Firm Profile > Dentons > Madrid, Spain

Dentons
Paseo de la Castellana, 53 8ª
28046 Madrid
Spain

Banking and finance Tier 3

Specialising in aviation finance transactions, Dentons’ work ranges from asset and export financing to restructuring and regulatory advice. The firm is also experienced in the area of fintech. Jesús Mardomingo acts for financial institutions on corporate issues and public authorities on commercial and regulatory issues. He co-leads the practice with Jabier Badiola, who has expertise in the origination and restructuring of national and international syndicated lending transactions, and Jesús Varela, who focuses on real estate financing and debt portfolio trades. Also notable is senior associate Luis Máiz, who specialises in cross-border syndicated financing transactions.

Practice head(s):

Jabier Badiola; Jesús Mardomingo; Jesús Varela

Testimonials

‘It compares very well with the teams of other offices’

‘Availability and excellent knowledge of the practice’

Key clients

Landesbank Baden-Württemberg (LBBW)

Banco Santander S.A.

Goldman Sachs International

Banco Sabadell S.A.

CaixaBank S.A.

Instituto de Crédico Oficial

Abanca Corporación Bancaria S.A.

Bankia, S.A.

Credit Agricole Cariparma, S.p.A.

ING Bank NV Sucursal En España

Vector Ronda Teleport S.L.

UBI Banca

First Data Corporation

Multi Service Technology Solutions and IATA

Real estate and construction Tier 3

Dentons is regarded as ‘one of the best Spanish law firms for real estate'. The firm specialises in distressed assets, investment, lending and NPL portfolios, as well as providing notable expertise in litigation. Jesús Varela ‘has a wealth of experience and is really commercial’. He co-leads the practice with counsel Itxaso López, who has experience in advising Spanish and international clients on real estate agreements, condominium matters and asset management.

Practice head(s):

Jesús Varela; Itxaso López

Testimonials

‘Very good hands-on attitude’

‘Their range of experience in real estate and debt transactions creates a lot of valuable insight into best practice to avoid problems years after the deal is closed’

‘Jesus Varela really makes a difference. His soft skills really contribute to reaching a reasonable compromise between conflicting views and getting the deal across the line’

‘Excellent service and extensive experience, which allows it to offer comprehensive and proactive advice’

‘They understand the needs of the client, identify possible contingencies that are not always evident to the client, and provide practical and efficient solutions’

‘Jesus Varela is a benchmark in the sector. He confronts difficult matters constructively, instead of using an aggressive and destructive style that characterises many other lawyers’

‘Jesús Varela is always willing to collaborate on whatever is necessary for the good of the client and the project’

Key clients

Oaktree Capital Management

Starwood Capital Group

Deutsche Bank AG London Branch (CRE Special Situations)

CPPIB

Avenue Capital

Barings Real Estate

UBS Real Estate

Bain Capital

JP Morgan Special Situations

Cain International UK Services Limited

Sächsische Ärzteversorgung (SAEV)

Goldentree

Bridgepoint

Roundshield

Aberdeen Standard

Spearvest

Axis Retail Partners

Commercial, corporate and M&A Tier 4

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.

Practice head(s):

José María Buxeda; Nieves Briz; Juan Ignacio Alonso; Jesús Durán

Testimonials

‘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

Barloworld

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.

Dispute resolution Tier 4

Dentons focuses on advising multinational corporations, notably international companies, banks and investment funds. The firm has a niche specialisation in litigation arising from distressed investment situations and related to the workout of large debt portfolios. The department also provides broad sector expertise, working particularly closely with the tax and real estate teams. José María Buxeda has expertise in dispute resolution, corporate and commercial law, and M&A. He co-leads the practice with Juan Ignacio Alonso, who is known for disputes related to the automotive, retail, real estate financing, TMT and e-commerce sectors, and Julio Parrilla, whose experience covers litigation, arbitration and insolvency proceedings.

Practice head(s):

José María Buxeda; Juan Ignacio Alonso; Julio Parrilla

Testimonials

‘They are a team of pure winners’

‘Arantza Barandian and Adrien Coispel provide the most efficient advice, combining prudence and effectiveness’

Key clients

Otelum

Engie Spain

Logesta

Projects and energy Tier 4

Cross-border specialist Dentons is experienced in a range of energy and natural resources projects, particularly renewables. The firm is known for its expertise in industrial gas infrastructures and trading, as well as renewable power production assets development. In addition, the practice advises on oil exploration and production based in Spain. Javier Lasa leads the team and focuses on representing energy and renewables companies in matters including regulatory proceedings, financing, corporate transactions and energy-related litigation work.

Practice head(s):

Javier Lasa

Key clients

Aten Oil

Private equity Tier 5

Dentons combines fund formation with transactional advice, enabling the firm to assist private equity clients with the full life cycle of funds. As well as fund formation expertise, the practice specialises in private equity matters related to M&A transactions, particularly in the infrastructure, energy and real estate sectors. The ‘accurate and technically unbeatableJesús Durán leads the team and his experience includes advising on matters in the financial institutions, energy, infrastructure, real estate and distribution sectors.

Practice head(s):

Jesús Durán

Testimonials

‘Unique network and connections between Europe and the Far East’

‘Solid knowledge and track record of the Spanish LBO market’

‘Jesús Durán is a remarkable partner with a very solid track record and experience in the Spanish LBO market’

‘Dentons’ M&A team is highly qualified and always delivers exceptional results’

‘Although a big law firm, they often work as a boutique, with customised, personalised services, deep technical knowledge in all areas and total availability’

‘Jesus Duran is always adjusted to the specific needs of each moment and situation. He is absolutely trusted and reliable’

Key clients

HIG Capital

TPG Sixth Street Partners

Movo

Cabify

Tax Tier 5

Dentons' practice was boosted in March 2019 with the arrival from Linklaters of María Cortizas, who brings significant expertise in transactional work, debt structuring and capital markets. She co-heads the tax team with the highly experienced José Ramón Vizcaíno. A major source of work for the team lies in advising high-profile insurance companies on the tax aspects of W&I insurance and special tax policies. It also has considerable expertise advising international funds during the repossession phase of the underlying assets securing their non-performing loan portfolios.

Practice head(s):

José Ramón Vizcaíno; María Cortizas

Key clients

Barings Real Estate Advisors

Altum Capital Management

Aten Oil

Biopower

Olimpo Real Estate

Otelum

Grupo Naturener

Artá Capital

SH Capital

Grupo Sando

Starwood

Photo Name Position Profile
 Javier Badiola  photo Javier Badiola
 Arancha Barandiaran  photo Arancha Barandiaran
 Luis Belart  photo Luis Belart
 José María Buxeda  photo José María Buxeda
 María Cortizas  photo María Cortizas
 Jesús Durán  photo Jesús Durán
 Fernando Gutierrez  photo Fernando Gutierrez
 Bárbara Hernández-Mora  photo Bárbara Hernández-Mora
 Itxaso López  photo Itxaso López
 Javier Lasa  photo Javier Lasa
 Jesús Mardomingo  photo Jesús Mardomingo
 Julio Parrilla  photo Julio Parrilla
 Daniel Vázquez  photo Daniel Vázquez
 Jesús Varela  photo Jesús Varela
 José Ramón Vizcaíno  photo José Ramón Vizcaíno

Dentons advises Snam on US$10.1 billion consortium investment in ADNOC Gas Pipelines

Global law firm Dentons advised Italian-based multinational energy infrastructure operator Snam in relation to its agreement, in consortium with several international investment funds, to purchase a 49 percent share of ADNOC Gas Pipelines from The Abu Dhabi National Oil Company (ADNOC). ADNOC Gas Pipelines is valued at approximately US$20.7 billion (US$10.1 billion for 49%).

The transaction is one of the most important in the global energy infrastructure sector, as well as Snam’s first acquisition outside Europe.  ADNOC Gas Pipelines holds the tariff-based rights for the 38 pipelines that connect ADNOC’s upstream activities to Abu Dhabi’s consumption points and the export and interconnection terminals to neighboring Emirates.

The transaction was financed by a pool of international banks for approximately $8 billion, plus an equity contribution from each of the consortium members.  In addition to Snam, the other consortium members included Global Infrastructure Partners, Brookfield Asset Management, GIC, Ontario Teachers’ Pension Plan, and NH Investment & Securities.

Dentons acted with a cross-border team from Italy and UAE, coordinated by partner Sara Biglieri in Milan.  Partners Luca Pocobelli (Rome) and Mhairi Main Garcia (Dubai), counsel Claudio Segna (Milan), senior associate Craig Hughson (Abu Dhabi) and associate Stephanie Hawes (Dubai) advised on corporate and M&A aspects. Partners Alessandro Fosco Fagotto (Milan) and Stephen Knight (Abu Dhabi), counsel Franco Gialloreti, senior associate Tommaso Zanirato and junior associate Giulia Caselli Maldonado (all Milan) advised on financing aspects. Partner Michele Carpagnano (Rome) and associate Giulia Giordano (Rome) advised on the competition and antitrust aspects.

Snam’s internal legal team was led by General Counsel, Marco Reggiani - assisted by Michela Schizzi, Senior Vice President Regulated Assets Legal Affairs - and included senior legal counsels Rosanna Pallotta and Claudia Jolanda Fanelli.  The legal aspects related to the financing were handled, together with Marco Reggiani, by Gloria Bertini, Head of Finance and Capital Market Legal Affairs and Roberta Di Mauro, legal counsel.


Dentons advises Investitionsbank Berlin (IBB) on the establishment of the EU Malaria Fund

The EU Malaria Fund was initiated by the kENUP Foundation, a not-for-profit organization promoting research-based innovation with public and societal benefit. The fund is managed by the IBB Group. The target volume of the fund amounts to €280 million, with a first closing of €70 million on June 3, 2020. A Dentons team from Berlin, Frankfurt, Dusseldorf and Munich provided comprehensive advice to IBB Group on the establishment of the EU Malaria Fund. This included the development of the legal and tax conception of the fund, regulatory advice, corporate law support on the setup of the fund, and the negotiation of the financing agreements with the EIB, the Bill & Melinda Gates Foundation and other investors. Berlin-based partner Dirk-Reiner Voss and Frankfurt-based partner Arne Klüwer jointly led the Dentons team, with support from partners Stephan Busch, Matthias Santelmann and senior associates Holger Hölkemeier and Bernd Düsterbeck in Berlin; counsel Verena Etzel and Oda Elmoutaouakil in Frankfurt; partner Axel Schlieter in Dusseldorf, and partner Richard Fagerer in Munich. About Dentons Dentons is the world's largest law firm, connecting talent to the world's challenges and opportunities in more than 75 countries. Dentons' legal and business solutions benefit from deep roots in our communities and award-winning advancements in client service, including Nextlaw, Dentons’ innovation and strategic advisory services. Dentons' polycentric and purpose-driven approach, commitment to inclusion and diversity, and world-class talent challenge the status quo to advance client and community interests in the New Dynamic. www.dentons.com

Dentons advises on ACS Group’s €500 million NEU-CP Program

Dentons, the world’s largest law firm, has advised Spanish-based multinational construction group, Actividades de Construcción y Servicios, S.A. (ACS), on the renewal of its €500 million Negotiable European Commercial Paper (NEU-CP) Program. The NEU-CP program is registered with the Central Bank of France, with the involvement of BNP Paribas, BRED Banque Populaire, Crédit Agricole Corporate and Investment Bank, ING Bank N.V. and Natixis, as dealers for the Notes. Headquartered in Madrid, the ACS Group is a worldwide leader in construction and services. It is currently the only non-financial issuer with a NEU-CP Program registered with the Central Bank of France. Dentons’ Capital Markets group in Madrid advised ACS on all aspects of the transaction. Partner Ignacio Corujo led and coordinated the transaction with the support of junior associate Ana Artola. Ignacio Corujo joined Dentons in January this year to establish and lead the Capital Markets group in Spain. In addition to this most recent deal for ACS, he has closed several high-value debt capital markets deals since his move, including most notably, Grupo Cajamar’s €1 billion issuance of mortgage bonds, as well as Sacyr’s renewal of its €500 million EMTN Program. About Dentons Dentons is the world's largest law firm, connecting talent to the world's challenges and opportunities in more than 75 countries. Dentons' legal and business solutions benefit from deep roots in our communities and award-winning advancements in client service, including Nextlaw, Dentons’ innovation and strategic advisory services. Dentons' polycentric and purpose-driven approach, commitment to inclusion and diversity, and world-class talent challenge the status quo to advance client and community interests in the New Dynamic. www.dentons.com  

Dentons advises UniCredit on a €450 million secured sustainability-linked financing for Gunvor Gro

Global law firm Dentons has advised UniCredit Bank AG as Mandated Lead Arranger, (Sustainability) Coordinator, Bookrunner, Facility Agent and Security Agent as well as the lenders on a €450 million secured sustainability-linked borrowing base facility agreement with Gunvor Group. Gunvor Group will use the funds to cover the working capital requirements of its Ingolstadt refinery. The innovative financing model is tied to the borrower's achievement of predetermined ESG key performance indicators (Sustainability KPIs) and provides for a sustainability discount or premium in case the company overachieves or underperforms the predefined targets. An independent sustainability auditor will report on the performance of the Sustainability KPIs on an annual basis. The ESG-based scoring of certain key performance indicators provides a unique way for borrowers and lenders to communicate their commitment to sustainability and incentivizes sustainable corporate measures. Participating banks included DZ Bank, KfW IPEX-Bank, Raiffeisen Bank International, Erste Group Bank, Commerzbank, Industrial and Commercial Bank of China, CA Indosuez (Switzerland), Bank of China and First Abu Dhabi Bank. Gunvor Group is one of the world’s largest independent commodities trading houses by turnover, creating logistics solutions that safely and efficiently move physical energy from where it is sourced and stored to where it is demanded. With strategic investments in industrial infrastructure – refineries, pipelines, storage and terminals – Gunvor Group further generates sustainable value across the global supply chain for its customers. UniCredit is one of the pioneers in sustainable loans in the German market. Düsseldorf finance partner Dr. Axel Schlieter fully advised the bank on the drafting and negotiation of the loan agreement. The Dentons team further comprised Julia Heitmann (senior associate, Banking and Finance, Düsseldorf) and Eike Hinrich Pradt (associate, Banking and Finance, Frankfurt). Axel Schlieter is a core member of Dentons’ Sustainable Finance group in Europe and is regularly involved around the topics of issuance of green bonds and on sustainable financing. Advisors to UniCredit: Dentons (Düsseldorf): Dr. Axel Schlieter, (lead partner), Julia Heitmann (senior associate, both banking and finance, Düsseldorf), Eike Hinrich Pradt (associate, banking and finance, Frankfurt am Main) UniCredit inhouse lawyers: Carina Engelhardt, Alexander Strigin, Christian Hentrich About Dentons Dentons is the world's largest law firm, connecting talent to the world's challenges and opportunities in more than 75 countries. Dentons' legal and business solutions benefit from deep roots in our communities and award-winning advancements in client service, including Nextlaw, Dentons’ innovation and strategic advisory services. Dentons' polycentric and purpose-driven approach, commitment to inclusion and diversity, and world-class talent challenge the status quo to advance client and community interests in the New Dynamic. www.dentons.com

Dentons advises Qair on refinancing of the acquisition of Rzepin and Linowo wind farms in Poland

Dentons’ Banking and Finance practice team advised Qair SAS, Qair International and Qair Polska Sp.z o.o. in connection with the refinancing of two wind farms under operation, Rzepin (58 MW) and Linowo (48 MW). The financing institutions are BNP Paribas and EBRD. The two wind farms are part of Qair’s larger portfolio of almost 200 MW of renewable energy sources, which also includes 93 MW of new capacity from three wind farms – Udanin (50 MW), Parzeczew (9 MW) and Września (9 MW) – and 25 MW of solar photovoltaic. The project was supervised by Mateusz Toczyski, Head of the Europe and Co-Head of the Global Banking and Finance practice, and led by Tomasz Zwoliński, counsel, with assistance from lawyers Klaudia Szymańska-Rutkowska, Katarzyna Mazur, Katarzyna Kaptur and Jakub Walawski. Supporting the Warsaw team were counsel Surbhi Malhotra-Trenkel in Munich and partners Jean-Marc Allix and Olivier Genevois, and associates Djésia Meziani, Philippine de Fouchier and Hugo Casasnovas in Paris. Dentons’ London team consisting of partner Matthew Sapte and associate Annreika Ray advised on the hedging documentation. “We are very pleased and honored to have had this opportunity to assist Qair in yet another wind power project the company has undertaken in Poland,” said Mateusz Toczyski. “We would like to congratulate Qair on this financing and to wish every success with further developments and investments in Poland and elsewhere in the world,” added Tomasz Zwoliński. About Dentons Dentons is the world's largest law firm, connecting talent to the world's challenges and opportunities in more than 75 countries. Dentons' legal and business solutions benefit from deep roots in our communities and award-winning advancements in client service, including Nextlaw, Dentons’ innovation and strategic advisory services. Dentons' polycentric and purpose-driven approach, commitment to inclusion and diversity, and world-class talent challenge the status quo to advance client and community interests in the New Dynamic. www.dentons.com

Dentons advises Sev.en Energy on aacquisition of US-based Blackhawk Mining

Dentons has advised international energy group Sev.en Energy on its strategic acquisition of US-based metallurgical coal producer Blackhawk Mining, LLC. C. The transaction comes on the heels of Sev.en Energy’s acquisition of a 17% ownership interest in Corsa Coal in May 2020, further reinforcing its access to the metallurgical coal mining industry in the US market. Blackhawk Mining is one of the largest metallurgical coal producers in the US. With annual production capacity of seven to eight million tonnes of metallurgical coal among its five underground and open pit mining complexes in West Virginia and Kentucky, Blackhawk Mining is an important supplier of metallurgical coal both locally and internationally. It also owns three thermal coal mine complexes producing three to four million tonnes per annum. In 2019, Blackhawk Mining had $1bn revenues and $120m EBITDA.   Commenting on the acquisition, Dentons partner Petr Zákoucký, said: “Having worked for Sev.en Energy for many years, I am inspired by their sustained dynamism, and by this bold strategic move, even during these difficult market conditions. We were delighted to have opportunity to play our role in this success.”   Alan Svoboda, Executive Director of Sev.en Energy who leads the Group’s international expansion added: “Once again, the Dentons team exceeded our expectations and delivered the transaction within a tight time frame of less than a month, nailing both the complexity of the deal and challenges created by the current worldwide pandemic. What was really outstanding was the dedication and flexibility that the entire team showed.”   Dentons’ cross-border team was composed of partners Petr Zákoucký (Prague, Energy/M&A), Ilan Katz (New York, M&A), Lee Smith (New York, Finance), Christopher Van Bever (Lexington, Mining) and John Rhine (Evansville, Mining) Robert E. Richards (Chicago, Insolvency), Managing Associate Gregory DiBella (New York, M&A) and Associate Barbora Obračajová (Prague, Energy). Alvarez & Marsal advised Sev.en Energy on financial due diligence and Weir on technical due diligence.   About Sev.en Energy Sev.en Energy owns significant coal and energy production assets in the Czech Republic, the United Kingdom, Australia and the USA. It is the largest private operator of coalmines and conventional power plants in the Czech Republic, and employs more than 3,500 people. In 2019, Sev.en Energy acquired additional power generation assets from Swiss energy group Alpiq and a 50% stake in the multinational energy company – InterGen N.V., which is one of the leading independent power generators with gas-fired power plants in the UK and coal-fired power plants and coal mines in Australia. When pro-forma aggregated with the financial results of InterGen and Alpiq CZ, Sev.en Energy group combined revenues in 2019 were EUR 1,4 billion and EBITDA of EUR 319 million.   About Dentons Dentons is the world's largest law firm, connecting talent to the world's challenges and opportunities in more than 75 countries. Dentons' legal and business solutions benefit from deep roots in our communities and award-winning advancements in client service, including Nextlaw, Dentons’ innovation and strategic advisory services. Dentons' polycentric and purpose-driven approach, commitment to inclusion and diversity, and world-class talent challenge the status quo to advance client and community interests in the New Dynamic. www.dentons.com

Dentons supports German subsidiaries of the Recylex Group in restructuring

Global law firm Dentons is assisting Weser-Metall GmbH and Harz-Metall GmbH, both subsidiaries of the French-German Recylex Group, with their restructuring through ‘self-administration’ proceedings. In addition, Dentons restructuring lawyers Andreas Ziegenhagen and Dirk Schoene and their team are advising the German management of the Recylex Group within the scope of its self-administration. As a result of the COVID-19 pandemic and the dramatic decline in metal prices, the German subsidiaries of Recylex have each applied for protective shield proceedings under German insolvency law. The aim of the protective shield is to allow the companies to continue their individual restructuring measures and to return to economic stability after the pandemic - if necessary, in a new shareholder structure. Weser-Metall produces about 100,000 tons of lead per year at its headquarters in Nordenham (Lower Saxony), making it the third largest lead smelter and the second largest lead recycler in Europe. Harz-Metall has its headquarters in Oker in the Harz Mountains and is one of the leading European recycling companies for lead and zinc contaminated waste. The Recylex group has a total of eleven operating units and two administrative sites in France and Germany. In addition to the companies supported by Dentons, two other companies in the group, Norzinco GmbH and PPM Pure Metals GmbH, have also submitted applications for protective shield, whilethree other German subsidiaries requested self-administration under creditor protection. The Group's French companies are not affected. Andreas Ziegenhagen, Head of the Europe and German Restructuring practice, said: "With the filing for protective shield proceedings, we are making use of the most restructuring-friendly court proceedings in the interest of all stakeholders of the companies”. Advisor to Harz Metall / Weser Metall / German management of Recylex: Dentons (Berlin): Andreas Ziegenhagen (Partner, Restructuring, Berlin/Frankfurt), Dirk Schoene (Partner), Dr. Jan Seelinger (Counsel), Dr. Benjamin Kurzberg (Counsel), Judith Schmid (Senior Associate), Dr. Jakob Pickartz (Senior Associate), all Restructuring and Insolvency About Dentons Dentons is the world's largest law firm, connecting talent to the world's challenges and opportunities in more than 75 countries. Dentons' legal and business solutions benefit from deep roots in our communities and award-winning advancements in client service, including Nextlaw, Dentons’ innovation and strategic advisory services. Dentons' polycentric and purpose-driven approach, commitment to inclusion and diversity, and world-class talent challenge the status quo to advance client and community interests in the New Dynamic. www.dentons.com