We have highlighted below a selection of recent key deals and cases. You can also download our Spain brochure for a full breakdown of our experience.
Iberdrola in the EUR2,021 million equity investment made by Qatar Holding representing 6,16% of the share capital of Iberdrola. This is a deal with important implications as the two parties will cooperate for the purpose of developing new business opportunities in different areas of the global electricity value chain with a focus on emerging markets.
Banking/Finance and Capital Markets
Banco Santander in its buy-back programme for securitised bonds worth EUR16.5 billion (USD23.5 billion) to boost its balance sheet. The offer covered 27 different issues of bonds backed by mortgages, consumer credits and business loans. It is the first time a major European bank has offered to buy back a significant part of its outstanding securitisation bonds, with the securitisation market still effectively closed in Europe. The transaction is expected to stabilise some debt markets by setting a floor for prices for securities that are often hard to value and could have a positive impact on securitisation markets. It is expected to be followed by other European banks as this deal may set a trend for banks to find a new way of managing their liabilities.
Litigation and Arbitration
An international investment group consisting of AES, Solar, Ampere Equity Fund, Element Power, Eoxis Energy, European Energy, Foresight Group, GreenPower Partners, GWMLux Energia Solar, HgCapital, Hudson Clean Energy, Impax Asset Management, KGAL GmbH & Co., NIBC Infrastructure Partners, Scan Energy and White Owl Capital, in the Energy Charter Treaty investment arbitration against the Kingdom of Spain in relation with retroactive regulation in the solar photovoltaic sector implemented in Spain. This is the first time that an arbitration under the Energy Charter Treaty has been brought against the Kingdom of Spain.
Antitrust and European Law
Legal defence of Radio Televisión Española, S.A. (RTVE, the Spanish Public Broadcaster) in legal proceedings followed before the General Court of the European Union. Such proceedings concern the potential applicability of EU Rules to the new financing system of RTVE, that include the prohibition of advertising in the broadcasting of programmes of this company.
Banco Santander in the legal and tax aspects in connection with its invitation to holders of certain outstanding Tier 1 and Upper Tier 2 securities issued by several entities of the Santander Group (30 different issuances for an aggregate amount of EUR9.1 million) to offer to exchange such existing securities for new Tier 1 and Lower Tier 2 securities to be issued by two of its subsidiaries. This was a complex transaction of strategic importance to Banco Santander, which will thereby improve the efficiency of the group’s capital structure and strengthen its balance sheet. It was also the largest exchange offer ever undertaken by a Spanish bank.
USP Hospitales and its main shareholders (Barclays Capital and the Royal Bank of Scotland) on the reorganisation of the USP group in Spain, including implementation of new management bodies throughout the group and reorganisation of the group central management. The deal follows Allen & Overy advising Barclays Bank, Barclays Capital and the Royal Bank of Scotland in relation to the debt-for-equity transaction whereby these banks acquired a majority stake in the USP group in the summer of 2009. The Employment department in Madrid assisted on all employment law aspects arising from the management reorganisation.
A consortium made up of investment funds and the most important infrastructure operator in Spain, in relation to the private sector participation in airport management.