviles, a Spanish mobile virtual operator.

King & Wood Mallesons

Specialising in energy and infrastructure deals, King & Wood Mallesons also has expertise in private equity matters. The firm advises on national and international corporate and M&A deals in sectors including healthcare, leisure, real estate, retail and food.  Carlos Pazos focuses on corporate transactions and advises on acquisitions, disposals, venture capital investments and divestments. He co-leads the practice with Roberto Pomares, who has experience in domestic and cross-border deals, including takeovers, IPOs and corporate restructurings.

Practice head(s):

Carlos Pazos; Roberto Pomares


‘Working with KWM’s corporate and M&A team is like working with that cousin who studied at Harvard or Cambridge whom you love and admire’

‘They are a fantastic bunch of people who plan and anticipate courses of action as well as approaching challenges with an optimistic but firm problem-solving attitude’

‘Roberto Pomares and Fátima García de la Torre stand head and shoulders above your average lawyer. Their knowledge, diligence, astuteness and commitment to the cause is coupled with exceptional politeness and willingness to listen’

Key clients

EDP Group

MCH Private Equity

DWS Group

Grupo Nicolás Correa

Construcciones Sarrión

Axis Participaciones Empresariales

Capital Dynamics

GED Capital

First State


Sonae Group


Valencia Club de Fútbol



Moira Capital Partners


Work highlights

  • Advised EDPR on the transfer of its full equity shareholding and outstanding shareholder loans in an operating onshore wind portfolio in Spain, Portugal, France and Belgium.
  • Advised on the transfer of NovEnergia Holding Company to the French energy company Total Eren.
  • Advised KKR on its investment in GenesisCare.


Specialising in acting for innovative start-ups and technology companies, DWF-RCD advises local and international clients on a range of corporate and transactional activity, with an increasing expertise in cross-border matters. The firm has particular experience in the pharma, life sciences, biotech, fintech and cryptocurrency sectors. Founding partner Adolf Rousaud is known for M&A and commercial transactions. He co-leads the practice with fellow founding partner Ignasi Costas, who focuses on innovation and international matters.

Practice head(s):

Adolf Rousaud; Ignasi Costas


‘RCD has a great team’

‘They are organised between departments and give good solutions’

‘Ignasi Costas is an outstanding lawyer, you can always count on him’

‘ I value the relationships and solutions that our organisation receives from RCD’

White & Case LLP

The ‘extraordinarily committedWhite & Case LLP is ‘excellent in delivering value for money and handling complex cross-border matters’. The firm has particular expertise in advising clients in the financial services, funds, infrastructure, retail, real estate and technology sectors. Juan Manuel de Remedios leads the practice and is known for his experience in financial services, telecoms and energy-related matters. His team includes the ‘outstandingCarlos Daroca, who ‘combines a deep knowledge of the applicable law, case law and jurisprudence with a proactive spirit’ and is ‘relentlessly focused on the needs of the clients’. Also notable is associate Julio Peralta, who is active in cross-border transactions.

Practice head(s):

Juan Manuel de Remedios


‘White & Case’s M&A team stands out from other firms for its cross-border capabilities; track record; and partner involvement, which enables them to provide excellent service and quality, and meet tight deadlines’

‘Carlos Daroca is fully involved in the deals and one of the top practitioners in the Spanish market’

‘Carlos Daroca and his team in the Madrid office have broad knowledge of commercial, corporate and M&A issues, and are proactive and very focused on the client’s needs’

‘The White & Case team is extremely commercial and easy to work with, as well as second to none from a technical standpoint’

‘A great firm to which refer foreign clients’

‘Partner Yoko Takagi is an extremely hands-on, dedicated and insightful lawyer, and she knows how to push things forward’

‘The team is very responsive and always available and provides very practical advice’

‘Carlos Daroca is a very commercial and responsive partner who delivers outstanding service and very high-quality commercial, technical and practical advice in all kind of M&A transactions, from mid-market deals to large and very complicated deals’

‘The team is mostly valued for their ability to deal with complex matters’

Key clients





Recticel SA

Sapinda Holding

Société Générale

Akatsuki Inc

Work highlights

  • Advised Telefónica on the sale of its telecoms businesses to América Móvil.
  • Advised Samsung Electronics on the acquisition of the Spanish company Zhilabs.
  • Advised on the administration of the Coast group, one of the UK’s leading high-street fashion brands.


Andersen is noted for its international reach and expertise in acting for multinational clients in a range of corporate and M&A matters. In a recent highlight, the team represented Servicios Funerarios Montero in the purchase of 100% of its share capital by Memora Servicios Funerarios. Ignacio Aparicio leads the firm's corporate practice in Europe. Gonzalo Cerón left the firm.

Practice head(s):

Ignacio Aparicio


‘The Andersen Tax legal team knows our business model perfectly, which allows them to fully meet our needs when we negotiate a contract or need assistance’

‘They advise us in the most efficient way, without putting operations at risk’

‘Pedro Albarracin and Jorge Martinez Aleman both have absolute availability at all times to solve our doubts. They also work as quickly as the operation needs’

Key clients

Avanzalia Solar


Imperial Brands

Novo Banco

CompuGroup Medical

Newry Global Media



Actuant Corporation

Celanese Corporation

Arum Group

Enel Green Powert

Grupo Impar

Work highlights

  • Advising Avanzalia Solar in the development of a photovoltaic solar project in Panama.
  • Advising Newry Global Media on the acquisition of the business unit formerly owned by Zed Group.
  • Advising MySphera on an investment round of over €2.5m by several venture capital funds.

Benow Partners S.L.P.

The ‘practical and knowledgeableBenow Partners S.L.P. provides ‘outstanding and unbeatable’ expertise, particularly in multi-jurisdictional matters, and is praised for the ‘immediacy, rigour and quality of its work’. The ‘diligent, timely and thoroughBorja Díaz-Guerra leads the practice and is known for ‘thinking two steps ahead in terms of solutions, while always being pragmatic’. He is dual qualified in Spain as well as in England and Wales and his experience covers acquisitions, due diligence, restructurings and refinancing.

Practice head(s):

Borja Díaz-Guerra


‘The transparency and knowledge offered, coupled with the effort to go the extra mile makes, it very easy for clients to trust profoundly in the lawyers and therefore the firm’

‘The level of commitment is above that I have experienced with larger firms, while the technical skills are on par’

‘I felt very comfortable with their advice – they always stick to the point and are very efficient. I would highlight their personalised and high-quality advice, provided in a very easy and comprehensive manner’

‘Benow Partners offers a wide range of legal practices’

‘In terms of advice, I feel they are big thinkers and therefore offer a holistic approach to a deal whilst at the same time focusing on every small detail when it comes to execution’

‘A highly dedicated team of professionals, which I have not encountered to such an extent in Spain or indeed previously in my professional career.’

‘They are always a step ahead of our needs, available 24/7, have really good knowledge of our industry, and are very smart’

‘What makes Benow Partners different to other firms is that they give a very dedicated and customised service, always giving advice from a global perspective, taking into account all the information they have about our company’

‘The team is really good and their technical knowledge is outstanding. Always available, very good value and personalised advice. In my opinion and based on my experience, it is very difficult in Spain to find the advice they provide under reasonable fees, and within this area they are very well positioned’

‘Borja Diaz-Guerra presents complex ideas in a concise yet comprehensive manner, facilitating decision-making’

‘Borja Diaz-Guerra is always available to answer any questions and co-ordinate with other partners’

‘Borja Diaz-Guerra is very responsive’

‘I believe that Benow’s approach towards their clients is very different to what I have seen till now – they are more interested in getting things done and delivering to the client’s expectations than in looking at how they can bill you for every single minute they spend with you’

Key clients

Ace & Tate

Falcon Financial Services

Trade & Working Capital

Maxout Ventures


Grupo Soil

Premo Group

Minerva Capital

Minda Group


Agora EAFI

BDI Group

Corporation Service Company

Work highlights

  • Represented Premo Group in the sale of a significant stake of its share capital to the Sovereign Wealth Fund of the Kingdom of Bahrain.
  • Represented the shareholders of Premo Group in the purchase of the stake of another institutional shareholder from Switzerland.
  • Represented Maxout Ventures in an investment round promoted by the Spanish company EC2CE.

Bird & Bird

The ‘highly responsive and efficientBird & Bird specialises in the life sciences, pharma, technology and retail sectors. The firm has experience in a range of matters, notably M&A, spin-offs, joint ventures and general corporate advice, acting for multinationals, SMEs and entrepreneurs. ‘Reliable’ practice head Lourdes Ayala is a ‘go-to lawyer for corporate deals in Spain’ and has particular expertise in transactions with a strong real estate element, as well as in corporate and debt restructurings. Her team was boosted by the arrival of counsel Santiago Lardiés, who joined from EY Abogados in 2019 and focuses on private equity and cross-border transactions.

Practice head(s):

Lourdes Ayala


‘Very good understanding of private M&A’

‘Lourdes Ayala is practical and proactive’

‘Deep knowledge of the regulation of payment services and their application and the practical implications for the business’

‘They have a very qualified associate lawyer, Adrian Calvo, with extensive experience in the field and the sector’

Key clients

3ina Cosmetics

Accord Health Group (Intas)

Afiniti Spain S.L.

Alvogen Iceland EHF

AMC Fresh Group Fast Moving Consumer Goods, S.L.


Aora Health, S.L.

AT&T Global Network Services (UK) B.V.

Autonomy Spain Real Estate Socimi S.A.

Bacoa Holding, S.L.

Celor Sas

Ceragon Networks, Ltd

Cheminova Agro, S.A.

Cimpress Nv

Costa Coffee

Crunch Franchise Llc

Dayco Europe Aftermarket, S.L.

Duet Private Equity Limited


Edenic Games, S.L.

Eductrade, S.A.

Work highlights

  • Assisting Bloom Motion with the prospective sale of the Bacoa Group gourmet burger restaurant business.
  • Representing Duet Private Equity in the judicial action procedure for the purchase of Grupo Zed’s business unit.
  • Assisting Accord Healthcare in its participation in an auction procedure in which the client went to the second phase (including due diligence and bidding offer) but was not selected as purchaser.


Experienced in cross-border work for multinationals, Dentons is particularly active for French clients. In terms of sector expertise, the practice is known for pharma and private equity matters, as well as a specialism in transactional insurance matters. The practice is co-led by José María Buxeda, who advises on corporate law, commercial law and dispute resolution; Nieves Briz, who joined from Fieldfisher JAUSAS in 2018 and focuses on pharma and IP issues; head of the French desk Juan Ignacio Alonso; and Jesús Durán, who is experienced in M&A, buyouts, divestment strategies and funds structuring. The team was further bolstered by the arrival of compliance expert Diego Pol from Baker McKenzie in 2019. Alejandro Alonso left the firm for Ventura Garcés & López-Ibor in 2019.


‘Flexible, effective and with good knowledge’

‘Nieves Briz and Natalia Ontiveros were very professional’

‘Excellent lawyers, great drafters and good negotiators’

‘Jose Maria Buxeda stands out’

Key clients


Kohlberg Kravis Roberts & Co Partners LLP (KKR)

Aten Oil

Tokio Marine HCC

SOMPO International

ANV Global Services

DUAL Specialty M&A GmbH

Amer Sports Spain, S.A.U.

Internacional Periféricos y Memorias, S.L.U.

Archroma Ibérica, S.L.

Comuto Ibérica, S.L.

Alucan Entec, S.A.

CK Holdings Co. LTD.

Work highlights

  • Advising leading global investment firm KKR on its (winning) offer of €6.825bn (on a debt-free, cash-free basis) for the spreads business of FTSE 100 company Unilever plc.
  • Advising a leading Spanish gas stations operator on a complex combined merger and spin-off transaction.
  • Advised CK Holdings, the holding company of KKR-backed Calsonic Kansei, on the agreement to acquire Magneti Marelli, the automotive components business of Fiat Chrysler Automobiles.


Traditionally known for TMT work, ECIJA is becoming increasingly full service, with particular experience in cross-border and sports-related corporate matters. The firm specialises in acting for start-ups and innovative tech companies in a range of issues relating to corporate and M&A transactions, including venture capital and private equity. Notable in the team are founding partner Hugo Ecija, who focuses on advising media companies on corporate and M&A, and Emilio Prieto, who has expertise in cross-border transactions, primarily in the industrial, TMT and real estate sectors. Pablo Jiménez de Parga and Magdalena Bertram joined the practice from Jiménez de Parga in 2019; Raquel García Argudo arrived from Colon de Carvajal Abogados in 2019.


‘What distinguishes ECIJA from its competitors is agility and point-to-point service’

‘It has a highly specialised and affordable team’

‘The difference with respect to other offices is the extensive experience that Emilio Prieto has, in his way of thinking and operating, as well as in meeting our needs and aspirations to reach the best agreements for us’

Key clients

Red Eléctrica


GM Foods



Cash Converters


BNP Paribas




M&C Saatchi

Fubo TV

Atlético de Madrid

Cadena Cope


Work highlights

  • Represented the Spanish football club Atlético de Madrid in the refinancing of a €202m loan agreement for the building of the new Wanda Metropolitano Stadium.
  • Represented Amber Capital, first shareholder of the Spanish media company Prisa, in the share capital transactions executed during 2018 and 2019.
  • Representing Eolia in corporate, tax compliance and payroll compliance matters across several European jurisdictions, including Spain.

EY Abogados

EY Abogados provides a multi-disciplinary team able to offer advice on a spectrum of corporate M&A issues, with a particular expertise in energy regulatory matters. The firm also has a focus on the use of innovation and digitisation in its approach, which is supported by its Centre of Excellence in Artificial Intelligence and Data Analytics in Madrid. The practice is led by Francisco Aldavero, who specialises in M&A and commercial contracts. Susana Gomez Badiola joined in 2019 from KPMG Abogados and advises Spanish and foreign clients on acquisitions and corporate restructuring engagements. The ‘more than excellentSimeón García-Nieto and Pablo Tramoyeres, who is known for renewables work, are other names to note.

Practice head(s):

Francisco Aldavero


‘Simeón García-Nieto and his team are up to date, accurate, available, flexible, fast and they have a lot of experience and knowledge’

‘I could not mention a weak point’

Key clients

Shanghai Kaichuang Deep Sea Fisheries co. Ltd



Illinois Tool Works Inc

Comsa Emte


Asturiana de Aleaciones


Caser Seguros


Hijos de Rivera

Camper – Renovis

Conservas Garavilla





Grupo Hospitalario Europeo

Río Tinto Fruits

Work highlights

  • Advised all the shareholders of Unión Martín, a leading Spanish fishing company, on the sale of the company to Alantra and the reinvestment of certain shareholders in the investment vehicle set up by Alantra.
  • Advised Alsa Grupo on the purchase of the companies Baleares Consignatarios Tours and Baleares Consignatarios.
  • Advised Repsol on the purchase of Valdesolar Hive, its second corporate acquisition in the renewable energy sector.

Freshfields Bruckhaus Deringer

Freshfields Bruckhaus Deringer


ONTIER covers the spectrum of corporate matters, including M&A, corporate restructuring, venture capital and private equity finance. The firm is experienced in advising clients in a variety of industry sectors, with particular expertise in the energy and renewables sector. Pablo Enrile specialises in civil law, commercial law and civil procedure law. He co-leads the practice with Francisco Silván, who focuses on corporate law, acting for purchasers and sellers in national and cross-border M&A.


‘The expertise, up-to-date knowledge, capacity to foresee the needs of the company and the clearness of their legal approach are some of the things that set Ontier apart from any other law firms’

‘I must highlight the professionalism, availability and capacity to think outside the box of Pablo Enrile and his team’

‘With Pablo Enrile there is no digression nor pointless discussions; he always gets straight to the key aspects of the situation’

‘Specialised team with a full understanding of their responsibility and partners with very specialised knowledge of the matter and quick response to the questions posed’

Key clients

Fomento De Construcciones Y Contratas, S.A. (FCC)

Inversora Carso, S.A. De C.V.

Urbar Ingenieros, S.A.


Iberdrola Renovables

Eliantus Energy


Grupo Cofra

Perez & Cia

Van Oord Ship Management

Parques Reunidos, S.A.

Work highlights

  • Assisted Fomento de Construcciones y Contratas (FCC) with the sale of Aqualia to IFM Investors, as well as with the signing of a shareholders’ agreement.
  • Advising Patentes Talgo on the consortium between 12 Spanish companies for the development of the high-speed rail project between Mecca and Medina in Saudi Arabia.
  • Advising Eliantus Energy on the acquisition of solar power plants operating in Spain.

Ramón y Cajal Abogados

Ramón y Cajal Abogados specialises in acting for financial institutions, as well as in the areas of property, TMT, gaming and the regulated sectors, notably energy and infrastructure. The firm is experienced in M&A deals, corporate finance, corporate governance, group reorganisations and commercial contracts. Co-leading the team is Alberto Alonso Ureba, who is known for advising listed companies, credit institutions, public-sector companies and foundations; corporate law expert José Blanco, who joined from White & Case LLP in 2018; Miguel García Stuyck, who joined from Hogan Lovells International LLP in 2019 and is dual-qualified in Spain and the UK; Álvaro Bertrán, who has a particular focus on acquisitions, capital investments, shareholders' agreements and finance; and Iñigo Dago, who advises on company and regulatory matters.

Key clients


El Corte Inglés




Técnicas Reunidas





Work highlights

  • Advising dental product manufacturer IPD on the sale of a controlling stake in the company to Spanish private equity firm ProA Capital.
  • Advised the majority shareholder of Agroponiente, Vegacañada and Lara Castañeda (Grupo Agroponeinte) on the sale of their stake to the investment capital fund Abac Solutions.
  • Advising Globalia’s shareholders on the acquisition of a 7% stake in Globalia from Unicaja Banco.

BROSETA Abogados

BROSETA Abogados advises public and private companies, as well as domestic and foreign business groups, on a range of corporate transactions. The firm is also experienced in the drafting and negotiation of commercial agreements, particularly sales and supply agreements. Private equity, funds and M&A specialist Julio Veloso is notable in this area.

Eversheds Sutherland

Eversheds Sutherland Nicea specialises in advising foreign investors and international clients on their activities in Spain. The practice works closely with the firm’s tax, IP, litigation, competition and real estate department to provide multi-disciplinary assistance. Juan E. Díaz has expertise in M&A and financial law, acting for banks, public entities and private companies. He co-leads the team with Carlos Pemán Cubillo, who focuses on M&A, private equity and commercial contracts.


‘Diego Cruz-Villalon is one of the most skilled lawyers I know. He is available when you need him with the most appropriate advice to the case and to the business. He is business oriented and that is what companies look for in a lawyer’

Key clients





Aspen Pharma



Avis Budget Group

Johnson Controls

Parker Hannifin

Avenue Capital



Sanne Group

Work highlights

  • Acted for Parker Hannifin in relation to a cross-border merger pursuant to which an Italian company in the group absorbed its Spanish subsidiary.
  • Acted for Element Power in relation to the sale of the interests of two of its Spanish subsidiaries, Helium Energy and Convivent, in a Spanish company owning various photovoltaic plants to Kobus Renewable Energy II.
  • Acted for Volvo in relation to the sale by its Spanish subsidiary, Volvo Ocean Race, of the business of organising and operating the Volvo Ocean Race.

Pinsent Masons LLP

Specialising in complex, cross-border matters, Pinsent Masons LLP has a particular focus on the infrastructure, technology and healthcare sectors. The firm also has expertise in the private equity market, advising on a range of transactions from leveraged buyouts to venture capital deals. The team is co-led by Antonio Sánchez Montero, who is known for private equity transactions; Diego Lozano, who has experience in M&A and public-private partnerships; and Inmaculada Castelló, who advises on M&A, corporate investment and divestment transactions, and corporate restructuring.

Key clients

Andbank España, S.A.

Sabio Ltd / Horizon Capital

Atrys Health, S.A.

Concessia, Cartera y Gestión de Infraestructuras, S.A.

Vitalia Plus, S.A. (CVC / Portobello Capital

Eneas Private Equity

AC Hoteles, S.A.

La Finca Real Estate, S.A.

Work highlights

  • Advised Enagás, a Spain-based company engaged in natural gas transportation, regasification and storage, on the acquisition of 10.93% of US-based Tallgrass Energy from Blackstone and GIC.
  • Advised Mutua Madrileña on the acquisition of the Centauro car rental group.
  • Advising La Finca on the process of incorporation into the MAB, including advising on the due diligence process, land planning issues, and La Finca’s launch and listing.


The ‘flexible, thorough and practical’ Roca Junyent is known for advising start-ups and innovative companies, as well as for its experience in the regulated sectors and insurance-related M&A. The firm also has expertise in transactions for listed companies which are delisting. Finance and corporate governance specialist Joan Roca Sagarra co-leads the practice with Carlos Blanco, who focuses on M&A and offerings on the securities market and MAB.

Practice head(s):

Joan Roca; Carlos Blanco


‘Roca Junyent’s corporate and M&A team stands out for its tailor-made solutions and considerable experience in the field of corporate venture capital and digital M&A’

‘The team is easy to work with and incredibly committed to finding solutions’

‘Xavier Foz leads a team of hands-on and skilful lawyers’

‘The team led by Santi Pagès have particular expertise in insurance law and great analytical and technical skills’

‘Joan Roca has particular expertise in the banking and insurance sectors. His approach is really pragmatic and business oriented’

Key clients




Banco Sabadell




Suma Capital

ABE Capital Partners


Work highlights

  • Advised Abertis, via its subsidiary Abertis Telecom Satélites, in relation to the agreement with Red Eléctrica Corporación to sell its 89.7% stake in Hispasat for €949m.
  • Advising Intrum Holding Spain (formerly known as Lindorff Holding Spain), a Spain-based subsidiary of Sweden-based Intrum, on the acquisition of 80% of Solvia, also based in Spain, from Banco Sabadell.
  • Advised Agfa Graphics, a Belgium-based company controlled by Agfa Gevaert, on the acquisition of the pre-press business of Ipagsa Industrial.

Simmons & Simmons

Thanks to its international network, Simmons & Simmons is noted for providing multi-jurisdictional advice, particularly in relation to the financial institutions, life sciences and TMT sectors. Carlos Jimenez de Laiglesia leads the practice and has experience in commercial and corporate matters, as well as sector expertise in the financial markets, life sciences and TMT.

Key clients

Valentino Fashion Group (Luxury, Italy)

Fresenius Medical Care España, S.A.

SCN Truphone, S.L.U.

Polaris Industries


Norgine Pharma

Amicus Therapeutics S.L.

Terumo Europe España, S.L.

Work highlights

  • Advising Valentino Spagna, part of the Valentino Fashion Group, on day-to-day matters.
  • Assisting a client which provides dialysis services in the Spanish market with ongoing corporate advice, including preparing contracts and implementing policies of interaction with healthcare organisations and professionals.
  • Advising SCN Truphone on day-to-day corporate and commercial matters.

López-Ibor Abogados

The ‘very dynamic and flexibleVentura Garcés & López-Ibor is particularly strong in insolvency and corporate restructuring, as well as providing an experienced M&A practice with cross-border expertise. Marta Gil de Biedma specialises in commercial and corporate law, assisting clients with M&A, joint ventures and strategic alliances in Spain and abroad. She co-leads the practice with the ‘responsive and diligentClaudi Garcés, who is ‘great with clients’, and Fernando Ramos Barseló, who focuses on the drafting and negotiation of commercial agreements. Since publication, the firm has split with the Madrid and Valencia offices now operating as López-Ibor Abogados and the Barcelona office as Ventura Garcés.


‘Ventura Garcés López-Ibor can compete with the large firms in terms of quality of work and responsiveness, while the partners are personally involved in all the matters, something that you don’t see in larger firms’

‘They offer tailored solutions to each requirement and have extensive knowledge of the client’s business’

‘They are very well coordinated and always available for any help needed’

‘Strong team with experience of assisting UK clients with Spanish business’

‘The lawyers have broad knowledge and experience in different matters’

‘They are committed to their clients and are very innovative’

‘Alfonso Lopez-Ibor has provided us with innovative solutions’

‘Claudi Garces has a very commercial approach and good handle on the legal issues’

‘Good knowledge of the law and wide-ranging experience in different areas that adds value to the transaction’

‘Pablo Stoger is relentless in his efforts to manage our range of legal support requirements. He is very smart and definitely works hard to protect our interests’

Key clients

Jet2.Com Limited & Jet2holidays Limited

Aon Gil Y Carvajal Sar – Corredora De Seguros


Axon Partners

Ibercover Pool


Ashby Point Holdings

Le Pain Cotidien/Axon Partners

Allotjaments Turístics 2000, S.L.

Borges International Group, S.L.

Relats, S.A.

Envigo RMS Spain, S.L.

Engel & Völkers Spain, S.L. – EV MMC Spain, S.L.

Fragadis, S.L.

Work highlights

  • Advising Axon on the acquisition of Numancia Football Club.
  • Advised Aon Gil y Carvajal on the merger of Spanish companies Beneficia Empleados y Afiliados and Halt Track Eventos.
  • Advised Aon on the due diligence process and acquisition of Inspiring Benefits, a company doing business in the benefit sector.

KPMG Abogados, Spain

KPMG Abogados handles a range of corporate M&A matters, including disposals, acquisitions, corporate governance, joint ventures and share capital increases. The firm also provides sector expertise in the media, infrastructure, retail and industrial markets. Eneko Belausteguigoitia Mateache advises on restructurings, due diligence procedures, and the preparation and negotiation of purchase and sales contracts. He co-leads the practice with M&A specialist Rafael Aguilar and Javier Bau Cabestany, who joined from Allen & Overy in 2018 and acts on behalf of domestic and international clients in joint ventures, private equity and incentive schemes. Augusto Piñel left for Gómez-Acebo & Pombo in 2018.


‘Very involved team, with a lot of experience and great knowledge of the sector’

‘Javier Bau Cabestany has great professionalism and excellent customer service, always providing solutions, especially in procurement negotiations. He’s a great connoisseur of the sector’

Key clients

Repsol Energía, S.A.


Kuwait Petroleum España, S.A.

Laboratorios Cinfa

Luarmia, S.L. (Eugin Clinics)

Grupo Lo Monaco

Affidea Q Diagnostica

Imagina Media Audiovisual



Work highlights

  • Advised Luarmia (part of the Eugin Group) on its acquisition of Ava Clinic.
  • Advised Repsol Nuevas Energías on the acquisition of the share capital of five SPVs of Dosa Renovables and the entire share capital of Iberen Renovables.
  • Advised Comsa on the sale of the share capital of Comsa Rail Transport to Transport Ferroviaire Holding (an affiliate of SNCF).

Marimón Abogados

The multi-disciplinary and multi-lingual team at Marimón Abogados specialises in the retail, real estate, energy, industrial and banking sectors. Anahita Tárrega is head of the Italian and French desks and has particular expertise in advising retail, fashion and luxury corporations. She co-leads the practice with Begoña Redón, who is known for investment funds work and has experience in the media and real estate sectors, and José Miguel Martín-Zamorano, who focuses on M&A and real estate, as well as financial law.


‘Experienced team with good local knowledge and strong negotiating skills’

‘Jose Miguel Martin-Zamorano is a veteran lawyer in a small and dynamic law firm’

Key clients


Corpfin Retail Parks

GSA Student Accommodation



Henkell & Co Gruppe

Work highlights

  • Represented Henkell & Co Gruppe in its acquisition of Freixenet.
  • Acted for Heineken in the sale of its Casual Beer and Food business to Abac Solutions.
  • Represented a family office in the purchase of 100% of the shareholding of two schools.

Watson Farley & Williams LLP

The ‘effective and dedicatedWatson Farley & Williams LLP has a breadth of expertise in domestic, cross-border and multi-jurisdictional corporate transactions. The firm advises on a range of matters, from the acquisition of renewable assets portfolios, shares and companies, to power purchase agreements, joint ventures and debt restructuring. M&A and structured finance expert María Pilar García Guijarro leads the team and is known for advising funds and industrial companies on acquisitions and joint ventures.


‘They have an excellent market position and are highly respected in Spain’

‘We like their focus on the renewable energy sector’

‘They are large enough and small enough, i.e. you get broad service but you also know who is working with you’

‘Very dedicated and professional team’

‘High level of availability and responsiveness’

‘Maria Pilar Garcia Guijarro and David Diez are devoted, attentive and professional’

Key clients



Northleaf Capital Partners

Copenhagen Infrastructure Partners (CIP)


Ontario Pension Trust

Helios Investment Energy

Platina Partners


Foresight Group

Bow Power

Capital Dynamics

Fondo ICO

Work highlights

  • Advised Northleaf on the acquisition of Project Mula, a 493MWp photovoltaic plant, from Cobra Concesiones.
  • Advised CIP on the acquisition of a 360MW portfolio of renewable wind assets under development from Forestalia.
  • Advised Platina Partners on the sale of a portfolio of four photovoltaic projects located in Spain.