Araoz & Rueda > Madrid, Spain > Firm Profile

Araoz & Rueda
28046 MADRID

Spain > Commercial, corporate and M&A Tier 4

Originally regarded as an M&A boutique, Araoz & Rueda has since evolved into a multi-disciplinary firm though naturally retains corporate transactions as its core pillar. The team is adept in all-manner of deals, from M&A, spin-offs and joint ventures through to private equity, venture capital and capital markets transactions. Sector focus includes health, food and beverage, construction, media and education, among others, with the practice headed by Pedro Rueda and Alejandro Fernández de Araoz. Senior associate Lucía Medina routinely leads on due diligence processes. Guillermo Bueno left the firm in 2022.

Practice head(s):

Pedro Rueda; Alejandro Fernández de Araoz

Other key lawyers:

Key clients

Amundi Private Equity Funds

A Contracorriente Films

H Capital Partners

Instituto de Religiosas San José de Gerona

Aceitunas Guadalquivir

Exclusivas JJL

La Casa Efervescente


Terra Firma

Baring Private Equity

Work highlights

  • Advice to the British private equity fund Charme Capital on the acquisition of Indiba, a medical equipment company for medical, physiotherapy and aesthetics professionals, from Magnum Capital fund.
  • Advice to Facundo Blanco, leading Spanish nut and snacks company, on the sale of the group to private equity fund Artá Capital.
  • Advice to Beka Finance, a global investment bank, on the acquisition of 100% of Trea Asset Management, the largest independent liquid asset manager in Spain.

Spain > Employment Tier 4

The employment team at Araoz & Rueda is particularly noted for the hiring and dismissal of employees and senior executives, the implementation of social and economic policies, and the negotiation of collective bargaining agreements, with a recent uptick in temporary lay-off advice as a result of the pandemic. Alfonso Suárez and Clara Mañoso, who was promoted to partner in January 2021, co-head the practice, with combined expertise in contentious and non-contentious labour law issues.

Practice head(s):


‘This office is strongly anchored with principles of comprehensive client support in labour areas, but also compliance, commercial, etc. Great knowledge of the multinational environment in Spain.’

‘It offers comprehensive, multidisciplinary care. Total commitment to conflict resolution, high level of work to meet goals and deadlines. Clara Mañoso is a great professional.’

‘Clara Mañoso is an excellent professional as well as quite assertive and with a great sense of commitment to the client.’

‘This team is very collaborative and knows how to create a “customised” partnership with their client, they are always available at any time and they care about helping and finding the best solutions for their clients.’

‘Clara Mañoso is impressive for her great reactivity, client service mindset, and very pragmatic solution-oriented way of working.’

‘A team that is personally involved in all operations and matters, which translates into direct and personalised treatment, with excellent results for the company’s litigation and advice.’

‘Alfonso Suarez is an excellent professional with exquisite treatment towards the client. He is multidisciplinary and is involved in the process from its beginning to the end. Clara Mañoso is exceptional in the labour legal area, offering proximity to the client and availability at any time, with quick responses.’

‘Clara Mañoso is an excellent professional with continuous attention and dedication to cases and with a professional and friendly treatment.’

Key clients


Iad International

AccorInvest Group

OX2 Iberia

Bolidt Group

Qubit Digital Limited

Dominion Group

Versys Ediciones Técnicas

Michael Kors


Work highlights

  • Represented Global Dominion Access on the defence of its interests before the courts and tribunals of the labour jurisdiction.
  • Advised A Contracorriente Films on the labour aspects arising from the sale of a minority stake to the private equity fund Suma Capital through an initial auction process.
  • Provided advice to AccorInvest Group on labour matters arising from alleged anti-union conduct and/or trade union discrimination.

Spain > Dispute resolution Tier 5

Araoz & Rueda excels in corporate litigation, including post-acquisition and shareholder disputes, as well as arbitration. In this context, the team has recently acted for a range of new and longstanding clients, both domestic and international, in the healthcare, energy and real estate sectors. Practice head Eduardo de León combines expertise in litigation and administrative law; he often works alongside key senior associate Ángel Freire and associate Arturo BruggerAlejandro Fernández de Araoz contributes his wide knowledge in commercial and corporate law.

Practice head(s):

Eduardo de León

Spain > Projects and energy Tier 5

Araoz & Rueda‘s projects and energy team is characterised by a multidisciplinary offering, with the promotion, construction, financing, starting-up and operating of renewable energy projects taking centre stage. Francisco Solchaga leads the team alongside Laura Vintanel, combining expertise in a wide range of renewable energy projects, including in relation to their acquisition, sale and financing.


‘Lots of knowledge of the renewables sector.’

Key clients

ENI Gas e Luce

Everwood Capital

Liechtenstein Invest GmbH/Si Capital

Alantra Solar

Nextenergy Capital


Circle Energy

Aurea Capital/Dosa

Taaleri Energia

Plenium Partners

Work highlights

  • Advised ENI Gas e Luce on the acquisition of three wind projects with an aggregate capacity of 126MWn in different locations from Azora and the acquisition of the Dhamma Group.
  • Assisted Circle Energy, Ríos Renovables and a family office on the sale of a portfolio of seven PV projects with an aggregate power of 112MWp.
  • Advised Alantra Solar on a joint venture agreement with Solarig for the joint development, construction and sale of a portfolio of 42 PV.

Spain > Real estate and construction Tier 5

The department at Araoz & Rueda is proficient in urban planning transactions, and has been particularly active in the acquisition and sale of high-end residential assets, sale and leaseback structures, as well as logistics deals. The practice has also been frequently engaged in growing sectors such as student accommodation, hotels and office facilities. Jesus Conde oversees the practice and is knowledgeable in restructuring projects, and real estate administrative, civil, commercial and planning mandates.

Practice head(s):

Jesús Conde


‘In-depth knowledge of the real estate market, the way companies work and business requirements. A high-performance team with capabilities to cover multiple issues with a personalised approach.’

‘Very attentive to the needs of the client and the project. They are flexible to different points of view as long as it is convenient for the project.’

‘Absolute availability and attentive to matters of an urgent nature.’

‘The firm has experts with the ability to handle a wide variety of requests. Great availability and commitment to our times and business needs. Jesús Conde is an excellent professional who brings high added value to the collaboration.’

‘The real estate and construction team dives directly into the client’s position and defends their interests as a true in-house lawyer. It is a fresh team whose availability towards the client and involvement is outstanding.’

‘Dedication to the client’s needs – constant availability and very quick response times, outstanding competencies in real estate, and a relentless commitment to providing high quality advice and guidance.’

‘What makes this practice unique is the personalised attention, fluency in communication, and the management of a multidisciplinary group.’

‘Jesus Conde has been the image of this office. Knowledge of the subject, management of all legal tools, speed in solving problems and warmth in the treatment make the difference.’

Key clients


Equilis Investment

Carr Capital

Fidelidade Sociedade Gestora


Groupe CAT

Berlin Packaging

Amundi Immobilier

Michael Kors

US Embassy

Ralph Lauren

Garna Properties


Work highlights

  • Advised Equilis on the purchase of a landmark residential building in the core of Madrid’s business and commercial district.
  • Advised Azora on the acquisition of a plot of land in the south of Madrid for the development of a major logistics building.
  • Advised Fidelidades Sociedade Gestora on the acquisition of a trophy office building in Madrid.

Spain > Banking and finance Tier 6

Araoz & Rueda advises both domestic and international banks, financial institutions, and corporates on a range of financial matters, including syndicated loans, debt restructuring, and corporate, acquisition and asset finance. In particular, practice head Rafael Bazán is highly experienced in the sale and acquisition of NPL, REO and asset portfolios.

Practice head(s):

Rafael Bazán

Other key lawyers:

Javier Sánchez

Key clients

JP Morgan

Grupo Inversor Hesperia, S.A

Terra Firma Capital Management

Banco Santander


Anthesis Group/Palatine Private Equity

Savile Funding 2 Sarl

Crowd Credit

BGL BNP Paribas SA


Ellington Management Group

BNP Paribas SA, Sucursal en España

Work highlights

  • Advised BNP Paribas, Sucursal en España, on the execution of a credit agreement for €60m with Scranton Enterprises to meet the payment obligations of this entity under a facilities agreement for €350m.
  • Advised a pool of 15 financial institutions, led by Caixabank and Unicaja Banco, on the restructuring of the financial debt of Grupo Oesía.
  • Advised AEB on the notarisation of the bond subscription agreements entered into in Italy for a total amount of approximately €120m, and on the execution of the pledge of shares in its subsidiary AEB Ibérica.

Spain > Tax Tier 6

Led by the experienced Javier Prieto, Araoz & Rueda advises domestic and international companies, family businesses and high-net-worth clients on a range of tax matters, including international taxation, tax disputes, restructuring, and cross-border M&A work. The group is particularly noted for its expertise in handling the tax planning of real estate investments and the structuring of private equity funds.

Practice head(s):

Javier Prieto

Other key lawyers:

Andrés Máiz


‘The team is highly reactive and capable, with a true understanding of the client’s needs and a very good knowledge of the latest market trends. Communication and interaction with the team is also very smooth.’

‘Javier Prieto and Andrés Máiz both stand out for their excellent expertise on the tax structuring of complex private equity transactions as well as for their dedication in the various matters we have worked on together.’

‘The Araoz & Rueda tax team are highly trained and up to date with the latest developments in tax practice. Their attention to detail in each response and analysis of the case, as well as their availability, allow for a quick and clear assessment of each matter, as well as being able to identify the risks for our company.’

‘Undoubtedly, the team stand out for their focus on and involvement in each matter, which often makes it feel like they are part of the in-house team. In particular, I would like to highlight the agile and efficient management of Javier Prieto in each matter that we bring to him, from tax procedures to general tax issues.’

ARAOZ & RUEDA is a leading Spanish independent firm with a broad-based corporate and commercial practice and particular expertise and market recognition in M&A and private equity. Formed in 1994, the firm was recognised early on by the specialised magazines and legal guides as an ‘M&A boutique’. Having grown in size and expanded its scope of services over time, the firm has participated in many of the most significant national and international transactions with blue-chip clients and other leading law firms and involving both listed and non-listed companies. The firm has a strong and growing international orientation with a significant base of international clients and most of its lawyers having international experience and/or education. The firm also provides legal advice in a wide range of practice areas, including:

Private equity and venture capital: The firm has broad experience in advising private equity investors and venture capital entities in a variety of sectors and for all forms of investments (shares, senior, mezzanine and participative loans, etc.) and divestments.

M&A/corporate: The firm has wide experience advising in:

  • Mergers and acquisitions of companies, takeover bids and purchase of assets, including the performance of these transactions in bankruptcy and pre-bankruptcy scenarios.
  • Incorporation of companies and joint-venture structuring.
  • Demerger, liquidation and dissolution of companies.
  • MBOs, MBIs, LBO´s, BIMBO´s, etc.

Energy: The firm has a highly specialized and multidisciplinary team of lawyers with a sound understanding knowledge of the energy sector, particularly in relation to renewable energy projects where they provide clients with a comprehensive legal advice, providing practical solutions in all legal issues arising from an energy project at any stage and combining the regulatory, contractual, real estate, corporate and finance aspects.

Tax: The firm’s tax practice covers all aspects of corporate taxation and tax structuring.

Employment: The firm’s advice includes collective and individual dismissals, union-related matters, plant closings and work transfers and involves an extensive litigation practice.

Banking and finance: The firm advises financial entities as well as borrowers in a broad range of sectors and transactions, including corporate financing, structured finance, acquisition finance, project finance and real estate finance.

Litigation: In the litigation area the firm acts in all sorts of judicial proceedings in corporate and commercial matters, representing clients before courts of all levels.

Real estate: The firm has broad experience in sale and purchase agreements, transfer, lease agreements and management and administration of all kinds of real estate assets and real estate companies and advises on the financing of real estate projects and carries out related due diligence.

Regulatory and compliance: The firm helps clients manage the myriad of national, regional and local regulations affecting their industries. It also represents clients in proceedings before regulatory authorities such as the Spanish Energy Commission, the Spanish Telecommunications Commission as well as the Spanish Securities Commission.

Capital markets and securities regulation: The firm has advised various listed Spanish companies in a variety of transactions involving the securities markets.

Insolvency and restructuring: The firm has a specialisation in insolvency law and restructuring, having provided advice both in the preparation of the petition for voluntary insolvency proceedings and defence of the client’s interests during the whole processes and to the administrators appointed by the Commercial Courts. The firm also regularly advises creditors in insolvency proceedings.

Administrative: The firm advises numerous clients in a wide range of sectors (outdoor advertising, street furniture, motorways, defence, etc), evaluating the proposals of potential bidders in tenders with the Public Administration and advising on the necessary legal requirements.

Competition (antitrust): The firm advises on all aspects of competition law, including merger notifications, antitrust compliance programmes, transactional matters and co-operative agreements.

Unfair competition:  The firm has made successful court claims against acts of unfair competition injurious to the interests of its clients.

Intellectual property: The firm is particularly involved in licensing, contractual and commercial exploitation of intellectual property.

National and international contracting: The firm advises in national as well as international commercial contracting in a wide range of manufacturing, distribution, purchasing, sale, licensing, installation, outsourcing, marketing, telecommunications, sponsorship, etc.

National and international arbitration: As a natural offshoot of its corporate and commercial orientation, the firm advises clients in arbitral proceedings, under the rules of both international and domestic institutions. Furthermore, partners of the firm are frequently designated as arbitrators in international arbitrations administered by the aforementioned arbitral institutions.

Clients: The firm represents foreign clients in a variety of industries, including the food and beverage, pharmaceutical, chemicals, engineering, telecommunications, media and technology, automotive, healthcare, transport and logistics and leisure industries.

Banking and finance Rafael Bazá 91 566 63 53
Capital markets and securities regulation Alejandro Fernández de 34 91 566 63 06
Competition/Unfair Competition Ainhoa 34 91 566 63 02
Employment Alfonso Suá 34 91 566 63 23
Energy Francisco 34 91 566 63 10
Insolvency/restructuring Eduardo De Leó 34 91 566 63 49
Energy Laura 34 91 566 63 48
Litigation and arbitration Eduardo De Leó 34 91 566 63 49
M&A/Corporate Law Alejandro Fernández de 34 91 566 63 06
M&A/Corporate Law Pedro 34 91 566 63 18
Employment Clara Mañ 34 91 566 63 31
Private equity/venture capital Pedro 34 91 566 63 18
Real estate Jesús 34 91 566 63 38
Tax Javier 34 91 566 63 03
IP/IT Ainhoa 34 91 566 63 02
Rafael Bazán photoMr Rafael BazánPartner in the Banking & Finance Department at Araoz & Rueda since…
Jesús Conde photoMr Jesús CondePartner in the Real Estate Department at Araoz & Rueda since 2016.
Clara Mañoso photoMrs Clara MañosoPartner in the Employment Department at Araoz & Rueda since 2021.
Javier Prieto photoMr Javier PrietoJavier Prieto, partner of the Tax Department at Araoz & Rueda since…
Francisco  Solchaga photoMr Francisco SolchagaPartner in the Energy Department at Araoz & Rueda since 2007.
Alfonso Suárez photoMr Alfonso SuárezOf-Counsel of the Employment Department at Araoz & Rueda since 2015.
Ainhoa Veiga photoMrs Ainhoa VeigaPartner in the EU/Competition Law Department at Araoz & Rueda since 2005.
Laura Vintanel photoMrs Laura VintanelPartner in the Energy Department at Araoz & Rueda, since 2020, she…
Eduardo de León photoMr Eduardo de LeónPartner in the  Dispute Resolution and Administrative Law Department at Araoz &…
Number of lawyers : 36