Latham & Watkins LLP > Madrid, Spain > Firm Profile
Latham & Watkins LLP Offices
Plaza de la Independencia, 6
Madrid 28001
Spain
Latham & Watkins LLP > The Legal 500 Rankings
Spain > Banking and finance Tier 2
In July 2021, Latham & Watkins LLP strengthened its restructuring capabilities with the hire of Pedro de Rojas from Linklaters, who now co-leads the wider banking and finance practice alongside Fernando Colomina. The team works across all forms of senior and subordinated loan, bond and hybrid capital structures, with close collaboration with its highly regarded capital markets department. Support to the practice heads comes from associate Aitor Errasti and counsel Luis Sánchez, who joined from Allen & Overy in September 2020.Practice head(s):
Fernando Colomina; Pedro de Rojas
Other key lawyers:
Testimonials
‘Very high know-how, quality, pragmatic in approaching questions.’
‘Closeness, kindness, ability to explain complex issues in easy language.’
Key clients
JP Morgan
Banco Santander
The Carlyle Group
Triton Partners
Morgan Stanley
Cellnex
Goldman Sachs
BNP Paribas
Fertiberia
Euskaltel
Barings
Commerzbank
Platinum Equity
Permira
Work highlights
- Advising JP Morgan as lead bank in the Spanish-law governed €10bn financing for Cellnex.
- Assisting Platinum Equity with its €3.5bn acquisition of Spanish waste management multinational Urbaser from China Tianying.
- Advising Fertiberia on the issuance of senior secured bonds in both the Nordic Capital Market and Frankfurt Open Market.
Spain > Capital markets: Equity Tier 2
Spain > Private equity Tier 2
Latham & Watkins LLP, an international firm headquartered in the US, guides investment funds and private equity houses through their activities in a variety of sectors, including real estate, technology, financial services and industrial manufacturing. Ignacio Pallarés is often instructed by global funds in respect of their inward investments into Spanish entities; his team includes José Antonio Sánchez-Dafos, a lawyer with strong ties to the Portuguese market, as well as Ignacio Gómez-Sancha, whose key strengths include restructurings and special situations.Practice head(s):
Ignacio Pallarés
Other key lawyers:
José Antonio Sánchez Dafos; Ignacio Gómez-Sancha
Key clients
Platinum Equity
KKR
The Carlyle Group
Partners Group
Apollo
Cerberus
Triton Partners
CVC
Nazca Capital
Bridgepoint
Inflexion Private Equity Partners
Work highlights
- Advised Platinum Equity on its €3.5bn acquisition of Spanish waste management company Urbaser.
- Advised KKR on the sale of its Spanish portfolio companies Papresa and Grupo Gallardo.
- Advised Activum on the acquisition of Hotel Nobu, located in Barcelona’s emblematic Torre Catalunya, from Selenta Group.
Spain > Restructuring and insolvency Tier 2
Pedro de Rojas, a renowned senior figure in the market, joined Latham & Watkins LLP from Linklaters in June 2021, taking over leadership of the restructuring and insolvency department. This marks further development for the department, which has grown in recent years and now acts for both borrowers and creditors in some of the market’s most sophisticated cases. Previous practice head Ignacio Gómez-Sancha acts for institutional investors, investment banks and public companies in a range of corporate transactions, while Óscar Franco focuses on insolvency work and Fernando Colomina is the local chair of the finance department.Practice head(s):
Pedro de Rojas
Other key lawyers:
Ignacio Gómez-Sancha; Fernando Colomina; Óscar Franco; Luis Sánchez
Key clients
Cerberus Capital Management
Apollo Global Management
KKR
Bain Capital
Barings UK
Eurona
Codere
King Street
Marathon
Golden Tree
Work highlights
- Advising the ad hoc group of bondholders in the restructuring of Naviera Armas.
- Advised the committee of senior secured creditors of Swissport on its €1.9bn restructuring.
- Advising Barings on the reorganisation and restructuring of Deoleo’s €575m debt.
Spain > Capital markets: Debt Tier 3
Spain > Commercial, corporate and M&A Tier 3
US firm Latham & Watkins LLP is praised for its ‘experience in significant energy-related transactions’, and it is equally formidable in the telecoms, real estate, hospitality and healthcare sectors. Practice head Ignacio Pallarés calls upon the firm’s extensive international footprint to support on matters throughout Europe, Asia, Latin America and North America; he is supported by M&A and joint venture expert José Antonio Sánchez-Dafos, as well as managing partner Ignacio Gómez-Sancha, whose track record includes takeover transactions, restructurings and special situations.Practice head(s):
Ignacio Pallarés
Other key lawyers:
Jose Antonio Sánchez Dafos; Ignacio Gómez-Sancha
Testimonials
‘It is a very well coordinated team, led with great reliability by Ignacio Pallarés and very proactive in all phases of operations. I especially highlight its ability to find solutions that allow reaching agreements and successfully conclude negotiations.’
‘Absolute availability, great technical capacity and enormous practicality and creativity when approaching legal problems. I mainly highlight the work of Ignacio Pallarés.’
‘Experience in significant transactions in the energy sector, given the previous track record of the team’s top attorneys.’
‘The attention, speed and dedication of its lawyers. The technique and knowledge of the issues.’
‘Ignacio Pallarés differs in his dedication and knowledge of the subjects.’
Key clients
Telefónica
Repsol
Sener
Orange
X-Elio
Partners Group
Autogrill
Ric Energy
Wallbox
Demant A/S
Applus
Seaya Ventures
Work highlights
- Advising Wallbox in its $1.5bn combination with Kensington Capital Acquisition Corp. II and subsequent listing in the NYSE.
- Advising Telefónica on two joint ventures with KKR to create open access fibre optic networks in Colombia and Chile, for approximately $1bn.
- Advising Platinum Equity on its €3.5bn of Spanish waste management company Urbaser.
Spain > EU and competition Tier 3
Renowned for his longstanding activity in the market, José-Maria Jiménez-Laiglesia heads the Spanish competition department at Latham & Watkins LLP. He is widely recognised for his expertise handling global merger clearances and conduct investigations, as well as for his litigation prowess, frequently representing clients in appeals regarding CNMC decisions. The team's presence in Brussels (where it already had four Spanish associates) was further reinforced in June 2021 with the arrival of partner Carles Esteva Mosso, who joined from the European Commission. Associate Carlos Betoret is another name to note.Practice head(s):
Other key lawyers:
Key clients
Repsol
Urbaser
Ferrovial
Mastercard
AbbVie
Orange
Fertiberia
Logista
Santillana
Cedro
Egeda
Platinum Equity
Work highlights
- Obtained for AbbVie the closing of a two-year investigation by the CNMC following a complaint in connection with alleged exclusionary rebates.
- Obtained on behalf of Repsol an annulment of a decision imposing a fine of €22.5m.
- Assisting Platinum Equity in obtaining antitrust and FDI clearances for the acquisition of sole control over Urbaser.
Spain > Real estate and construction Tier 3
With ‘absolute availability, vast experience and excellent technical knowledge’, the corporate real estate team at Latham & Watkins LLP assists domestic and foreign investors, investment banks and financial institutions on high-end, multi-jurisdictional transactions. Led by Rafael Molina, experienced in construction and lease negotiations, the group’s services also cover portfolio acquisitions, refinancing, mortgage financing, asset management strategies and bid processes. Backed by Veronika Miskovichova, who specialises in REO and NPL portfolio deals, the team’s client base extends to the hospitality and consumer products sectors, and features Cerberus and Goldman Sachs.Practice head(s):
Other key lawyers:
Testimonials
‘The team led by Rafael Molina is a 10. Rafael is an excellent lawyer, he identifies elements that other lawyers overlook and is very skilled in defending his arguments, so the contracts we have signed advised by him are robust and favorable to our interests. On the other hand, he is a very commercial and imaginative lawyer, so he is always able to find solutions for cases in which it seems that there is no progress. His team is always available, has a lot of work capacity and is up to date on everything.’
‘Ability to work, persuasion, ability to seek solutions.’
‘Latham & Watkins always go above and beyond to make the experience for the client as easy as possible. The team is very proactive in terms of client contact / discussions on live issues.’
‘Rafa Molina is one of the most experienced and commerical adept lawyers we work with. Always pragmatic and looking for solutions in getting deals over the line.’
‘Their involvement and the degree of detail is the most remarkable as well as their full availability. I would also like to highlight its focus on facilitating deals and closings.’
‘Remarkable without a doubt: Rafael Molina.’
‘The team stands out for its absolute availability, vast experience and excellent technical knowledge.’
‘Rafael Molina is an exceptional attorney. Imaginative to propose solutions.’
Key clients
Cerberus Capital Management
Apollo Management International
Bank of America Merrill Lynch
Activum
Goldman Sachs
Intriva Capital
Tristan Capital Partners
Odyssey Infrastructure
Round Hill Capital
Fortress Investment Group
Work highlights
- Advised Activum SG Capital Management on the acquisition of Hotel Nobu, located in Barcelona’s emblematic Torre Catalunya, from Selenta Group.
- Advised Pradera on acquisition of a portfolio of six hypermarkets and retail galleries from Invesco.
Spain > Tax Tier 3
Latham & Watkins LLP can often be found advising on some of the Spanish market’s most complex and innovative transactions. In a standout recent deal, the firm advised Wallbox as the first Spanish company to be the target of a merger with a special purpose acquisition company (SPAC). The tax elements were led by practice co-heads Jordi Domínguez and Iván Rabanillo, who collaborated with the firm’s New York office. Senior associate Blanca Vázquez de Castro has particular experience advising on complex transactions in the real estate, telecoms and financial services industries.Practice head(s):
Jordi Domínguez; Iván Rabanillo
Other key lawyers:
Key clients
Telefónica
Repsol
Platinum Equity
The Carlyle Group
Wallbox
Cerberus Capital Management
Apollo Global Management
Goldman Sachs
JP Morgan
Morgan Stanley
Barings UK
Work highlights
- Acted for Wallbox, Spanish provider of electric vehicle charging solutions, in its $1.5bn business combination with Kensington Capital Acquisition Corp. II and its subsequent listing on the NYSE.
- Advised Platinum Equity on its €3.5bn acquisition of waste management company Urbaser from China Tianying.
- Advised JP Morgan as lead bank in the Spanish law-governed €10bn financing for Cellnex.
Spain > Dispute resolution Tier 5
Highly experienced litigator and arbitrator Óscar Franco joined Latham & Watkins LLP in September 2019 and since then has been steadily building an impressive disputes practice, benefiting also from the firm’s strong reputation and international office network. Commercial litigation and arbitration are mainstays of the practice, which also has niche expertise in disputes arising out of the acquisition of non-performing loan (NPL) portfolios. Roberto Muñoz is a key contact at the associate level.Practice head(s):
Óscar Franco
Other key lawyers:
Key clients
Apollo Capital Management
Deutsche Bank
Cerberus
Latin America: International firms > Corporate and M&A
Latham & Watkins LLP maintained strong activity levels in 2020, in both strategic and private equity transactions. Much of the team's work centres on infrastructure and energy. It has also experienced an uptick in distressed M&A in the upstream oil and gas sector. Chile has been a bright spot for the Latin America group, along with Central America; it continued to advise Telefónica on the sale of its wireless operations in Costa Rica. Mexico, a long-term forte for the team, provided a steady pipeline of deals, leading into advisory engagements linked to changes in the political climate. With no office in Brazil, the firm is slightly behind some of its natural competitors in that particular jurisdiction. Antonio Del Pino is co-chair of the Latin America group, and has an extensive record in strategic and private equity deals in the region, including those in the energy and infrastructure sectors. Christopher Cross is another experienced figure in energy deals in Latin America, while Ignacio Pallarés is playing a pivotal role from Madrid, where he represents a number of big-name Spanish clients in their Latin America transactions and interests. Javier Stark has been elevated to the partnership, having advised a number of key clients in Brazil, Mexico and other Latin American jurisdictions. Associate Alan Rozen has supported a number of the team's key deals.
Practice head(s):
Antonio Del Pino
Key clients
Telefónica
The Carlyle Group
Northland Power
Indigo Partners
Stericycle
IPSCO Tubulars
Digital Realty Trust
CDPQ
The Blackstone Group
BlackRock
Linzor Capital Partners
Ashmore Group
IFM Investors
Repsol
Work highlights
- Continued to advise Telefónica on the sale of its wireless operations in Costa Rica.
- Advised The Carlyle Group on its $825m acquisition of Occidental’s entire onshore portfolio in Colombia.
- Represented Northland Power in its $1.05bn acquisition of Empresa De Energia De Boyaca, a Colombia-based electrical energy company.
Latham & Watkins LLP > Firm Profile
The firm: Latham & Watkins is a leading international law firm serving multinational companies, start-ups, investment banks, private equity funds, venture capital firms, sovereign wealth funds, governments and other organisations. The firm’s global platform spans Asia, Europe, the Middle East and the US, and consists of internationally recognised practices across a wide spectrum of transactional, litigation, corporate and regulatory areas. Latham’s lawyers offer unrivalled legal resources and strategic commercial thinking to provide clients with innovative solutions to complex business and legal matters.
Lawyers here represent Spanish companies, private equity firms and financial institutions in inbound and outbound transactions and disputes, as well as acting for international companies conducting business throughout Spain and the Iberian Peninsula. The Spanish practice, primarily focusing on M&A, private equity, capital markets, litigation, administrative and regulatory, tax, and antitrust and competition, plays a critical role in Latham’s ability to serve clients worldwide.
The Spanish practice not only draws its strength from the expertise of the lawyers in Spain, but also includes the experience of lawyers based in offices around the world who have significant experience representing entities with Spanish interests. In addition, the Spanish team works closely with the firm’s Latin American practice group to facilitate transactions throughout Latin America.
Areas of practice: Lawyers in Latham’s Spanish M&A and finance practice have broad experience in cross-border M&A transactions involving Spanish companies and non-Spanish companies doing business in Spain, including company acquisitions, advice on excluding tender offers and/or extending European-based tender offers to the US market and arranging public financing. The private equity team has broad experience advising on a full range of transactions, from seed and early-stage capital situations to leveraged buyouts, PIPEs, growth equity investments, spin-outs, rollups, take-privates of established companies, and lately, restructurings and other distress-related transactions, in national or cross-border deals.
Latham & Watkins’ Spanish capital markets lawyers advise on domestic and international aspects of capital markets transactions, as well as on regulatory and corporate governance issues. This is an advantage for their clients when advising on international transactions, and the ability to play a dual role distinguishes the firm from most others in Spain.
Latham & Watkins has one of the strongest litigation and regulatory practices in Spain. Lawyers in this practice have vast experience in litigation and dispute resolution, as well as experience advising clients in national and cross-border arbitration proceedings. They have worked on projects and transactions related to public and administrative law, including matters such as energy, water regulation, transport, telecommunications, administrative proceedings, environmental and, in general, all matters where public administration is involved.
Latham & Watkins’ Spanish tax practice includes a team of highly regarded lawyers specialising in transactional tax, international tax, tax planning and tax structuring of cross-border M&A, capital markets offerings and restructuring transactions. Latham’s Spanish tax lawyers regularly advise companies listed in the Ibex 35 index, Spanish companies and multinational groups, private equity funds, investment funds, venture capital firms and financial institutions on a wide range of domestic and cross-border transactional tax matters.
Main Contacts
| Department | Name | Telephone | |
|---|---|---|---|
| Corporate M&A | |||
| Capital markets | |||
| Litigation | |||
| Tax | |||
| Antitrust and competition | |||
| Finance |
Lawyer Profiles
| Photo | Name | Position | Profile |
|---|---|---|---|
 | José María Alonso | José María Alonso is a counsel in Latham & Watkins´ Madrid office.… | View Profile |
 | Fernando Colomina | Fernando Colomina Nebreda is a partner in Latham & Watkins’ Madrid office… | View Profile |
 | María José Descalzo | María José Descalzo is a partner in Latham & Watkins’ Madrid office… | View Profile |
 | Jordi Domínguez | Jordi Domínguez, Chair of the Tax Department in Madrid, concentrates his tax… | View Profile |
 | Ignacio Domínguez | Ignacio Domínguez is a counsel and member of the Corporate Department in the… | View Profile |
 | Óscar Franco | Óscar Franco is a partner in Latham & Watkins’ Madrid office and a… | View Profile |
 | Ignacio Gómez-Sancha | View Profile | |
 | Ana González-Linares | Ana González-Linares is a counsel in the Corporate Department of Latham &… | View Profile |
 | José-Maria Jiménez-Laiglesia | View Profile | |
 | Luis Manuel Lozano | Luis Lozano is counsel in the Corporate Department of Latham & Watkins’… | View Profile |
 | Rafael Molina | View Profile | |
 | Ignacio Pallarés | Ignacio Pallarés, a partner in the Corporate Department, advises private equity funds… | View Profile |
 | Iván Rabanillo | Iván Rabanillo is a counsel and his practice focuses on transactional tax… | View Profile |
 | Naiara Rodriguez-Escudero | View Profile | |
 | Jose Antonio Sánchez Dafos | View Profile |
Staff Figures
Number of lawyers : 2,600+Languages
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Transacting with troubled companies: navigating stressed, distressed, and insolvent acquisitions
The Covid-19 pandemic has brought about significant challenges for many businesses, and a heightened risk of financial difficulty and insolvency. While the number of formal insolvencies has been relatively low thus far, troubled businesses may be forced to pursue accelerated asset disposals, or may themselves present an attractive investment opportunity for new equity stakeholders capable …