Handbook Iberico 2018 Web

M&A Handbook
M&A · PRIVATE EQUITY · VENTURE CAPITAL
IBERIA · 2018
An analysis of transactions in 2017,

including M&A, Private Equity and Venture Capital
All the rights reserved.
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©2018 [Zuvinova, S.A.]

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7830-341 Serpa
M&A Handbook
2018
IBERIA
PRIVATE EQUITY
VENTURE CAPITAL
M&A
Note from the authors
The M&A Handbook 2018 is a result of local research and market analysis by
TTR’s Research and Business Intelligence team. Our team follows the transactional
markets analysed in this Handbook at a local level, in local language, and on a daily
basis – researching transactional and financial data by contacting market players,
collecting their input and crosschecking and analysing the data throughout the year.
For full access to all of the transactional data on Brazil, Latin America, and the Iberian
market (spanning Mergers and Acquisitions, Equity Capital Markets, Acquisition
Finance and Project Finance) visit TTR at www.TTRecord.com.
FOR THE FOURTH YEAR RUNNING, INTRALINKS IS A PROUD SPONSOR OF THE IBERIAN HANDBOOK.
In 2017, the worldwide M&A market completed its fourth consecutive year of annual growth, with
the number of announced deals rising by 8 percent year-over-year (YOY). The increase in dealmaking
activity was not evenly spread, however: in North America and Asia-Pacific, the numbers of announced
deals rose by 26 percent and 7 percent YOY, respectively, whereas in Europe, the Middle East (EMEA)
and Latin America (LATAM), they fell by 3 percent and 1 percent YOY, respectively. After a flat 2015
and a decline in 2016, the Spanish MA& market also came roaring back in 2017: there were over 1,000
announced M&A deals for Spanish targets in 2017, a 14% increase over 2016.
The conditions for M&A in 2018 are also supportive: improving global economic growth, low inflation, low
interest rates, ready availability of debt finance and lots of corporate and private equity capital looking for
acquisition opportunities. Our own Intralinks Deal Flow Predictor (www.intralinks.com/deal-flow-predictor)
is forecasting worldwide M&A growth of up to 10% in 1H 2018, so it is entirely possible that 2018 could
exceed 2017 for Spanish M&A announcements.
In Europe, Spain is the fourth or fifth largest target M&A market by both volume (number) and value.
This is the same as Spain’s ranking as the fifth largest European economy. The Spanish economy
is growing faster than the Euro area as a whole, although it is also more volatile: among the top 5
European economies it is the one with the most “emerging market” characteristics.
Spain has a relatively open M&A market with a high level of cross-border M&A activity: since 2013, over
74% of Spanish target M&A by value has involved a foreign acquirer, the second highest percentage
(after the UK) among the top 5 European countries. Spain has the highest proportion of industrials,
real estate and energy & power M&A among the top 5 European countries: these three sectors have
accounted for over 60% of Spanish target M&A by value since 2013.
In 2018, the risks to the scenario of a fifth consecutive year of increasing M&A activity are twofold:
political and financial. Increases in economic nationalism, protectionism and restrictions on global trade
and cross-border economic integration all have the potential to negatively affect dealmaking sentiment.
With global equity markets recently at record highs, and nine years since the last major trough, a
correction that turns into a more serious sell-off could also prove negative for dealmaking confidence.
We may be seeing the start of such a protectionist trend, with the latest example being the blocking by
US President Trump of Singapore-based Broadcom’s acquisition of US semiconductor manufacturer
Qualcomm. Other countries, such as Germany, Australia and the UK, are also becoming more resistant
to foreign takeovers (especially from China and Asia) in sensitive industries such as technology,
robotics, semiconductors, energy and land.
Rising protectionism in M&A would disproportionately affect countries which have a high volume of
outbound (cross-border) M&A activity. In Europe, the UK and Germany have the highest proportion of
outbound, cross-border acquisitions. The danger is that once the US becomes more protectionist, other
countries could feel obliged to follow suit and protect their companies from foreign takeover.
For now, though, the M&A market is riding high. Intralinks wishes all Iberian dealmakers a successful 2018.
Intralinks for
the deal lifecycle
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STRATEGY &
BUYER ID
TARGETING
DEAL SOURCING DEAL PREP &

& EVALUATION MARKETING
DUE DILIGENCE DUE DILIGENCE

PMI CLOSING
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Intralinks is the most widely used virtual data room solution and the industry-
leading fund raising platform. We support all parties involved throughout the M&A
lifecycle and Alternative Investment firms for fund raising and fund reporting.
Join the world’s largest M&A professional network!

www.intralinks.com/ttr
Intralinks Iberia
Plaza Carlos Trias Bertrán 4, 2
Planta, Madrid 28020
+34 91 4184507
Contents
Definitions 9
SPAIN (*) 11
PORTUGAL (*) 127
Corporate Profiles 213
Acknowledgements 327
Index of Entities 329
* ES * PT
Visual Summary 2017 13 129
Mergers & Acquisitions 17 133
Private Equity 33 147
Venture Capital 45 157
Sectors & Subsectors 55 167

Most active subsectors in 2017 58 170
Energy and Renewable Energies 60 172
Real State and Construction 65 176
Industry 68 179
Natural Resources 75 186
Services and Distribution 77 188
Technology and Telecoms 87 196
Most Active Advisors 93 199

Financial Advisors 94 200
Legal Advisors 104 204

Definitions
M&A TRANSACTIONS
For the purpose of this Handbook, the acquisition of assets or any other corporate
acquisition that does not involve the acquisition of shares is not considered a M&A
transaction. The acquisition of shares in a target company which configures a mere
stock market transaction (namely, through a broker or any type of intermediary) is also
not considered to be an M&A transaction.
TTR considers Spanish or Portuguese M&A deals to include any acquisition of shares,
both of public or private companies headquartered in Spain or Portugal, or of any
other company worldwide, where a Spanish or Portuguese entity is involved as buyer
or seller.
PRIVATE EQUITY TRANSACTIONS
All investments or divestments carried out by Private Equity firms and/or funds under
management are registered as Private Equity deals. When the purchase or sale of a
specific target company is carried out through one of the Private Equity firms’/funds’
subsidiaries, the deal will only be considered a Private Equity deal if the subsidiary is
controlled by the referred to Private Equity/fund.
VENTURE CAPITAL TRANSACTIONS
Investments carried out by private funds which concentrate their activity on companies
in a startup phase, including seed capital, early stage and expansion.
BIG TICKET
Spain: All M&A deals which total deal value is equal or greater than EUR 500m.
Portugal: All M&A deals which total deal value is equal or greater than EUR 250m.
MID-MARKET
Spain: All M&A deals which total deal value is equal or greater than EUR 100m.
Portugal: All M&A deals which total deal value is equal or greater than EUR 15m.
SMALLER MARKET
Spain: All M&A deals which total deal value is less than EUR 100m.
Portugal: All M&A deals which total deal value is less than EUR 15m.
ES
Visual Summary 2017
Volume and value of transactions LEGEND X Axis - AVERAGE VALUE (EURm)
M&A
by type and year
1000 Y Axis - No. OF TRANSACTIONS
2016 TOTAL
2015VALUE (EURm)
*E xceptionally, this graph does not include the PE / VC 2017
800
transactions in the total number of M&A.
1000 41.838,73
28.771,07 73.657,26
2014
2016
Mergers and 2015
Acquisitions (M&A)
M&A
2017 62.965,74
600
800 41.838,73
1000 28.771,07 73.657,26
2014
2016 2015
400 2017 62.965,74
600 41.838,73
800 73.657,26
28.771,07 2014
200
400 62.965,74
600
200
400 0,00 50,00 100,00 150,00 200,00 250,00
200 50,00 100,00 150,00 200,00 250,00

0,00
0,00 50,00 100,00 150,00 200,00 250,00
PE
250
2017
Private Equity
Visual Summary of 2017
21.647,85
200
250 2015
2016
12.531,63 2017
2014 16.045,99
PE
21.647,85
150
200 2015
250 17.971,04 2016
SPAIN
12.531,63 2017
2014 16.045,99
100
150 21.647,85
200 2015 17.971,04
2016
12.531,63
2014 16.045,99
50
100
150
17.971,04
50
100 0,00 130,00 160,00 190,00 220,00 250,00
50 130,00 160,00 190,00 220,00 250,00

0,00
0,00 130,00 160,00 190,00 220,00 250,00

Venture Capital
VC
400 1.420,75
2017
320
400 2014 2015 1.420,75
2016
604,49
1.083,94 2017
1.485,89
VC
240
320 2014 2015
400 1.420,75 2016
604,49
1.083,94 2017
1.485,89
160
240
320 2014 2015
2016
604,49
1.083,94
80 1.485,89
160
240
80
160 0,00 1,00 2,00 3,00 4,00 5,00 6,00
80 1,00 2,00 3,00 4,00 5,00(www.TTRecord.com)

6,00
14 0,00 TTR - Transactional Track Record
0,00 1,00 2,00 3,00 4,00 5,00 6,00

Most active subsectors LEGEND
by type of transaction M&A Venture Capital
Private Equity TOTAL VALUE

(EURm)
84 14 175
Technology
1.561,95
37 5 116
Internet
300,58
Financial and 56 12 24
Insurance 16.984,54
Distribution 51 16 24
and Retail 2.002,45
Consultancy, Audit 69 12 9
and Engineering 1.080,61
*Exceptionally, this graph does not include the PE / VC transactions in the total number of M&A.

Advisors
LEGEND
714 352 No. of transactions
SPAIN
No. of transactions with Legal Advisors
257 No. of transactions with Financial Advisors
No. of transactions with Legal & Financial Advisors
1.422
Cross-border Transactions
Outbound Inbound
9.721,71 200 324 21.242,21

EURm EURm
TTR - Transactional Track Record (www.TTRecord.com) 15

Mergers &
Acquisitions
Mergers & Acquisitions LEGEND No. OF DEALS
TOTAL VALUE (EURm)
393
391
382
367
50k
358
357
344
320
324
318
317
316
313
Total No. Total value
293
299
40k
253
Year of deals (EURm)

30k
2017 1.421 51.829,67
20k
2016 1.343 59.285,42
10k
2015 1.375 86.758,28
0
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2014 1.206 81.412,67
2014 2015 2016 2017
Aggregate deal value and volume by market segment

Mergers & Acquisitions
Percentage of Deals
4% 11% 4% 13% 6% 9% 5% 9%
4% 11% 4% 13% 6% 9% 5% 9%
SPAIN
LEGEND
85% 83% 85% 86% Big Ticket (EUR ≥ 500m)
Mid Market (≥ EUR 100m)

85% 83% 85% 86%
2017 2016 2015 2014 Smaller Market (< EUR 100m)
2017 2016 2015 2014

66.391,91
63.878,42
66.391,91
63.878,42
35.570,04
LEGEND
27.842,29
2017 - Total Value

17.358,59
35.570,04
17.572,28
2016 - Total Value

13.067,84
11.868,62
27.842,29
2015 - Total Value

6.356,79 7.298,53
6.415,10
6.356,79
7.298,535.665,63
2014 - Total Value

17.358,59
17.572,28
13.067,84
11.868,62
6.415,10
5.665,63
Big Ticket Mid Market Smaller Market

(EUR ≥ 500m) (≥ EUR 100m) (< EUR 100m)
18 TTR - Transactional Track Record (www.TTRecord.com)

Big Ticket Mid market Smaller Market
(EUR ≥ 500m) (≥ EUR 100m) (< EUR 100m) Non-disclosed value Total
2017 - N.º of deals 25 73 566 757 1.421
2016 - N.º of deals 25 83 536 699 1.343
2015 - N.º of deals 40 64 579 692 1.375
2014 - N.º of deals 32 55 528 591 1.206
Distribution of total deals by deal type LEGEND
M&A Venture Capital
Private Equity
Number of Deals
832
832
2017
2017 227
227
363
363

Nº de transações
867
867
2016
2016 182
182
298
298
SPAIN
872
872
2015
2015 201
201
316
316
737
737
2014
2014 160
160
317
317
Total Value (EURm)
28.771,07
28.771,07
2017
2017 21.647,85
21.647,85
1.420,75
1.420,75
41.838,73
41.838,73
2016
2016 16.045,99
16.045,99
Valor total EURm)
1.485,89
1.485,89
73.657,26
73.657,26
2015
2015 12.531,63
12.531,63
1.083,94
1.083,94
62.965,74
62.965,74
2014
2014 17.971,04
17.971,04
604,49
604,49

Largest transactions involving a Spain-based party
(excluding Private Equity, Venture Capital and Cross-border deals)
Value
Target Subsector Buyer Seller (EURm)
Fondo de
Reestructuración
Financial and Banco
1 Banco Popular Ordenada Bancaria 7.000,00
Insurance Santander
(FROB), Private
Shareholders
Fondo de
Financial and Bankia (fusión Reestructuración
2 Banco Mare Nostrum (BMN) Caja Madrid 825,00
Insurance y Bancaja) Ordenada
Bancaria (FROB)
3 Testa Residencial Real Estate ACCIONA - 341,00
Inversiones Baglio, Inversiones Barrow,

Inversiones Fraser, Inversiones Grace,
Inversiones Mandrem, Inversiones Manly, P3 Spain Gore Spain
4 Real Estate 243,35
Inversiones Margarita, Inversiones Ninara, Logistic Parks Holdings Socimi I
Inversiones Reinga, Inversiones Silang,
GreenOak Spain Solar, GO Spain XXI
Healthcare,
Hygiene, Medical
5 Hospitales Nisa Vithas Private Shareholders 198,13
Aesthetics and
Cosmetics
Redevco Villanueva 1, Redevco Villanueva

Fase 2, Redevco Mérida, Redevco Cáceres,
Castellana Redevco Iberian
6 Redevco Motril, Redevco Granada, Redevco Real Estate 193,00
Properties Ventures
Castellón, Redevco Huelva, Redevco Parque
SPAIN
Principado, Roxbury Spain, Randolph Spain

Tourism, Hotels Hispania Activos Barceló Hotels
7 BAY 172,44
and Restaurants Inmobiliarios Mediterráneo
8 Remolques y Servicios Marítimos (Reyser) Other Services P&O Repasa Grupo Bergé 152,00
Financial and Private

9 Targobank - 150,00
Insurance Shareholders
10 Colonial Real Estate Inmo Private Shareholders 117,40
Financial Advisors Legal Advisors

1 Citigroup 1 5 Baker McKenzie Spain
1 J.P. Morgan 1 2 Pérez-Llorca
1 5 Arcano Partners 2 3 9 Uría Menéndez Spain
2 Alantra 2 5 7 8 Garrigues Spain
2 Morgan Stanley 2 7 Freshfields Bruckhaus Deringer Spain
4 KPMG Spain 3 8 Cuatrecasas Spain
4 5 8 PwC Spain 4 Clifford Chance Spain
8 Mediobanca 4 Herbert Smith Freehills Spain
1
0 Deloitte Spain 4 KPMG Abogados
1
0 GBS Finanzas 8 Ashurst Spain
8 PwC Tax & Legal Spain
Due Diligence Due Diligence

2 8 PwC Spain 2 4 KPMG Spain
2 Accenture 2 J.P. Morgan
2 EY Spain 2 Deutsche Bank
2 Morgan Stanley 5 Deloitte Spain
2 Rothschild

Largest inbound Cross-border acquisitions with Spain-based targets
Value
Naturgas Energía EDP - Energias

1 Oil and Gas Nature Investments 2.591,00
Distribución de Portugal
Banco Santander,
Hellman & Friedman, Eurizon Capital SGR,
2 Allfunds Bank Financial and Insurance 1.880,00
GIC Realty General Atlantic,
Warburg Pincus
ASSIP, Parkinvest,
ESIF I, Transport
Macquarie European
3 Empark Car Parks Infrastructure Holding 1.000,00
Infrastructure Fund 5
Company, Haitong
International Holdings
Compañía Logística
Macquarie European AMP Capital, Oman
4 de Hidrocarburos Oil and Gas 1.000,00
Infrastructure Fund 5 Oil Company
(CLH)
5 Telxius Telecoms Taurus Bidco Telefónica 790,5

1 Natixis Partners 1 2 4 Linklaters Spain
1 3 EY Spain 1 King & Wood Mallesons Spain
SPAIN
2 Barclays Bank 1 3 5 Clifford Chance Spain
2 Citigroup 1 3 Clifford Chance UK
2 Santander Global Corporate Banking Spain 1 Clifford Chance Luxembourg
3 Caixa BI 2 Linklaters Italy
4 BBVA Corporate Finance 2 3 Uría Menéndez Spain
4 Deloitte Spain 2 5 Garrigues Spain
2 Freshfields Bruckhaus Deringer Spain
2 Freshfields Bruckhaus Deringer UK
2 Ropes & Gray US
3 5 CMS Albiñana & Suárez de Lezo
3 Clifford Chance Turkey
Due Diligence 3 5 Clifford Chance Luxembourg
1 3 EY Spain 3 4 5 KPMG Abogados
4 Deloitte Spain 3 PLMJ
5 KPMG Spain 4 5 Deloitte Legal
4 Allen & Overy Spain
4 Gómez-Acebo & Pombo Spain
5 Carey
5 Clifford Chance Germany
5 Clifford Chance US
5 Pinheiro Neto Advogados

Largest outbound Cross-border acquisitions by Spain-based buyers
Value
Dogus Group, Dogus

1 Turkiye Garanti Bankasi Financial and Insurance BBVA Arastirma Gelistirme ve 859,00
Musavirlik Hizmetleri
Roads and Highways,

2 Holding d Abertis Prédica 796,00
Financial and Insurance
Global InfraCo
3 Mersin Uluslararası Liman Ports Akfen Holdings 745,16
Spain
4 Telefónica Deutschland Telecoms Telefónica KPN 740,00
Roads and Highways, Abertis, AXA

5 Holding d Caisse des Dépôts 700,00
Financial and Insurance Group, Prédica

4 Lazard 3 Allen & Overy Spain
5 Citigroup 4 CMS Hasche Sigle
5 Mediobanca 4 CMS Belgium

5 Morgan Stanley 4 Garrigues Spain
5 Clifford Chance Spain
5 BDGS Associés
SPAIN
5 Darrois Villey

5 Orrick Herrington & Sutcliffe France

Acquisitions by foreign buyers in Spain LEGEND No. OF DEALS
TOTAL VALUE (EURm)
96
12k
86 88
86
76
76 77
74
71
73 72
71 10k
70
64
56 8k
45 2017 325 21.242,21
6k
2016 308 25.087,00
4k
2015 289 16.799,60
2k
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
2014 259 26.336,70
2014 2015 2016 2017
Aggregate value 6%
7% 19%
and21%volume of deals8%by21%
7% 18%
market segment
Percentage of Deals
74% 74% 75% 71%
7% 19% 6% 21% 7% 18% 8% 21%
LEGEND

2017 2016 2015 2014
Big Ticket (EUR ≥ 500m)

Aggregate
74% deal74%
value and volume 71%segment
75% by market
Smaller Market (< EUR 100m)
SPAIN
2017 2016 2015 2014

18.944,01
11.431,60
15.931,47
LEGEND
8.738,30
7.671,32
2017 - Total Value

7.077,93
5.732,91
5.500,51
2016 - Total Value
2015 - Total Value

2.560,79
2.077,60
2.139,29
18.944,01
1.659,78
11.431,60
2014 - Total Value

15.931,47
8.738,30
7.671,32
7.077,93
5.732,91
5.500,51

(EUR ≥ 500m) (≥ EUR 100m) (< EUR 100m)
2.560,79
2.077,60
2.139,29
1.659,78
2017 - N.º of deals 12 32 127 154 325
2016 - N.º of deals 9 31 111 157 308
2015 - N.º of deals 11 28 118 132 289
2014 - N.º of deals 11 28 94 126 259

Acquisitions by foreign buyers in Spain
Countries with greatest number of acquirers of Spain-based targets
LEGEND X Axis - AVERAGE VALUE (EURm) Netherlands France Switzerland
Y Axis - No. OF TRANSACTIONS Italy Germany United Kingdom
TOTAL VALUE (EURm) Mexico Luxembourg United States
80
70
5.450,22
US
60 FR
2.075,07
GB
SPAIN
50 4.380,43
40
DE
30 574,55
DE CH
5.415,40
42,10
LU
MX
20
20,60
842,73
474,69
NL IT
10
0
0,00 50,00 100,00 150,00 200,00 250,00 300,00 350,00 400,00

Subsectors most targeted by foreign buyers in Spain
Other
Subsectors US FR GB LU IT NL DE CH MX Countries
Technology 16 9 10- 4 3 - 8 3 3 19
Internet 8 12 7 1 4 4 6 1 3 7
Real Estate 5 3 9 4 2 2 3 - - -
Distribution and Retail - 9 6 2 1 1 2 - - 3
Financial and Insurance 8 5 2 4 - - 1 - - 3
Transport, Aviation - 6 2 2 - 1 2 1 - 2
and Logistics
Consultancy, Audit 5 1 1 - - 1 1 - 1 5
and Engineering

Healthcare, Hygiene, Medical 3 2 1 2 1 1 1 2 - 1
Aesthetics and Cosmetics
Electronics 3 1 3 - - - 1 2 - 1
SPAIN
Glass, Ceramic, Paper, 5 - 2 - 1 1 1 - - 1
Plastics, Wood and Timber
Ports - 3 1 - - - 1 - 2 3
Tourism, Hotels and 4 2 2 - - - - - - 2

Restaurants

Countries with the greatest number of companies
selling equity in Spain-based companies
Total Value
Total No. of deals (EURm)
United Kingdom 16 2.462,92
United States 15 4.334,60
France 10 1.075,97
Luxembourg 4 1.344,40
Portugal 3 3.591,00
Netherlands 3 1.233,00
Hong Kong 2 1.220,00
Australia 2 1.000,00
Singapore 2 9,13
SPAIN
Subsectors in which foreign owners sold

equity in Spain-based companies
No. of deals by Subsector
Real Estate 14
Oil and Gas 8
Financial and Insurance 6
Transport, Aviation and Logistics 6
Technology 6
Distribution and Retail 4

LEGEND COLORS by SECTOR
Glass, Ceramic, Paper,
Plastics, Wood and Timber 4 Energy and Renewable Energies
Real Estate and Construction

Car Parks 3
Services and Distribution
Sports and Leisure 3 Infrastructure
Technology and Telecoms

Ports 3
Industry

Acquisitions vs. Divestitures of Foreign companies in Spain
LEGEND DIVESTITURES
ACQUISITIONS
20.067,22
TOTAL VALUE (EURm)
21.242,21

Acquisitions by Spain-based buyers abroad
SPAIN
57 30k
53
49 50 50
48
44 25k
42
40 41
34 35 36 20k
27 15k
22 23
10k
5k
0
2014 2015 2016 2017

LEGEND No. OF DEALS
TOTAL VALUE (EURm)
2017 201 9.721,71
2016 174 7.174,71
2015 145 40.055,69
2014 131 17.856,75

Countries in which Spain-based buyers made the most acquisitions
Total Value
28
United States 1.109,88
Portugal 20 579,95
France 19 2.468,70
United Kingdom 17 726,30
Italy 17 189,70
Mexico 15 658,12
Peru 11 61,70
Switzerland 10 527,97
Colombia 8 536,43
Germany 7 754,63
SPAIN
Netherlands 7 309,95
Turkey 5 1.604,16
Chile 4 0,00
Argentina 3 10,50
Brazil 3 0,00
Morocco 3 0,00
Luxembourg 2 33,02
Ireland 2 10,00
Canada 2 7,40
Andorra 2 1,80
United Arab Emirates 2 1,50

Subsectors in which Spain-based buyers made most acquisitions abroad
Technology 42
Food Industry 16
Consultancy, Audit and Engineering 12
Internet 10
Tourism, Hotels and Restaurants 10

Glass, Ceramic, Paper, Plastics,
Wood and Timber 9
Pharmaceutical, Parapharmaceutical
and Cosmetics 9
Telecoms 9
Food and Beverage 8

Healthcare, Hygiene, Medical
Aesthetics and Cosmetics 7
Roads and Highways 7
SPAIN
Automotive and Recreational Vehicles 6
Other Consumer Goods 6
Electric Energy 5
Marketing and Advertising 5
Steel, Metallurgy and Industrial Production 5
Oil and Gas 4
Real Estate 4
Energy and Renewable Energies
Infraestructures
Industry

Most active companies in 2017
Companies acquiring
Spain-based companies with most acquisitions
Ranking Company No. of Acquisitions
1 Abertis 7
2 Merlin Properties 4
3 Grifols 4
4 Faes Farma 4
5 Atresmedia 4
SPAIN
Spain-based buyers that spent most on acquisitions
Ranking Company Total value (EURm)
1 Abertis 2.503,70
2 Hotelbeds Group 999,00
3 Telefónica 754,15
4 Global InfraCo Spain 745,16
5 Cellnex Telecom 640,00

Companies selling
Spain-based companies with most divestitures
1 OHL 6
2 Grupo Bergé 4
3 Telefónica 3
4 ACS 3
5 Grupo Dcoop 3

SPAIN
Spain-based companies that made the largest divestitures
1 Telefónica 1.275,00
2 OHL 615,76
3 EDP Iberia 532,40
4 Ivanhoé Equity Spain 530,00
5 Acek Desarrollo y Gestión Industrial 347,03

3
Private
Equity
2017 Overview LEGEND No. OF DEALS
Quarterly deal flow TOTAL VALUE (EURm)
Evolução trimestral desde 2013
10k
67
57
Total No. Total Value
60 58 62
8k Year of deals (EURm)
50 54
50 50
44 43 2017 227 21.647,85
41 6k
38 36
2016 182 16.045,89
31 29
4k 2015 201 12.531,63
2014 160 17.971,04
2k
0k
2014 2015 2016 2017
Private Equity -Investments vs Exits*

Private Equity
No. of Deals *T
ransactions can be accounted for as investments and exits at the same
time, due to in some cases it may be a secondary buyout transaction.
SPAIN
Secundary Buyout
(R$m) TOTAL (R$m)
28% 27% 27% 19% LEGEND

Exits
Investments
sem Secundary Buyout
VALOR TOTALVALOR
28% 27% 27% 19%

72% 73% 73% 81%
sem
2017 2016 2015 2014
160 72% 73% 73% 81%

Number of Deals
2017 2016 2015142 2014
130 128
Nº DE NEGÓCIOS
LEGEND
160 Investments Secondary Buyout
67 142
130 52 59 128 Exits
Nº DE NEGÓCIOS
32
19
13 8 9
67
52 59
2017 2016 2015 32 2014
19
13 8 9
2017 2016 2015 2014

Largest Private Equity transactions in Spain
(excluding Cross-border)
Value
Corpfin Capital,
Global 3 Combi, Impala Capital
1 Electric Energy Cyclicus DDP DOS 321,00
Global 3 Energía Partners, GED
Infrastructure
Hotel AluaSoul Mallorca
Resort, Hotel AluaSun
Torrenova, Hotel AluaSoul
Alcudia Bay, Hotel AluaSoul
Palma de Mallorca, Hotel Tourism, Hotels Hispania Activos
2 AluaSoul Ibiza, Hotel Alua Hotels & Resorts 165,00
and Restaurants Inmobiliarios
Parque San Antonio, Hotel
Ambar Beach, Mar Hispana
Apartamentos, Hotel
Investments and Leisure,
Tenerife Gestión Hotelera
Portobello Fund IV
3 Sidecu (Centros Supera) Sports and Leisure Private Shareholders 150,00
(Portobello Capital)
Haya Real Estate
4 Mihabitans Real Estate (Cerberus Capital Liberbank 85,00
Management)
Other Consumer Private Shareholders, Deyá Capital II,
5 Flex 80,00
Goods Aurica Capital Deyá Capital III
Tourism, Hotels
6 Blue Sea Hotels Portobello Capital Private Shareholders 70,00
and Restaurants
7 Indiba Technology Magnum Capital Minerva Capital 60,00
Private Equity
8 Tourism, Hotels
NRSur Negocios del Café MCH Private Equity 52,00
and Restaurants
SPAIN
GED V España,
Consultancy, Audit Realza Capital, Private
9 Gestión Tributaria Territorial and Engineering Oquendo Capital, Shareholders 45,00
Private ShareholdersI
Steel, Metallurgy
10 Extol and Industrial MCH Private Equity Private Shareholders 40,00
Production
1 Montalbán 1 5 Clifford Chance Spain

2 3 4 7 PwC Spain 1 3 8 9 Garrigues Spain
3 Greenhill & Co. Spain 2 Freshfields Bruckhaus Deringer Spain
4 Alantra 3 Pinsent Masons Spain
5 GBS Finanzas 3 PwC Tax & Legal Spain
5 Impulsa Capital 4 Ashurst Spain
6 MBD 4 Gómez-Acebo & Pombo Spain
6 The Boston Consulting Group (BCG) 5 Cuatrecasas Spain
6 8 KPMG Spain 5 Uría Menéndez Spain
7 Natixis Partners 6 CMS Albiñana & Suárez de Lezo
7 9 EY Spain (Ernst & Young) 6 De Juan-Moreno Estudio Jurídico-Fiscal
9 Arcano Partners 9 King & Wood Mallesons Spain
1
0 Andersen Tax & Legal Spain
Due Diligence
3 7 PwC Spain
7 9 EY Spain (Ernst & Young)

Energía y renovables
Industria Infraestructur
Most active subsectors for Private Equity

Industria Infraestructuras
Inmobiliario y
Sectors
Inmobiliario y Construcción
RR Naturales
Energy and Industry Infrastructure Real Estate and Natural

Renewable Infraestructuras Inmobiliario
Construction y Construcción
RR Naturales
Resources SS y Distribuc
Energies Industria
Inmobiliario y RR
Construcción
Naturales SS y Distribución
Tecnología y T
Infraestructuras
Subsectors - Number of deals
Subsetores com maior número e valor de transações envolvendo Venture Capital
NUMBER DEALS RR Naturales SS y Distribución
Tecnología y Telecomunicaci
Distribution and Retail SS y Distribución
Tecnología
16 y Telecomunicaciones
RR Naturales
Technology 14
Real Estate 13
Consultancy, Audit and Engineering Tecnología
Private Equity
Glass, Ceramic, Paper, Plastics, SS y Distribución 12

Wood and Timber
SPAIN
Fashion and Textile 11

Solar Energy Tecnología y Telecomunicaciones
8
Chemical and Chemical Materials 8
Education 7
Steel, Metallurgy and 7
Industrial Production
Sports and Leisure 7
Other Services 7
Pharmaceutical, Parapharmaceutical 7
and Cosmetics
Wind Energy 7
Electric Energy 6
Telecoms 6
Oil and Gas 5
Food Industry 5
Internet 5
Food and Beverage 4
Marketing and Advertising 4
Media, Multimedia and Editorial 4

RR Naturales
RR Naturales SS y Distribución
SS y Distribución
Tecnología y Telecomunicaciones
Services and Technology Military -

Distribution Tecnología
and Telecoms y Telecomunicaciones
State Defense
Subsetores com maiorSubsectors

número e valor de transações envolvendo Venture Capital
- Total Value (EURm)
TOTAL VALUE
Financial and Insurance 3.118,14

Tourism, Hotels and Restaurants 2.102,00
Telecoms 1.805,00
Oil and Gas 1.770,00
Wood and Timber 1.128,21
Solar Energy 1.024,26
Private Equity
Car Parks 1.000,00
Wind Energy
SPAIN
995,37
Real Estate 962,00
Distribution and Retail 927,31
Consultancy, Audit and Engineering 927,17
Fashion and Textile 926,22
Healthcare, Hygiene, Medical 875,77
Hydraulic Energy 700,00
Sports and Leisure 649,80
Event Production and Management 591,00
Cars, Motorcycles and Other Vehicles 550,00

Pharmaceutical, Parapharmaceutical 493,04
and Cosmetics
Technology 473,32
Construction (Materials and Machinery) 470,00
Electric Energy 462,09

Funeral Services 450,00
Chemical and Chemical Materials 430,50
Biotechnology 375,00
Education 354,46
Roads and Highways 290,76

Largest investments by foreign Private Equity funds in Spain
Value
Banco Santander, Eurizon

Hellman & Friedman,
1 Allfunds Bank Financial and Insurance Capital SGR, General 1.880,00
GIC Realty Atlantic, Warburg Pincus
2 Telxius Telecoms Taurus Bidco (KKR) Telefónica 790,50
HI Partners Holdco
3 Financial and Insurance Halley Holdco (Blackstone) Banco Sabadell 630,73
Value Added
Investcorp, Private
Glass, Ceramic, Shareholders Spain I,
4 Esmalglass Paper, Plastics, Lone Star Funds 605,00
Intermediate Capital
Wood and Timber Group (ICG)
Consultancy, Audit and
Accelya, Accelya
5 Engineering; Financial Warburg Pincus Chequers Capital 604,37
Holding and Insurance

1 5 Citigroup 1 Linklaters Spain
1 Barclays Bank 1 Linklaters Italy
1 Santander Global Corporate Banking Spain 1 4 Uría Menéndez Spain
Garrigues Spain
Private Equity
3 Deloitte Spain 1 2 3
4 Lazard 1 Freshfields Bruckhaus Deringer Spain

Deutsche Bank 1 Ropes & Gray US
SPAIN
4
5 Evercore Partners Spain 1 4 Freshfields Bruckhaus Deringer UK

5
BNP Paribas Corporate & 1 Simpson Thacher & Bartlett US
Investment Banking Spain
2 3 4 Deloitte Legal
2 Carey
2 Clifford Chance Germany
2 Clifford Chance Luxembourg
2 Clifford Chance US
2 CMS Albiñana & Suárez de Lezo
Due Diligence
2 Pinheiro Neto Advogados
2 KPMG Spain
2 KPMG Abogados
4 Deloitte Spain
3 4 Allen & Overy Spain
4 PwC Spain
4 Jones Day Spain
4 EY Spain (Ernst & Young)
4 KPMG Abogados
4 Russel & Bedford Spain
5 Ashurst Spain
5 Ashurst France
5 Carlos Aguiar, Ferreira de Lima Advogados
5 DCA
5 Edward Nathan Sonnenbergs
5 Elvinger, Hoss & Prussen
5 Galicia Abogados
5 Gide Loyrette Nouel
5 Khaitan
5 Nagy és Trócsányi Ügyvédi Iroda

Foreign Private Equity acquisitions in Spain
Countries with most Private Equity investments in Spain
LEGEND United Kingdom Luxembourg Switzerland South Korea Singapore
United States Canada Brazil Belgium
France Germany Portugal Colombia
Number of Investments
2017 2016 2015 2014
28 22
22
12
United States
27
21
18
9
United Kingdom
Private Equity
11 13
Luxembourg 3 6
SPAIN
10 8 14 9
France
12
Switzerland 4 3 7
Canada 2 3 1 -
Portugal 2 - - -
Germany 1 1 3 3
Brazil 1 - - 1
South Korea 1 - - 1
Belgium 1 - - 1
Colombia 1 - - -
Singapore 1 - 1 -

Foreign Private Equity acquisitions in Spain
Countries with largest Private Equity investments in Spain
LEGEND United Kingdom Luxembourg Switzerland South Korea Singapore
United States Canada Brazil Belgium
France Germany Portugal Colombia
Total Value (EURm) Foreign Private Equity acquisitions in Spain
2017
4.945,16 1.965,68 5.451,50 79,80 430,00 100,00 999,00 430,00 0,00 95,40 208,00 0,00 1.880,00
X X
US GB LU FR CH PT CA DE BR KR BE CO SG
2016
Private Equity
SPAIN
675,00 2.328,18 652,95 575,00 0,75 -- 1.189,90 25,00 -- -- -- -- --
X X X X X X
2015
2.697,48 641,81 130,97 899,19 76,41 0,00 225,00 23,08 0,00 0,00 0,00 0,00 0,00
X X X X X X
2014
1.894,48 738,50 2.160,88 606,60 167,20 -- -- 54,00 0,00 116,07 0,00 -- --
X X X X X X

Exits by foreign Private Equity funds in Spain
Countries with most Private Equity funds making exits in Spain
LEGEND United Kingdom Luxembourg France
United States Germany Switzerland
Number of Exits
2017
10
United States
United Kingdom 7
France 7
Luxembourg 4
Germany 2
Switzerland 1
Private Equity
Italy 1
SPAIN
Total Value (EURm)
US 4.148,37
GB 1.765,00
FR 1.882,00
2017
LU 1.461,00
IT 700,00
DE 470,00
CH 150,00

Infraestructuras
Subsectors that attracted most foreign Private Equity

RR Naturales
2017 2016 2015 2014

SS y Distribución
Financial and 5 6 9 6
Insurance
Distribution 5 3 2 3
and Retail
Healthcare, Hygiene, 5 6 5 4
Medical Aesthetics
and Cosmetics
Tourism, Hotels 4 3 2 6
and Restaurants
Education 4 - - 1
Consultancy, Audit 4 3 4 4
and Engineering
Fashion and Textile 4 - 5 1
Other Services 3 1 - -
Inspection and 3 - 1 1
Certification
Private Equity
Transport, Aviation 3 2 4 4
and Logistics
SPAIN
Marketing and 3 - 4 -
Advertising
Industria
Industria
Infraestructuras
Infraestructuras
Inmobiliario y Construcción 2017 2016 2015 2014

Real Estate 8 1 5 12
RR Naturales
RR Naturales
SS y Distribución
SS y Distribución
2017 2016 2015 2014

Technology 3 3 2 2
2017 2016 2015 2014

Oil and Gas 3 - 1 -
Industria
Infraestructuras
Private Equity - Spanish vs. Foreign Investments
LEGEND SPANISH INVESTING IN SPAIN
FOREIGNERS INVESTING IN SPAIN
Private Equity - Investimento brasileiro vs Investimento estrangeiro
TOTAL VALUE (EURm)
1.214,50
65 TOTAL
NUMBER OF
INVESTMENTS
Private Equity
152
87
SPAIN
11.479,09

Venture
Capital
2017 Overview LEGEND TOTAL No. OF DEALS
92
107 111
99
1k
87 86
84 82 81 0,8k
75 72 72
65 67
61
0,6k
53
0,4k
0,2k
0k
2014 2015 2016 2017

Venture Capital
SPAIN
Total value
Year Total No. of deals (EURm)
2017 363 1.420,75
2016 298 1.485,89
2015 316 1.083,94
2014 317 604,49

Largest Venture Capital transactions in Spain
Value
Instituto de Biotechnology; Realiza Business Angels,

Medicina Healthcare, Hygiene, Q Growth Fund, Biolty,
1 Desarrollo Creativo 10,00
Genómica Medical Aesthetics Private Shareholders de Negocio (DCN)
(Imegen) and Cosmetics
Cibeles Transport, Aviation
2 Private Shareholders, Kibo Ventures - 9,00
Comfort Cars and Logistics
GMV, Private Shareholders, Centro
Aerospace and para el Desarrollo Tecnológico e
3 PLD Space - 6,70
Aeronautical Industrial (CDTI), Enisa, Suma Teruel,
Institut Valenciá de Finances
Kibo Ventures, JME Venture
4 Odilo Technology Capital, Active Venture - 6,00
Partners, Inveready Capital
Consultancy, Audit
5 Enertika Caixa Capital Risc, Capital Expansió - 5,00
and Engineering
Promotech Internet; Distribution

6 Private Shareholders - 4,50
Digital and Retail; Technology
Alta Life Sciences, Healthequity,

7 Peptomyc Biotechnology Private Shareholders - 4,20
8 Innvierte Economía Sostenible, Agua y

Blueliv Technology - 4,00
Ciudad Entrepreneurship Investments
Axon Wealth
Venture Capital
Technology ; Financial Caser, Private Shareholders
9 Advisory and Insurance Spain, Fintech Ventures - 4,00
Digital A.V.
Seaya Ventures, Mediaset
SPAIN
10 España, Inveready Capital,
Hundredrooms Internet - 4,00
Bankinter, Atresmedia, Media
Digital Ventures Spain

1 Deloitte Spain
1 Cuatrecasas Spain
7 Vantum Corporate 3 7 8 RCD - Rousaud Costas Duran
1
Due Diligence
7 Dechert

Energía y Industria
renovablesInfraestructuras
Inmobiliario y Construc
Inmobiliario
RRyNaturales
Construcción
Most active subsectors for Venture Capital
Inmobiliario
RRyNaturales
Construcción
SS y Distribución
Sectors Industria Infraestructuras

Inmobiliario
RR yNaturales
Construcción
SS y Distribución
Tecnología y Telecomun
Energy and Industry Infraestructuras

Infrastructure Inmobiliario
Real State and
RRyNaturales
Construcción
Natural
SS y Distribución
Services and Technology
Tecnología Military -
yDefense
Telecomunicaciones
Renewable Industria Construction Resources Distribution and Telecoms State
Subsetores com maior número e valor de transações envolvendo Venture Capital
Energies
Subsetores com maior número e Inmobiliario

valor de transações
NUMBER RR yNaturales envolvendo Venture Capital
Construcción
DEALS SS y Distribución
Infraestructuras
Subsectors - Total No. of deals
NUMBER DEALS
Technology 175
Internet RR Naturales
SS y Distribución
116
Technology Inmobiliario y Construcción 175
DistributionInternet
and Retail 24 116
Financial and
Distribution andInsurance
Retail 24 24
Other
Financial and Services
Insurance SS24y Distribución
16 Tecnología y Telecomunicaciones
Other Services
RR Naturales
Real Estate 16 13
Real
Tourism, Hotels and Estate
Restaurants 13 10
Tourism, Hotels and Restaurants
Electronics 1010
Consultancy, SS y
Audit
Electronics
and Engineering
Distribución
10
9
Venture Capital
Consultancy, Audit
and Engineering 9
Food and Beverage 7
Food and Beverage 7
SPAIN
Healthcare, Hygiene,
Aesthetics andMedical Tecnología
Cosmetics
Transport, Aviation and Logistics
7
Food
Food Industry
Industry 6 6
Fashion
Fashion andand Textile 5
Textile 5
Pharmaceutical,
Pharmaceutical, Parapharmaceutical 5
Parapharmaceutical 5
andand Cosmetics
Cosmetics
Other
OtherConsumer
Consumer Goods 4
Goods 4
Telecoms 4 4
Telecoms
Education 4
Education 4
TOTAL
Subsectors - TotalVALUE
value (EURm)
TOTAL VALUE
Technology 877,17
Technology 877,17
Internet 280,51
Internet
280,51
Biotechnology
Financial and Insurance 138,15 206,29
Distribution andInsurance
Financial and Retail 62,94 138,15
Real and
Distribution Estate
Retail 53,67 62,94
Pharmaceutical, Parapharmaceutical 41,68 53,67
Real Estate
and Cosmetics
41,68
and Cosmetics
Tourism, Hotels and Restaurants 28,72
Aesthetics and Cosmetics 28,23
Other Services 22,38
Aesthetics andLogistics
Cosmetics 20,86 28,23
Transport, Aviation and
Other Services 22,38
Electronics 18,93
Transport, Aviation and Logistics 20,86
Electronics 18,93
Largest transactions by foreign Venture Capital funds in Spain
Value
Nauta Capital, Idinvest

Partners, BBVA, Greylock
1 Social Point Technology Take-Two Interactive Software Partners, Highland 232,60
Capital Partners,
Private Shareholders
Angel List, Seaya Ventures,
2 Cabify Technology - 106,00
Private Shareholders I, Rakuten
Movile, Movile Mobile

3 Technology Naspers, Innova FIP - 69,67
Commerce Holdings
Movile, Movile Mobile

4 Technology Naspers, Innova FIP - 46,38
Commerce Holdings
Tiko Real Estate Technology; Cabiedes & Partners, Rocket

5 - 35,00
Technologies Real Estate Internet, Private Shareholders
Caixa Capital Risc, Edmond de
Rothschild Investment Partners,
6 Medlumics Biotechnology - 34,40
Ysios Capital Partners, Seroba
Life Sciences, Innogest
Rakuten, Seaya Ventures, Antai
Distribution
7 Ban, Bonsai Venture Capital, Entrée
Glovo App and Retail; - 30,00
Capital, Private Shareholders,
Internet Cathay Innovation, TCA Glovo
Insight Venture Partners,
8 Logtrust Technology Kibo Ventures - 29,83
Venture Capital
General Atlantic, Point Nine Capital,
9 Typeform Technology Index Ventures, Connect Ventures - 29,19
ING Group, Previsión
SPAIN
10 Fintonic Internet Sanitaria Nacional (PSN), - 25,00
1 BBVA Corporate Finance 1 7 Osborne Clarke Spain

1 PwC Spain 1 6 9 Garrigues Spain
7 KPMG Spain 1 Cleary Gottlieb Steen & Hamilton US
1
0 Financial Managers 1 1
0 Baker McKenzie Spain
1 Baker McKenzie UK
1 Willkie Farr & Gallagher
Due Diligence 2 3 4 Gómez-Acebo & Pombo Spain
7 KPMG Spain
3 Lobo de Rizzo Advogados
6 7 1
0 RCD - Rousaud Costas Duran
7 DLA Piper Spain
8 Across Legal
8 Cuatrecasas Spain
8 Gunderson Dettmer
9 Uría Menéndez Spain

Countries with greatest number of Venture Capital
funds investing in Spain
LEGEND United Kingdom Luxembourg Mexico Ireland Netherlands
United States Germany Brazil Japan Sweden
France Italy Canada South Afica
2017 2016 2015 2014
18 14
8 11
United States
12 9
France 4 4
11 8
United Kingdom 4 3
Venture Capital
8
Germany 6 3 2
SPAIN
8
Italy 5 1 -
Brazil 5 - - -
Luxembourg 4 7 2 4
Mexico 4 3 - 1
Netherlands 3 4 4 -
Japan 3 1 4 -
Ireland 3 - - -
Canada 2 - - 1
South Africa 2 - - -
Sweden 2 1 - -

Countries with largest Venture Capital investments in Spain
Total Value (EURm) Foreign Venture Capital Acquisitions in Spain
2017
237,26 119,47 108,86 84,55 81,73 119,65 20,59 14,00 44,82 43,89 138,20 8,60 116,05 17,89
US FR GB DE IT BR MX LU IE NL JP CA SE CH
2016
87,05 67,39 56,72 27,79 19,77 --- 23,91 8,80 --- 28,72 105,46 --- --- 22,63
X X X X
Venture Capital
SPAIN
2015
121,75 60,59 25,81 17,71 1,30 --- --- 35,97 --- 36,60 11,47 --- --- ---
X X X X X
2014
95,72 29,80 4,10 5,20 --- --- 0,04 4,60 --- --- --- 0,00 --- ---
X X X X X X X X

Industria
Infraestructuras
Subsectors most
Inmobiliario targeted by foreign
y Construcción
Venture Capital funds in Spain
RR Naturales
2017 2016 2015 2014

SS y Distribución
Transport, Aviation 3 2 1 -
and Logistics
Distribution 3 4 1 -
and Retail
Financial and 3 1 1 1
Insurance
Other Services 2 1 - -
Security and Private 1 - 1 -

Arms, Ammunition
and Explosives
Education 1 1 1 -
Courier 1 - - -
Healthcare, Hygiene, 1 1 1 -
Medical yAesthetics
Energía renovables
and Cosmetics
Marketing and 1 - 1 -
Venture Capital
Industria
Advertising
Industria
SPAIN
Infraestructuras
Infraestructuras
Real Estate y Construcción

Inmobiliario 3 1 - -
RR Naturales
RR Naturales
SS y Distribución
SS y Distribución
2017 2016 2015 2014
Technology 33 17 12 14
Internet 24 21 9 8
Electronics 2 - 1 1

Venture Capital - S
pain-based vs. Foreign Investments
LEGEND SPANISH INVESTING IN SPAIN
FOREIGNERS INVESTING IN SPAIN
Venture Capital - Spanish vs Foreign Investments
TOTAL VALUE (EURm)
295,00
60
TOTAL
NUMBER OF
Venture Capital
INVESTMENTS
232
SPAIN
172
241,30

5
Sectors &
Subsectors
TTR Main Sectors

·· Biofuel ·· Nuclear Energy
·· Biomass ·· Oil and Gas
·· Electric Energy ·· Solar Energy
·· Geothermal Energy ·· Wind Energy
·· Hydraulic Energy
Industry
·· Aerospace ·· Industrial Production, Industrial
·· Automotive and Machinery, Parts and Metals
Recreational Vehicles ·· Pharmaceutical,
·· Chemical and Chemical Materials Parapharmaceutical
and Cosmetics
·· Fashion and Textile
··
Sectors and Subsectors
Other Consumer Goods

·· Food Industry
·· Tobacco
·· Glass, Ceramic, Paper,
SPAIN
Infrastructure
·· Airports ·· Railroads
·· Bridges ·· Roads and Highways
·· Car Parks ·· Ports
·· Hospitals ·· Schools
·· Prisons ·· Social Housing

·· Construction ·· Real Estate
(Materials and Machinary)
Military - State Defense

·· State Defense

Natural Resources
·· Agriculture, Agribusiness, Farming and Fishing
·· Forestry
·· Mining

·· Cars, Motorcycles and ·· Luxury Goods and Services
Other Vehicles ·· Marketing and Advertising
·· Consultancy, Audit ·· Media, Multimedia and Editorial
and Engineering
·· Other Services
·· Courier
·· Printing and Binding
·· Distribution and Retail
·· Security and Private Arms,
··

Education Ammunition and Explosives
·· Financial and Insurance ·· Sports and Leisure
·· Food and Beverage ·· Tourism, Hotels and Restaurants
·· Funeral Services ·· Transports, Aviation and Logistics
·· Healthcare, Hygiene, Medical
SPAIN
·· Waste Management,
Aesthetics and Cosmetics Pollution and Recycling
·· Inspection and Certification ·· Water and Sanitation

·· Biotechnology ·· Technology
·· Electronics ·· Telecoms
·· Internet

Most active subsectors in 2017
Main sectors
Energy and Industry Infrastructure Real State and Natural

Renewable Construction Resources
Energies
Number of Deals
NUMBER DEALS
Technology 273
Internet 158

To
SPAIN
Real Estate 90

Food Industry 71
Transport, Aviation and Logistics G

56

Wood and Timber 44
Steel, Metallurgy and
Industrial Production 41
Telecoms 31
Electronics 28
and Cosmetics 27
Food and Beverage 25

Distribution and Telecoms State Defense
Total Value (EURm)

TOTAL VALUE
3 Financial and Insurance 16.984,54
Real Estate 3.782,61

Roads and Highways 3.771,32
Telecoms 3.189,46
Tourism, Hotels and Restaurants 2.655,89
SPAIN
Distribution and Retail 2.002,45
Aesthetics and Cosmetics 1.824,77
Electric Energy 1.628,63
Technology 1.561,95

Wood and Timber 1.498,71
Construction (Materials
and Machinery) 1.419,69
Wind Energy 1.303,37
Solar Energy 1.111,41

Consultancy, Audit
and Engineering 1.080,61
Car Parks 1.007,00
Ports 948,65
Fashion and Textile 931,84
Hydraulic Energy 700,00

Total number of transactions by subsector
Solar Energy 21
Oil and Gas 19
Wind Energy 18
Electric Energy 17
Biomass 5
Biofuel 2
Hydraulic Energy 2
Geothermal Energy 1
Nuclear Energy 0
SPAIN

Solar Energy
Total number of transactions
Private Equity
9
COMPLETED
Smaller Market
7
(<EUR 100m) Venture Capital CANCELLED
5
1 Foreign
Mid Market 0
0 acquisitions
(≥EUR 100m)
in Spain
TOTAL
Spanish 21
Big Ticket
acquisitions
Solar
(≥EUR 500m)
abroad 21
Distressed
Largest transactions

Target Buyer
Private Equity Seller Value (EURm)
8
COMPLETED
1 VelaSmaller
Energy Market Sonnedix Group Centerbridge Partners 700,00
(<EUR 100m) Venture Capital
SPAIN
6 CANCELLED
2 Fotosolar Helia Renovables EDF Energies Nouvelles 300,00

4
Solaria Energía Generación

3 Magacela Solar 1 DTL Corporación 61,59
Renovable
2 Foreign
Mid Market 0
0 acquisitions
(≥EUR 100m)
in Spain
Financial Advisors Legal Advisors TOTAL

1 Bank of America Merrill Lynch Spanish 1 Uría Menéndez Spain 19
Big Ticket
1 Deloitte
(≥EUR Spain
500m) acquisitions
Oil/Gas
abroad 19
1 Deutsche Bank 1 Cuatrecasas Spain
1 KPMG Spain Distressed 1 KPMG Abogados
2 EY Spain (Ernst & Young) 1 Linklaters Spain
2 Santander Global Corporate Banking Spain 3 Baker McKenzie Spain
3 Funeral Services
Freshfields Bruckhaus Deringer Spain
Due Diligence
1 KPMG Spain
Private Equity
2 EY Spain (Ernst & Young) COMPLETED
10
Smaller Market
8
6
4
Private Equity/Venture Capital with investments Country Number of investments
2 Foreign
Foresight
MidGroup
Market United Kingdom 0 1
0 acquisitions
(≥EUR 100m)
Helia Renovables Spain 1
in Spain
Q Growth Fund Spain 1
TOTAL
Spanish 18
Big Ticket
(≥EUR 500m) acquisitions
Wind
abroad 18
Distressed
TOTAL
Spanish 21
Big Ticket
acquisitions
Solar
(≥EUR 500m)
abroad 21
Distressed
Oil and Gas
Private Equity
8
COMPLETED
Smaller Market
(<EUR 100m) 6 Venture Capital CANCELLED
2 Foreign
Mid Market 0
0 acquisitions
(≥EUR 100m)
in Spain
TOTAL
Spanish 19
Big Ticket
Oil/Gas
abroad 19
Distressed
Funeral Services
Target Buyer Seller Value (EURm)

Private Equity
Naturgas Energía COMPLETED
1 Nature
10
Investments EDP - Energias de Portugal 2.591,00
Distribución
SPAIN
Smaller Market
8
(<EUR Logística
Compañía 100m) de Macquarie European Venture Capital CANCELLED
2 AMP Capital, Oman Oil Company 1.000,00
Hidrocarburos (CLH) Infrastructure
6 Fund 5
Compañía Logística de 4 Ardian, Kutxabank (fusión de BBK,

3 Global Casandra 1.000,00
Hidrocarburos (CLH) Kutxa y Vital), Abanca, AIMCo
2 Foreign
Mid Market 0
0 acquisitions
(≥EUR 100m)
in Spain

TOTAL
1 3 Natixis Partners 1 King & Wood Mallesons
18Spain
Big Ticket Spanish
1 EY(≥EUR
Spain 500m) 1 3
acquisitions Clifford Chance Spain
Wind
abroad 18
2 BBVA Corporate Finance 1 Clifford Chance UK
2 Deloitte Spain Distressed 1 Clifford Chance Luxembourg
3 BNP Paribas 1 2 3 Linklaters Spain
3 The Boston Consulting Group (BCG) 2 Allen & Overy Spain
2 Deloitte Legal
3 KPMG Spain
2 3 KPMG Abogados
Due Diligence Private Equity
7 3 Garrigues Spain COMPLETED
Smaller Market 3 Uría Menéndez Spain
2 3 Deloitte
(<EURSpain
100m) 5 Venture Capital CANCELLED
1
Private Equity/Venture Capital with investments Country Foreign Number0of investments
Mid Market
0 acquisitions
(≥EUR 100m)
Artá Capital Spain 1
in Spain
Deyá Capital Spain 1
TOTAL
Spanish 17
Big Ticket
Electric
abroad 17
Distressed
TOTAL
Spanish 19
Big Ticket
Oil/Gas
abroad 19
Distressed
Wind Energy
Funeral Services
Private Equity
10
COMPLETED
Smaller Market
8
6
2 Foreign
Mid Market 0
0 acquisitions
(≥EUR 100m)
in Spain
TOTAL
Spanish 18
Big Ticket
Wind
abroad 18
Distressed

Private Equity
Target Buyer Seller COMPLETED
Value (EURm)
7
Smaller Market
1 ENEOP ACE Portugal EDP Renewables Europe
Venture Capital
248,00
SPAIN
(<EUR 100m) 5 CANCELLED
Lestenergía - Exploração
2 3 Saeta Yield ProCME 104,00
De Parques Eólicos
1 Foreign
3 Vengano, Fingano Saeta Yield Corporación América, Grupo San0José 58,26
Mid Market
0 acquisitions
(≥EUR 100m)
in Spain
TOTAL
Financial Advisors Legal Advisors 17
Big Ticket Spanish
1 Banco BPI 1
acquisitions Serra Lopes, Cortes Martins Advogados
(≥EUR 500m)
Electric
1 Millennium BCP abroad 17
Morais Leitão, Galvão Teles, Soares da Silva &
1 2
Associados
3 Lazard
Distressed 2 Cuatrecasas Portugal
2 Deloitte Legal
3 Guyer & Regules
3 Jimenez de Arechaga, Viana & Brause
3 M & M Bomchil Abogados
Actis United Kingdom 1

Helia Renovables Spain 1
Siroco Capital Spain 2

TOTAL
Spanish 18
Big Ticket
Wind
abroad 18
Distressed
Electric Energy
Private Equity
7
COMPLETED
Smaller Market
1 Foreign
Mid Market 0
0 acquisitions
(≥EUR 100m)
in Spain
TOTAL
Spanish 17
Big Ticket
Electric
abroad 17
Distressed

SPAIN
Global 3 Combi, Global 3 Corpfin Capital, Impala Capital

1 Cyclicus DDP DOS 321,00
Energía Partners, GED Infrastructure
JZ Capital Partners,
2 Factor Energía Private Shareholders 70,11
Fondo de Inversión en
3 Redesur Red Eléctrica Internacional Infraestructura Servicios Públicos 27,15
y Recursos Naturales (FIISR)

1 Montalbán 1 Clifford Chance Spain
2 Deloitte Spain 1 Garrigues Spain
2 Natixis Partners 2 Herbert Smith Freehills Spain
2 Linklaters Spain
2 Torys
3 Payet, Rey, Cauvi, Pérez Abogados
3 Rodrigo, Elías & Medrano Abogados
Actis United Kingdom 1


Real Estate 90
Construction (Materials 13
and Machinery)

SPAIN

Real Estate
Private Equity
50
COMPLETED
Smaller Market
40
30
20
10 Foreign
Mid Market 1
0 acquisitions
(≥EUR 100m)
in Spain
RealEstate
TOTAL
Spanish 91
Big Ticket
abroad 90
Distressed
Centro Comercial Xanadú,

Private Ivanhoé Equity Spain, Ivanhoé
1 Ocio y Nieve, Madrid IntuEquity
Properties 530,00
Europe Capital COMPLETED
Xanadú Management 5
Smaller Market
Axa
4 Investment Managers-
Venture Capital
SPAIN
Resa(<EUR 100m) de
(Residencias Real Assets, CBRE Global CANCELLED
Artá Capital, Grupo Mutua
2 388,00
Estudiantes) Investment
3 Partners (GIP), Madrileña, Azora, March Campus
Greystar
2
3 Testa Residencial ACCIONA

1 Foreign
- 341,00
Mid Market 0
0 acquisitions
(≥EUR 100m)
in Spain
Eastdil Secured Deloitte Legal
Construction
1 1
TOTAL
2 BBVA Corporate Finance 1 Linklaters Spain 13
Big Ticket Spanish
2 Deloitte Spain
1 2 Clifford Chance Spain
abroad 13
2 Garrigues Spain
Distressed 2 Jones Day Spain

2 Jones Day UK
3 Cuatrecasas Spain
Private Equity/Venture Capital Number of Private Equity/Venture Capital Number of

Country Country
with investments investments with investments investments
United Enisa Spain 1

Bain Capital 1
States Global Founders Capital Germany 1
United
Cabiedes & Partners Spain 1 Helios Investment Partners 1
Kingdom
United Miura Private Equity Spain 3
Capital Group 1
States N Capital Spain 2
Rocket Internet Germany 2
United
Cerberus Capital Management 1 Samaipata Ventures Spain 1
States
Seaya Ventures Spain 1
United TA Ventures Ukraine 1
Charme Capital 3
Kingdom Wayra Chile Chile 1

RealEstate
TOTAL
Spanish 91
Big Ticket
abroad 90
Distressed
Construction (Materials and Machinery)
Private Equity
5
COMPLETED
Smaller Market
4
3
1 Foreign
Mid Market 0
0 acquisitions
(≥EUR 100m)
in Spain
Construction
TOTAL
Spanish 13
Big Ticket
abroad 13
Distressed

IFM Global Infrastructure

1 OHL México Private Shareholders 633,78
Fund, Magenta Infraestructura
SPAIN
KKR Credit Advisors,
2 Ursa Insulation Xella Group 470,00
3 Pladur Gypsum Etex Group COEMAC 114,03

1 Goldman Sachs 1 Creel, García-Cuéllar, Aiza y Enríquez
2 Lazard 1 Garrigues Spain
3 Livingstone Partners 1 Garrigues México
3 PwC Spain 1 González Calvillo, S.C
1 Jones Day México
1 Latham & Watkins Spain
1 Latham & Watkins US
1 Simpson Thacher & Bartlett US
1 White & Case México
2 Deloitte Legal
2 DLA Piper Spain
3 Cuatrecasas Spain
3 Pinsent Masons Spain

Industry
71
Food Industry
Glass, Ceramic, 44
Paper, Plastics,
Wood and Timber
41
Pharmaceutical,
and Cosmetics
26
Fashion and Textile
SPAIN
Chemical and
Chemical Materials 18
Automotive and
Recreational Vehicles 17
Shipbuilding 4
Aerospace and
Aeronautical 3
Tobacco 0

Food Industry
Private Equity
20
COMPLETED
Smaller Market
10
5 Foreign
Mid Market 0
0 acquisitions
(≥EUR 100m)
in Spain
FoodIndustry
TOTAL
Spanish 71
Big Ticket
abroad 71
Distressed

Private Equity
Target Buyer Seller COMPLETED Value (EURm)
15
Smaller Market
12
1 Caroli Foods Group Campofrío Private ShareholdersCANCELLED
Venture Capital 49,00
SPAIN
(<EUR 100m)
9
2 Agro2Agri Ajinomoto
6
OmniChem Dadelos 35,00
3 Foreign
3 Ibérica
Mid Marketde Sales Sulquisa Private Shareholders 0 16,84
0 acquisitions
(≥EUR 100m)
in Spain
Glass/Ceramic
TOTAL
Spanish 44
Big Ticket
abroad 44
1 Deloitte Spain Distressed 2 Cuatrecasas Spain
2 EY Spain (Ernst & Young) 2 Garrigues Spain
Due Diligence
Private Equity
40
COMPLETED
Smaller Market 35

25
20
15
Private Equity/Venture Capital with investments

10 Country Number of investments
5 Foreign
GED V Mid Market
Spain Spain 0 1
0 acquisitions
(≥EUR 100m)
Suma Capital in Spain
Spain 1
Suma Capital Growth Spain 1
Steel/Metal
TOTAL
Spanish 41
Big Ticket
abroad 41
Distressed
FoodIndust
TOTAL
Spanish 71
Big Ticket
abroad 71
Distressed
Glass, Ceramic, Paper, Plastics, Wood and Timber
Private Equity
15
COMPLETED
Smaller Market
12
9
3 Foreign
Mid Market 0
0 acquisitions
(≥EUR 100m)
in Spain
Glass/Ceramic
TOTAL
Spanish 44
Big Ticket
abroad 44
Distressed
Investcorp, Private Shareholders,

1 Esmalglass Lone Star Funds Intermediate Capital 605,00
Private Equity Group (ICG)
40
COMPLETED
Tensile Capital Management,
SPAIN
2 Keraben
SmallerGrupo
Market Victoria
35 274,00
25
3 Santos Barosa Vidros Vidrala
20 Private Shareholders 252,70
15
10
5 Foreign
FinancialMid
Advisors
Market Legal Advisors 0
0 acquisitions
1 Deutsche
(≥EUR 100m) Bank
in 1Spain
Allen & Overy Spain
1 Lazard 1 Deloitte Legal
Steel/Metal
2 Livingstone Partners 1 Jones Day Spain TOTAL
2 Robert W. Baird & Co Spanish 1 PwC Tax & Legal Spain41
Big Ticket
2 Deloitte Spain
1 Russel & Bedford Spain
abroad 41
2 3 Millennium BCP 1 2 Uría Menéndez Spain
Distressed 1 KPMG Abogados
Due Diligence 2 Broseta Abogados
1 Deloitte Spain 2 Garrigues Espain
1 PwC Spain 2 Linklaters Spain

3 GBP Legal
Private Equity 3 Freshfields Bruckhaus Deringer Spain

20
COMPLETED
Smaller Market
Private Equity/Venture
(<EUR 100m)Capital 15 Number of Venture Private
Capital Equity/Venture Capital
CANCELLED Number of
Country Country
10
United Fondo Nazca IV Spain 1
Acon Investments 1
States
United
5 Lone Star Funds
Foreign 1
Aurica Mid
III Market Spain 1 0 States
0 acquisitions
Fondo(≥EUR
Diana100m)
Capital II Spain 1 Ricari
in Spain Spain 1
Fondo Nazca I Spain 1 Tech Transfer Ventures Spain 1
TOTAL
Spanish 38
Big Ticket
70 abroad 38Record (www.TTRecord.com)
TTR - Transactional Track
Other
Distressed
TOTAL
Glass/Cera
Spanish 44
Big Ticket
abroad 44
Distressed
Steel, Metallurgy and Industrial Production
Private Equity
40
COMPLETED
Smaller Market 35

25
20
15
10
5 Foreign
Mid Market 0
0 acquisitions
(≥EUR 100m)
in Spain
Steel/Metal
TOTAL
Spanish 41
Big Ticket
abroad 41
Distressed

Private Equity
Target Buyer Seller COMPLETED
Value (EURm)
20
Wilcoxon Research, Piezo

Smaller Market
1 Technologies, Piher Sen- Amphenol Meggitt 92,81
SPAIN
sors & Controls
10
2 Extol MCH Private Equity Private Shareholders 40,00
5 Foreign
Mid Market Miura Private Equity, 0
3 GH Induction Group Park Ohio acquisitions 40,00
(≥EUR 100m)
0
in Spain
TOTAL
Spanish 38
Big Ticket
abroad 38
Other
1 Lincoln International 1 Latham & Watkins Spain

3 BBVA Corporate Finance Distressed 2 Andersen Tax & Legal Spain
3 Squire Patton Boggs Spain
3 Deloitte Legal
Private Equity
10
COMPLETED
Smaller Market
8
6
4
2
Clave Mayor
Mid Market Spain Foreign 0 1
0 acquisitions
Lanpar(≥EUR
2013 100m) Spain in Spain 1
MCH Private Equity Spain 1
Oquendo Capital Spain TOTAL 1
Q Growth Fund Spain
Spanish 27 1
Big Ticket
Pharma
Sodiga (≥EUR 500m) acquisitions

Spain 1
abroad 27
Distressed
Private Equity
COMPLETED
Steel/Metal
TOTAL
Spanish 41
Big Ticket
abroad 41
Distressed
Private Equity
20
COMPLETED
Smaller Market
10
5 Foreign
Mid Market 0
0 acquisitions
(≥EUR 100m)
in Spain
TOTAL
Spanish 38
Big Ticket
abroad 38
Other
Distressed
Largest transactions Private Equity

10
COMPLETED
Target
Smaller Market Buyer Seller Value (EURm)
8
Private Shareholders,
1 Flex 6 Deyá Capital II, Deyá Capital III 80,00
Aurica Capital
SPAIN
4
Ibercaja, A-Capital Activos
2 Araven Pack4u
2 Empresariales, Capital Innovación 37,00
Foreign
Mid Market y Crecimiento 0
0 acquisitions
(≥EUR 100m)
in Spain
3 Servifiltro Camfil Private Shareholders 6,10
TOTAL
Spanish 27
Big Ticket
Pharma
abroad 27
1 GBS Finanzas Distressed 1 Clifford Chance Spain
1 Impulsa Capital 1 Uría Menéndez Spain
2 Deloitte Spain 1 3 Cuatrecasas Spain
2 KPMG Spain 2 Gómez-Acebo & Pombo Spain
2 King & Wood Mallesons Spain
Private Equity
12 2 Garrigues Spain COMPLETED
Smaller Market
Due Diligence 10 3 Baker McKenzie Spain
2 Deloitte Spain 8
2 Foreign
Mid Market 0
0 acquisitions
(≥EUR 100m)
in Spain

TOTAL
Aurica Capital Spain 26 1
Big Ticket Spanish
Fashion
Integra Capital Spain

acquisitions 1
(≥EUR 500m)
Q Growth Fund abroad
Spain 26 1
Distressed

Mid Market 0
0 acquisitions
(≥EUR 100m)
in Spain
TOTAL
Spanish 38
Big Ticket
abroad 38
Pharmaceutical, Parapharmaceutical and Cosmetics
Other
Distressed
Private Equity
10
COMPLETED
Smaller Market
8
6
2 Foreign
Mid Market 0
0 acquisitions
(≥EUR 100m)
in Spain
TOTAL
Spanish 27
Big Ticket
Pharma
abroad 27
Distressed

Target Buyer
Private Equity Seller Value (EURm)
12
COMPLETED
Warburg Pincus,
1 Accriva
Smaller Diagnostics
Market 10WerfenLife 358,00
Venture Capital
(<EUR 100m) CANCELLED
8
SPAIN
Magnum Capital,
2 Generis - Farmacêutica 6Agile Pharma 135,00
4
3 Laboratorios Diafarm 2Faes Farma ForeignPrivate Shareholders 70,00

Mid Market 0
0 acquisitions
(≥EUR 100m)
in Spain
Legal Advisors TOTAL

Financial Advisors
Spanish 26
Big Ticket
J.P. Morgan Securities 1 Cooley Fashion
1 acquisitions
(≥EUR 500m)
Lazard abroad 1 Milbank, Tweed, Hadley
26 & McCloy US
1
Grant Thornton India 1 Roca Junyent

2
Distressed 2 Campos Ferreira, Sá Carneiro & Associados
2 Jefferies US
2 Garrigues Portugal
2 Garrigues Spain
3 Cuatrecasas Spain

Country Country
Caixa Capital Risc Spain 1 N Capital Spain 1

Capital Partners Chile 2 Switzer-
Redalpine Venture Partners 1
land
Nether-
Forbion Capital Partners 1
lands Seroba Life Sciences Ireland 1
Healthequity Spain 1 Den-
Sunstone Capital 1
mark
Merck Serono Ventures (MS
Germany 1
Ventures) Udekta Capital Spain 1
MIRA Mexico 1 Ysios Capital Partners Spain 1

TOTAL
Spanish 27
Big Ticket
Pharma
abroad 27
Fashion and TextileDistressed
Private Equity
12
COMPLETED
Smaller Market 10
8
2 Foreign
Mid Market 0
0 acquisitions
(≥EUR 100m)
in Spain
TOTAL
Spanish 26
Big Ticket
Fashion
abroad 26
Distressed
1 Pronovias BC Partners Private Shareholders 550,00
Castellano Investments,
SPAIN
2 Cortefiel, MEP Retail Spain Permira 358,00

Masaria Investments
3 Amichi Black Toro Capital - 15,00

2 Deloitte Spain 1 2 Linklaters Spain
3 PwC Spain 1 Linklaters UK
2 Garrigues Spain
Due Diligence 2 Pérez-Llorca
1 EY Spain (Ernst & Young) 3 Cuatrecasas Spain
Amerigo Ventures Pacífico Colombia 1

Bamboo Venture Capital Spain 1
BC Partners United Kingdom 1
Black Toro Capital United Kingdom 1
Endurance Partners Spain 1
Fides 4 Spain 1
JME Venture Capital Spain 1
OpCapita United Kingdom 1
Q Growth Fund Spain 1
Sociedad Regional de Promoción (SRP) Spain 1

Natural Resources
Agriculture,
Agribusiness, 14
Farming and Fishing
Mining 2
Forestry 0

SPAIN

Agriculture, Agribusiness, Farming and Fishing
Private Equity
6
COMPLETED
Smaller Market 5
4
1 Foreign
Mid Market 0
0 acquisitions
(≥EUR 100m)
in Spain
Agriculture
TOTAL
Spanish 14
Big Ticket
abroad 14
Distressed
1 Innoliva Cibus Fund Polan , Private Shareholders 130,00

SPAIN
2 Tecnovit Faes Farma Private Shareholders 15,00
3 Granja Dos Hermanas Piensos Costa Private Shareholders 13,00

1 Arcano Partners 1 Pérez-Llorca
2 BDO (Spain) 1 Uría Menéndez Spain
2 3 Cuatrecasas Spain

92
91
Distribution and Retail
90
Consultancy, Audit
and Engineering
72
Tourism, Hotels
and Restaurants
Healthcare, Hygiene, 71
Medical Aesthetics
and Cosmetics

56
Transport, Aviation
and Logistics
44
Sports and Leisure
SPAIN
Food and Beverage 25
Marketing and
Advertising 22
Cars, Motorcycles
and Other Vehicles 22
Media, Multimedia
and Editorial 20
Waste Management,
Pollution and Recycling 16
Education 15
Event Production
and Management 8
Inspection and
Certification 8
Water and Sanitation 8
Funeral Services 7
Luxury Goods
and Services 3
Printing and Binding 3
Courier 3
Security and Private

Arms, Ammunition 1
and Explosives

Private Equity
40
COMPLETED
Smaller Market 35

25
20
15
10 Foreign
Mid Market 0
0 acquisitions
(≥EUR 100m)
in Spain
TOTAL
Financial
Spanish 92
Big Ticket
abroad 92
Distressed
Private Equity
Target Buyer Seller COMPLETED Value (EURm)
45
40
Smaller Market Fondo de Reestructuración
35
Venture Capital
SPAIN
1 (<EUR
Banco 100m)
Popular Banco
30 Santander CANCELLED
Ordenada Bancaria (FROB), Private 7.000,00
25 Shareholders
20
Banco Santander, Eurizon Capital
Hellman
15 & Friedman, GIC
2 Allfunds Bank 10 SGR, General Atlantic, Warburg 1.880,00
Realty
5 Pincus
Foreign
Mid Market 0
0 acquisitions
Dogus Group, Dogus Arastirma
3 (≥EUR 100m)
Turkiye Garanti Bankasi BBVA 859,00
in Spain
Gelistirme ve Musavirlik Hizmetleri
Distribution
TOTAL
Spanish 91
Big Ticket
abroad 91
Financial Advisors Distressed Legal Advisors

1 J.P. Morgan 1 Baker McKenzie Spain
1 2 Citigroup 1 Pérez-Llorca
1 Arcano Partners 2 Freshfields Bruckhaus Deringer Spain
2 Barclays Bank 2 Freshfields Bruckhaus Deringer UK
2 Santander Global Corporate Banking Spain 2 Linklaters Spain

2 Linklaters Italy
Private Equity
30 2 Ropes & Gray USCOMPLETED
Smaller Market 25 2 Simpson Thacher & Bartlett US
20 2 Uría Menéndez Spain
15
10
5 Foreign
Mid Market 0
0 acquisitions
(≥EUR 100m)
in Spain
Consultancy
TOTAL
Spanish 90
Big Ticket
abroad 90
Distressed
Cabiedes & Partners Spain 1
Fintech Ventures Spain 1
Foundation Capital United States 1
Hellman & Friedman United States 1
Idodi Venture Capital Spain 1
Index Ventures United Kingdom 1
InnoCells Spain 1
Intel Capital United States 1
Intertrust Switzerland 1
Intertrust Spain Spain 1
JC Flowers United States 1
KFund Spain 1
Kibo Ventures Spain 1
Lanai Partners Spain 1
LDC United Kingdom 1
Lovell Minnick Partners United States 1

N Capital Spain 1
Nova Founders Hong Kong 1
Partech Ventures France 1
SPAIN
Point Nine Capital Germany 1
Quadrifoglio Venture Capital Spain 1
Ricari Spain 2
Sabadell Venture Capital Spain 1
SeedRocket 4Founders Capital Spain 1
Siroco Capital Spain 1
Struck Capital United States 1
Swanlaab Giza Innvierte I Spain 1
Techstars United States 1
Turtle Capital Spain 1
Two Sigma Ventures United States 1
Udekta Capital Spain 1
Union Square Ventures (USV) United States 1
Warburg Pincus United States 1

TOTAL
Financial
Spanish 92
Big Ticket
abroad 92
Distressed
Private Equity
45
COMPLETED
40
Smaller Market
35
30
25
20
15
10
5 Foreign
Mid Market 0
0 acquisitions
(≥EUR 100m)
in Spain
Distribution
TOTAL
Spanish 91
Big Ticket
abroad 91
Distressed
Target Buyer
Private Equity
Seller Value (EURm)
30
COMPLETED
SPAIN
1 Pronovias
Smaller Market BC Partners Private Shareholders 550,00
25
20
Centro Comercial Xanadú,
Ivanhoé Equity Spain, Ivanhoé
2 Ocio y Nieve, Madrid Intu
15 Properties 530,00
Europe Capital
Xanadú Management 10
Castellano Investments,
3 Cortefiel, MEP Retail Spain 5 Foreign
Permira 0 358,00
Mid Market Masaria Investments
0 acquisitions
(≥EUR 100m)
in Spain
TOTAL
Consultancy
Spanish 90
Big Ticket
Financial Advisors
(≥EUR 500m) Legal Advisors
acquisitions
abroad 90
2 Eastdil Secured 1 2 3 Linklaters Spain
3 Deloitte Spain Distressed 1 Linklaters UK
Due Diligence 2 Deloitte Legal
1 EY Spain (Ernst & Young) 3 Pérez-Llorca
3 Garrigues Spain
Private Equity
30
COMPLETED
Smaller Market 25
20
15
10
5
Foreign
Mid Market 0
0 acquisitions
(≥EUR 100m)
in Spain
TOTAL
Spanish 72
Big Ticket
Tourism
abroad 72
Distressed
Axon Partners Group Spain 2
BC Partners United Kingdom 1
Bonsai Venture Capital Spain 1
Creas Desarrolla Spain 1
Endurance Partners Spain 1
Entrée Capital United Kingdom 1
GED V Spain Spain 1
Kensington Capital Andorra 1
N Capital Spain 2
Oltre Venture Italy 1

OpCapita United Kingdom 1
Oquendo Capital Spain 1
SPAIN
Partners Group Switzerland 2
Pegasus Capital United States 1
PeopleFund United States 1
Phitrust Partenaires France 1
Realza Capital Spain 1
Samaipata Ventures Spain 1
Seed Capital Bizkaia Spain 1
Sociedad Regional de Promoción (SRP) Spain 1
Sodena Spain 1
STE Capital United States 1
TA Ventures Ukraine 1
Udekta Capital Spain 1

TOTAL
Distributio
Spanish 91
Big Ticket
abroad 91
Distressed
Consultancy, Audit and Engineering
Private Equity
30
COMPLETED
Smaller Market 25
20
15
10
5 Foreign
Mid Market 0
0 acquisitions
(≥EUR 100m)
in Spain
Consultancy
TOTAL
Spanish 90
Big Ticket
abroad 90
Distressed
1 Accelya, Accelya Holding Private EquityPincus

Warburg Chequers Capital 604,37
30
COMPLETED
Smaller Market 25
2 Geotech Holding Acciona Geotech Holding Lazard Australia Private Equity
Venture Capital
140,76
SPAIN

20
15
3 Mave Aeronáutica Trigo Group Private Shareholders 73,00
10
5
Foreign
0
FinancialMid Market
Advisors 0 Legal Advisors
acquisitions
(≥EUR 100m)
1 BNP Paribas Corporate & Investment Banking Spain in 1Spain Ashurst Spain
1 Citigroup 1 Ashurst France

TOTAL
1 Evercore Partners Spain 1 Carlos Aguiar, Ferreira de Lima Advogados
Spanish 72
2 3 PwCBig Ticket
Spain 1
acquisitions
DCA
(≥EUR 500m)
Tourism
3 ONEtoONE Corporate Finance abroad 1 Edward Nathan Sonnenbergs

72
1 Elvinger, Hoss & Prussen

Distressed
1 Galicia Abogados
Due Diligence 1 Khaitan, Gide Loyrette Nouel
1 EY Spain (Ernst & Young) 1 Nagy és Trócsányi Ügyvédi Iroda
Private Equity 3 Garrigues Spain
30
COMPLETED
Smaller Market 25
20
Country Country
with investments 15 investments with investments investments
Alantra Partners Spain10 1 Inveready Venture Finance Spain 1

Caixa Capital Risc Spain 5 1 Inveready
Foreign Venture Finance II Spain 1
Mid Market 0
Capital(≥EUR
Expansió Spain 0
1 acquisitions United
100m) KKR
in Spain
1
States
Fintech Ventures Spain 1
Oquendo Capital Spain 1
GED V Spain Spain 1
Udekta Capital TOTAL Spain 2
Healthcare
HCapital Portugal 1
Spanish 71 United
BigCapital
Inveready First Ticket Spain 1 Warburg Pincus 1
acquisitions
States
(≥EUR 500m)
Inveready First Capital II Spain 1 abroadWayra Chile 71 Chile 2
Distressed
Private Equity
20
COMPLETED
Consultancy
TOTAL
Spanish 90
Big Ticket
abroad 90
Distressed
Private Equity
30
COMPLETED
Smaller Market 25
20
15
10
5
Foreign
Mid Market 0
0 acquisitions
(≥EUR 100m)
in Spain
TOTAL
Spanish 72
Big Ticket
Tourism
abroad 72
Distressed

30
COMPLETED
Smaller Market
Target Buyer
25 Seller Value (EURm)
20
GTA Travel Holding, Kuoni
1 Hotelbeds Group Kuoni Group 575,00
Holdings 15
SPAIN
10
Travel Holdings Parent
2 Corporation, Hotelbeds Hotelbeds
5 Group -
Foreign 424,00
Mid 0
USMarket
Holdco 0 acquisitions
(≥EUR 100m)
in Spain
Global Student
3 Nexo Residencias Oaktree Capital Management 320,00
Accommodation Group (GSA)
Healthcare
TOTAL
Spanish 71
Big Ticket
Financial Advisors
Legal Advisors
abroad 71
1 2 PwC Spain 1 2 Freshfields Bruckhaus Deringer Spain
Distressed 2 PwC Tax & Legal Spain
Due Diligence CMS Albiñana & Suárez de Lezo
3
1 2 PwC Spain
Private Equity
20
COMPLETED
Smaller Market
Capital Partners
(<EUR 100m) VentureChile
Capital 2
15 CANCELLED
Corpfin Capital Spain 1
GPF Capital 10 Spain 1
Inveravante Spain 1
5 Foreign
KKR Mid Market United States 0 1
0 acquisitions
(≥EUR 100m)
MCH Private Equity Spain
in Spain 1
Meridia Private Equity I Spain 1
N Capital Spain TOTAL 1
Transport
Spanish 56
Portobello Capital
Big Ticket Spain 1
(≥EUR Capital
500m) acquisitions
Sabadell Venture abroad
Spain 56 1
Distressed
Private Equity
20
COMPLETED
Smaller Market
Mid Market 0
0 acquisitions
(≥EUR 100m)
in Spain
TOTAL
Spanish 72
Big Ticket
Tourism
Healthcare, Hygiene, Medical Aesthetics and Cosmetics72 abroad
Distressed
Private Equity
30
COMPLETED
Smaller Market 25
20
15
10
5
Foreign
Mid Market 0
0 acquisitions
(≥EUR 100m)
in Spain
Healthcare
TOTAL
Spanish 71
Big Ticket
abroad 71
Distressed

PrivateMI
Ribera Salud, Equity
IPS, Hospital Infantil Universitario
COMPLETED
de San José,20Clínica Medilaser, Clínica Navarra,
Cafesalud EPS,
1 Smaller Market Organización Clínica General Del Norte, Esensa, Centro Private Shareholders 413,85
Esimed
(<EUR 100m) Nacional de15Oncología, Hospital Cardiovascular
Venture Capital de CANCELLED
Soacha, Clínicas Coondontológicas, Medplus Group
SPAIN
Accriva Diag- 10 Warburg Pincus,

2 WerfenLife 358,00
nostics Private Shareholders
5 Foreign
Mid Market Portobello Capital,
0
3 Vitalia Home CVC Fund VI0 acquisitions 258,00
(≥EUR 100m) Private Shareholders
in Spain

1 Lazard Spain
Big Ticket Spanish
1
- Rl&a
56 Laverde & Asociados
Posse Herrera Ruiz, Rocha Transport
1 PwC Colombia
abroad 2 Cooley 56
2 Lazard
2 Milbank, Tweed, Hadley & McCloy US
2 J.P. Morgan Securities Distressed
2 Roca Junyent
3 AZ Capital
3 DLA Piper Spain
3 PwC Spain
3 Garrigues Spain
Due Diligence Private Equity 3 PwC Tax & Legal Spain
COMPLETED
3 PwC Spain 20
Smaller Market
Country Country
with investments 10 investments with investments investments
Abac Solutions (SCA) Luxembourg 1 United

Omega Funds 1
Bs Invest
5
Tunisia 1 Foreign
0
States
Mid Market
0 acquisitions
Portobello Capital Spain 1
Capital(≥EUR
Partners
100m) Chile 2
in Spain
Collins Capital Advisors Spain 1 Portobello Fund IV Spain 5
Corpfin Capital Spain 1 Q Growth Fund Spain 1
Luxem- Sitka Capital Partners TOTAL Spain 1
CVC Fund VI 1 44 Spain
bourg Ysios BioFund I
Spanish 1
Big Ticket
Innogest (≥EUR 500m) Italy 1 acquisitions
Ysios Biofund II Spain 1
Sports
N Capital Spain 1 abroad 44
Distressed

Healthcare
TOTAL
Spanish 71
Big Ticket
abroad 71
Transport, AviationDistressed
and Logistics
Private Equity
20
COMPLETED
Smaller Market
10
5 Foreign
Mid Market 0
0 acquisitions
(≥EUR 100m)
in Spain
TOTAL
Transport
Spanish 56
Big Ticket
abroad 56
Distressed

Private Equity
20
COMPLETED
COSCO SHIPPING Ports
1 Noatum Ports
Smaller Holdings
Market TPIH Iberia 203,49
(Spain)
Fondo de Inversión Público
Concesionaria Ruta del
2 Penta Las Américas Concesiones Viarias Chile Tres 142,00
Canal
SPAIN
10
Infraestructura III
5 Hanjin Shipping, Korea Investment
Hyundai Merchant Marine Foreign
3 TTIMarket
Mid Algeciras Partners, IBK Investment &0 95,40
(HMM)
0 acquisitions
(≥EUR 100m) Securities
in Spain

1 Santander Global Corporate Banking Spain 1 3
Spanish Uría Menéndez Spain 44
Big Ticket
Sports
abroad
1 3 Uría Menéndez China 44
Due Diligence 1 Clifford Chance China
1 PwC Spain Distressed 1 Clifford Chance Spain
1 KPMG Spain 1 Clifford Chance Hong Kong
1 Clifford Chance UK
1 Slaughter And May Hong Kong
1 Slaughter And May UK
2 Garrigues Chile
3 Bae, Kim & Lee
3 Shin & Kim

Country Country
United Point Nine Capital Germany 1

Atomico 1
Kingdom
ProA Capital Spain 1
GPF Capital Spain 1
Idinvest Partners France 1
Serena Capital France 1
Investindustrial Luxembourg 1
TA Ventures Ukraine 1
La Famiglia Germany 1 Total Energy Ventures France 1

Mid Market
0 acquisitions
(≥EUR 100m)
in Spain
TOTAL
Transport
Spanish 56
Big Ticket
abroad 56
Sports and Leisure
Distressed
Private Equity
20
COMPLETED
Smaller Market
10
5 Foreign
Mid Market 0
0 acquisitions
(≥EUR 100m)
in Spain
TOTAL
Spanish 44
Big Ticket
Sports
abroad 44
Distressed
MCH Private Equity, GPF

1 Pacha El Firmamento Estelar 290,00
Capital, Sena Directorship
SPAIN
Groupe Bruxelles Lambert

2 Parques Reunidos Arle Capital 208,00
(GBL)
3 Sidecu (Centros Supera) Portobello Fund IV Private Shareholders 150,00

1 Alantra 1 Cuatrecasas Spain
2 Mediobanca 1 Herbert Smith Freehills Spain
3 PwC Spain 1 King & Wood Mallesons Spain
3 Greenhill & Co. Spain 1 Uría Menéndez Spain
3 PwC Spain 3 Pinsent Masons Spain
Due Diligence 3 Garrigues Spain
3 PwC Spain
Axon Partners Group Spain 1

Fitalent Spain 1
GPF Capital Spain 1
MCH Private Equity Spain 1
Portobello Fund IV Spain 1


273
Technology
158
Internet
31
Telecoms

28
Electronics
Biotechnology 0
SPAIN

Technology
Private Equity
200
COMPLETED
Smaller Market
150
50 Foreign
Mid Market 0
0 acquisitions
(≥EUR 100m)
in Spain
Technology
TOTAL
Spanish 273
Big Ticket
abroad 273
Distressed
Private Equity
Target Buyer
120
Seller COMPLETED Value (EURm)
Smaller Market 100 Nauta Capital, Idinvest Partners, BBVA,
(<EUR Take-Two Interactive Venture Capital
Point100m) CANCELLED
SPAIN
1 Social 80 Greylock Partners, Highland Capital Partners, 232,60

Software
60
Itconic (ex Telvent Global

2 Equinix
40 Carlyle Europe Technology Partners III 215,00
Services)
20 Foreign
Mid Market 0
3 Halogen Software 0
Saba Software acquisitions
Private Shareholders 196,29
(≥EUR 100m)
in Spain
TOTAL
Spanish 158
Big Ticket
acquisitions
Internet
(≥EUR 500m)
Financial Advisors abroad
Legal Advisors 158
1 BBVA Corporate Finance 1 Baker McKenzie Spain

Distressed
1 PwC Spain 1 Baker McKenzie UK
2 Bank Street 1 Cleary Gottlieb Steen & Hamilton US
2 EY Spain (Ernst & Young) 1 Garrigues Spain
2 Torch Partners 1 Osborne Clarke Spain
Due Diligence 1 Willkie Farr & Gallagher
2 EY Spain (Ernst & Young) 2 Uría Menéndez Spain
2 Uría Menéndez - Proença de Carvalho
2 Deloitte Legal
2 Garrigues Spain
3 Stikeman Elliott
3 Paul Hastings US

Country Country
360 Capital Partners Luxembourg 1 Inveready Venture Finance II Spain 1

500Startups United States 1 JME Venture Capital Spain 6
Active Venture Partners Spain 1 Kereon Partners Spain 1
Adara Ventures Luxembourg 2 KFund Spain 4
ADE Capital Sodical Spain 1 Kibo Ventures Spain 10
Aggeris Venture Capital Spain 1 Lanta Digital Ventures Spain 2
Akina Partners Switzerland 1 Magnum Capital Spain 1
Alma Mundi Ventures Spain 2 Maxfield Capital United States 1
Almaz Capital United States 1 México Ventures I Mexico 1
Amadeus Ventures Spain 2 N Capital Spain 2
Angel List United States 1 Nauta Capital Spain 3
Angels Capital Spain 1 Nero Ventures Spain 1
Athos Capital Spain 3 Numa Barcelona Spain 1
Atlantic Bridge Ireland 1 Omega Funds United States 1
Aurora Health Care Ventures United States 1 P5 Health Ventures United States 1
Avianta Capital Mexico 1 Perseo Spain 1
B4Motion Spain 3 Point Nine Capital Germany 2
Bankinter Capital Riesgo Spain 3 Q Growth Fund Spain 1
BBooster Dyrecto Spain 1 Repsol Energy Ventures Spain 1
Bessemer Venture Partners United States 1 Ricari Spain 1
Big Sur Ventures Spain 2 Ridgewood Capital United States 1
Bonsai Venture Capital Spain 1 Rocket Internet Germany 1

Breega Capital France 2 Sabadell Venture Capital Spain 5
BSF 16 Spain 3 Samaipata Ventures Spain 1
BStartup 10 Spain 2 Santander Innoventures United Kingdom 5
Bullnet Capital I Spain 1 Seaya Ventures Spain 3
Bullnet Capital II Spain 1 Seed Capital Bizkaia Spain 1
SPAIN
Bullnet Capital III Spain 1 Seed CDC Spain 3
Cabiedes & Partners Spain 6 SeedRocket 4Founders Capital Spain 3
Caixa Capital Risc Spain 7 Sistema Venture Capital Russia 1
Capital Partners Chile 4 Sputnik Ventures Spain 2
Capitana Venture Partners Spain 2 Start up Capital Navarra Spain 1
Carlyle United States 1 Stella Maris Partners Mexico 2
CG Health Ventures Spain 3 Swanlaab Giza Innvierte I Spain 4
Cisco Investments United States 1 Swanlaab Venture Factory Spain 1
Connect Ventures United Kingdom 1 TA Ventures Ukraine 1
Expon Capital Luxembourg 1 Tandem Capital Spain 1
Fides Capital Spain 3 Turtle Capital Spain 1
Fintech Ventures Spain 2 Two Sigma Ventures United States 1
Foundation Capital United States 1 Udekta Capital Spain 1
Geetcha Spain 1 UN I+D+i Technology Transfer Spain 3
General Atlantic United States 1 Union Square Ventures (USV) United States 1
Gestión de Capital Riesgo del Unirisco Spain 2
Spain 1
País Vasco Up Capital Spain 1
Holtzbrinck Ventures Germany 1
VARIV Capital Mexico 1
Idodi Venture Capital Spain 2
VenturCap Spain 1
Index Ventures United Kingdom 2
Victoria Venture Capital Spain 2
InnoCells Spain 1
Wayra Spain 4
Innogest Italy 1
Wayra Chile Chile 1
Insight Venture Partners United States 1
WOW Brazil 1
Intel Capital United States 1
Xesgalicia Spain 3
Inveready First Capital Spain 1
Ysios BioFund I Spain 1
Inveready First Capital II Spain 1
Ysios Biofund II Spain 1
Inveready Venture Finance Spain 1
Ysios Capital Partners Spain 1

Technology
TOTAL
Spanish 273
Big Ticket
abroad 273
Distressed
Internet
Private Equity
120
COMPLETED
Smaller Market 100

80
60
40
20 Foreign
Mid Market 0
0 acquisitions
(≥EUR 100m)
in Spain
TOTAL
Spanish 158
Big Ticket
acquisitions
Internet
(≥EUR 500m)
abroad 158
Distressed
Atresmedia, RTL Germany,

1 Job Today German Media Pool VC, - 33,02
SPAIN
Rakuten, Seaya Ventures,
Antai Ban, Bonsai Venture
2 Glovo App Capital, Entrée Capital, - 30,00
Private Shareholders, Cathay
Innovation, TCA Glovo
Private Shareholders, Active Ven-
3 ReviewPro Shiji Hong Kong 26,41
ture Partners

1 KPMG Spain 2 Osborne Clarke Spain
2 DLA Piper Spain
Due Diligence
3 Jones Day Spain
2 KPMG Spain

Country Country
United Kima Ventures France 1

500Startups 1
States
La Famiglia Germany 1
5M Ventures France 1
Active Venture Partners Spain 1
Lanta Digital Ventures Spain 1
Ad4ventures Spain Spain 1
Media Digital Ventures Spain Spain 2
AddVenture Russia 1
N Capital Spain 2
Nero Ventures Spain 2
Angels Capital Spain 1
Northzone Sweden 1
United
Atomico 1
Kingdom Nova Founders Hong Kong 2
Augesco Ventures France 1 Onza Capital Spain 1
United Palladium Corporate Venture Spain 1
Avenida Capital 1
States
Partech Ventures France 1
Avet Ventures Spain 1
Avianta Capital Mexico 1
United
Axon Partners Group Spain 2 Pegasus Capital 1
States
B4Motion Spain 2 Point Nine Capital Germany 1
Bankinter Capital Riesgo Spain 1 United
QED Investors 1
States
Big Sur Ventures Spain 1
Randstad Innovation Fund Netherlands 1

Bonsai Venture Capital Spain 3
Sabadell Venture Capital Spain 2
Breega Capital France 1
Bs Invest Tunisia 1
Cabiedes & Partners Spain 1
Seed CDC Spain 4
SPAIN
Caixa Capital Risc Spain 1
Capital Partners Chile 2
CNBB Venture Partners Netherlands 1 SeedSyndicates Spain 1
United Serena Capital France 1

e.ventures 1
States
Sinensis Seed Capital Spain 1
Enisa Spain 1
Sitka Capital Partners Spain 1
United
Entrée Capital 1 Smartech Capital Spain 1
Kingdom
Faraday Venture Partners Spain 1 Sputnik Ventures Spain 1
Gala Capital Spain 1 United
STE Capital 1
States
German Media Pool VC Germany 1
Stella Maris Partners Mexico 1
United
HOWZAT Partners 1 United
Kingdom Struck Capital 2
States
HR Ventures Germany 1
Swanlaab Giza Innvierte I Spain 2
Idinvest Partners France 1
Innogest Italy 1 TA Ventures Ukraine 6
United United
iSeed Ventures 1 Techstars 1
States States
JME Venture Capital Spain 1 Total Energy Ventures France 1
Kensington Capital Andorra 1 Udekta Capital Spain 1
KFund Spain 2 Wayra Spain 1

Kibo Ventures Spain 3 Wayra Chile Chile 3

6
Most Active
Advisors
Financial Advisors
Most Active Advisors in 2017 LEGEND
A Alantra Awards
Arcano Partners TTR Deal of the month
Argo Asesores Financieros

TTR Deal of the quarter
Auriga
AZ Capital
Banco Santander
BBVA
BNP Paribas
C Citigroup
Compas Professional Expertise
CREA Inversión
D
Financial Advisors
Deutsche Bank
E Eurohold
SPAIN
G GBS Finanzas
H Haitong Securities
I IMAP Albia Capital
J J.P. Morgan
L Lazard
Livingstone Partners
M Marlborough Partners
Mediobanca
Millennium BCP
Montalbán
N Natixis Partners
Norgestión
O ONEtoONE Corporate Finance
P PKF Attest
*Deals announced in 2017. Status Completed. Does not include asset acquisitions nor Joint Ventures.
Does not include due diligence nor any other type of specialized advice.

Alantra
Country Value
Target Subsector Buyer Seller Awards
(Target) (EURm)
Fondo de
Banco Mare Financial and Bankia (fusión Caja Reestructuración
Spain 825,00
Nostrum (BMN) Insurance Madrid y Bancaja) Ordenada Bancaria
(FROB)
Sports and Leisure; MCH Private Equity,
Pacha Spain Tourism, Hotels and GPF Capital, Sena El Firmamento Estelar 290,00 -
Restaurants Directorship
Mihabitans Spain Real Estate Haya Real Estate Liberbank 85,00 -
No. of deals Total value

advised* 7 (EURm)
1.200,00
Arcano Partners
Country Value
(Target) (EURm)
Fondo de Reestruc-
Financial and turación Ordenada
Banco Popular Spain Banco Santander 7.000,00 -
Insurance Bancaria (FROB),
Financial Advisors
Torreal,
Springwater
Aeroespacial y Towerbrook
Aernnova Spain Capital, Accionistas 900,00 -
Aeronáutico Capital Partners,
SPAIN
Particulares
Peninsula Capital
Healthcare,
Hygiene, Medical
Hospitales Nisa Spain Vithas Private Shareholders 198,13 -
Aesthetics and
Cosmetics

advised* 7 (EURm)
8.343,13
Argo Asesores Financieros

Country Value
(Target) (EURm)
Grupo CYS, ICA, Comunica- Spain, Peru,
Telecoms Ezentis Private Shareholders 6,50 -
ciones y Sonido México Mexico
Transport, Aviation GPF
Vicarli Spain Private Shareholders - -
and Logistics Capital
Fitness Room Santander Spain Sports and Leisure AltaFit Private Shareholders - -

advised* 4 (EURm)
6,50

Auriga
Country Value
(Target) (EURm)
Grupo Taper - Equipamentos
Distribution and Retail;
de Precisão Científica,
Portugal, Healthcare, Hygiene, Palex
Taper Servicio Técnico, Grupo Taper 4,27 -
Spain Medical Aesthetics and Medical
Cymit Química, Biocitek -
Cosmetics
Equipamientos de Diagnóstico
Artá Private Shareholders,
Satlink Spain Telecoms - -
Capital Luisdre Investments
Corpfin
Kids & Us Spain Education Private Shareholders - -
Capital

advised* 5 (EURm)
4,27
AZ Capital
Country Value
(Target) (EURm)
Cellnex Telecom, Swiss Life Asset
Swiss
Financial Advisors
Switzerland Telecoms Managers, Deutsche Telekom Sunrise 430,00 -

Towers
Capital Partners (DTCP)
Healthcare, Hygiene, Portobello
Vitalia
Spain Medical Aesthetics CVC Fund VI Capital, Private 258,00 -
Home
SPAIN
and Cosmetics Shareholders

Alticom Netherlands Technology Cellnex Telecom Infracapital 133,00 -

advised* 5 (EURm)
821,00
Banco Santander
Country Value
(Target) (EURm)
Banco Santander,
Financial and Hellman & Fried- Eurizon Capital SGR,
Allfunds Bank Spain 1.880,00 -
Insurance man, GIC Realty General Atlantic,
Warburg Pincus
EDF Energies
Fotosolar Spain Solar Energy Helia Renovables 300,00 -
Nouvelles
Ports; Transport,
Noatum Ports COSCO SHIPPING
Spain Aviation and TPIH Iberia 203,49 -
Holdings Ports (Spain)
Logistics

advised* 7 (EURm)
2.391,49

BBVA
Country Value
(Target) (EURm)
Compañía Logística de Macquarie European AMP Capital, Oman

Spain Oil and Gas 1.000,00
Hidrocarburos (CLH) Infrastructure Fund 5 Oil Company
EDP Gás, EDP Gás

Distribuição, Edp Gás
Portugal Oil and Gas REN, Gás EDP Iberia 532,40
Gpl - Comércio De Gás
De Petróleo Liquefeito
Axa Investment
Artá Capital, Grupo
Resa (Residencias de Managers-Real Assets,
Spain Real Estate Mutua Madrileña, 388,00 -
Estudiantes) CBRE Global Investment
Azora, March Campus
Partners (GIP), Greystar

advised* 16 (EURm)
2.647,99
BNP Paribas
Country Value
(Target) (EURm)
Financial Advisors
Ardian, Kutxabank
(fusión de BBK,
de Hidrocarburos Spain Oil and Gas Global Casandra 1.000,00 -
Kutxa y Vital),
(CLH)
Abanca, AIMCo
SPAIN
Consultancy, Audit
Accelya, Accelya Spain, and Engineering;
Warburg Pincus Chequers Capital 604,37 -
Holding Luxembourg Financial and
Insurance
Aviva Vida y Financial and Seguros Santa
Spain Aviva Europe 446,00 -
Pensiones Insurance Lucía

advised* 7 (EURm)
2.582,92
Citigroup
Country Value
(Target) (EURm)
Fondo de Reestructuración
Banco Financial and
Spain Banco Santander Ordenada Bancaria (FROB), 7.000,00 -
Popular Insurance
Banco Santander, Eurizon
Allfunds Financial and Hellman & Fried-
Spain Capital SGR, General Atlantic, 1.880,00
Bank Insurance man, GIC Realty
Warburg Pincus
Torreal, Towerbrook
Aeroespacial y Springwater Capital, Private
Aernnova Spain Capital Partners, 900,00 -
Aeronáutico Shareholders
Peninsula Capital

advised* 5 (EURm)
11.084,37

Compas Professional Expertise
Country Value
(Target) (EURm)
Summus Inveready Capital, Caixa
Spain Technology - 1,60 -
Render Capital Risc (Global)
Steel, Metallurgy and Industrial Private
Fontime Spain Pàver - -
Production Shareholders
Roses Tourism, Hotels and Restaurants; Private
Spain Dream Yach Charter - -
Yachts Luxury Goods and Services Shareholders

advised* 3 (EURm)
1,60
CREA Inversión
Country Value
(Target) (EURm)
Distribution and
Sentil Spain Sodena - 2,00 -
Retail
Athos Capital, Inveready Capi-
Parclick Spain Technology tal, Capitana Venture Partners, - 2,00 -
Financial Advisors
80 Més 4 Media, Multimedia Private
Spain Time Out Group - -
Publicacions and Editorial Shareholders
SPAIN

advised* 7 (EURm)
4,00
Deutsche Bank
Country Value
(Target) (EURm)
Wind Energy; Solar
Vela Energy Spain Sonnedix Group Centerbridge Partners 700,00 -
Energy; Hydraulic Energy
Investcorp, Private
Lone Star Funds Shareholders,
Esmalglass Spain Plastics, Wood and 605,00
(Global) Intermediate Capital
Timber
Group (ICG)
Aviva Vida y Seguros Santa
Spain Financial and Insurance Aviva Europe 446,00 -
Pensiones Lucía

advised* 4 (EURm)
1.751,00

Eurohold
Country Value
(Target) (EURm)
Distribution and Retail; Food Private
Friolisa Spain Pomona Iberia - -
and Beverage Shareholders
ICE Consultants Consultancy, Audit and Private
Spain KPS - -
Europe Engineering Shareholders
Iceacsa Consultancy, Audit and Suma de
Spain Antea Group - -
Consultores Engineering Vectores

advised* 5 (EURm)
-
GBS Finanzas
Country Value
(Target) (EURm)
Colonial Spain Real Estate Inmo Private Shareholders 117,40 -
Other Consumer Private Shareholders, Deyá Capital II, Deyá
Flex Spain 80,00 -
Goods Aurica Capital Capital III
Tourism, Hotels BlueGem Capital Private Shareholders,
Lateral Spain 50,00 -
Financial Advisors
and Restaurants Partners Proyectos Farola

advised* 7 (EURm)
254,40
SPAIN
Haitong Securities
Country Value
(Target) (EURm)
EDP Gás, EDP Gás Distribuição,
Edp Gás Gpl - Comércio De Gás Portugal Oil and Gas REN, Gás EDP Iberia 532,40
Scutvias - Autoestradas Da Beira Transport,
Lineas -
Interior, MRN - Manutenção de Aviation
Portugal Globalvia Inversiones Concessões de 75,00 -
Rodovias Nacionais, Portvias - and
Transportes
Portagem de Vias Logistics
Artá Capital Fund
II FCR, Artá Capital
Fund II A SCR, Artá
Gascan Portugal Portugal Oil and Gas Eficácia Verde 70,00 -
Capital Fund II B SCR,
Deyá Capital IV SCR,

advised* 3 (EURm)
677,40

IMAP Albia Capital
Country Value
(Target) (EURm)
Cárnicas Sáenz Guzmán Private
Spain Food Industry - -
(Sáenz Horeca) Gastronomía Shareholders
Printing and Binding;
Glass, Ceramic, Paper, Private
Nomura Etiquetas Spain Grupo Docuworld - -
Plastics, Wood and Shareholders
Timber
Consultancy, Audit and
Private Private
MISTek Spain Engineering; Inspection - -
Shareholders Shareholders
and Certification

advised* 5 (EURm)
-
J.P. Morgan
Country Value
(Target) (EURm)
Banco Ordenada Bancaria
Banco Popular Spain Financial and Insurance 7.000,00 -
Financial Advisors
Santander (FROB), Private

Shareholders
Telecable
de Asturias, Spain Telecoms Euskaltel Zegona UK 441,00 -
SPAIN
Parselaya
Biotechnology;
Medical Aesthetics
Accriva United Warburg Pincus,
and Cosmetics; WerfenLife 358,00
Diagnostics States Private Shareholders
Pharmaceutical,
Parapharmaceutical and
Cosmetics

advised* 3 (EURm)
7.799,00
Lazard
Country Value
(Target) (EURm)
Telefónica
Germany Telecoms Telefónica KPN 740,00 -
Deutschland
Investcorp, Private
Glass, Ceramic, Paper, Lone Star
Esmalglass Spain Shareholders, Intermediate 605,00
Plastics, Wood and Timber Funds
Capital Group (ICG)
Ursa Construction (Materials KKR Credit Advisors,
Spain Xella Group 470,00 -
Insulation and Machinery) Private Shareholders

advised* 7 (EURm)
2.645,11

Livingstone Partners
Country Value
(Target) (EURm)
Tensile Capital
Keraben Grupo Spain Victoria Management, Private 274,00 -
Wood and Timber
Shareholders
Construction (Materials and Etex
Pladur Gypsum Spain COEMAC 114,03 -
Machinery) Group
Glass, Ceramic, Paper, Plastics, Bunzl
Tecnopacking Spain Realiza Patrimonial 36,00 -
Wood and Timber Spain

advised* 5 (EURm)
454,53
Marlborough Partners
Country Value
(Target) (EURm)
Plénido Healthcare, Hygiene, Medical
Spain Portobello Fund IV Realza Capital - -
Dental Aesthetics and Cosmetics
Healthcare, Hygiene, Medical Private
Láser 2000 Spain Portobello Fund IV - -
Aesthetics and Cosmetics Shareholders
Financial Advisors
Healthcare, Hygiene, Medical Private
Facialdent Spain Portobello Fund IV - -
Aesthetics and Cosmetics Shareholders
SPAIN
advised* 5 (EURm)
-
Mediobanca
Country Value
(Target) (EURm)
Holding d•Infrastruc- Roads and High- Abertis, AXA Group, Caisse des
France 700,00 -
tures de Transports (HIT) ways Prédica Dépôts
Groupe Bruxelles
Parques Reunidos Spain Sports and Leisure Arle Capital 208,00 -
Lambert (GBL)
Remolques y Servicios Grupo
Spain Other Services P&O Repasa 152,00 -
Marítimos (Reyser) Bergé

advised* 4 (EURm)
1.060,00

Millennium BCP
Country Value
(Target) (EURm)
Edp Gás Gpl - Comércio De Gás Portugal Oil and Gas REN, Gás EDP Iberia 532,40
Glass, Ceramic,
Private
Santos Barosa Vidros Portugal Paper, Plastics, Vidrala 252,70 -
Shareholders
Wood and Timber
ACE EDP Renewables
ENEOP Portugal Wind Energy 248,00 -
Portugal Europe

advised* 3 (EURm)
1.033,10
Montalbán
Country Value
(Target) (EURm)
Corpfin Capital,
Global 3 Combi, Impala Capital
Spain Electric Energy Cyclicus DDP DOS 321,00 -
Global 3 Energía Partners, GED
Financial Advisors
Infrastructure
Chemical and Eurazeo, Private
Iberchem Spain Magnum Capital 270,00 -
Chemical Materials Shareholders
Consultancy, Audit
SPAIN
Aguirre Newman Spain Savills Private Shareholders 67,00 -

and Engineering

advised* 11 (EURm)
811,00
Natixis Partners
Country Value
(Target) (EURm)
Naturgas Energía Nature
Spain Oil and Gas EDP - Energias de Portugal 2.591,00 -
Distribución Investments
Ardian, Kutxabank (fusión
Compañía Logística de Global
Spain Oil and Gas de BBK, Kutxa y Vital), 1.000,00 -
Hidrocarburos (CLH) Casandra
Abanca, AIMCo
Negocio
Telecomunicaciones Colombia Telecoms Ufinet IFX Networks 100,00 -
Colombia

advised* 5 (EURm)
3.821,11

Norgestión
Country Value
(Target) (EURm)
Vera Tourism, Hotels and Mediterránea de
Spain Private Shareholders 6,00 -
Galdeano Restaurants Cátering
Plénido
Spain Medical Aesthetics and Portobello Fund IV Realza Capital - -
Dental
Cosmetics
Grup Dusa Spain Distribution and Retail Covirán Private Shareholders - -

advised* 10 (EURm)
6,00
ONEtoONE Corporate Finance

Country Value
(Target) (EURm)
Consultancy, Audit Trigo
Mave Aeronáutica Spain Private Shareholders 73,00 -
and Engineering Group
Softtelecom Spain Technology Vipera Private Shareholders 1,30 -
Soluciones con Andamios
Construction
Financial Advisors
(Solan), Profesionales en Germans
Spain (Materials and Private Shareholders - -
Andamios del Vallès (Provallès), Homs
Machinery)
Alqui Construcción Cataluña
SPAIN
advised* 3 (EURm)
74,30
PKF Attest
Country Value
(Target) (EURm)
HOWZAT Partners, HR
ByHours Spain Internet Ventures, Investiere, Private - 3,00 -
Shareholders
Transport, Aviation and Private
Vicarli Spain GPF Capital - -
Logistics Shareholders
Private
DIDIMO Spain Telecoms; Technology Link Mobility - -
Shareholders

advised* 8 (EURm)
3,00

Legal Advisors
Most
Largest Active Advisors in 2017
transactions Largest transactions
# 4|5|3 Law Firm Gómez-Acebo & Pombo Spain
A Across Legal J Herbert Smith Freehills Spain
Allen & Overy Spain M Hogan Lovells Spain
Andersen Tax & Legal Spain Jones Day Spain
Araoz & Rueda K King & Wood Mallesons Spain
Ashurst Spain L Latham & Watkins Spain
Lener
B Baker McKenzie Spain
Baltar Abogados Lexcrea
Belagua Abogados Linklaters Spain
Bird & Bird Spain M Marimón Abogados
Broseta Abogados Metricson
Bustillo Abogados O Osborne Clarke Spain

Legal Advisors
C Callol, Coca & Asociados P Pérez-Llorca

SPAIN
Clifford Chance Spain Pinsent Masons Spain
CMS Albiñana & Suárez de Lezo R PKF Attest Legal
Corominas Abogados Ramón y Cajal
Cuatrecasas Spain RCD - Rousaud Costas Duran
D Delvy Asesores Legales Roca Junyent
Dentons Spain
S Squire Patton Boggs Spain
DLA Piper Spain
U Uría Menéndez Spain
E Ecija
Eversheds Sutherland Nicea W Watson Farley & Williams Spain
F Fornesa Abogados Y YouandLaw
Fourlaw
G Garrigues Spain
GBP Legal
* Deals announced in 2017. Status Completed. Does not include asset acquisitions nor Joint Ventures.

4|5|3 Law Firm
Country Value
(Target) (EURm)
Media, Multimedia
1 TEA Ediciones Spain Hogrefe TEA Cegos 20,00 -
and Editorial
Media, Multimedia Forum Media
2 Sepín Spain Private Shareholders - -
and Editorial Group (FMS)

advised* 2 (EURm)
23,7
Partners
1 2 Antoni Fitó Baucells
Across Legal
Country Value
(Target) (EURm)
Insight Venture Partners, Kibo
1 Logtrust Spain Technology - 29,83 -
Ventures
Atlantic Bridge, Investing PROFit
2 Logtrust Spain Technology - 10,22 -
Wisely, Kibo Ventures
Private Shareholders, Samaipata
Blooming
3 Spain Internet Ventures, Mediaset Group, Private - 2,00 -
Legal Advisors
Experience
Shareholders, Sitka Capital Partners
SPAIN
advised* 10 (EURm)
46,8
Partners
1 2 3 Ignacio Lacasa Valls
1 2 3 Iván Moll Florit
Allen & Overy Spain

Country Value
(Target) (EURm)
Macquarie European AMP Capital, Oman
1 de Hidrocarburos Spain Oil and Gas 1.000,00
Infrastructure Fund 5 Oil Company
(CLH)
GIC Realty, Private
2 Axiare Patrimonio Spain Real Estate Colonial 849,38 -
Shareholders
Mersin Uluslararası
3 Turkey Ports Global InfraCo Spain Akfen Holdings 745,16 -
Liman

advised* 20 (EURm)
5.759,27
Partners
1 Ignacio Ruiz-Camara
1 2 Íñigo del Val

Andersen Tax & Legal Spain
Country Value
Target (Target) Subsector Buyer Seller (EURm) Awards
Steel, Metallurgy and Private

1 Extol Spain MCH Private Equity 40,00 -
Industrial Production Shareholders
Healthcare, Hygiene, Instituto Valenciano
IVI RMA Global
2 Spain Medical Aesthetics de Infertilidad (IVI), - - -
Investments
and Cosmetics RMANJ

advised* 2 (EURm)
40,00
Partners
1 Ignacio Aparicio Ramos
2 Gonzalo Cerón Hernández
Araoz & Rueda
Country Value
Target (Target) Subsector Buyer Seller (EURm) Awards
Legal Advisors
Corporación
Financiera Alba, Grupo
Aier Eye Hospital
Healthcare, Hygiene, Zriser, Investments
Clínica Group, Aier Eye
SPAIN
1 Spain Medical Aesthetics Ballo Holding, 146,55 -

Baviera International
and Cosmetics Inversiones Dario 3,
(Europe)
Inversiones Telesan,
SMSPubli
2 Mobile Spain Telecoms Esendex Spain Private Shareholders - -
Marketing
Inspection and Miura Private
3 Ibertasa Spain Certification; Real Equity, Charme Private Shareholders - -
Estate Capital

advised* 11 (EURm)
146,55
Partners
1 Francisco Solchaga
2 3 Pedro A. Rueda

Ashurst Spain
Country Value
(Target) (EURm)
Consultancy, Audit
Accelya,
Spain, and Engineering; Warburg
1 Accelya Chequers Capital 604,37 -
Luxembourg Financial and Pincus
Holding
Insurance
Aviva Vida Financial and Seguros
2 Spain Aviva Europe 446,00 -
y Pensiones Insurance Santa Lucía
Marathon Asset Management,
Diamerisma, Centerbridge
Bain Partners, Capstone Equities,
3 Habitat Spain Real Estate 220,00 -
Capital Värde Partners, Goldman Sachs
International, Bank of America
Merrill Lynch, SC Lowy

advised* 11 (EURm)
1.618,37
Partners
1 Eduardo Gracia
Baker McKenzie Spain

Country Value
(Target) (EURm)
Legal Advisors
Banco Financial and Banco
1 Spain Ordenada Bancaria (FROB), 7.000,00 -
Popular Insurance Santander
SPAIN
Take-Two
Social Partners, BBVA, Greylock
2 Spain Technology Interactive 232,60 -
Point Partners, Highland Capital
Software
Partners, Private Shareholders
Healthcare,
Hospitales Hygiene, Medical
3 Spain Vithas Private Shareholders 198,13 -
Nisa Aesthetics and
Cosmetics

advised* 20 (EURm)
7.803,22
Partners
2 Enrique Valera
2 José María Ménde
Baltar Abogados
Country Value
(Target) (EURm)
Healthcare, Hygiene, Grupo Hospital
Centro Médico Private
1 Spain Medical Aesthetics and de Madrid (HM - -
El Castro Vigo Shareholders
Cosmetics Hospitales)
Agriculture, Agribusi- Abderrahim
2 Sofinas Morocco Grupo Profand - -
ness, Farming and Fishing Zniber Group

advised* 2 (EURm)
-

Belagua Abogados
Country Value
(Target) (EURm)
Automotive and
Black Toro Capital, Private
1 Torrot Electric Spain Recreational - 24,59 -
Shareholders
Vehicles
Private
2 Quales TV Spain Technology X-Edit 0,40 -
Shareolders I

advised* 2 (EURm)
24,99
Partners
1 2 Guillermo Medina Ors
Bird & Bird Spain

Country Value
(Target) (EURm)
Tourism, Hotels KKR, Dunas Private
1 Intertur Hotels Spain 100,00 -
and Restaurants Capital Shareholders
COGA (Compañía Enagás Internac-
Graña y
2 Operadora de Gas Peru Oil and Gas ional, Carmen 19,77 -
Montero
del Amazonas) Corporation
Consultancy,
Legal Advisors
Tecnitasa Gestión Private

3 Spain Audit and Sertyf 4,00 -
Hipotecaria Shareholders
Engineering
SPAIN

advised* 6 (EURm)
123,77
Partners
2 Hermenegildo Altozano
3 Lourdes Ayala
Broseta Abogados
Country Value
(Target) (EURm)
Glass, Ceramic, Tensile Capital
Keraben
1 Spain Paper, Plastics, Wood Victoria Management, 274,00 -
Grupo
and Timber Private Shareholders
Laoconte
2 Spain Car Parks Parkia Liberbank 7,00 -
Operaciones
Demeter Financial and Atitlán Capital
3 Spain - 4,30 -
Áurea Insurance (Global)

advised* 6 (EURm)
285,30
Partners
1 Enrique Beaus Climent
1 Julio Veloso

Bustillo Abogados
Country Value
Target (Target)
Subsector Buyer Seller
(EURm)
Awards
1 Entrenar.me Spain Technology; Internet - 0,41 -
Seed CDC
Seed CDC,
2 Jobin Spain Internet; Technology - 0,32 -
3 Minishoes Spain Internet Seed CDC - 0,25 -

advised*
9 (EURm)
1,61
Partners
1 2 3 Javier Bustillo
Callol, Coca & Asociados

Country Value
(Target) (EURm)
Kibo Ventures, JME Venture Capital,
Samaipata Ventures, Breega Capital, 360
1 21 Buttons Spain Technology - 10,00 -
Capital Partners, Sabadell Venture Capital,
Sputnik Ventures, Mediaset Group
Legal Advisors
Llollo Kibo Ventures, Stella Maris Partners,
2 Spain Technology - 2,50 -
Mobility B4Motion, Private Shareholders
Technology; Kibo Ventures, KFund, Private Share-
SPAIN
3 Billin Spain - 1,50 -
Internet holders

advised* 3 (EURm)
14,00
Clifford Chance Spain

Country Value
(Target) (EURm)
ASSIP, Parkinvest,
Macquarie
ESIF I, Transport
European
1 Empark Spain Car Parks Infrastructure Holding 1.000,00 -
Infrastructure
Company, Haitong
Fund 5
Compañía Logística Ardian, Kutxabank
Global
2 de Hidrocarburos Spain Oil and Gas (fusión de BBK, Kutxa y 1.000,00 -
Casandra
(CLH) Vital), Abanca, AIMCo
3 Telxius Spain Telecoms Taurus Bidco Telefónica 790,50

advised* 34 (EURm)
9.974,51
Partners
1 2 3 Javier Amantegui

1 Epifanio Pérez

CMS Albiñana & Suárez de Lezo
Country Value
(Target) (EURm)
ASSIP, Parkinvest, ESIF I,
Macquarie European Transport Infrastructure
1 Empark Spain Car Parks 1.000,00 -
Infrastructure Fund 5 Holding Company, Haitong
2 Telxius Spain Telecoms Taurus Bidco Telefónica 790,50 -
3 Telxius Spain Telecoms KKR Telefónica 484,50

advised* 15 (EURm)
3.355,10
Partners
1 Gracia Sainz Muñoz
3 Antonio Pino Sánchez
Corominas Abogados
Country Value
(Target) (EURm)
1 Evolutiona Spain Technology Zertia Private Shareholders - -

Legal Advisors
Technology; Consultancy,
2 Zendos Spain Zertia Private Shareholders - -
Audit and Engineering
SPAIN

advised* 2 (EURm)
-
Partners
1 2 Oscar Corominas Nogal
1 2 José Ramón Corominas Nogal
Cuatrecasas Spain
Country Value
(Target) (EURm)
Torreal, Towerbrook
Aeroespacial y Springwater Capital,
1 Aernnova Spain Capital Partners, 900,00 -
Aeronáutico Private Shareholders
Peninsula Capital
Wind Energy;
Centerbridge
2 Vela Energy Spain Solar Energy; Sonnedix Group 700,00 -
Partners
Hydraulic Energy
Grupo OTPP - Ontario
Spain,
3 Mémora, Funeral Services Teachers’ Pension 3i Group (Global) 450,00 -
Portugal
Servilusa Plan

advised* 96 (EURm)
4.450,52
Partners
1 2 Francisco José Martínez Maroto
2 Luis Pérez de Ayala

Delvy Asesores Legales
Country Value
(Target) (EURm)
1 WOOM Fertility Spain Technology Private Shareholders - 0,48 -
Custom Solutions (Customia),

Cabiedes & Partners, Big Sur
2 Blue Digital Ventures Spain Internet - 0,40 -
Ventures, Lanai Partners,
SeedRocket 4Founders Capital

advised* 2 (EURm)
0,88
Dentons Spain
Country Value
(Target) (EURm)
1 Joparny Spain Real Estate MDSR Investments Ski Leasing UK Nº2 30,00 -
2 Satlink Spain Telecoms Artá Capital - -
Luisdre Investments
Legal Advisors
advised* 2 (EURm)
30,00
SPAIN
DLA Piper Spain
Country Value
(Target) (EURm)
Torreal,
Springwater
Aeroespacial y Towerbrook
1 Aernnova Spain Capital, Private 900,00 -
Aeronáutico Capital Partners,
Shareholders
Peninsula Capital
Construction KKR Credit
Ursa
2 Spain (Materials and Xella Group Advisors, Private 470,00 -
Insulation
Machinery) Shareholders
Acek Desarrollo
Automotive and
CIE Corporación y Gestión
3 Spain Recreational Vehicles; 303,20 -
Automotive Financiera Alba Industrial,
Biofuel
Mahindra Group

advised* 19 (EURm)
2.346,85
Partners
1 Teresa Zueco
1 2 Ignacio Gómez Sancha

Ecija
Country Value
(Target) (EURm)
Consultancy, Audit Private The Weringa
1 SCL Consulting Spain 5,00 -
and Engineering Shareholders Group
Confirma Sistemas Callcredit
Private
2 De Información, Spain Technology Information 2,00 -
Shareholders
Soluciones Confirma Group
Private
3 Mad Lions Spain Sports and Leisure - 1,00 -
Shareholders

advised* 5 (EURm)
8,00
Partners
1 Hugo Écija
1 Leticia Dominguez
3 Alejandro Touriño
Eversheds Sutherland Nicea

Country Value
(Target) (EURm)
Legal Advisors
Portfolio of eight photo- Kobus Private Shareholders,

1 Spain Wind Energy 70,00 -
voltaic projects Partners Element Power Spain
SPAIN
Oxy Capital
Sports and Fitness Mezzanine Fund,
2 Fitness Hut Portugal 50,00 -
Leisure BIDCO Uksa Malta, Edge
Capital
Nps European Propertu
Rockspring NPS
(Retail) I, Nps European
3 Spain Real Estate Lar Spain European Property 47,60 -
Propertu (Retail) II, Nps Eu-
Holding
ropean Propertu (Retail) III

advised* 6 (EURm)
167,60
Partners
1 2 Carlos Pemán Cubillo
3 Antonio Cuéllar Prats
3 Rafael Arráez Amselem

Fornesa Abogados
Country Value
(Target) (EURm)
Private Shareholders, Samaipa-
Blooming ta Ventures, Mediaset Group,
1 Spain Internet - 2,00 -
Experience Private Shareholders, Sitka
Capital Partners
Technology; Cars,
Valeet Park-
2 Spain Motorcycles and Private Shareholders - 2,00 -
ing Solutions
Other Vehicles
3 Mr Jeff Spain Internet Private Shareholders - 2,00 -

advised* 27 (EURm)
13,14
Partners
1 2 3 Carlos Guerrero Martín
Fourlaw
Country Value
(Target) (EURm)
Sabadell Venture Capital,
Legal Advisors
1 Trappit Spain Technology Swanlaab Giza Innvierte I, - 2,00 -
Technology; Security and Swanlaab Venture
SPAIN
Continuum
2 Spain Private Arms, Ammuni- Factory, JME Venture - 1,50 -
Security
tion and Explosives Capital, Sonae IM

advised* 2 (EURm)
3,50

Country Value
(Target) (EURm)
Hellman & Banco Santander, Eurizon
Financial and
1 Allfunds Bank Spain Friedman, Capital SGR, General 1.880,00
Insurance
Axiare GIC Realty,
2 Spain Real Estate Colonial 849,38 -
Patrimonio Private Shareholders
Consultancy, Audit
Accelya, Accelya Spain, and Engineering; Warburg
3 Chequers Capital 604,37 -
Holding Luxembourg Financial and Pincus
Insurance

advised* 17 (EURm)
5.639,10
Partners
1 2 David Franco

2 Ana López

Garrigues Spain
Country Value
(Target) (EURm)
Banco Santander,
Hellman &
Financial and Eurizon Capital SGR,
1 Allfunds Bank Spain Friedman, GIC 1.880,00
Insurance General Atlantic,
Realty
Warburg Pincus
Electric
2 Elektro Holding Brazil Neoenergia - 1.149,89
Energy
Compañía Logística Ardian, Kutxabank
Global
3 de Hidrocarburos Spain Oil and Gas (fusión de BBK, Kutxa y 1.000,00 -
Casandra
(CLH) Vital), Abanca, AIMCo

advised* 113 (EURm)
14.297,58
Partners
2 Fernando Vives 2 Rafael González-Gallarza Granizo
2 José Luis Ortín Romero 3 Juan Reig
GBP Legal
Legal Advisors
Country Value
(Target) (EURm)
SPAIN
Automotive and Rec- Corporación Acek Desarrollo y

CIE
1 Spain reational Vehicles; Financiera Gestión Industrial, 303,20 -
Automotive
Biofuel Alba Mahindra Group
Glass, Ceramic,
Santos Barosa
2 Portugal Paper, Plastics, Wood Vidrala Private Shareholders 252,70 -
Vidros
and Timber
United Automotive and CIE
3 Newcor Private Shareholders 100,54 -
States Recreational Vehicles Automotive

advised* 6 (EURm)
731,44
Partners
1 2 3 José Ramón Berecibar

Gómez-Acebo & Pombo Spain
Country Value
(Target) (EURm)
AMP Capital,
Compañía Logística de Macquarie European
1 Spain Oil and Gas Oman Oil 1.000,00
Hidrocarburos (CLH) Infrastructure Fund 5
Company
Angel List, Seaya
2 Cabify Spain Technology Ventures, Private - 106,00 -
Shareholders, Rakuten
3 Mihabitans Spain Real Estate Haya Real Estate Liberbank 85,00 -

advised* 42 (EURm)
1.674,09
Partners
1 2 David González Gálvez 1 Javier Vinuesa Magnet
1 Fernando de las Cuevas 3 Guillermo Guerra
Herbert Smith Freehills Spain

Country Value
(Target) (EURm)
Acciona Concesiones
Legal Advisors
Global Vía Infrae-
Acciona Chile, Acciona
1 Chile Roads and Highways structuras Chile, 335,00
Ruta 160 Construcción Agencia
Globalvía Chile
Chile
SPAIN
Sports and Leisure; MCH Private Equity,
El Firmamento
2 Pacha Spain Tourism, Hotels and GPF Capital, Sena 290,00 -
Estelar
Restaurants Directorship
Chemical and Eurazeo, Private
3 Iberchem Spain Magnum Capital 270,00 -
Chemical Materials Shareholders

advised* 17 (EURm)
1.765,86
Partners
1 Alberto Frasquet 2 3 Gonzalo Martín de Nicolás
2 Álvaro Sainz 3 Nicolás Martín

Hogan Lovells Spain
Country Value
(Target) (EURm)
Aviva Vida y Financial and
1 Spain Seguros Santa Lucía Aviva Europe 446,00 -
Pensiones Insurance
LaSalle Investment CBRE Global
2 RPFI Tormes Spain Real Estate 74,00 -
Management Investors
Travel Club (Air Marketing and Private
3 Spain AIMIA Holdings UK 2,60 -
Miles Spain) Advertising Shareholders

advised* 6 (EURm)
522,60
Partners
1 Casto González-Páramo 1 Joaquín Ruíz Echauri
1 Javier Gazulla 3 Alex Dolmans
Jones Day Spain

Country Value
(Target) (EURm)
Investcorp, Private
Legal Advisors
Glass, Ceramic,
Lone Star Funds Shareholders,
1 Esmalglass Spain Paper, Plastics, 605,00
(Global) Intermediate Capital
Wood and Timber
Group (ICG)
SPAIN
Axa Investment
Managers-Real Artá Capital, Grupo
Resa (Residencias Assets, CBRE Mutua Madrileña,
2 Spain Real Estate 388,00 -
de Estudiantes) Global Invest- Azora, March
ment Partners Campus
(GIP), Greystar
Internet; Tourism, Private Shareholders,
3 ReviewPro Spain Hotels and Shiji Hong Kong Active Venture 26,41 -
Restaurants Partners

advised* 13 (EURm)
1.019,41
Partners
1 Manuel Vara Varea
2 3 Víctor Casarrubios

King & Wood Mallesons Spain
Country Value
(Target) (EURm)
Sports and
MCH Private Equity,
Leisure; Tourism,
1 Pacha Spain GPF Capital, Sena El Firmamento Estelar 290,00 -
Hotels and
Directorship
Restaurants
Gestión Consultancy, GED V Spain, Oquendo
Realza Capital, Private
2 Tributaria Spain Audit and Capital, Private 45,00 -
Shareholders
Territorial Engineering ShareholdersI
Ibercaja, A-Capital
Glass, Ceramic,
Activos Empresariales,
3 Araven Spain Paper, Plastics, Pack4u 37,00 -
Capital Innovación y
Wood and Timber
Crecimiento

advised* 15 (EURm)
3.024,41
Partners
1 Alberto Ruano
1 Germán Cabrera
2 3 Pablo Díaz Gridilla
Legal Advisors
Latham & Watkins Spain
SPAIN
Country Value
(Target) (EURm)
IFM Global
Construction
Infrastructure Private
1 OHL México Mexico (Materials and 633,78
Fund, Magenta Shareholders
Machinery)
Infraestructura
Wilcoxon Research,
United
Piezo Technologies, Steel, Metallurgy and
2 States, Amphenol Meggitt 92,81 -
Piher Sensors & Industrial Production
Spain
Controls
Food Industry; Private
3 Alvinesa Spain - - -
Distribution and Retail Shareholders

advised* 4 (EURm)
726,59
Partners
1 Manuel Deó
3 Jordi Domínguez

Lener
Country Value
(Target) (EURm)
Clínica Deportiva Alto Medical Aesthetics IDC Salud Private
1 Spain - -
Rendimiento and Cosmetics; (Quirónsalud) Shareholders
Sports and Leisure
Clínic Balear, Transportes
Sanitarios Clínic Balear, Healthcare, Hygiene, Integración
Private
2 Hospital Clínic Balear, Spain Medical Aesthetics Sanitaria - -
Shareholders
Rehabilitació Es Raiger, and Cosmetics Balear
Prevención Balear de Salud

advised* 2 (EURm)
-
Partners
1 2 Cristina Hernández Lería
Lexcrea
Country Value
(Target) (EURm)
Legal Advisors
1 Bequant Spain Internet Inveready Capital - 1,80 -

SPAIN
Inveready Capital, Caixa

2 Summus Render Spain Technology - 1,60 -
Capital Risc (Global)
Caixa Capital Risc (Global),
3 Movil Access Spain Technology Inveready Capital, Sabadell - 1,30 -
Venture Capital

advised* 4 (EURm)
5,45
Partners
1 3 Silvia Martínez Losas

Linklaters Spain
Country Value
(Target) (EURm)
Naturgas Energía Nature EDP - Energias de

1 Spain Oil and Gas 2.591,00 -
Distribución Investments Portugal
Banco Santander,
Financial Hellman &
Eurizon Capital SGR,
2 Allfunds Bank Spain and Friedman, GIC 1.880,00
General Atlantic,
Insurance Realty
Warburg Pincus
Macquarie
European AMP Capital, Oman
3 de Hidrocarburos Spain Oil and Gas 1.000,00 -
Infrastructure Oil Company
(CLH)
Fund 5

advised* 19 (EURm)
10.339,68
Partners
1 Lara Hemzaoui 2 Paloma Fierro

1 2 Jaime Pérez Bustamante 2 Víctor Manchado
1 Javier García-Pita 3 Alejandro Ortiz
1 José Giménez 3 José Giménez
1 Juan Barona 3 Juan Barona
Legal Advisors
SPAIN
Marimón Abogados
Target Country Subsector Buyer Seller Value Awards

(Target) (EURm)
1 City Time Spain Distribution and Retail Pandora Private Shareholders 110,00 -
Marketing and
2 T2O Media Spain Ardian Private Shareholders - -
Advertising

advised* 2 (EURm)
110,00
Partners
1 2 José Miguel Martín-Zamorano Llamas

Metricson
Country Value
Target (Target)
Subsector Buyer Seller
(EURm)
Awards
1 RocketROI Spain Technology Private Shareholders ADTZ 1,00 -
JME Venture Capital, Bankinter

2 3ANTS Spain Technology - 0,88 -
Capital Riesgo, Big Sur Ventures
Angels Capital, BSF 17, Metxa, Private
3 Boatjump Spain Internet - 0,50 -
Shareholders, Aurorial

advised* 15 (EURm)
3,05
Partners
1 2 3 Luis Gosálbez
Osborne Clarke Spain

Country Value
(Target) (EURm)
Legal Advisors
Take-Two Partners, BBVA, Greylock

1 Social Point Spain Technology Interactive Partners, Highland 232,60 -
Software Capital Partners, Private
SPAIN
Shareholders
Access United
2 Biotechnology Grifols Private Shareholders 47,84 -
Biologicals States
Grifols Innovation
United
3 GigaGen Biotechnology and New Private Shareholders 30,87 -
States
Technologies

advised* 11 (EURm)
355, 11
Partners
1 Eva Otaegui 1 Miguel Lorán
1 Jordi Casas Thió 2 3 Tomás Dagá

Pérez-Llorca
Country Value
(Target) (EURm)
Financial and Banco
1 Banco Popular Spain Ordenada Bancaria (FROB), 7.000,00 -
Insurance Santander
Bankia (fusión
Banco Mare Financial and Fondo de Reestructuración
2 Spain Caja Madrid y 825,00
Nostrum (BMN) Insurance Ordenada Bancaria (FROB)
Bancaja)
Eurosic Financial and BIE Manage-
3 Spain Eurosic Gestion 463,00 -
Management Spain Insurance ment Lux

advised* 38 (EURm)
9.824,38
Partners
1 Alfredo Lafita 1 Pedro Fernández
1 Javier Gómez de Miguel 1 Pedro Pérez-Llorca
1 Oriol Amengol 3 Luis Zurera
1 Pablo González Mosqueira 3 Pablo González Mosqueira
Legal Advisors
Pinsent Masons Spain
SPAIN
Country Value
(Target) (EURm)
Sidecu Private
1 Spain Sports and Leisure Portobello Fund IV 150,00 -
(Centros Supera) Shareholders
Construction (Mate-
2 Pladur Gypsum Spain Etex Group COEMAC 114,03 -
rials and Machinery)
Eurosearch & Private
3 Ezentia Spain Spain Other Services - -
Associés Shareholders

advised* 5 (EURm)
264,03
Partners
1 Antonio Sánchez Montero
2 Idoya Arteagabeitia
2 3 Inmaculada Castelló Bernabeu

PKF Attest Legal
Country Value
(Target) (EURm)
Sports and Leisure; Elec- Private Shareholders
1 Gaelco Darts Spain Gaelco - -
tronics; Technology Germany I
Technology; Other
2 F4 Biomechanics Spain BBK Fundazioa - - -
Consumer Goods
Technology; Marketing
3 Kasitoko Spain BBK Fundazioa - - -
and Advertising; Internet

advised* 6 (EURm)
-
Partners
1 Carlos Hermoso García
2 3 Javier Vicandi Campos
Ramón y Cajal
Country Value
(Target) (EURm)
Legal Advisors
GIC Realty,
1 Axiare Patrimonio Spain Real Estate Colonial 849,38 -
2
SPAIN
Morningchapter Portugal Electric WElink Energy (U.K.) Solaer Group - -

advised* 2 (EURm)
849,38
Partners
1 Andrés Mas Abad
1 Francisco Palá Laguna
2 Antonio de Mariano Sánchez Jauregui

RCD - Rousaud Costas Duran
Country Value
(Target) (EURm)
Tourism,
Intertur
1 Spain Hotels and KKR, Dunas Capital Private Shareholders 100,00 -
Hotels
Restaurants
Factor Electric Private Shareholders JZ Capital Partners,
2 Spain 70,11 -
Energía Energy Canada I Private Shareholders
Caixa Capital Risc
(Global), Edmond de
Biotechnol- Rothschild Investment
3 Medlumics Spain - 34,40 -
ogy Partners, Ysios Capital
Partners, Seroba Life
Sciences, Innogest

advised* 77 (EURm)
423,30
Partners
2 Adolf Rousaud
2 Íñigo Montesino-Espartero
3 Carles Ros
Legal Advisors
Roca Junyent
SPAIN
Country Value
(Target) (EURm)
Biotechnology; Healthcare,
Hygiene, Medical
Accriva United Aesthetics and Cosmetics; Warburg Pincus,
1 WerfenLife 358,00
Diagnostics States Pharmaceutical, Private Shareholders
Parapharmaceutical and
Cosmetics
Lar Spain
2 Offices Spain Real Estate Colonial Lar Spain 32,54 -
Arturo Soria
Ferrer Banco Sabadell,
3 EXEL Spain Financial and Insurance & Ojeda Bitarte, Guipuzcoano 6,50 -
Asociados Valores

advised* 14 (EURm)
404,79
Partners
1 Xavier Foz Giralt
2 María Dolors Roca Solergibert
3 Santi Pagès Carballeda

Squire Patton Boggs Spain
Country Value
(Target) (EURm)
Steel, Metallurgy Miura Private
GH Induction
1 Spain and Industrial Park Ohio Equity, Private 40,00 -
Group
Production Shareholders
Cabiedes & Partners,
Faraday Venture
2 Habitissimo Spain Internet HomeServe 14,88 -
Partners, Mola,
Grupo Padeinvest
Seaya Ventures,
Internet; Real Passion Capital,
3 Spotahome Spain - 13,60 -
Estate Private Shareholders,
Samaipata Ventures

advised* 6 (EURm)
69,08
Uría Menéndez Spain

Country Value
(Target) (EURm)
Banco Santander,
Financial and Hellman & Friedman, Eurizon Capital SGR,
1 Allfunds Bank Spain 1.880,00
Legal Advisors
Insurance GIC Realty General Atlantic,

Warburg Pincus
ASSIP, Parkinvest,
SPAIN
ESIF I, Transport
Macquarie European Infrastructure
2 Empark Spain Car Parks 1.000,00 -
Infrastructure Fund 5 Holding Company,
Haitong International
Holdings
Compañía Ardian, Kutxabank
Logística de (fusión de BBK, Kutxa
3 Spain Oil and Gas Global Casandra 1.000,00 -
Hidrocarburos y Vital), Abanca,
(CLH) AIMCo

advised* 57 (EURm)
12.214,95
Partners
1 Alfonso Gutiérrez Hernández 2 Guillermo Canalejo Lasarte
1 Antonio Herrera 3 Juan Ignacio González Ruiz
1 Stephen Hess

Watson Farley & Williams Spain
Country Value
(Target) (EURm)
Cars, Motorcycles
and Other Vehicles; Private
1 Rodamientos Aralar Spain IPH Group - -
Automotive and Shareholders
Recreational Vehicles
Rodamientos Distribution and
Private
2 y Productos Spain Retail; Automotive and IPH Group - -
Shareholders
Especiales (Ropesa) Recreational Vehicles
Anglada Automotive and
Private
3 Subministraments Spain Recreational Vehicles; IPH Group - -
Shareholders
Industrials Distribution and Retail

advised* 3 (EURm)
-
Partners
1 2 3 Gonzalo Aranzábal
Legal Advisors
YouandLaw
Country Value
SPAIN
(Target) (EURm)
Internet; Financial Seaya Ventures, Struck
1 MoneyGuru Spain - 6,63 -
and Insurance Capital, Nova Founders
2 Geniova Spain Medical Aesthetics Straumann - 3,00 -
and Cosmetics
Athos Capital, Inveready
3 Parclick Spain Technology Capital, Capitana Venture - 2,00 -
Partners, Private Shareholders

advised* 15 (EURm)
18,62
Partners
1 Gonzalo María de Ulloa Lapetra
2 Pablo Casado Bueno

Visual Summary 2017
Volume and value of transactions
M&A
LEGEND X Axis - AVERAGE VALUE (EURm)
200
by type and year
5.225,48
Y Axis - No. OF TRANSACTIONS
TOTAL VALUE (EURm)

2015
M&A
*E xceptionally, this graph does not include the PE / VC
transactions in the total number of M&A.
200
2017
5.225,48
3.183,92 Mergers and Acquisitions (M&A)
2015
200
150 2016
2017 5.225,48
4.695,74
3.183,92
2015
8.161,24
150 2016
2017
2014
3.183,92 4.695,74
150 8.161,24
2016
0,00 100,00 150,00 200,00 250,00
4.695,74 2014
8.161,24
0,00 100,00 150,00 200,00 2014 250,00
PE
0,00 100,00 150,00 200,00 250,00
50
2015
1.807,76
Private Equity
PE
2017
50
2015
5.815,98
1.807,76
PORTUGAL
2014 2017
50
40
2015
2.664,86
1.807,76 5.815,98
2016
2014 2017
40 3.690,30
2.664,86 5.815,98
2014 2016
40
0,00 100,00 2.664,86 150,00 200,00 3.690,30
250,00 300,00 350,00
2016
3.690,30
0,00 100,00 150,00 200,00 250,00 300,00 350,00
0,00 100,00 150,00 200,00 250,00 300,00 350,00

Venture Capital
VC
40
2016
2015
VC
95,19
40
2014 40,42
35
2016
16,81
2015
40 95,19
2014 40,42
35 2016
30 16,81 2015
2017 95,19
2014 40,42
35
92,46
16,81
30
2017
0,00 2,00 3,00 4,00 5,00
92,46
30
2017
130 0,00 2,00 3,00 TTR - Transactional4,00

Track Record 5,00
92,46(www.TTRecord.com)
0,00 2,00 3,00 4,00 5,00

Most active subsectors LEGEND
by type of transaction M&A Venture Capital
Private Equity TOTAL VALUE

(EURm)
18 3 17
Technology
83,70
Healthcare, Hygiene, Medical 12 9 3

150,39
Distribution 14 2 1
and Retail
20,74
Financial and 14 2 1
Insurance
1.337,24
Transport, Aviation 13 1 1
and Logistics 88,00

Advisors
PORTUGAL
LEGEND
No. of transactions
No. of transactions with Legal Advisors
65 No. of transactions with Financial Advisors
No. of transactions with Legal & Financial Advisors
118
141
242
Cross-border Transactions
Outbound Inbound
1.688,03 30 104 3.917,50

EURm EURm
M&A HANDBOOK 2017

Mergers &
Acquisitions
Mergers & Acquisitions LEGEND No. OF DEALS
Vision gral TOTAL VALUE (EURm)
71
8k
66 67 65
60 60 7k Total No. Total value
57
49 49
44 47
44
41 40 5k
38
33 4k 2017 242 9.092,36
3k
2016 222 8.481,23
2k
1k 2015 178 5.225,48
0k
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2014 189 10.842,91
2014 2015 2016 2017

Percentage of Deals
8% 11% 6% 7%
PORTUGAL
8% 11% 6% 7%
LEGEND
31% 33% 38% 33%
61% 56% 56% 60% Big Ticket (EUR ≥ 250m)
31% 33% 38% 33% Mid Market (≥ EUR 15m)

61% 56% 56% 60%
2017 2016 2015 2014 Smaller Market (< EUR 15m)
2017 2016 2015 2014

8.663,03
6.622,106.622,10
8.663,03
6.244,356.244,35
LEGEND
2017 - Total Value

2.864,20
2016 - Total Value

2.315,69
2.236,12
2.110,20
2.019,19
2015 - Total Value

2.864,20
2014 - Total Value

2.315,69
154,57
126,68
125,16
160,69
2.236,12
2.110,20
2.019,19
154,57
126,68
125,16
160,69

(EUR ≥ 250m) (≥ EUR 15m) (< EUR 15m)

2017 - N.º of deals 8 29 58 147 242
2016 - N.º of deals 9 27 46 140 222
2015 - N.º of deals 4 27 40 107 178
2014 - N.º of deals 5 24 44 116 189
Distribution of total deals by deal type LEGEND
M&A Venture Capital
Private Equity
Number of Deals
168
168
2017 45
2017 45
29
29

transações
148
NºNºdedetransações
2016 148
36
2016 36
38
PORTUGAL
38
92
92
2015 49
2015 49
37
37
113
113
2014 41
2014
35 41
35
Total Value (EURm)
3.183,92
3.183,92
2017 5.815,98
2017 5.815,98
92,46
92,46
4.695,74
2016 4.695,74
3.690,30
2016
EURm)
3.690,30
95,19
EURm)
95,19
total
3.377,30
total
2015 3.377,30
1.807,76
Valor
2015 1.807,76
Valor
40,42
40,42
8.161,24
2014 8.161,24
2.664,86
2014 2.664,86
16,81
16,81

Largest transactions involving a Portugal-based party
(excluding Private Equity, Venture Capital and Cross-border deals)
Value
EDP Gás
1 Oil and Gas Private Shareholders EDP - Energias de Portugal 500,00
Distribuição
EDP - Energias
2 EDP Renováveis Electric Energy Private Shareholders 296,00
de Portugal

3 Vista Alegre Visabeira Indústria Cerutil 175,00
Montepio Geral
4 Montepio Financial and Insurance Associação Private Shareholders 106,00
Mutualista
Real Estate; Financial

5 3Shoppings Ocidental Seguros Fundo Sierra 90,00
and Insurance
Tourism, Hotels and Restaurants; LNMK - Fundo de

6 Royal Óbidos Millennium BCP 31,20
Sports and Leisure Capital de Risco
7 Eol Verde Wind Energy New Finerge DST Wind 27,00
Empreendimentos
Ventominho -
8 Electric Energy; Wind Energy Eólicos do Vale DST Wind 26,80
Energias Renováveis
do Minho
9 MiniSom Distribution and Retail Amplifon Portugal AudioNova 16,00

PORTUGAL
Barraqueiro
10 Lisboat Transport, Aviation and Logistics Private Shareholders 10,00
Transportes

1 BBVA Corporate Finance 2 King & Wood Mallesons Spain
2 Mediobanca 2 DLA Piper Spain
2 Millennium Investment Bank 2 4 5 7 8 9 Morais Leitão, Galvão Teles, Soares da Silva & Associados
2 Santander Global Corporate Banking Spain 2 5 Linklaters Portugal
4 6 9 PLMJ
6 Abreu Advogados
7 8 Vieira de Almeida
9 Legance
1
0 Cuatrecasas Portugal

Largest inbound Cross-border acquisitions with Portugal-based targets
Value
Grupo Mémora, OTPP - Ontario

1 Funeral Services 3i Group 450,00
Servilusa Teachers' Pension Plan

2 Santos Barosa Vidros Vidrala Private Shareholders 252,70
EDP Renewables
3 ENEOP Wind Energy ACE Portugal 248,00
Europe
EDPR PT - Parques EDP - Energias

4 Electric Energy; Solar Energy ACE Investment Fund II 242,00
Eólicos de Portugal
Locaviseu -
5 Sociedade de Real Estate Resilient, Greenbay RPPSE Holding 219,25
Gestão de Imóveis

1 Cuatrecasas Spain
1 Deloitte Spain 1 KPMG Abogados

2 3 Millennium BCP 1 Linklaters Portugal
3 Banco BPI 1 Linklaters Spain
PORTUGAL
1 RRP Advogados
2 GBP Legal
Due Diligence 2 Freshfields Bruckhaus Deringer Spain
EY Spain 3 4 Serra Lopes, Cortes Martins Advogados

1
1 PwC Spain Morais Leitão, Galvão Teles, Soares

3 4
da Silva & Associados
4 Deloitte Portugal
5 Abreu Advogados
5 ING Bank
5 PLMJ

Largest acquisitions of foreign companies by Portuguese-based buyers
Value
Private
1 Intertur Hotels Tourism, Hotels and Restaurants KKR, Dunas Capital 100,00
Shareholders
Etablissements Glass, Ceramic, Paper, Private

2 Amorim & Irmãos 29,00
Christian Bourrassé Plastics, Wood and Timber Shareholders
Sonae IM, Knollwood

3 Arctic Wolf Networks Technology - 12,30
Investment Advisory
Internet; Marketing
4 Ometria Sonae IM - 5,06
and Advertising
Glass, Ceramic, Paper, Private

5 Sodiliège Amorim Bartop 3,00
Plastics, Wood and Timber Shareholders

1 Deloitte Spain 1 Bird & Bird Spain
1 Bufete Buades
1 Deloitte Legal

PORTUGAL
2 5 PLMJ

Acquisitions by foreign buyers in Portugal LEGEND No. OF DEALS
Vision gral TOTAL VALUE (EURm)
23 23
22 22
21 8k
7k
17
18 Total No. Total value
15 15 6k
13 13
5k
12
10 10 4k
8 2017 86 2.381,68
3k
3
2k 2016 67 3.562,08
1k
0k 2015 50 1.140,45
2014 2015 2016 2017 2014 42 8.759,66
Aggregate
6% value
51% and
11% volume of deals by market segment
6%
39% 44% 19% 25%
Percentage of Deals
50% 56%
6% 11%
37%
51%
44% 6%
LEGEND

39% 55% 19% 25%
2017 2016 2015 2014 Big Ticket (EUR ≥ 250m)
PORTUGAL
Smaller Market (< EUR 15m)
Aggregate deal value and volume by market
50% segment
56%
37%
55%
2017 2016 2015 2014

8.203,20
LEGEND
2.550,00
2017 - Total Value

1.636,85
2016 - Total Value

799,40
702,70
937,96
2015 - Total Value

294,20
542,83
8.203,20
42,13
74,12
46,85
13,63
2014 - Total Value

2.550,00

(EUR ≥ 250m) (≥ EUR 15m) (< EUR 15m)
1.636,85
799,40
702,70
937,96
294,20
542,83

42,13
74,12
46,85
13,63
2017 - N.º of deals 2 17 12 55 86
2016 - N.º of deals 4 13 18 32 67
2015 - N.º of deals 1 9 8 32 50
2014 - N.º of deals 4 9 3 26 42

Acquisitions by foreign buyers in Portugal
Countries with greatest number of acquirers of Portugal-based targets
LEGEND X Axis - AVERAGE VALUE (EURm) Spain France Germany
Y Axis - No. OF TRANSACTIONS United States United Kingdom Switzerland
TOTAL VALUE (EURm) Luxembourg Netherlands Sweden
25
ES
US
667,75
20
PORTUGAL
DE
15 NL
4,30
SE
181,70
US CN
10 12,61
GB
CH DE
30,00
FR 101,51
338,00
ND
5 CN
LU
LU
NL
135,00
0,00 50,00 100,00 150,00 200,00

Subsectors most targeted by foreign buyers in Portugal
Subsectors ES US GB CH DE FR LU NL SE Other
Technology - 7 2 2 3 - 1 2 1 2

2 - - 4 - 1 - 1 - 1
Real Estate 3 - 1 - - 1 1 - - 3
Transport, Aviation and Logistics 5 - - - - 2 - - - 1
Consultancy, Audit 1 1 2 1 - - - - - -
and Engineering
Electric Energy 1 - 2 - - - - - - 2
Financial and Insurance - 1 - 1 - - 1 - - 2
Ports 2 - - 1 - 1 - - - 1

Sports and Leisure 2 - - 1 - 1 - - - 1
PORTUGAL
Distribution and Retail 2 - - 1 1 - - - - -
Steel, Metallurgy and 1 - - - 1 1 1 - - -


Countries with the greatest number of companies
selling equity in Portugal-based companies
Total Value
Spain 9 1.019,58
Luxembourg 5 ND
Portugal 4 50,00
Netherlands 3 105,89
Malta 2 50,00
United States 2 6,15
Cyprus 1 7,50
Germany 1 ND
France 1 ND
Australia 1 ND
Italy 1 ND
PORTUGAL
Belgium 1 ND
Subsectors in which foreign owners sold

equity in Portugal-based companies
Healthcare, Hygiene, Medical 7

Transport, Aviation and Logistics 4 2
Electric Energy 4
Real Estate 3
Wind Energy
3

Oil and Gas 2
Plastics, Wood and Timber 2 Services and Distribution
Sports and Leisure 2 Infrastructure

Ports 2
Industry

Acquisitions vs. Divestitures of Foreign companies in Portugal
LEGEND DIVESTITURES
ACQUISITIONS
TOTAL VALUE (EURm)
1.689,12
2.381,68

Acquisitions by Portugal-based buyers abroad
Vision gral
PORTUGAL
4
2
1k
5 4 6
0,8k
2 6 4
5 6
0,6k
2 1
0,4k
3 1 7
5 0,2k
0k
2014 2015 2016 2017

LEGEND No. OF DEALS
TOTAL VALUE (EURm)
2017 18 151,01
2016 15 1.032,53
2015 18 136,41
2014 17 259,37

Countries in which Portugal-based buyers
made the most acquisitions
Total Value
No. of acquisitions (EURm)
Spain 7 101,65
France 3 32,00
Germany 2 ND
United States 1 12,30
Switzerland 1 ND
Mozambique 1 ND
Netherlands 1 ND
PORTUGAL
Subsectors in which Portugal-based buyers

made most acquisitions abroad
Technology 5
Food Industry 2

Plastics, Wood and Timber 2
Steel, Metallurgy and Industrial Production 2
Industry

Most active companies in 2017
Companies acquiring
Portugal-based companies with most acquisitions
1 Grupo Sonae 6
2 Capwatt 4
3 Montepio Geral Associação Mutualista 3
4 New Finerge 2
5 HNB 2

PORTUGAL
Portugal-based buyers that spent most on acquisitions
1 Nani Holdings 1.000,00
2 REN, Gás 532,40
3 EDP - Energias de Portugal 296,00
4 Visabeira Indústria 175,00
5 Montepio Geral Associação Mutualista 110,84

Companies selling
Portugal-based companies with most divestitures
1 EDP - Energias de Portugal 5
2 Mota-Engil 3
3 Tecnovia 2
4 DST Wind 2
5 Tecneira 2
PORTUGAL
Portugal-based companies that made the largest divestitures
1 EDP - Energias de Portugal 3.598,74
2 Cerutil 175,00
3 Mota-Engil 113,00
4 ProCME 104,00
5 Tecnovia 87,00

3
Private
Equity
2017 Overview LEGEND No. OF DEALS
22 5k
Total No. Total Value

15 15
14 2017 45 5.815,98
12 3k
11 11 11 11 2016 36 3.690,30
8 10
9
2k 2015 49 1.807,76
7
5 5 5 2014 41 2.664,86
1k
0
2014 2015 2016 2017
Private Equity -Investments vs Exits*

Private Equity
PORTUGAL
Total Value (EURm) * T ransactions can be accounted for as investments and exits at the same
time, due to in some cases it may be a secondary buyout transaction.
VALOR TOTAL (R$m)
4.006,77 2.489,2 739,13 2.663,36 LEGEND

Investments
Exits
VALOR TOTAL (R$m)
4.006,77 2.489,2 739,13 2.663,36
1.809,21 1.201,1 1.068,63 1,5

2017 2016 2015 2014
1.809,21 1.201,1 1.068,63 1,5

2017 2016 2015 2014
Number of Deals
41
39
Nº DE NEGÓCIOS
LEGEND
31
28 41 Investments
39
Nº DE NEGÓCIOS
Exits
31
28
14
8 8
14 2
8 8
2
2017 2016 2015 2014
2017 2016 2015 2014

Largest Private Equity transactions in Portugal
Value
Energy and Renewable

1 Ventos da Serra Capwatt Tecneira 29,10
Energies

2 ADIRA SC Industrials Guimadira 9,00
3 About Sports and Leisure Solinca - Health And Fitness Private Shareholders 8,60
4 Panicongelados Food Industry Panigest Oxy Capital 7,00
Lusobrisa - Produção
5 Electric Energy Capwatt Tecneira 5,40
de Energia Eléctrica
Exporsado - Comércio Agriculture, Millennium Fundo
6 e Indústria de Agribusiness, Farming Private Shareholders 3,00
de Capitalização
Produtos do Mar and Fishing
7 SIAF-Energia Electric Energy Capwatt Sonae Arauco 0,90
Private Equity
PORTUGAL
3 Deloitte Portugal 2 4 Cuatrecasas Portugal

4 KPMG Portugal 3
Morais Leitão, Galvão Teles, Soares
Due Diligence
6 Serra Lopes, Cortes Martins Advogados
2 Deloitte Portugal
M&A HANDBOOK 2017

Energía y Industria
renovablesInfraestructuras
Inmobiliario y Construc
Inmobiliario
RRyNaturales
Construcción
Most active subsectors for Private Equity
Inmobiliario
RRyNaturales
Construcción
SS y Distribución

Inmobiliario
RR yNaturales
Construcción
SS y Distribución
Tecnología y Telecomun
Infraestructuras
Inmobiliario RRyNaturales
Construcción
SS y Distribución
Subsetores com maiorIndustria
número e valorConstruction
de transações envolvendo Venture Capital
Energy and Industry Infrastructure Real State and Natural Services and Technology Military -
Renewable Resources Distribution Tecnología
and Telecoms yDefense
State Telecomunicaciones
Energies
Subsetores com maior númeroNUMBER

e valor DEALS
de transações envolvendo Venture Capital
Inmobiliario
RRyNaturales
Construcción
SS y Distribución
Infraestructuras
NUMBER
Number of deals DEALS
Plastics, Wood and Timber RR Naturales
SS3
y Distribución
Aesthetics andOil
Cosmetics 3 9
and Gas
Glass, Ceramic, Paper, 3
Plastics, Wood Technology
and Timber 3
Oil and Gas
Electric Energy SS y Distribución
3
Tecnología
RR Naturales
Technology 3
Electric Energy
Cars, Motorcycles and 3
Other Vehicles 2
Sports
Steel, and Leisure
Metallurgy and Tecnología
SS y Distribución 2
Cars, Motorcycles and
2
Private Equity
OtherMaterials
Chemical and Chemical Vehicles 2
PORTUGAL
Chemical and Chemical Materials
2
2
Food Industry 2
Food Industry 2
TOTAL VALUE

Total valueTOTAL
(EURm) VALUE
Car Parks 1.000,00
Electric Energy
Glass, Ceramic, Paper, 1.112,00
Plastics, Wood and Timber 562,06
Car Parks 1.000,00
Wind Energy 430,04
Real Estate 422,08
Wind Energy 430,04
Sola Energy 242,00
Real Estate 422,08
Sola Energy 242,00
and Machinery)
Healthcare, Hygiene, Medical 149,00
and Machinery)
Pharmaceutical, Parapharmaceutical 149,00
and Cosmetics 135,00

Largest investments by foreign Private Equity funds in Portugal
Value
EDP Renewables
1 ENEOP Wind Energy ACE Portugal 248,00
Europe
MEFIC Capital,
2 Ritmos Cativantes Real Estate Ritmos Partners 7,50
Round Hill Capital
Grupo Taper - Equipamentos de Distribution and Retail;
Precisão Científica, Taper Servicio
3 Healthcare, Hygiene, Medical Palex Medical Grupo Taper 4,27
Técnico, Cymit Química, Biocitek Aesthetics and Cosmetics; Internet
- Equipamientos de Diagnóstico
1 Banco BPI 1 Serra Lopes, Cortes Martins Advogados

1 Millennium BCP 1
Morais Leitão, Galvão Teles, Soares
2 Deloitte Portugal 2 PLMJ
3 Auriga 2 Baker McKenzie Spain
2 Simpson Thacher & Bartlett UK
3 Pérez-Llorca, Vieira de Almeida
3 Cuatrecasas Spain
Private Equity
PORTUGAL

Foreign Private Equity acquisitions in Portugal
Countries with most Private Equity investments in Portugal
LEGEND United Kingdom Luxembourg Germany
United States Spain China
France Saudi Arabia
2017 2016 2015 2014
Spain 2 1 - 2
United States 1 1 2 1
Luxembourg 1 5 4 -
United Kingdom 1 2 1 -
France 1 1 2 -
Private Equity
PORTUGAL
Germany 1 - 1 -
China 1 - - 1
Saudi Arabia 1 - - -
Foreign Private Equity acquisitions in Portugal

Largest Investments (EURm)
LU 248,00 LU 773,18
GB 7,50 GB 470,00
SA 7,50
2017 2016
ES 4,27
LU 13,00 US 50,00
FR 218,00 CN 1635,20
US 200,00
2015 2014

Exits by foreign Private Equity funds in Portugal
Countries with most Private Equity funds making exits in Portugal
LEGEND Canada Germany Switzerland Italy
Netherlands Spain United States
2017
Spain 2
Germany 2
Canada 1
Netherlands 1
Switzerland 1
Private Equity
United States 1
PORTUGAL
Italy 1
Total Value (EURm)
CA 450,00
NL 135,00
ES 120,00
2017
DE 97,21

Industria
Infraestructuras
Subsectors that attracted most foreign Private Equity
Number of Deals
RR Naturales
Industria 2017 2016 2015 2014

SS y Distribución
Healthcare, Hygiene, 2 1 1 1
Medical Aesthetics
Infraestructuras
and Cosmetics
Transport, Aviation 1 1 - -
Inmobiliario
and Logisticsy Construcción
RR Naturales
SS y Distribución
2017 2016 2015 2014

Technology 1 - 2 -
Private Equity
Industria
PORTUGAL
Infraestructuras
Real Estate 1 2 3 -
RR Naturales
SS y Distribución

Private Equity - Portuguese vs. Foreign Investments
LEGEND PORTUGUESE INVESTING IN PORTUGAL
FOREIGNERS INVESTING IN PORTUGAL
Private Equity - Investimento brasileiro vs Investimento estrangeiro
TOTAL VALUE (EURm)
259,77
TOTAL
NUMBER OF
INVESTMENTS
Private Equity
28
PORTUGAL
21 1.056,00

Venture
Capital
2017 Overview LEGEND TOTAL No. OF DEALS
14 11
13
80,00
12
70,00
11 11
10
60,00
9
8 8 50,00
7
6 6 6 40,00
4
30,00
3
20,00
10,00
0
2014 2015 2016 2017

Venture Capital
PORTUGAL
Total value
Year Total No. of deals (EURm)
2017 29 92,46
2016 38 95,19
2015 37 40,42
2014 35 16,81

Largest Venture Capital transactions in Portugal
Value
Coimbra
1 Biotechnology Green Innovations - 2,40
Genomics
Marketing and
2 Primetag Pathena - 1,30
Advertising; Internet
Technology; Healthcare, Hygiene, Portugal Ventures, StartUp

3 Nutrium - 0,57
Medical Aesthetics and Cosmetics Braga, Primavera Portugal
4 Wine With Spirit Distribution and Retail Seedrs Equity Crowdfunding - 0,47
Internet; Transport,
5 MUB Cargo BrainCapital - 0,30
Aviation and Logistics
Technology; Healthcare, Hygiene,

6 OncoStats Seedrs Equity Crowdfunding - 0,25
Medical Aesthetics and Cosmetics
7 Mapidea Technology Portugal Ventures - 0,25
8 Agroop Technology Private Shareholders - 0,20
9 Glass, Ceramic, Paper,

Corkbrick Private Shareholders - 0,15
10 Healthcare, Hygiene, Medical

Tonic App Portugal Ventures - 0,10
Venture Capital
PORTUGAL
Legal Advisors
2 SRS Advogados
3 PLMJ
M&A HANDBOOK 2017

Inmobiliario y Construcci
Inmobiliario
RRyNaturales
Construcción
Most active subsectors for Venture Capital
Inmobiliario
RRyNaturales
Construcción
SS y Distribución

Inmobiliario
Energía y renovables RRyNaturales
Construcción
SS y Distribución
Tecnología y Telecomuni
Energy and
Renewable Industry Infraestructuras
Infrastructure Inmobiliario
Real State yNaturales
Construcción
RRNatural SS y Distribución
Services and Tecnología
Technology y Telecomunicaciones
Military and
Energies Industria and Construction Resources and Telecoms
Distribution State Defense
Subsetorescom
Subsetores commaior
maiornúmero
númeroeevalor
valorde
detransações
transaçõesenvolvendo
envolvendoVenture
VentureCapital
Capital
Inmobiliario
RR
NUMBERDEALS
NUMBER yNaturales
Construcción
DEALS SS y Distribución
Infraestructuras
Number of deals
Technology
Technology
RR Naturales
SS y Distribución 1717
Inmobiliario y Construcción6 6
Internet
Internet
Healthcare,
Hygiene, Medical
Medical
Aesthetics
Aesthetics andand Cosmetics
Cosmetics 33
Marketing
Marketing and
and Advertising
Advertising
SS2y2 Distribución
Security
Security
Ammunition
Ammunition
and
and Private
andand RR Naturales
Private Arms,
Arms,
11
Explosives
Explosives
Glass,
Glass, Ceramic,
Ceramic, Paper,
Paper, 11
Plastics,
Plastics, Wood
Wood andand Timber
Timber
Tourism,
Tourism, Hotels
Hotels and
and Restaurants
Restaurants 11
Distribution
Distribution and SS y Distribución
and Retail
Retail 11
Pharmaceutical,
Parapharmaceutical
aand Cosmetics
aand Cosmetics 11
Venture Capital
Electric
Electric Energy
Energy 11
Telecoms
PORTUGAL
1 1y Telecomunicaciones
Tecnología
Telecoms
Electronics
Electronics 11
Financial
Financial and
and Insurance
Insurance 11
Transport,
Transport, Aviation
Aviation and
and Logistics
Logistics 11
TOTALVALUE
TOTAL VALUE Energíay yrenovables
Energía renovables
Total value (EURm)
Technology
Technology 82,43
82,43
Financial
Financial and
and Insurance
Insurance 20,00
Industria
Industria
20,00
Internet
Internet 6,97
6,97
Marketing
Marketing and
and Advertising
Advertising 6,36
6,36
Biotechnology
Infraestructuras
Infraestructuras
Biotechnology 2,40
2,40
Security
Security and
and Private
Private Arms,
Arms,
Ammunition and Explosives 1,50
1,50
Ammunition and Explosives
Healthcare,
Hygiene, Medical
Medical 0,92
0,92
Aesthetics
Aesthetics and
and Cosmetics
Cosmetics
Inmobiliarioy yConstrucción
Inmobiliario Construcción
Distribution
Distribution and
and Retail
Retail 0,47
0,47
Transport,
Transport, Aviation
Aviation and
and 0,30
Logistics 0,30
Logistics
Glass,
Glass, Ceramic,
Ceramic, Paper,
Paper,
Plastics, Wood and Timber 0,150,15
RRNaturales
RR Naturales
Tourism,
Tourism, Hotels
Hotels and
and Restaurants 0,10
Restaurants 0,10
Electric
Electric 0,05
Energy 0,05
Energy
SSSSy yDistribución
Distribución

Largest transactions by foreign Venture Capital funds in Portugal
Value
1 FeedZai Technology Sapphire Ventures, Private Shareholders - 42,59
Technology; Pacific Century Venture, Nova Founders,

2 ComparaJá Financial and - 20,00
ACE & Co, Private Shareholders
Insurance
3 Codacy Technology EQT, CGD Caixa Capital, SeedCamp, Join Capital - 4,30
Internet;
4 Attentive Techstars - 0,11
Technology
5 Porter Technology Startupbootcamp - 0,01
1 FT Partners 1 Garrigues Portugal

1 PLMJ
Venture Capital
PORTUGAL

Countries with greatest number of Venture Capital
funds investing in Portugal
LEGEND United Kingdom China Sweden
United States Germany Switzerland
France Hong Kong
2017 2016 2015 2014
United States 4 6 1 1
Germany 2 - - 1
United Kingdom 2 2 1 -
Hong Kong 1 - - -
Venture Capital
PORTUGAL
Sweden 1 - - -
Switzerland 1 - - -
France - 2 - -
China - 1 - -

Largest Investments (EURm)
Exits by foreign Private Equity funds in Spain
US 62,7 US 74,03
HG 20 UK 4,94
CH 20 CN 3,5
UK 4,31 FR 19,39
2017 2016
DE 4,3 NL 0,15
SE 4,3 SG 3,5
UK 22 US 3,96
2015 2014
Venture Capital
PORTUGAL

Industria
Infraestructuras
Subsectors most targeted by foreign

VentureInmobiliario
Capitaly Construcción
funds in Portugal
Number of Deals
RR Naturales
2017 2016 2015 2014

SS y Distribución
Industria
Healthcare, Hygiene, - 3 1 -
Medical Aesthetics
and Cosmetics
Infraestructuras
Other Services - 1 - -
Inmobiliario
Financial andy Construcción 1 - - -
Insurance
RR Naturales
SS y Distribución
2017 2016 2015 2014

Technology 6 5 - 2
Internet 1 2 2 3
Venture Capital
Electronics 1 1 - -
PORTUGAL
2017 2016 2015 2014

Electric Energy - 1 - -
Industria
Infraestructuras
RR Naturales
SS y Distribución

Venture Capital - Portugal-based vs. Foreign Investments
LEGEND PORTUGUESE INVESTING IN PORTUGAL
FOREIGNERS INVESTING IN PORTUGAL
Venture Capital - PT vs Foreign Investments
TOTAL VALUE (EURm)
9,52
TOTAL
NUMBER OF
Venture Capital
INVESTMENTS
21
PORTUGAL
14
67,01

5
Sectors &
Subsectors
TTR Main Sectors

·· Biofuel ·· Nuclear Energy
·· Biomass ·· Oil and Gas
·· Electric Energy ·· Solar Energy
·· Geothermal Energy ·· Wind Energy
·· Hydraulic Energy
Industry
·· Aerospace ·· Industrial Production, Industrial
·· Automotive and Machinery, Parts and Metals
Recreational Vehicles ·· Pharmaceutical,
·· Chemical and Chemical Materials Parapharmaceutical
and Cosmetics
·· Fashion and Textile
··

·· Food Industry
·· Tobacco
·· Glass, Ceramic, Paper,
PORTUGAL
Infrastructure
·· Airports ·· Railroads
·· Bridges ·· Roads and Highways
·· Car Parks ·· Ports
·· Hospitals ·· Schools
·· Prisons ·· Social Housing

·· Construction ·· Real Estate
(Materials and Machinary)
Military - State Defense

·· State Defense

Natural Resources
·· Agriculture, Agribusiness, Farming and Fishing
·· Forestry
·· Mining

·· Cars, Motorcycles and ·· Luxury Goods and Services
Other Vehicles ·· Marketing and Advertising
·· Consultancy, Audit ·· Media, Multimedia and Editorial
and Engineering
·· Other Services
·· Courier
·· Printing and Binding
·· Distribution and Retail
·· Security and Private Arms,
··

Education Ammunition and Explosives
·· Financial and Insurance ·· Sports and Leisure
·· Food and Beverage ·· Tourism, Hotels and Restaurants
·· Funeral Services
PORTUGAL
·· Transports, Aviation and Logistics
·· Healthcare, Hygiene, Medical ·· Waste Management,
Aesthetics and Cosmetics Pollution and Recycling
·· Inspection and Certification ·· Water and Sanitation

·· Biotechnology ·· Technology
·· Electronics ·· Telecoms
·· Internet

Most active subsectors in 2017
Main sectors
Energy and Industry Infrastructure Real State and Natural

Renewable Construction Resources
Energies
Number of Deals
NUMBER DEALS
Technology 38


PORTUGAL
Electric Energy 14
Real Estate 13
Consultancy, Audit
and Engineering 13

Plastics, Wood and Timber 10
Food Industry 10

Internet 9
Wind Energy 7
Oil and Gas 5
Construction (Materials 5
and Machinery)

Distribution and Telecoms State Defense
Total Value (EURm)
TOTAL VALUE

Car Parks 1.000,00

PORTUGAL
Wind Energy 430,04
Real Estate 422,08
Solar Energy 242,00

and Machinery) 149,00

Transport, Aviation and Logistics

88,00
Technology 83,70
Electronics 45,00
Distribution and Retail 20,74

Industrial Production 12,35
Internet 11,74

Electric Energy 14
Wind Energy 7
Oil and Gas 5
Solar Energy 1
Nuclear Energy 0
Biomass 0
Biofuel 0
Geothermal Energy 0
Hydraulic Energy 0
PORTUGAL

Electric Energy
Private Equity
6
COMPLETED
Smaller Market 5
4
1 Foreign
Mid Market 0
0 acquisitions
(≥EUR 15m)
in Portugal
TOTAL
14
Electric
Big Ticket Portuguese
abroad 14
Distressed

Target Private Equity Buyer Seller Value (EURm)

5
COMPLETED
EDP Gás, EDP Gás Distribuição, Edp
PORTUGAL
Smaller Market
1 Gás Gpl - Comércio De Gás 4 REN, Gás EDP Iberia 532,40
3
2 EDP Renováveis 2
EDP - Energias de Portugal Private Shareholders 296,00
1 Foreign
3 EDPR
Mid PT - Parques Eólicos
Market ACE Investment Fund II EDP - Energias de 0
Portugal 242,00
0 acquisitions
(≥EUR 15m)
in Portugal

TOTAL
1 BBVA 1 Uría Menéndez - Proença
7 de Carvalho
1 Millennium BCP
1 Haitong Bank Portugal abroad Morais Leitão, Galvão7Teles, Soares da Silva &
Wind
1 2 3
Associados
2 Mediobanca
Distressed
2 Millennium Investment Bank
2 DLA Piper Spain
2 Santander Global Corporate Banking Spain
2 Linklaters Portugal
Private Equity 3 Serra Lopes, Cortes Martins Advogados

Due Diligence COMPLETED
3
1 3 Deloitte
SmallerPortugal
Market
2
Virtual Data Room
1 Intralinks
1 Foreign
Mid Market 0
0 acquisitions
(≥EUR 15m)
in Portugal

TOTAL
ACE Investment Fund PortugueseSwitzerland 5 1
Big Ticket
Foresight Group
(≥EUR 250m) acquisitionsUnited Kingdom 1
Oil/Gas
abroad 5
Distressed

TOTAL
14
Electric
abroad 14
Distressed
Wind Energy
Private Equity
5
COMPLETED
Smaller Market
4
3
1 Foreign
Mid Market 0
0 acquisitions
(≥EUR 15m)
in Portugal
TOTAL
Portuguese 7
Big Ticket
abroad 7
Wind
Distressed
Private Equity
COMPLETED
Largest transactions 3
Smaller Market
(<EUR 15m)
Target Buyer Venture Capital Seller CANCELLED Value (EURm)
PORTUGAL
2
Empreendimentos Eólicos
1 Ventominho - Energias Renováveis DST Wind 26,80
do Vale do Minho
1 Foreign
2 Moray
Mid Offshore Renewables
Market Engie EDPR UK 0 23,74
0 acquisitions
(≥EUR 15m)
in Portugal
3 DST Wind New Finerge Parque Eólico do Alto da Vaca 0,50
TOTAL
Portuguese 5
Big Ticket
abroad 5 Oil/Gas
Legal Advisors
1 3 Vieira de Almeida Distressed
1 3
Associados

Mid Market
0 acquisitions
(≥EUR 15m)
in Portugal
TOTAL
Portuguese 7
Big Ticket
abroad 7
Oil and Gas
Wind
Distressed
Private Equity
3
COMPLETED
Smaller Market
2
1 Foreign
Mid Market 0
0 acquisitions
(≥EUR 15m)
in Portugal
TOTAL
Portuguese 5
Big Ticket
Oil/Gas
abroad 5
Distressed

PORTUGAL
Naturgas Energía
1 Nature Investments EDP - Energias de Portugal 2.591,00
Distribución
2 EDP Gás Distribuição Private Shareholders EDP - Energias de Portugal 500,00
Artá Capital Fund II FCR, Artá Capital Fund

3 Gascan Portugal II A SCR, Artá Capital Fund II B SCR, Deyá Eficácia Verde 70,00
Capital IV SCR, Private Shareholders

1 Natixis Partners 1 Linklaters Spain
1 EY Spain 1 King & Wood Mallesons Spain
2 BBVA Corporate Finance 1 Clifford Chance Spain
3 Haitong Bank Portugal 1 Clifford Chance UK
3 Arcano Partners 1 Clifford Chance Luxembourg
3 CMS Rui Pena & Arnaut
Due Diligence
1 EY Spain
3 Deloitte Portugal
Artá Capital Spain 1

Deyá Capital Spain 1

Real State and Construction
Real Estate 13
5
and Machinery)
PORTUGAL

Real State
Private Equity
8
COMPLETED
Smaller Market 7

5
4
3
2
1 Foreign
Mid Market 0
0 acquisitions
(≥EUR 15m)
in Portugal
RealState
TOTAL
Portuguese 13
Big Ticket
abroad 13
Distressed

Private Equity
Target 4
Buyer Seller COMPLETED Value (EURm)
PORTUGAL
Smaller Market
1 Locaviseu - Sociedade de Gestão3 de Imóveis
(<EUR 15m) Resilient,
Venture Greenbay
Capital RPPSE Holding
CANCELLED 219,25
2
2 3Shoppings Ocidental Seguros Fundo Sierra 90,00
1 Foreign
3 MidPraça do Marquês
Market Merlin Properties Novo Banco 0 60,30
0 acquisitions
(≥EUR 15m)
in Portugal
Construction
TOTAL
Portuguese 5
Big Ticket
Legal Advisors
Due Diligence
abroad 5
1 Abreu Advogados 1 ING Bank
1 PLMJ Distressed
2
Associados
Round Hill Capital United Kingdom 1

RealState
TOTAL
Portuguese 13
Big Ticket
abroad 13
Distressed
Construction (Materials and Machinery)
Private Equity
4
COMPLETED
Smaller Market
1 Foreign
Mid Market 0
0 acquisitions
(≥EUR 15m)
in Portugal
Construction
TOTAL
Portuguese 5
Big Ticket
abroad 5
Distressed

PORTUGAL
Scutvias - Autoestradas Da Beira Interior,

Lineas - Concessões de
1 MRN - Manutenção de Rodovias Nacionais, Globalvia Inversiones 75,00
Transportes
Portvias - Portagem de Vias
Palmares - Companhia de Empreendimentos King Street Capital Guia - Sociedade de
2 74,00
Turísticos de Lagos Management Construções e Turísmo
3 Soares da Costa Construção Private Shareholders GAM Holdings -

1 Haitong Bank Portugal 2 Vieira de Almeid

Industry
Food Industry 10
Glass, Ceramic,
Paper, Plastics, 10
Wood and Timber
Steel, Metallurgy and 9

Chemical and 6
Chemical Materials
Automotive and 4
Recreational Vehicles
Pharmaceutical,
and Cosmetics
Tobacco 2

PORTUGAL
Aerospace and 0
Aeronautical
Shipbuilding 0

Food Industry
Private Equity
2
COMPLETED
Smaller Market
(<EUR 15m) 1,5 Venture Capital CANCELLED
0,5 Foreign
Mid Market 0
0 acquisitions
(≥EUR 15m)
Food Industry
in Portugal
TOTAL
Portuguese 10
Big Ticket
abroad 10
Distressed

Private Equity
5
COMPLETED
1 Panicongelados Panigest Oxy Capital 7,00
PORTUGAL
Smaller Market
4
CGD Caixa Capital, Millennium BCP,
2 Acuinova Actividades Piscícolas 3 Ondas e Versos -
Novo Banco
2
3 Germen - Moagem de Cereais 1

MCFI Ribatejana -
Foreign
Mid Market 0
0 acquisitions
(≥EUR 15m)
in Portugal
Glass/Ceramic
Portuguese 10
1 KPMG Portugal
Big Ticket 1 Garrigues Portugal
abroad 1
Cuatrecasas Portugal10
2 PLMJ
Distressed
Private Equity
6
COMPLETED
Smaller Market 5
4
1 Foreign
Mid Market 0
0 acquisitions
(≥EUR 15m)
in Portugal
Steel / Metal
TOTAL
Portuguese 9
Big Ticket
abroad 9
Distressed
Private Equity
4
COMPLETED
Smaller Market
Food Indus
TOTAL
Portuguese 10
Big Ticket
abroad 10
Distressed
Glass, Ceramic, Paper, Plastics, Wood and Timber
Private Equity
5
COMPLETED
Smaller Market
4
3
1 Foreign
Mid Market 0
0 acquisitions
(≥EUR 15m)
in Portugal
Glass/Ceramic
TOTAL
Portuguese 10
Big Ticket
abroad 10
Distressed

Private Equity
6
COMPLETED
Smaller Market 5
4
1 Santos Barosa Vidros Vidrala Private Shareholders 252,70
PORTUGAL
3
2
2 Vista Alegre Visabeira Indústria Cerutil 175,00
1 Foreign
Mid Market 0
0 acquisitions
3 (≥EUR 15m)
Probos Plásticos Surteco in PortugalAlantra Partners 97,21
Steel / Metal
TOTAL
Portuguese 9
Big Ticket
Financial Advisors
(≥EUR 250m) Legal Advisors
acquisitions
abroad 9
1 Millennium BCP 1 GBP Legal
3 BBVA Corporate Finance Distressed
3 Cuatrecasas Spain
3 Demarest Advogados
Private Equity 3 Garrigues Spain
4
COMPLETED
Smaller Market
3
Venture Capital Garrigues Brasil
(<EUR 15m) 3 CANCELLED
3 Garrigues México
2
3 NBF | Advogados
3 Franz Legal
1 Foreign
Mid Market 3 Rödl & Partner UK 0
0 acquisitions
(≥EUR 15m)
in Portugal
TOTAL
Portuguese 6
Chemical
Big Ticket
Atena Equity(≥EUR
Partners
250m) acquisitions Portugal 1
abroad 6
Fundo Revitalizar Centro Portugal 1
Oxy Capital Portugal 2
Distressed

Private Equity
2
COMPLETED
Smaller Market
0 acquisitions
(≥EUR 15m)
in Portugal
Glass/Ceramic
TOTAL
Portuguese 10
Big Ticket
abroad 10
Steel, Metallurgy and Industrial Production
Distressed
Private Equity
6
COMPLETED
Smaller Market 5
4
1 Foreign
Mid Market 0
0 acquisitions
(≥EUR 15m)
in Portugal
Steel / Metal
TOTAL
Portuguese 9
Big Ticket
abroad 9
Distressed
Private Equity
COMPLETED
Smaller Market
PORTUGAL
2
1 ADIRA SC Industrials Guimadira 9,00
1 Foreign
Mid Market- Comércio e Serviços 0
2 Galmax 0 Private Shareholders
acquisitions Private Shareholders 2,40
(≥EUR 15m)
in Portugal
3 Galtrailer - Indústria e Comércio Private Shareholders Private Shareholders 0,95

TOTAL
Portuguese 6
Chemical
Big Ticket
abroad 6
Legal Advisors Distressed Due Diligence

1 Cuatrecasas Portugal 1 Deloitte Portugal
2 3 Rogério Alves & Associados
Private Equity
2
COMPLETED
Smaller Market
1
0,5 Foreign
Mid Market 0
0 acquisitions
(≥EUR 15m)
in Portugal
Automotive
TOTAL
Portuguese 4
Big Ticket
abroad 4
Distressed

Private Equity
2
COMPLETED
Smaller Market
0 acquisitions
(≥EUR 15m)
in Portugal
Steel / Metal
TOTAL
Portuguese 9
Big Ticket
abroad 9
Chemical and Chemical Materials
Distressed
Private Equity
4
COMPLETED
Smaller Market
1 Foreign
Mid Market 0
0 acquisitions
(≥EUR 15m)
in Portugal
TOTAL
Portuguese 6
Chemical
Big Ticket
abroad 6
Distressed

COMPLETED
2
Smaller Market
PORTUGAL
CGD Caixa Geral de
1 Artlant PTA Indorama 28,00
1 Depósitos
2 TPI Enterprises Portugal 0,5 Private Shareholders TPI Enterprises 2,85

Foreign
Mid Market 0
0 acquisitions
(≥EUR 15m)
Cipan - Companhia Industrial Produtora Private Shareholders,
3 Lusosuan in Portugal 0,32
de Antibióticos Chartwell Pharmaceuticals
Automotive
TOTAL
Portuguese 4
Big Ticket
abroad 4
Caixa BI Distressed Morais Leitão, Galvão Teles, Soares da Silva &
1
1
Associados
Private Equity
2
COMPLETED
Smaller Market
0,5 Foreign
Mid Market 0
0 acquisitions
(≥EUR 15m)
Pharmaceutical
in Portugal
TOTAL
Portuguese 3
Big Ticket
abroad 3
Distressed

0 acquisitions
(≥EUR 15m)
in Portugal
TOTAL
Portuguese 6
Chemical
Big Ticket
abroad 6
Automotive and Recreational Vehicles

Distressed
Private Equity
2
COMPLETED
Smaller Market
0,5 Foreign
Mid Market 0
0 acquisitions
(≥EUR 15m)
in Portugal
Automotive
TOTAL
Portuguese 4
Big Ticket
abroad 4
Distressed
Private Equity
COMPLETED
Smaller Market
(<EUR 15m)
Target 1,5 Buyer Venture Capital Seller CANCELLED Value (EURm)
PORTUGAL
1 Oxy Capital, Private

1 Sunviauto Mota Gestão e Participações -
Shareholders
0,5 Foreign
2 Galtrailer
Mid Market - Indústria e Comércio Private Shareholders acquisitions 0
Private Shareholders 0,95
0
(≥EUR 15m)
Pharmaceutical
in Portugal
3 Lear Corporation Portugal Lear Corporation Valença -
TOTAL
Portuguese 3
Big Ticket
abroad 3

Distressed
1 Millennium BCP 1 António Cândido Natário Advogados
1 Clearwater International - Portugal 1 Garrigues Portugal
1 Vieira de Almeida
2 Rogério Alves & Associados
3 PLMJ

0 acquisitions
(≥EUR 15m)
in Portugal
Automotive
TOTAL
Portuguese 4
Big Ticket
abroad 4
Pharmaceutical, Parapharmaceutical and Cosmetics
Distressed
Private Equity
2
COMPLETED
Smaller Market
0,5 Foreign
Mid Market 0
0 acquisitions
(≥EUR 15m)
Pharmaceutical
in Portugal
TOTAL
Portuguese 3
Big Ticket
abroad 3
Distressed

PORTUGAL
Magnum Capital, Private
1 Generis - Farmacêutica Agile Pharma 135,00
Shareholders
2 BSIM² Portugal Ventures - -
Bial - Aristegui Produtos Farmacêuticos,

3 ROXALL Bial -
Bial Aristegui Espanha, Bial Aristegui Itália

1 Grant Thornton India 1 Campos Ferreira, Sá Carneiro & Associados
1 Jefferies US 1 3 Garrigues Portugal
1 3 Garrigues Spain
3 Agnoli Giug
Portugal Ventures Portugal 1

Natural Resources
Mining 2
Agriculture,
Agribusiness, Farming 1
and Fishing
Forestry 0
PORTUGAL

Mining
Private Equity
2
COMPLETED
Smaller Market
0,5 Foreign
Mid Market 0
0 acquisitions
(≥EUR 15m)
in Portugal
TOTAL
Portuguese 2
Mining
Big Ticket
abroad 2
Distressed

PORTUGAL
1 Medgold Portugal Novo Lítio Private Shareholders 0,16
2 Slipstream Resources Portugal Savannah Resources Private Shareholders 0,80
Legal Advisors
1 DLA Piper ABBC


Medical Aesthetics 24
and Cosmetics
Transport, Aviation
and Logistics 15
Tourism, Hotels
and Restaurants 14
Consultancy, Audit
and Engineering 13
Other Services 5
Marketing and
3
Advertising
Media, Multimedia
and Editorial 3
PORTUGAL
Cars, Motorcycles
and Other Vehicles 3
Security and Private

Arms, Ammunition 2
and Explosives
Waste Management,
Pollution and Recycling 2
Water and Sanitation 1
Education 1
Event Production
and Management 1
Funeral Services 1
Printing and Binding 1
Luxury Goods 0
and Services
Courier 0
Inspection and 0
Certification

Healthcare, Hygiene, Medical Aesthetics and Cosmetics
Private Equity
12
COMPLETED
Smaller Market 10
8
2 Foreign
Mid Market 0
0 acquisitions
(≥EUR 15m)
in Portugal
Healthcare
TOTAL
Portuguese 24
Big Ticket
abroad 24
Distressed

6
COMPLETED
Target
Smaller Market Buyer Seller Value (EURm)
5
Magnum Capital,
PORTUGAL
4
1 Generis - Farmacêutica Agile Pharma 135,00
3 Private Shareholders
2
2 Same Day Solutions Straumann Private Shareholders 10,00
1 Foreign
Mid Market 0
Grupo Taper - Equipamentos de0Precisão acquisitions
(≥EUR 15m)
Científica, Taper Servicio Técnico, Cymit in Portugal
3 Palex Medical Grupo Taper 4,27
Química, Biocitek - Equipamientos de
Distribution
Diagnóstico
TOTAL
Portuguese 17
Big Ticket
abroad 17
Financial Advisors Distressed

Legal Advisors
1 Grant Thornton India 1 Campos Ferreira, Sá Carneiro & Associados
1 Jefferies US 1 Garrigues Portugal
2 Deloitte Portugal 1 Garrigues Spain
3 Auriga Private Equity 3 Pérez-Llorca
COMPLETED
6
3 Vieira de Almeida
Smaller Market 5
3
Venture Capital
Cuatrecasas Spain
Due Diligence 4
3
2 Deloitte Portugal 3 PwC Tax & Legal Spain
2
1 Foreign
Mid Market 0
0 acquisitions
(≥EUR 15m)
in Portugal
TOTAL
Capital Criativo Portugal 3
Portuguese 17
Fosun Group Big Ticket
Financial
China 1
Portugal Ventures abroad Portugal 17 2
SUN Group India 1
Distressed
Private Equity
10
COMPLETED
Smaller Market
8
(≥EUR 15m)
in Portugal
Healthcare
TOTAL
Portuguese 24
Big Ticket
abroad 24

Distressed
Private Equity
6
COMPLETED
Smaller Market 5
4
1 Foreign
Mid Market 0
0 acquisitions
(≥EUR 15m)
in Portugal
Distribution
TOTAL
Portuguese 17
Big Ticket
abroad 17
Distressed

6
COMPLETED
Target
Smaller Market 5 Buyer Seller Value (EURm)
4
PORTUGAL
1 MiniSom Amplifon Portugal AudioNova 16,00

3
Grupo Taper - Equipamentos de2Precisão Científica, Taper

2 Servicio Técnico, Cymit Química,1 Biocitek - Equipamientos Foreign
Palex Medical Grupo Taper 4,27
deMarket
Mid Diagnóstico 0
0 acquisitions
(≥EUR 15m)
in Portugal
3 Wine With Spirit Private Shareholders - 0,47
TOTAL
Portuguese 17
Big Ticket
Financial
abroad
1 Auriga Morais Leitão, Galvão Teles, Soares da Silva &
1
Distressed Associados
1 Legance
1 Fieldfisher
1 PLMJ
Private Equity 2 Pérez-Llorca

10 2
COMPLETED
Vieira de Almeida
Smaller Market 2 Cuatrecasas Spain
8
6
4
2 Foreign
Mid Market 0
0 acquisitions
(≥EUR 15m)
in Portugal
TOTAL
Transport
Portuguese 15
Big Ticket
abroad 15
Distressed
Private Equity
190 4
TTR - TransactionalCOMPLETED
Track Record (www.TTRecord.com)
Smaller Market
2
0 acquisitions
(≥EUR 15m)
in Portugal
Distribution
TOTAL
Portuguese 17
Big Ticket
abroad 17
Distressed
Private Equity
6
COMPLETED
Smaller Market 5
4
1 Foreign
Mid Market 0
0 acquisitions
(≥EUR 15m)
in Portugal
TOTAL
Portuguese 17
Big Ticket
Financial
abroad 17
Distressed

10
COMPLETED
Smaller Market
8
PORTUGAL
1 Novo Banco Nani Holdings 6 - 1.000,00
4
2 Montepio Montepio Geral Associação Mutualista Private Shareholders 106,00
2 Foreign
Mid Market 0
0 acquisitions
3 3Shoppings
(≥EUR 15m) Ocidental Seguros Fundo Sierra
in Portugal
90,00
TOTAL
Transport
Portuguese 15
Big Ticket
Financial Advisors
Legal Advisors
abroad 15
1 Deutsche Bank 1 Allen & Overy UK
1 TC capital Distressed 1 Vieira de Almeida
1 Weil, Gotshal & Manges US
Private Equity 1 DLA Piper US
Intermediary 4 1 DLA Piper SpainCOMPLETED

Smaller Market 1 DLA Piper ABBC
2 Banco Finantia
2 3
Associados
2
2 PLMJ
1 3
Foreign Linklaters Portugal
Mid Market 0
0 acquisitions
(≥EUR 15m)
in Portugal
TOTAL
Portuguese 14
Tourism
Big Ticket
Private Equity/Venture Capital with investments Country
acquisitions Number of investments
(≥EUR 250m)
abroad 14
ACE & Co Switzerland 1
Nova Founders Distressed
Hong Kong 1
Pacific Century Venture United States 1
Private Equity
6
COMPLETED
SmallerTrack
TTR - Transactional Market
Record (www.TTRecord.com)
5 191
4
2
(≥EUR 15m)
in Portugal
TOTAL
Portuguese 17
Big Ticket
Financial
abroad 17
Transport, AviationDistressed
and Logistics
Private Equity
10
COMPLETED
Smaller Market
8
6
2 Foreign
Mid Market 0
0 acquisitions
(≥EUR 15m)
in Portugal
TOTAL
Transport
Portuguese 15
Big Ticket
abroad 15
Distressed
Private Equity
4
COMPLETED
Smaller Market

2
PORTUGAL
Scutvias - Autoestradas Da Beira Interior,

Lineas - Concessões de
1 MRN - Manutenção de Rodovias1 Nacionais, Globalvia Inversiones
Foreign 75,00
Mid Market - Portagem de Vias Transportes 0
Portvias 0 acquisitions
(≥EUR 15m)
in Portugal
Barraqueiro Trans-
2 Lisboat Private Shareholders 10,00
portes
TOTAL
3 Europac Logística Servinoga Europac 14 2,70
Portuguese
Tourism
Big Ticket
abroad 14
Distressed
1 Haitong Bank Portugal 2 Cuatrecasas Portugal
Private Equity
6
COMPLETED
Smaller Market 5
4
1 Foreign
Mid Market 0
0 acquisitions
(≥EUR 15m)
in Portugal
Consultancy
TOTAL
Portuguese 13
Big Ticket
(≥EUR 250m) Capital with investments acquisitions
Private Equity/Venture Country Number of investments
abroad 13
BrainCapital Portugal 1
Distressed
Private Equity
7
COMPLETED
Smaller Market
3
1 Foreign
Mid Market 0
0 acquisitions
(≥EUR 15m)
2 Foreign
Mid Market 0
0 acquisitions
(≥EUR 15m)
in Portugal
TOTAL
Transport
Portuguese 15
Big Ticket
abroad 15
Total number of transactions Distressed
Private Equity
4
COMPLETED
Smaller Market
1 Foreign
Mid Market 0
0 acquisitions
(≥EUR 15m)
in Portugal
TOTAL
Portuguese 14
Tourism
Big Ticket
abroad 14
Distressed
Private Equity
6
COMPLETED

Smaller Market 5
4
Target 3
Buyer Seller Value (EURm)
PORTUGAL
2
1 Intertur Hotels KKR, Dunas Capital Private Shareholders 100,00
1 Foreign
Mid Market 0
0 acquisitions
LNMK - Fundo de Capital
2 (≥EUR 15m)
Royal Óbidos
de Risco in Portugal Millennium BCP 31,20
Consultancy
D1 - Atividades Hoteleiras e Mobiser, Ordep - Serviços,
3 OCM-ECP Management TOTAL 3,69
Turísticas Gestão e Investimentos
Portuguese 13
Big Ticket
abroad 13
Financial Advisors Distressed Legal Advisors

1 Deloitte Spain 1 Freshfields Bruckhaus Deringer Spain
1 Bird & Bird Spain
Private Equity
1 Deloitte Legal COMPLETED
7
Smaller Market 1 RCD - Rousaud Costas Duran

(<EUR 15m) 5 Venture Capital
1 Bufete Buades CANCELLED
2 Abreu Advogados
3
2 PLMJ
1 3
Foreign CMS Rui Pena & Arnaut
Mid Market 0
0 acquisitions
(≥EUR 15m)
in Portugal
TOTAL
Portuguese 9
Big Ticket
Private Equity/Venture
(≥EUR 250m) Capital with investments Country
acquisitions Number of investments
Sports
abroad 9
KKR United States 1
MIRA Distressed Mexico 1

1 Foreign
Mid Market 0
0 acquisitions
(≥EUR 15m)
in Portugal
TOTAL
Portuguese 14
Tourism
Big Ticket
Consultancy, Audit and Engineering
abroad 14
Distressed
Private Equity
6
COMPLETED
Smaller Market 5
4
1 Foreign
Mid Market 0
0 acquisitions
(≥EUR 15m)
in Portugal
Consultancy
TOTAL
Portuguese 13
Big Ticket
abroad 13
Distressed
Private Equity
COMPLETED
Smaller Market

PORTUGAL
1 Qwerty Informática, Qwerty Farma

1 Glintt Spain Foreign Private Shareholders 0,20
Mid Market 0
0 acquisitions
(≥EUR 15m)
in Portugal
2 Kwiil Ph Energia - 0,15
TOTAL
3 Jason Associates Mercer Private Shareholders
9
-
acquisitions
Sports
(≥EUR 250m)
abroad 9
Distressed
3 Deloitte Global Services Morais Leitão, Galvão Teles, Soares da Silva &
3
Associados
Hcapital Portugal 1

1 Foreign
Mid Market 0
0 acquisitions
(≥EUR 15m)
in Portugal
Consultancy
TOTAL
Portuguese 13
Big Ticket
Sports and Leisure
abroad 13
Distressed
Private Equity
7
COMPLETED
Smaller Market
1 Foreign
Mid Market 0
0 acquisitions
(≥EUR 15m)
in Portugal
TOTAL
Portuguese 9
Big Ticket
acquisitions
Sports
(≥EUR 250m)
abroad 9
Distressed

PORTUGAL
1 Royal Óbidos LNMK - Fundo de Capital de Risco Millennium BCP 31,20
2 About Solinca - Health And Fitness Private Shareholders 8,60
3 Sport Lisboa e Benfica Private Shareholders Novo Banco 1,92

2 Deloitte Portugal 1 PLMJ
1 Abreu Advogados
2
Associados
CGD Caixa Capital Portugal 1
Pathena Portugal 1

38
Technology
Internet 9
Electronics 3
Telecoms 2
Biotechnology 0
PORTUGAL

Technology
Private Equity
20
COMPLETED
Smaller Market
10
5 Foreign
Mid Market 0
0 acquisitions
(≥EUR 15m)
in Portugal
Technology
TOTAL
Portuguese 38
Big Ticket
abroad 38
Distressed

Target Private Equity

Buyer Seller Value (EURm)
8
COMPLETED
PORTUGAL
1 Smaller Market
FeedZai Sapphire Ventures, Private Shareholders - 42,59
Pacific Century Venture, Nova Founders, ACE & Co,
2 ComparaJá - 20,00
Private
4 Shareholders
3 Arctic Wolf Networks Sonae

2 IM, Knollwood Investment Foreign
Advisory - 12,30
Mid Market 0
0 acquisitions
(≥EUR 15m)
in Portugal
TOTAL
FT Partners acquisitions Garrigues Portugal
1
Internet
(≥EUR 250m) 1
abroad 9
1 PLMJ
Distressed

Country Country
United United
500Startups 1 Pacific Century Venture 1
States States
ACE & Co Switzerland 1 Pathena Portugal 2
Atena Equity Partners Portugal 1 Portugal Ventures Portugal 3
United
EQT Sweden 1 Sapphire Ventures 1
States
Go4it Brazil 1 United
SeedCamp 1
JME Venture Capital Spain 1 Kingdom
Join Capital Germany 1 Swanlaab Venture Factory Spain 1
N Capital Spain 1
United
Nova Founders Hong Kong 1 Techstars 2
States

Technology
TOTAL
Portuguese 38
Big Ticket
abroad 38
Distressed
Internet
Private Equity
8
COMPLETED
Smaller Market
2 Foreign
Mid Market 0
0 acquisitions
(≥EUR 15m)
in Portugal
TOTAL
Portuguese 9
Big Ticket
acquisitions
Internet
(≥EUR 250m)
abroad 9
Distressed

PORTUGAL
1 Ometria Sonae IM - 5,06
Grupo Taper - Equipamentos de Precisão Científica, Taper

2 Servicio Técnico, Cymit Química, Biocitek - Equipamientos de Palex Medical Grupo Taper 4,27
Diagnóstico
3 Primetag Pathena - 1,30

2 Auriga 2 Pérez-Llorca, Vieira de Almeida
2 Cuatrecasas Spain
3 SRS Advogados
Pathena Portugal 1

6
Most Active
Advisors
Financial Advisors
Most Active Advisors in 2017 LEGEND
B Banco BPI Awards
Banco BTG Pactual TTR Deal of the month
Banco Santander
TTR Deal of the quarter
BBVA
C Caixa BI
Clearwater International - Portugal
H Haitong Securities
I Insignya Capital Partners
M Millennium BCP
T Tradinveste (CFI Portugal)

Financial Advisors
PORTUGAL
*Deals announced in 2017. Status Completed. Does not include asset acquisitions nor Joint Ventures.

Banco BPI
Country Value
Target Target Subsector Buyer Seller (EURm) Awards
1 EDP Renewables
ENEOP Portugal Wind Energy ACE Portugal 248,00
Europe
2 Frustock Distribuição Food and Guzmán Private

Portugal - -
Alimentar Beverage Gastronomía Shareholders

advised* 2 (EURm)
248,00
Banco BTG Pactual

Country Value
1 LDI Desenvolvi- Banif Banco

Brazil Real Estate Banco BTG Pactual -
mento Imobiliário Internacional do Funchal
2 Banif Banco
REP Brazil Real Estate Banco BTG Pactual - -
Internacional do Funchal

advised* 2 (EURm)
-
Financial Advisors
PORTUGAL
Banco Santander
Country Value
1 EDP - Energias Private

EDP Renováveis Portugal Electric Energy 296,00
de Portugal Shareholders
2 Electric Energy; Ventinveste,

Âncora Wind Portugal First State - -
Wind Energy Ferrostaal

advised* 2 (EURm)
296,00
BBVA
Country Value
1EDP Gás, EDP Gás

1 Distribuição, Edp Gás Oil and Gas; Elec-
Portugal REN, Gás EDP Iberia 532,40
Gpl - Comércio De Gás tric Energy
2 Private EDP - Energias

EDP Gás Distribuição Portugal Oil and Gas 500,00 -
Shareholders de Portugal
Glass, Ceramic, Pa-
3 Alantra
Probos Plásticos Portugal per, Plastics, Wood Surteco 97,21 -
Partners
and Timber

advised* 3 (EURm)
1.129,61

Caixa BI
Country Value

Macquarie
1 Transport Infrastructure
Empark Spain Car Parks European Infra- 1.000,00 -
Holding Company, Haitong
structure Fund 5 International Holdings
2 Artlant Chemical and CGD Caixa Geral de

Portugal Indorama 28,00
PTA Chemical Materials Depósitos
Andrade Gutierrez
Portugal, Tecnovia, AFA
3 Vialitoral Portugal Roads and Highways Mirova SGPS, Lineas - Concessões - -
de Transportes, Millennium
BCP, Seguradoras Unidas

advised* 5 (EURm)
1.028,00
Clearwater International - Portugal

Country Value
Oxy Capital Mezzanine

Financial Advisors
1 Fitness Hut Portugal Sports and Leisure Fitness BIDCO Fund, Uksa Malta, Edge 50,00
Capital
Alantra Private
PORTUGAL
2 MD Moldes Portugal Other Services Private Shareholders - -

Equity Fund III
Oxy Capital,
3 Automotive and Mota Gestão e
Sunviauto Portugal Private - -
Recreational Vehicles Participações
Shareholders

advised* 3 (EURm)
50,00
Haitong Securities
Country Value
EDP Gás, EDP Gás

1 Distribuição, Edp Gás Oil and Gas;
Portugal REN, Gás EDP Iberia 532,40 -
Gpl - Comércio De Gás Electric Energy
Scutvias - Autoestradas Transport,
Da Beira Interior, Aviation and Lineas - Con-
2 MRN - Manutenção de Logistics;
Portugal Globalvia Inversiones cessões de 75,00 -
Rodovias Nacionais, Construction Transportes
Portvias - Portagem (Materials and
de Vias Machinery)
Artá Capital Fund II
FCR, Artá Capital Fund
3 II A SCR, Artá Capital Eficácia
Gascan Portugal Portugal Oil and Gas 70,00
Fund II B SCR, Deyá Verde
Capital IV SCR, Private
Shareholders

advised* 12 (EURm)
677, 40

Insignya Capital Partners
Country Value
1 Distribution and Private

Zoofeira Portugal Ornimundo -
Retail Shareholders
Glass, Ceramic,
2 Ceriart - Cerâmi- Oxy Capital Private
Portugal Paper, Plastics, - -
ca Artística Mezzanine Fund Shareholders
Wood and Timber

advised* 2 (EURm)
-
Millennium BCP
Country Value
1 EDP Gás, EDP Gás

1 Distribuição, Edp Gás Oil and Gas;
Portugal REN, Gás EDP Iberia 532,40
Glass, Ceramic,
2 Private
Santos Barosa Vidros Portugal Paper, Plastics, Vidrala 252,70 -
Shareholders
Financial Advisors
Wood and Timber
3 EDP Renewables
ENEOP Portugal Wind Energy ACE Portugal 248,00 -
Europe
PORTUGAL
advised* 4 (EURm)
1.033,10
Tradinveste (CFI Portugal)

Country Value
1 RTA - Rio Tâmega, Sports and

Portugal Looping Group Mota-Engil (Holding) -
Turismo e Recreio Leisure
2 Other Consumer
SAK Project Portugal Genuinevidence - - -
Goods

advised* 2 (EURm)
-

Legal Advisors
LEGEND
Most Active Advisors in 2017
A Abreu Advogados Awards
C Campos Ferreira, Sá Carneiro & Associados

TTR Deal of the month
CMS Rui Pena & Arnaut TTR Deal of the quarter
Cuatrecasas Portugal
D DLA Piper ABBC
F FCB Sociedade de Advogados
G Garrigues Portugal
Gómez-Acebo & Pombo Portugal
L Linklaters Portugal
M Morais Leitão, Galvão Teles, Soares da Silva & Associados
P PBBR Advogados
PLMJ
Legal Advisors
R Rogério Alves & Associados

PORTUGAL
RRP Advogados
S Serra Lopes, Cortes Martins Advogados
SRS Advogados
T Telles de Abreu Advogados
U Uría Menéndez - Proença de Carvalho
V Vieira de Almeida
* Deals announced in 2017. Status Completed. Does not include asset acquisitions nor Joint Ventures.

Abreu Advogados
Country Value
1 Locaviseu - Sociedade Resilient,

Portugal Real Estate RPPSE Holding 219,25 -
de Gestão de Imóveis Greenbay
Tourism, Hotels LNMK - Fundo

2 Royal Óbidos Portugal and Restaurants; de Capital de Millennium BCP 31,20 -
Sports and Leisure Risco

advised* 2 (EURm)
250,45
Partners
1 Patrícia Viana
Campos Ferreira, Sá Carneiro & Associados

Country Value
Pharmaceutical,
Parapharmaceutical and Magnum
1 Generis - Portugal Cosmetics; Healthcare, Agile Pharma Capital, Private 135,00 -
Farmacêutica Hygiene, Medical Shareholders
Oxy Capital
Legal Advisors
2 Fitness Mezzanine Fund,
Fitness Hut Portugal Sports and Leisure 50,00
BIDCO Uksa Malta, Edge
PORTUGAL
Capital
3 EuroAtlantic Transport, Aviation and Private

Portugal Quanlux - -
Airways Logistics Shareholders

advised* 4 (EURm)
185,00
CMS Rui Pena & Arnaut

Country Value
Artá Capital Fund II FCR,

Artá Capital Fund II A SCR,
1 Gascan Por- Portugal Oil and Gas Artá Capital Fund II B SCR, Eficácia Verde 70,00
tugal Deyá Capital IV SCR, Private
Shareholders
D1 - Atividades Tourism, Mobiser, Ordep -
2 Hoteleiras e Portugal Hotels and OCM-ECP Management Serviços, Gestão 3,69 -
Turísticas Restaurants e Investimentos
Chemical
Explorer
3 BrandCare Portugal and Chemical Sodalis Group - -
Investments
Materials

advised* 4 (EURm)
73,69
Partners
1 3 João Caldeira
2 Francisco Xavier de Almeida

Cuatrecasas Portugal
Country Value
Lestenergía -
1 Exploração De Portugal Wind Energy Saeta Yield ProCME 104,00 -
Parques Eólicos
Glass, Ceramic,
2 Alantra
Probos Plásticos Portugal Paper, Plastics, Surteco 97,21 -
Partners
Wood and Timber
Artá Capital Fund II FCR,
Artá Capital Fund II A
Eficácia
3 Gascan Portugal Portugal Oil and Gas SCR, Artá Capital Fund II B 70,00
Verde
SCR, Deyá Capital IV SCR,

advised* 13 (EURm)
306,64
Partners
1 3 Francisco Santos Costa
2 Filipe Avides Moreira
3 José Diogo Horta Osório
3 Nuno Sá Carvalho

Legal Advisors
PORTUGAL
DLA Piper ABBC

Country Value
1 Novo Banco Portugal Financial and Insurance Nani Holdings - 1.000,00
2 Slipstream Savannah Private

Portugal Mining 0,80 -
Resources Portugal Resources Shareholders
3 British Hospital Portugal Medical Aesthetics and Luz Saúde Capital Criativo - -
Management Care Cosmetics

advised* 5 (EURm)
1.000,80
Partners
1 3 João Costa Quinta
1 Nuno Azevedo Neves
2 Hugo Correia
2 João Nuno Azevedo Neves

FCB · Sociedade de Advogados
Country Value
1 Nacala Vallis Construction

Elevo Portugal Financial and Insurance 90,00
Holdings Sector Consolidation
Oxy Capital
2 Fitness
Fitness Hut Portugal Sports and Leisure Mezzanine Fund, Uksa 50,00
BIDCO Malta, Edge Capital
Real Estate; Construction
3 Grupo (Materials and Machinery); Nacala
Portugal Private Shareholders - -
Opway Steel, Metallurgy and Holdings

advised* 3 (EURm)
140,00
Partners
1 3 João Couceiro
2 Pedro Guimarães
Legal Advisors
PORTUGAL
Garrigues Portugal
Country Value
EDP Gás, EDP Gás

1 Distribuição, Edp Gás REN,
Portugal Oil and Gas; Electric Energy EDP Iberia 532,40
Gpl - Comércio De Gás Gás
Pharmaceutical,
Parapharmaceutical and Magnum
2 Agile
Generis - Farmacêutica Portugal Cosmetics; Healthcare, Capital, Private 135,00 -
Pharma
Hygiene, Medical Aesthetics Shareholders
and Cosmetics
Glass, Ceramic, Paper, Plas- Alantra
3 Probos Plásticos Portugal Surteco 97,21 -
tics, Wood and Timber Partners

advised* 14 (EURm)
919,5
Partners
2 Mário Lino Dias
3 Susana Pimenta de Sousa

Gómez-Acebo & Pombo Portugal
Country Value
1 ORES Redevco, Ares

Portitail Portugal Real Estate 5,83
SOCIMI Management
2 Central Solar de Foresight Private

Portugal Electric Energy - -
Vale Matanças Group Shareholders
Waste Management, Private
3 Ambinorma Portugal Anticimex - -
Pollution and Recycling Shareholders

advised* 7 (EURm)
5,83
Partners
1 2 3 Mafalda Barreto
1 Mário Marques Mendes
2 Luis Gil Bueno
Linklaters Portugal
Country Value
1 Grupo Mémora, Spain, OTPP - Ontario

Funeral Services 3i Group (Global) 450,00 -
Servilusa Portugal Teachers’ Pension Plan
Legal Advisors
Real Estate; Financial

PORTUGAL
2 3Shoppings Portugal Ocidental Seguros Fundo Sierra 90,00 -

and Insurance
3 Chemical and CGD Caixa Geral

Artlant PTA Portugal Indorama 28,00
Chemical Materials de Depósitos

advised* 9 (EURm)
568,00
Partners
1 3 Marcos Sousa Monteiro
3 Nuno Ferreira Lousa
Morais Leitão, Galvão Teles, Soares da Silva & Associados

Country Value

1 Oil and Gas;
Edp Gás Gpl - Comércio De Gás Portugal REN, Gás EDP Iberia 532,40
Electric Energy
2 EDP - Energias Private

EDP Renováveis Portugal Electric Energy 296,00
de Portugal Shareholders
EDP Renewables
3 ENEOP Portugal Wind Energy ACE Portugal 248,00 -
Europe

advised* 19 (EURm)
1.766,64
Partners
1 Catarina Brito Ferreira 2 Tomás Vaz Pinto
2 Carlos Osório de Castro 2 Ricardo Andrade Amaro
2 Nuno Galvão Teles

PBBR Advogados
Country Value
1 Keys Asset Mainside

Catumbel Portugal Real Estate -
Management Investments
Bebé Vida - Ciências Private Share-
2 Portugal Medical Aesthetics Stamcriovitae - -
Para a Vida holders
and Cosmetics

advised* 2 (EURm)
-
Partners
1 2 Pedro Pinto 1 Sofia de Sales Sousinha
1 Alexandre Jardim 1 Tânia Ferreira Osório
PLMJ
Country Value

1 Macquarie European Transport Infrastructure
Empark Spain Car Parks 1.000,00 -
Infrastructure Fund 5 Holding Company, Haitong
Fitness Sports and Oxy Capital Mezzanine Fund,
Legal Advisors
2 Portugal Fitness BIDCO 50,00
Hut Leisure Uksa Malta, Edge Capital
PORTUGAL
Sapphire Ventures,
3 FeedZai Portugal Technology - 42,59 -

advised* 26 (EURm)
1.192,89
Partners
1 Manuel Santos Vítor 2 Duarte Schmidt Lino
1 Ricardo Oliveira 3 Tomás Pessanha
Rogério Alves & Associados

Country Value
Galmax -
1 Steel, Metallurgy and Industrial Private Private
Comércio e Portugal 2,40 -
Production ShareholdersI Shareholders
Serviços
Galtrailer - Steel, Metallurgy and Industrial
2 Private Private
Indústria e Portugal Production; Automotive and 0,95 -
ShareholdersI Shareholders
Comércio Recreational Vehicles
Sidecu (Centros
3 Racket4you Portugal Sports and Leisure Private Shareholders 1,30 -
Supera)

advised* 4 (EURm)
4,65
Partners
1 2 3 João Perry da Câmara

RRP Advogados
Country Value
1 Grupo Mémora, Spain, OTPP - Ontario Teach-

Funeral Services 3i Group (Global) 450,00 -
Servilusa Portugal ers’ Pension Plan
2 Threegate United Private Shareholders

Real Estate Private Shareholders 2,70 -
Properties States United Kingdom II
Global Retailing Distribution
3 Portugal Gold Consulting Ellama Holding - -
2Life and Retail

advised* 4 (EURm)
452,7
Partners
1 2 Ricardo Reigada Pereira
1 3 Carlos Vaz de Almeida
Serra Lopes, Cortes Martins Advogados

Country Value
1 ENEOP Portugal Wind Energy ACE Portugal EDP Renewables Europe 248,00 -
Legal Advisors
2 EDPR PT - Electric Energy; ACE Investment EDP - Energias de

Portugal 242,00 -
Parques Eólicos Solar Energy Fund II Portugal
PORTUGAL
Novo Banco, AICEP

Qimonda Portugal Amkor
3 Portugal Electronics Portugal Global, 45,00 -
(Nanium) Technology
Millennium BCP

advised* 8 (EURm)
538
Partners
1 2 3 Rafael Lucas Pires
3 Luís Miguel Cortes Martins
SRS Advogados
Country Value
1 Vallis Construction
Elevo Portugal Financial and Insurance Nacala Holdings 90,00
Sector Consolidation
2 Marketing and
Primetag Portugal Pathena - 1,30 -
Advertising; Internet
3 Zaask Portugal Internet SDC - Investimentos - 0,50 -

advised* 4 (EURm)
91,8
Partners
1 Alexandra Valente
2 Gustavo Ordonhas Oliveira

Telles de Abreu Advogados
Country Value
1 Private
CGC Genetics Portugal Medical Aesthetics and Unilabs - -
Shareholders
Cosmetics
2 Cars, Motorcycles and Grupo Nors,

Master Test Portugal DEKRA - -
Other Vehicles Fundo Caravela
3 Chemical and Chemical AGRO Merchants Portugal Ventures,

Cold Land Portugal - -
Materials Group Inter-Risco

advised* 3 (EURm)
-
Uría Menéndez - Proença de Carvalho

Country Value

1 Oil and Gas;
Edp Gás Gpl - Comércio De Gás Portugal REN, Gás EDP Iberia 532,40
Electric Energy
Palmares - Companhia de Construction King Street Guia - Sociedade
2 Empreendimentos Turísticos Portugal (Materials and Capital de Construções 74,00 -
Legal Advisors
de Lagos Machinery) Management e Turísmo
PORTUGAL
ORES Redevco, Ares
3 Portitail Portugal Real Estate 5,83
SOCIMI Management

advised* 8 (EURm)
617,07
Partners
1 Catarina Tavares Loureiro 2 Duarte Garin
1 Jorge Brito Pereira 2 Marta Pontes
Vieira de Almeida
Country Value
1 Financial and
Novo Banco Portugal Nani Holdings - 1.000,00 -
Insurance
Palmares - Companhia Construction King Street Guia - Sociedade

2 de Empreendimentos Portugal (Materials and Capital de Construções e 74,00 -
Turísticos de Lagos Machinery) Management Turísmo
3 Eol Verde Portugal Wind Energy New Finerge DST Wind 27,00 -

advised* 9 (EURm)
1132,57

Corporate
Profiles
AAA Advogados ID: 2469
Portugal
Contacts
ADDRESS Rua Alexandre Herculano, 50, 8º EMAIL advogados@aaa.pt
1250-011 Lisboa
TELEPHONE (+351) 21 330 93 00 WEBSITE www.AAA.pt
Profile
START OF ACTIVITY | 2008 N.º OF EMPLOYEES | 30 lawyers
Team
LEGAL ADVISORS
Dulce Franco PARTNER José Jácome PARTNER Rita Gama Abreu PARTNER
df@aaa.pt jj@aaa.pt rga@aaa.pt
Gabriela Rodrigues Martins PARTNER Vítor Pereira das Neves PARTNER Anabela Gonçalves Ferreira PARTNER
grm@aaa.pt vpn@aaa.pt agf@aaa.pt
About Us
AAA is a law firm founded on the timeless values of the profession: Knowledge | Loyalty | Independence.
Knowledge together with vast experience in the various areas of industry and services allows for high
quality, accurate and informed legal advice.
Loyalty to the firm’s clients, involving a thorough assessment of situations of conflict of interest and
stringent compliance with professional secrecy.
Independence vis-à-vis any facts that could affect the professional opinion of the firm’s lawyers or
their action, geared exclusively towards the rights and interests of its clients.
The firm’s key asset is its people and we invest in their ongoing training, professional enhancement
and realization.

Practice Areas
The firm’s practice areas are those in which its lawyers have acknowledged skills. We strive to provide
services which the clients consider excellent.
·· Corporate, Commercial and Civil
·· Labour
·· Tax
·· Litigation and Arbitration
·· Banking and Finance
·· Administrative
·· Family and Successions
Industries and Services

·· Automobile
·· Agribusiness
·· Natural Resources
·· Banking and Insurance
·· Cork
·· Distribution
·· Renewable Energies
·· Pharmaceutical
·· Forestry
LEGAL ADVISORS
·· Oil and Gas
·· Private Equity
·· Telecommunications
·· Tourism
·· Urban Planning, Real Estate and Construction
International Membership
·· Arbitration Centre of the Portuguese Chamber of Commerce and Industry
·· Litigation Lawyers Circle

·· Luso-Spanish Chamber of Commerce and Industry
·· Portuguese Fiscal Association
·· Concordia - Conciliation Center and Conflict Mediation
·· IBA – International Bar Association
Languages
English, French and Spanish

Across Legal SLP ID: 5291
Spain
Contacts
ADDRESS Rambla de Cataluña, 86, 1º 1ª EMAIL ilacasa@acrosslegal.com
08008 Barcelona
TELEPHONE (+34) 932 724 837 WEBSITE www.acrosslegal.com
Profile
START OF ACTIVITY | 2007 N.º OF EMPLOYEES | The firm currently employs
20 professionals, of which 5 are partners.
Team
LEGAL ADVISORS
Ignacio Lacasa Valls Iván Moll Miguel Angel Martínez Conde

FOUNDING PARTNER PARTNER PARTNER
ilacasa@acrosslegal.com imoll@acrosslegal.com mamc@acrosslegal.com
About Us
Legal advisors to emerging and high-growth companies primarily in technologies industries in all
aspects of general corporate law, from formation and corporate governance responsibilities to seed
and venture financings, commercial transactions and M&A. Across Legal S.L.P, with a large network
in the U.S. market, specializes in providing legal advice to flip international startups for U.S. venture
capital, and counseling startups in the legal aspects of doing business in the U.S.
Practice Areas
·· M&A
·· International Law
·· Commercial and Corporate Law
·· Litigation and Insolvency Law
·· Tax Law
·· Civil Law
·· Labour and Employment Law
·· Real Estate and Planning Law
·· Entrepreneurs

Other Offices
Strategic alliances in Chicago, New York, San Francisco, London.
Highlighted Transactions
Target Country Subsector Buyer Seller Amount

(EURm)
Cooltra Financial and Insurance;

Suma Capital Efficiency &
Inversión Spain Transport, Aviation - 5,00
Environment Fund II, Cooltra
Motos and Logistics
Spark Capital Partners,

Badi App Spain Internet - 8,11
Private Shareholders I
Northzone, Mangrove Capital,

Red Points Spain Technology - 10,06
Sabadell Venture Capital
Private Shareholders I,
Bongoa Tourism, Hotels and
Spain Sabadell Venture Capital, - 0,80
Ibérica 57 Restaurants
SeedRocket 4Founders Capital
Five Points Levo Festival, Minifence,

Spain Technology - 0,17
Development Private Shareholders I
LEGAL ADVISORS
Private Shareholders I,
Blooming Samaipata Ventures, Mediaset
Spain Internet - 2,00
Experience Group, Private Shareholders
Spain I, Sitka Capital Partners
HTC, Private Shareholders

Soccer Science Spain Technology - 0,50
Spain I, Private Shareholders I
Technology; Security and

Continuum Swanlaab Venture Factory, JME
Spain Private Arms, Ammunition - 1,50
Security Venture Capital, Sonae IM
and Explosives
Insight Venture Partners,

Logtrust Spain Technology - 29,83
Kibo Ventures
Internet; Healthcare, Private Shareholders Spain

Cuideo Spain Hygiene, Medical I, Inderhabs Investments, - 0,50
Aesthetics and Cosmetics Grupo Godó, PDD Invest
Boolino Spain Internet Private Shareholders I - -
Blooming Samaipata Ventures,

Spain Internet - -
Experience Private Shareholders I
Eurocio CNBB Venture Partners,

Spain Internet - 2,00
Freetime Private Shareholders I
Internet; Technology;
Niwa Spain Agriculture, Agribusiness, Private Shareholders I - 0,25
Farming and Fishing
Kibo Ventures, Investing PROFit

Logtrust Spain Technology - 10,22
Wisely, Atlantic Bridge

Allen & Overy ID: 1683
Spain
Contacts
ADDRESS Serrano, 73. EMAIL allenoveryspain@allenovery.com
28006 Madrid
WEBSITE www.allenovery.com
TELEPHONE (+34) 91 782 98 00 LINKEDIN /allen-&-overy-spain
Profile
START OF ACTIVITY | 1930 N.º OF EMPLOYEES | The firm currently
·· Allen & Overy Madrid: 1991 fields in excess of 120 professionals in

·· Allen & Overy Barcelona: 2014 Spain, including 14 partners, focusing
on a wide range of practice areas.
LEGAL ADVISORS
Team
Pablo Mayor PARTNER Íñigo del Val PARTNER
Corporate / Regulated Corporate / M&A
pablo.mayor@allenovery.com inigo.del.val@allenovery.com
Fenando Torrente PARTNER Antonio Martínez PARTNER

Corporate / M&A Competition & European Law
fernando.torrente@allenovery.com antonio.martinez@allenovery.com
Antoni Valverde PARTNER Adolfo Zunzunegui PARTNER

Corporate / M&A Tax
antoni.valverde@allenovery.com adolfo.zunzunegui@allenovery.com
About Us
Allen & Overy is one of the most prestigious law firms globally. With approximately 5,400 people
including more than 800 M&A lawyers working in 44 offices in 31 countries. Our internal network
incorporates lawyers who are experts in domestic law as well as have the ability to negotiate in
cross-border transactions. They act in 118 jurisdictions (representing 99% of the global total). The
knowledge and availability of our professionals worldwide guarantee an effective coordination and
an excellent service anywhere and anytime.

Our Values
At Allen & Overy we share across our worldwide network. By clearly stating these, we aim to reinforce
what makes us successful and to make a clear statement about our identity. Values only make a differ-
ence if they are shared, believed in and practised. Our challenge is to uphold our values in everything
we do - they are there to guide us in the way we work, in the decisions we make and in the way we
interact with people.
·· Excellence
·· Dedication to our clients
·· Helping our people to achieve their potential
·· Respecting and including every individual
·· Working together
·· Entrepreneurial spirit and energy
Offices
Abu Dhabi, Amsterdam, Antwerp, Athens (representative office), Bangkok, Barcelona, Beijing, Belfast, Bratislava,
Brussels, Bucharest (associated office), Budapest, Casablanca, Doha, Dubai, Düsseldorf, Frankfurt, Hamburg, Hanoi,
Ho Chi Minh City, Hong Kong, Istanbul, Jakarta (associated office), Johannesburg, London, Luxembourg, Madrid,
Mannheim, Milan, Moscow, Munich, New York, Paris, Perth, Prague, Riyadh (associated office), Rome, São Paulo,
Shanghai, Singapore, Sydney, Tokyo, Warsaw, Washington D.C and Yangon.
Practice areas
Banking & Finance, Capital Markets, Corporate, Litigation and Arbitration, Public Law, Competition
and European Law, Tax and Employment and Real Estate.
LEGAL ADVISORS
Awards
·· Nº1 advising in M&A deals in Spain – TTR 2016
·· M&A deal of the year – Expansión Awards, 2017
·· Band 1 for Corporate and M&A – Chambers Europe 2016
·· Top tier advising in M&A deals in Spain – Mergermarket 2017
·· Best M&A team – IFLR 2016
·· Atlantia on the takeover bid of Abertis.
·· Jem Topco Limited in the sale they have done together with Alchemy, of Endeka.
·· OHL in the sale of OHL Concessiones to IFM.
·· AMP Capital Investors on the sale of a stake in CLH to Macquarie Infrastructure and Real Assets (MIRA).
·· Lone Star in the IPO of Neinor.
·· Investcorp and ICG in the sale of Esmalglass.
·· USS, OPTrust and PGGM on the acquisition of the infrastructure company Globalvía Inversiones, S.A.
·· TUI AG in connection with the sale of Travelopia to funds controlled by Kohlberg Kravis Roberts &
Co. L.P. (“KKR”).

Araoz & Rueda ID: 719
Spain
Contacts
ADDRESS Paseo de la Castellana, 164 EMAIL info@araozyrueda.com
28046, Madrid
TELEPHONE (+34) 91 319 02 33 WEBSITE www.araozyrueda.com

(+34) 91 319 13 50
Profile
START OF ACTIVITY | 1994
Team
Alejandro Fernández de Araoz PARTNER Eduardo de León PARTNER Ainhoa Veiga PARTNER
LEGAL ADVISORS
Rafael Bazán PARTNER Javier Prieto PARTNER Alfonso Suárez OF COUNSEL
Jesús Conde PARTNER Pedro A. Rueda PARTNER Israel de Diego PARTNER
Clifford J. Hendel PARTNER Francisco Solchaga PARTNER
About Us
Araoz & Rueda is a leading Spanish independent firm with broad-based corporate and commercial
practice and particular expertise and market recognition in M&A and Private Equity. Formed in 1994,
our firm was recognized by the specialized magazines and legal guides as an “M&A and Private Equity
boutique” in its early years.
Having grown in size (currently 32 lawyers, 10 of which are partners) and expanded its scope of ser-
vices over time, our 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.
Awards
·· Nominated in 2017 as “Best Legal Boutique in Spain” in the II Edition of Expansión’s Legal Awards.
·· “Recommended Firm” in the main legal directories (Legal 500, Chambers & Partners, IFLR 1000
and Best Lawyers) in all editions since 2000 up to the latest in 2017.
·· Awarded in Paris with the “Special Distinction as Best Spanish Law Firm in 2012” by Legal Alliance
Summit.

Practice Areas
·· Administrative & Regulatory ·· Private Equity
·· Banking and Finance/ Restructuring ·· Project Finance
·· Capital Markets / Securities ·· Real Estate
·· Company Law ·· Tax
·· Energy ·· Unfair Competition
·· EU/Competition Law
·· Insolvency / Restructuring
·· IP/IT
·· Labour
·· Litigation
·· Mergers and Acquisitions
·· National and International Arbitration
Amount
Target Country Subsector Buyer Seller
(EURm)
Healthcare, Hygiene, Bami, Prasa,
LEGAL ADVISORS
Sanyres Spain Medical Aesthetics Orpea Ibérica (Care) CajaSur, Banco 641,48
and Cosmetics Santander, BBVA
Biotechnology; Aleph Capital Partners,

Healthcare, Hygiene, Amadeus Capital Partners, Private
Igenomix Spain 283,22
Medical Aesthetics Private Shareholders, Shareholders
and Cosmetics Charme Capital
Shanghai Kaichuang Private

Conservas Albo Spain Food 235,84
Marine International Shareholders
Marypaz Spain Distribution and Retail Black Toro Capital - 108,08
GES Siemsa Ferrovial Servicios Global Energy

Spain Oil and Gas 83,70
Energía, Oil&Gas (Ferroser) Services (GES)
GED Capital,
Aleastur Spain Mumtalakat Private 60,61
Shareholders
GTI Software & EspañaDuero

Diode España Spain Distribution and Retail -
Networking (Banco Ceiss)
Residencia
geriátrica en
Real Estate;
Rincón de
la Victoria, Spain Orpea Groupe Anjoca -
Medical Aesthetics
Residencia
and Cosmetics
geriátrica en
Culleredo
Residencia Reyes
Spain Real Estate Orpea Ibérica (Care) Sekilur -
de Aragón
Cubierta Solar
Spain Solar Perwyn Cubierta Solar -
Onda B

ARPA ID: 1041
Spain
Contacts
ADDRESS 1 Paseo Sarasate 5, 1º dch. ADDRESS 3 Fuenterrabía 11, 5 A,
31002 Pamplona 20005 Donostia
TELEPHONE (+34) 948 210 112 TELEPHONE (+34) 943 422 774
EMAIL arpa@arpa.es EMAIL donostia-sansebastian@arpa.es
ADDRESS 2 Felipe IV, 8. Entresuelo Izda. ADDRESS 4 Pza. Madrid 6, Entpl.

28014 Madrid 47004 Valladolid
TELEPHONE (+34) 91 12 12 412 TELEPHONE (+34) 983 291 284
EMAIL madrid@arpa.es EMAIL valladolid@arpa.es
WEBSITE www.arpa.es
Profile
LEGAL ADVISORS
START OF ACTIVITY | 1991 N.º OF EMPLOYEES | We have a team of more than

70 specialized professionals in Spain including
lawyers, legal and economic advisors and collabo-
rators. In addition to our founding partner & CEO,
the law firm has 5 partners and 5 associates.
Team
José Antonio Arrieta Garnica CEO - CHIEF EXECUTIVE OFFICER
About Us
ARPA’s professionals have a vast experience in delivering legal advice and high quality service to
companies, which enables them to cover all practice areas of business law.
ARPA is a law firm that consists of a team of specialised professionals with extensive experience in
providing comprehensive advice (legal, economic and tax consulting) and encouraging the building of
relationships.
It currently has offices in Pamplona, Madrid, San Sebastian and Valladolid.

Our professionals’ technical and interpersonal skills and our collaborative culture between profes-
sionals and legal departments are at the core of our identity.
We anticipate our client’s needs and believe deep market knowledge in different practice areas is the
best way to respond to your interests. Our expertise enables us to navigate across issues and global
practice with ease through the creation of multidisciplinary areas of practice, collaborating between
our people and departments without barriers.
Our extensive participation and experience in many Administration Boards as Members of the Board
or Secretaries non-members for different companies from different industries gives us a solid under-
standing of today’s complex business environment and an understanding of your concerns and your
business.
Practice Areas: Exp erts In:

·· Company Law ·· Venture Capital
·· Tax Law ·· Family Business
·· Procedural- Bankruptcy ·· Agri-food Sector
·· Civil and Commercial Contracts ·· Energy & Environment
·· International Law ·· Corporate Groups
·· Labour ·· ICT companies
·· Administrative Law ·· Start-ups & Entrepreneurs
·· New Technologies ·· Pharma & Biotechnology
LEGAL ADVISORS
·· Industrial and Intellectual Proprety ·· Mining
·· Data Protection ·· Foundations
·· Corporate Compliance ·· Entertainment Law
·· Criminal Law ·· Microenterprises & Freelancers
·· Economic Law
·· Competition Law
·· Urban Planning
Network of offices
Spain (Pamplona, Madrid, San Sebastian, Valladolid).
Our activity in mergers and acquisitions

ARPA delivers a global service and practice in any corporate mergers and acquisitions. We take the
time required to understand our client’s businesses and priorities and to deliver first-class service.
Our professional teams are experienced across different areas of practice including commercial,
regulatory, tax and economic law and are capable of resolving any issues inherent to merger and
acquisitions operations, including due diligence, assessments, shareholder agreements, corporate
structuring, joint ventures, etc.
During the last 5 years, ARPA has taken part in more than one hundred mergers and acquisitions,
including Venture Capital investments and disinvestments.

Baker McKenzie ID: 1304
Spain
Contacts
ADDRESS 1 Edificio Beatriz ADDRESS 2 Avda. Diagonal, 652
C/ José Ortega y Gasset, 29 08034 Barcelona
28006 Madrid
EMAIL patricia.dotu@bakermckenzie.com EMAIL esther.caballero@bakermckenzie.com
WEBSITE www.bakermckenzie.com
Profile
START OF ACTIVITY | 1965 N.º OF EMPLOYEES | 362
LEGAL ADVISORS
Team
Jorge Adell Marcel Enrich Esteban Raventós
Corporate / M&A / Real Estate Banking & Finance / Private Equity Tax
jorge.adell@bakermckenzie.com marcel.enrich@bakermckenzie.com esteban.raventos@bakermckenzie.com
Francisco José Bauzá Ana García Guillermo Rodrigo

Banking & Finance Financial Services Real Estate
francisco.bauza@bakermckenzie.com ana.garcia@bakermckenzie.com guillermo.rodrigo@bakermckenzie.com
Enrique Carretero Rafael Jiménez-Gusi Xavier Junquera

M&A / Capital Markets Corporate / M&A Real Estate
enrique.carretero@bakermckenzie.com rafael.jimenez-gusi@bakermckenzie.com xavier.junquera@bakermckenzie.com
Luis Casals Montserrat Llopart Enrique Valera

M&A / Private Equity M&A / Healthcare M&A / Private Equity
luis.casals@bakermckenzie.com montserrat.llopart@bakermckenzie.com enrique.valera@bakermckenzie.com
Rossanna D’Onza Javier Menor

Banking & Finance M&A / Private Equity / Competition
rossanna.donza@bakermckenzie.com javier.menor@bakermckenzie.com
Maite Diez Rodrigo Ogea

M&A Tax
maite.diez@bakermckenzie.com rodrigo.ogea@bakermckenzie.com
About Us
·· The first global law firm in Spain, here since 1965.
·· Largest international network: more than 5.600 fee earners in 77 offices across 47 countries.
·· World’s Strongest Law Firm Brand for 8th Consecutive Year, Acritas 2017.

Practice areas / Sectors
M&A, Private Equity, Capital Markets / Corporate Governance Corporate, Banking & Finance, Financial
Institutions, Tax and Wealth Management, Employment, Public Law, EU and Competition, Corporate
Compliance, Dispute Resolution, White Collar Crime, Restructuring & Insolvency, Pharmaceutical &
Healthcare, Energy and Environment, Investment Funds, Real Estate and Planning, Hotels, Resorts &
Tourism, Intellectual Property, Industrial Property and Media, Luxury & Fashion, Telecommunications
and Information Technologies, Sports & Entertainment.
Awards & Recognitions

Ranked Tier 2 in Corporate/M&A by Chambers Europe/Global 2018 and Legal 500 2017, Baker
McKenzie is the favorite law firm to execute deals abroad among Spanish clients according to
Iberian Lawyer and Firm #1 in cross-border deals by Thomson Reuters 2016.

(EURm)
Banco Popular Spain Financial Services Banco Santander Banco Popular 5.500
LEGAL ADVISORS
Caja de
Caja de Arquitetos Bantierra
Abogados
S. Coop. de Crédito (Spain- based
(Spain-based Spain Financial Services 600
(Spain-based co-operative rural savings
banking unit
savings bank) bank)
of Bantierra)
Nisa´s
Nisa Spain Healthcare Vithas 300
Shareholders
FAIST Manufacturing
Germany SIKA Fidelio 2, S.A 300
ChemTech & Wholesale
Germany, Spain,
Poland, UK, Manufacturing Spirax-Sarco Flowserve
Gestra AG 186
Italy, Portugal, & Wholesale Engineering Plc Corporation
USA, Singapore
CBRE Global
Centro
Investors
Comercial Spain Real Estate Barings Over 100
Southern
Berceo
Europe
Demeter and
Contenur Spain Manufacturing ACON Investments Miura Private Confidential
Equity
Guzmán Miura Private

Spain Food Bidcorp 75
Gastronomía Equity
Productos
Productos
Químicos
Químicos Spain Chemicals Grupo Suanfarma Confidential
Gonmisol, S.A´s
Gonmisol, S.A.
shareholders
Unidental Spain Dental Portobello Unidental 50

Broseta ID: 1767
Spain
Contacts
ADDRESS 1 C/ Goya, 29 ADDRESS 2 C/ Pascual y Genís, 5
28001 Madrid 46002 Valencia
TELEPHONE (+34) 91 432 31 44 TELEPHONE (+34) 96 39210 06 / 07
EMAIL info@broseta.com WEBSITE www.broseta.com
Profile
Team
Manuel Broseta SENIOR PARTNER José Manuel Copa PARTNER Carlos Ochoa PARTNER
mbroseta@broseta.com Head of the Employment Law Department Corporate and Commercial Department
LEGAL ADVISORS
jmcopa@broseta.com cochoa@broseta.com
Rosa Vidal MANAGING PARTNER
Head of the Public Law Department Isabel Merenciano PARTNER Carlos Gutierrez PARTNER
rvidal@broseta.com Employment Law Department Banking and Finance Department
imerenciano@broseta.com cgutierrez@broseta.com
Luis Trigo PARTNER
Head of the Wealth Management Carmen March PARTNER Joaquín Giráldez PARTNER
Department Corporate and Commercial Department Corporate and Commercial Law
ltrigo@broseta.com cmarch@broseta.com jgiraldez@broseta.com
Antonio J. Navarro PARTNER Miguel Geijo PARTNER José Manuel Otero Lastres SENIOR ADVISOR
Head of the Banking and Finance Head of the Commercial Law Department Commercial Law and Litigation
Department mgeijo@broseta.com jmotero@broseta.com
ajnavarro@broseta.com
Pablo Bieger PARTNER Carlos Vérgez DIRECTOR
Alejandro Ríos PARTNER M&A Head of Competition and EU Law Department
Head of the Valencia Office pbieger@broseta.com cvergez@broseta.com
arios@broseta.com
Abraham Castro PARTNER Alfonso Carrillo PARTNER
Julio Veloso PARTNER Head of White Collar Crime Department Litigation and Arbitration Department
Head of the Private Equity, Funds acastro@broseta.com acarrillo@broseta.com
and M&A area
Rosa Sanz PARTNER Enrique Beaus PARTNER
jveloso@broseta.com
Public Law Department Head of Tax Law in Valencia
Carlos Diéguez PARTNER rsanz@broseta.com ebeaus@broseta.com
Head of the Tax Department
Fernando Cacho PARTNER Luis Berenguer SENIOR ADVISOR
cdieguez@broseta.com
Public Law Competition and EU Law Department
Javier Morera PARTNER fcacho@broseta.com lberenguer@broseta.com
Tax Department
Miguel Navarro PARTNER
jmorera@broseta.com
Corporate and Commercial Law
Patricia Gualde PARTNER mnavarro@broseta.com
Head of the Litigation and Arbitration
David López PARTNER
Department
Employment Law Department
pgualde@broseta.com
dlopez@broseta.com

About Us
BROSETA offers legal advice in the main areas of law to national and multinational companies and all
kinds entities and agencies of the Public Administration, operating around the world.
Practice Areas
Administrative; Arbitration; Banking and finance; restructuring and insolvencies; Competition and
EU law; Corporate and Commercial; Employment; Environment; Family office; Governance, Risk &
Compliance; Intellectual property and industrial property; Mergers and acquisitions; Private Equity /
Funds; Public Private Partnership; Procedural and Litigation; Public law; Real Estate; Tax; Urban plan-
ning; Wealth Management;
Activity Sectors
Automotive industry; Aviation; Banking and Financial Institutions; Distribution; Energy and natural
resources; Food and beverages; Infrastructures; Insurance; Life sciences; Manufacturing; Maritime;
Professional services; Public; Real Estate; Technology, media and telecommunications; Transport and
Logistics; Tourism, hospitality and leisure.
Awards and acknowledgments

Firm recognized by International Directories: Best Lawyers, Chambers Europe, Chambers Global,
Finance Monthly, IFLR 1000, Legal 500 and The Lawyer.
LEGAL ADVISORS
Amount
(EUR m)
Tewis Smart System, S.L.

(100%) and Zanotti Smart Spain Industry Zanotti Group Momplet y Olcina, S.L. N/D
Solutions, S.L. (50%)
Technology and
Finametrix Spain Allfunds Bank Private Shareholders -
Telecoms
Laoconte Operaciones Spain Infrastructure Parkia Liberbank 7,00
Tensile Capital
Keraben Grupo Spain Industry Victoria Management, 274,00
Acionistas Particulares I
Services and
Comprea Spain Promotech Digital - -
Distribution
Sociedad Aeronáutica Services and Habock Aviation

Spain Private Shareholders -
Peninsular (SAP) Distribution Group
Juwi Energías
Energy and
Promosolar Juwi 17 Spain Grupo Cobra Renovables, Acionistas -
Renewable Energies
Particulares Espanha I
StormHarbour
Ahorro Corporación Services and Grupo Ahorro
Spain Securities, Atitlán 20,00
Financiera Distribution Corporación
Capital (Global)
Services and Atitlán Capital

Demeter Áurea Spain - 4,30
Distribution (Global)
Technology and
Nethits Telecom Group Spain - - -
Telecoms

Bustillo Abogados ID: 63533
Spain
Contacts
ADDRESS Calle Velázquez 78 EMAIL despacho@bustillo.eu
28001 Madrid
TELEPHONE (+34) 91 576 50 0 WEBSITE www.bustillo.eu
Profile
Team
LEGAL ADVISORS
Javier Bustillo MANAGING PARTNER Maria Victoria Pereña SENIOR ASSOCIATE Pilar Carretero ASSOCIATE
jbg@bustillo.eu Corporate M&A
mvp@bustillo.eu pca@bustillo.eu
About Us
The firm provides strategic advice on a number of different transactions, such as mergers, acquisi-
tions, consolidations, purchase of assets and management acquisitions.
Our approach enables us to deliver practical solutions in relation to transactions, commercial and cor-
porate matters.
Our law firm M&A services include: M&A legal strategy, full assessment of substantive legal matters,
industry-specific issues and possible legal risks, design of the most suitable structure and assistance to
negotiate successful deals ensuring results aligned with client´s deal expectations and goals.
For over three decades, Bustillo Abogados has worked with financial and strategic advisors seeking,
evaluating, and engaging in mergers and acquisitions.
Practice areas
·· M&A ·· Corporate Venture Capital
·· Corporate ·· Growth Capital
·· Commercial ·· Private Equity
·· Venture Capital

Awards
Client Choice Award 2018 – General Corporate

(EURm)
Turijobs Spain; UK; Mexico Internet; Tourism StepStone -
HeyPlease Spain; France Internet; Technology Up Spain -
Jobin app Spain Internet Seed CDC, Private Investors -
LEGAL ADVISORS
Entrenar.me Spain Internet Seed CDC, Private Investors -
Digital Toledo Spain Techonolgy Korporate Technologies -
Menu Pass Spain; France Financial Services Chèque Dejeuner España -

Clifford Chance ID: 708
Spain
Contacts
ADDRESS 1 Paseo de la Castellana, 110 ADDRESS 2 Av. Diagonal, 682
28046 Madrid 08034 Barcelona
WEBSITE www.cliffordchance.com
Profile
START OF ACTIVITY | 1980 N.º OF EMPLOYEES | 150, 24 partners
Team
Jaime Velázquez Luis Alonso
LEGAL ADVISORS
jaime.velazquez@cliffordchance.com luis.alonso@cliffordchance.com
Javier García de Enterría Samir Azzouzi

javier.garciadeenterria@cliffordchance.com samir.azzouzi@cliffordchance.com
Javier Amantegui Jose María Fernández Daza

javier.amantegui@cliffordchance.com josemaria.fernandez-daza@cliffordchance.com
About Us
Clifford Chance, with more than 200 years of history, is one of the 10 leading global law firms
worldwide, forming part of London’s elite “Magic Circle”.
With over 35 years of experience in the Spanish market, Clifford Chance Spain is the leading
international law firm in the country.
Our work on top-tier transactions and our consolidated experience in the Spanish markets has
helped us form close relationships with regulators, government agencies and leading international
companies.
The combination of our domestic and international experience means that our clients get the
transactional capability of an international firm with the on the ground know-how and connections
of a long-established Spanish firm. Which is what one client described as “the best of both worlds”.
“Superbly positioned within both the Spanish and international landscape.” “The team has a broad
spectrum of specialist knowledge with notable expertise.” “Exceptional team providing full-service
advice”. Chambers Europe 2017 – Spain.

Clifford Chance’s team is praised for its “agility, business acumen, industry knowledge and appropriate
advice’.” Legal 500 2017– Spain.
We are a leading global Corporate / M&A team, among a small group of elite firms at the top of the
legal market. What makes us one of the most respected practices is our client base, the mandates we
win, our industry expertise and our reputation for effectively creating value for our clients.
Despite being an international law firm, Clifford Chance Spain and, in particular, our Corporate / M&A
practice, is appraised by the Spanish market as a local and “highly-matured” team, renowned for advis-
ing many of the leading domestic and multi-national corporations across all sectors and our strong
presence in the two main transactional centres of the country: Madrid and Barcelona. Testament of it
is our consistent involvement in the main transactions in the Spanish M&A market across all sectors
and industries, including public and private companies and our involvement in Thought leadership.
Practice areas
·· Banking and finance
·· Capital markets
·· Corporate and M&A
·· Real estate
·· Tax, pensions and employment
·· Litigation and dispute resolution
LEGAL ADVISORS
Awards
·· Awarded 12 Tier 1 ratings in the latest Chambers Europe 2017 Guide,
7 more than the next highest-ranked international law firm.
·· Expansión Awards: Javier García de Enterría (Head of M&A in Spain) and Javier Amantegui
(Head of Latam desk & Head of Private Equity in Spain) were shortlisted for the Best M&A
Lawyers in Spain award and our team was shortlisted for Best Corporate Law Firm.
·· Expansión Awards: Javier García de Enterría, Javier Amantegui, Jaime Velázquez (Managing
Partner and Head of the Madrid Office) and Miquel Montañá (Head of the Barcelona Office) were
recognised by the Spanish legal market as key players due to their high-level activity and
involvement in major transactions throughout the year.
·· Expansion Awards 2017 lawyer of the year, Jaime Velazquez was awarded in this field.
·· TTR Transactional Track Record Database: In 2017, Jaime Velázquez, Javier Amantegui and
Javier García de Enterría were rated among the top 10 lawyers for highest number of transactions.
·· Client Choice 2017 Award: Luis Alonso received the award for Best M&A lawyer in Spain.
·· Client Choice 2018 Award: Luis Alonso award for Best M&A lawyer in Spain, Yolanda Azanza
Best Capital Markets lawyer in Spain, Juanjo Lavilla Best Public Law lawyer in Spain.
·· Iberian Layer Award: Luis Alonso granted the Iberian Lawyer 40underForty

CMS Albiñana & Suárez de Lezo ID: 750
Spain
Contacts
ADDRESS 1 Paseo de Recoletos 7–9 ADDRESS 2 Paseo de Gracia 85 ADDRESS 3 Avenida Diego Martínez
28004 Madrid 08008 Barcelona Barrio 10 . 41013 Sevilla
WEBSITE www.cms.law EMAIL cms-asl@cms-asl.com
Profile
START OF ACTIVITY | 1927 N.º OF EMPLOYEES | The firm currently fields
in excess of 150 professionals in Spain.
Team
César Albiñana MANAGING PARTNER Rafael Suárez de Lezo MANAGING PARTNER
cesar.albinana@cms-asl.com rafael.suarezdelezo@cms-asl.com
LEGAL ADVISORS
About Us
Ranked as a Top 10 Global Law Firm, CMS is present in 42 countries and boasts 74 offices worldwide.
Our 4,500 plus CMS lawyers offer you specialist advice on numerous sectors tailored to your needs,
whether in your local market or across multiple jurisdictions.
CMS’ Spanish-based firm, CMS Albiñana & Suárez de Lezo, employs more than 100 lawyers located in
Madrid, Barcelona and Seville, and is regarded as one of the most prestigious in the Spanish market,
striving to establish a close working relationship with clients in order to fully understand their needs
and offer innovative solutions in all areas of Law.
Offices
Aberdeen, Algiers, Amsterdam, Antwerp, Barcelona, Beijing, Belgrade, Berlin, Bogotá, Bratislava, Bristol, Brussels,
Bucharest, Budapest, Casablanca, Cologne, Dubai, Duesseldorf, Edinburgh, Frankfurt, Funchal, Geneva, Glasgow,
Hamburg, Hong Kong, Istanbul, Kyiv, Leipzig, Lima, Lisbon, Ljubljana, London, Luanda, Luxembourg, Lyon, Madrid,
Manchester, Mexico City, Milan, Monaco, Moscow, Munich, Muscat, Paris, Podgorica, Poznan, Prague, Reading, Rio de
Janeiro, Riyadh, Rome, Santiago de Chile, Sarajevo, Seville, Shanghai, Sheffield, Singapore, Skopje, Sofia, Strasbourg,
Stuttgart, Tehran, Tirana, Utrecht, Vienna, Warsaw, Zagreb and Zurich.
Practice Areas
·· Corporate / M&A ·· Employment & Pensions
·· Banking & Finance ·· Competition & EU
·· Public Law & Regulated Sectors ·· Real Estate & Construction
·· Dispute Resolution ·· Digital, Data & IP
·· Tax

Value
Client Head Lawyer About the transaction
(EUR)
Lazard on the initial phase of the takeover

launched by ACS for Abertis, a Spain-based
César Albiñana and
Lazard company engaged in the management of 18,56bn
Antonio Pino
mobility and telecommunications infrastructure
such as motorways and airports.
César Albiñana and Advice to Iberdrola as majority shareholder of

Iberdrola 6,2bn
Luis Miguel de Dios Gamesa on its merger with Siemens Wind Power.
Banco Sabadell on the creation of the Banco Sabadell

Banco Sabadell Curra Munuera 6bn
RMBS 4 fund and issuance of bonds worth EUR6bn.
Telefónica César Albiñana Advice to Telefónica on a capital increase. 3,04bn
Advice to Telefónica in connection with the sale

Telefónica César Albiñana 1,27bn
and purchase of up to 40% of Telxius Telecom.
Rafael Suárez de Lezo

Globalvía Advice to Globalvía on the acquisition of Itínere. 1bn
and Carlos Peña
LEGAL ADVISORS
Banco Sabadell RMBS 2, Fondo de titulización
de activos and IM Sabadell RMBS 3, Fondo de
Banco Sabadell Curra Munuera Titulización de Activos on the early liquidation and 1bn
redemption of bonds, as well as the extinction of
the funds for an approximate value of EUR1bn.
Haitong Bank on the sale of Empark

Gracia Sáinz and
Haitong Bank Aparcamientos y Servicios to Macquarie 1 bn
Antonio Pino
Infrastructure and Real Estate.
HP on the acquisition of Samsung

HP Carlos Peña 1bn
Electronics’s global printer business.
Advice to Coherent on several aspects of

Coherent, Inc. Abraham Nájera Spanish law relating to a loan agreement 850m (USD)
for an approximate value of USD850m.
Rafael Suárez de Lezo Acciona on the sale of a 92.71% stake in Compañía

Acciona 436m
and Antonio Pino Transmediterranea, S.A. to Naviera Armas.
Rafael Suárez de Lezo Portobello Capital Gestión on the acquisition of

Portobello 70m
and Mariano Bautista an undisclosed stake in Blue Sea Hotels & Resort
Savills Luis Miguel de Dios Savills on the acquisition of Aguirre Newman. 67m
Ingenico Group on the acquisition of IECISA

Ingenico Group Curra Munuera Electronic Payment System, the Spain-based provider 20m
of payment services, from Informatica El Corte Inglés.
Paul Hartmann on the acquisition in Spain and

Paul Hartmann Luis Miguel de Dios N/A
Portugal of a Lindor portfolio from Procter & Gamble.

CMS Rui Pena & Arnaut ID: 2246
Portugal
CMS_LawTax_CMYK_from101.eps
Contacts
LISBON Rua Sousa Martins, 10, FUNCHAL Rua Ivens n.º 3, Edifício D. Mécia,
1050-218. Lisbon 5.º andar - letra W,
9000-046. Funchal
TELEPHONE (+351) 210 958 100 TELEPHONE (+ 351) 291 220 631
FAX (+351) 210 958 155 FAX (+ 351) 291 220 631
EMAIL rpa@cms-rpa.com WEBSITE www.cms.law
Other offices
ANGOLA
Correspondent Office in Luanda TELEPHONE (+244) 946 673 866
FTL Advogados
Presidente Business Center FAX (+244) 946 673 867
Largo 17 de Setembro, 3 – 4th floor
Room 408, Luanda. Angola WEBSITE www.ftl-advogados.com
LEGAL ADVISORS
Profile Team
N.º OF PARTNERS | 14 N.º OF LAWYERS | 77 José Luís Arnaut MANAGING PARTNER
joseluis.arnaut@cms-rpa.com
About Us
CMS Rui Pena & Arnaut is a law firm with more than 45 years of experience, firmly established in
the Portuguese market. Renowned as a proficient and professional law firm, CMS Rui Pena & Arnaut
builds long-term relationships with its clients based on trust and transparency. CMS Rui Pena &
Arnaut provides reliable, ethical and legally correct solutions and, above all, delivers creative, com-
petitive, proactive and efficient services to all its clients.
Drawing on its multidisciplinary expertise, CMS Rui Pena & Arnaut organises its work teams to take
account of individual client requirements. This includes predicting likely scenarios and anticipating
potential problems. The goal is to provide quality and consistent legal and tax advice and decisively
contribute to the successful pursuit of clients’ business goals.

Main Practice Areas
With its full-service approach, the firm offers its clients legal advice on all areas of national and
international commercial law. CMS Rui Pena & Arnaut is active for its clients in the following areas
of expertise: corporate, mergers and acquisitions, private equity and venture capital, banking, cap-
ital markets, competition, state aid and EU law, intellectual property, media and press, life science,
healthcare, individual and collective labour law, pension law, real estate and construction, hotels, IT
and telecommunications, tax, insolvency and restructuring, utilities and energy, public commercial
and environmental law, procurement, insurance, litigation and arbitration.
Clients
The firm’s clients include large and mid-sized companies, banks, public, national and multinational
institutions active in Portugal or conducting cross-border business. They include several import-
ant national and multinational enterprises, operating in industries ranging from energy, oil and gas,
renewables, construction, steel, automotive, car rental, transportation, pharmaceuticals and elec-
tronics, to general and credit insurance, brokerage and banking. It also represents a number of public
entities and private individuals.
CMS:
Founded in 1999, with more than 70 offices in over 40 countries, CMS is one of the most global law
firms in the AmLaw Global Top 100. More than 4,500 legal professionals across the world work in
LEGAL ADVISORS
sector-based teams and are trained in project management. CMS offers specialist, business-focused
advice in law and tax matters to clients operating in complex business and constantly changing regu-
latory environments. CMS lawyers focus on their clients and on providing the best possible service.
From major multinationals and mid-caps to enterprising start-ups, CMS provides the technical rigour,
strategic excellence and long-term partnership to keep each client ahead whatever its chosen markets.
CMS is proud to accept market recognition for its performance as a welcome indicator that it pro-
vides clients with the highest quality of service and advice. Recent awards include winning in the
‘Innovation in legal expertise: driving value’ category at The Financial Times Innovative Lawyers
Awards Europe 2017 and ‘Private Equity Legal Adviser of the Year’ at the Mergermarket European
M&A 2017 Awards.
CMS offices (and associated offices):

Aberdeen, Algiers, Amsterdam, Antwerp, Barcelona, Beijing, Belgrade, Berlin, Bogotá, Bratislava,
Bristol, Brussels, Bucharest, Budapest, Casablanca, Cologne, Dubai, Duesseldorf, Edinburgh,
Frankfurt, Funchal, Geneva, Glasgow, Hamburg, Hong Kong, Istanbul, Kyiv, Leipzig, Lima, Lisbon,
Ljubljana, London, Luanda, Luxembourg, Lyon, Madrid, Manchester, Mexico City, Milan, Monaco,
Moscow, Munich, Muscat, Paris, Podgorica, Poznan, Prague, Reading, Rio de Janeiro, Riyadh, Rome,
Santiago de Chile, Sarajevo, Seville, Shanghai, Sheffield, Singapore, Skopje, Sofia, Strasbourg, Stuttgart,
Tehran, Tirana, Utrecht, Vienna, Warsaw, Zagreb and Zurich.

Cuatrecasas ID: 358
Spain / Portugal
Contacts
ADDRESS 1 Av. Diagonal, 191 ADDRESS 2 Almagro, 9 ADDRESS 3 Pç. Marquês de Pombal, 2
08018 Barcelona 28010 Madrid 1250-160 Lisboa
TELEPHONE (+34) 932 905 500 TELEPHONE (+34) 915 247 100 TELEPHONE (+351) 213 553 800
WEBSITE www.cuatrecasas.com
Profile
START OF ACTIVITY | 1917 Nº OF EMPLOYEES | 1.500
Team
LEGAL ADVISORS
Rafael Fontana SENIOR PARTNER Jorge Badía MANAGING PARTNER
About Us
Cuatrecasas is a law firm present in 12 countries. We advise on all areas of business law, applying a
sectoral approach and covering all types of business, and represent companies that are leaders in their
sectors, advising them on their investments in the major markets.
We have 16 offices on the Iberian Peninsula and 11 international offices, as well as 5 international
desks and over 20 country groups, which are integrated to offer the team best suited to our clients’
requirements.
Our more than 900 lawyers work with a new approach to client service, combining collective knowl-
edge with innovation and the latest technologies to offer contemporary, efficient advice and to
provide solutions to the most complex situations, creating value for the client, the team and the envi-
ronment. Thanks to our clients, we have acquired invaluable experience advising on the most complex
aspects of every specialty area, both in recurring matters as well as in transactions and proceedings.
Leading p ractice in M&A
We have a Knowledge and Innovation Group made up of a multidisciplinary team of academics,

lawyers and technologists specializing in research and development. This enables us to manage our
resources and collective knowledge more efficiently; promote ongoing improvement of our internal
processes; and guarantee the provision of efficient, innovative and top-quality advice to our clients.

Leading practice in M&A
Cuatrecasas is the law firm with the largest market share in Iberia. According to all the main rankings,
the firm has a leading position for volume of announced and completed transactions for many years.
We also advise on some of the main transactions in the market
Corporate and finance

Our corporate and finance practices are ranked number one by international legal directories. We
have over 300 lawyers advising listed and non-listed companies, and national and multinational
groups on all areas of their business activity, including the following specialties:
M&A and private equity

Advising on large-scale and complex transactions, we have participated in some of the most significant
M&A and private equity transactions on the market. Our practice is acknowledged as a leader on the
Iberian Peninsula and in the international legal market.
Capital markets
We have extensive experience in advising the main listed companies in Spain and Portugal, and inter-
national companies with interests on the Iberian Peninsula. We have advised on some of the most
important initial public offerings and takeover bids that have taken place in Spain and Portugal in
recent years. We are also one of the few national firms to have a solid practice advising on the issuing
and placing of all types of debt.
Finance
LEGAL ADVISORS
We advise on structuring and implementing all types of financing, fixed-income and structured trans-
actions, and securitization, at national and international level.
Acknowledgments
European Banking & Best Spanish law firm Third most innovative firm in Most Admired
Finance Deal of the Year and best national gender continental Europe Knowledge Enterprise
diversity initiative
The Lawyer European Europe Women in Business Financial Times, 2017 MAKE, 2017
Awards, 2017 Law Awards, 2017

ID: 1615
DLA Piper
Spain
Contacts
MADRID DLA Piper LISBOA DLA Piper ABBC
Paseo de la Castellana, 35 Largo S. Carlos, nº 3. 1200-410 Lisboa
28046 Madrid (Portugal)
TELEPHONE (+34) 91 319 12 12 TELEPHONE (+ 351) 21 358 36 20
WEBSITE https://www.dlapiper.com/es/spain/ WEBSITE https://www.dlapiper.com/en/us/

locations/lisbon/
EMAIL comunicacion.madrid@dlapiper.com
Profile
START OF ACTIVITY | Iberia 2002 Nº OF EMPLOYEES | 150 lawyers in Iberia
LEGAL ADVISORS
Team
Joaquín Echánove PARTNER Pilar Menor MANAGING PARTNER José María Jiménez Laiglesia PARTNER
Corporate, M&A and Private equity Employment Competition & EU Law
joaquin.echanove@dlapiper.com pilar.menor@dlapiper.com josemaria.jimenez-laiglesia@dlapiper.com
Iñigo Gómez-Jordana SENIOR PARTNER Jesús Zapata PARTNER Orson Alcocer PARTNER
Corporate, M&A, Private Equity and Finance & Projects Real Estate
Capital Markets. Corporate Finance jesus.zapata@dlapiper.com orson.alcocer@dlapiper.com
inigo.gomez-jordana@dlapiper.com
Ricardo Plasencia PARTNER Javier Santos PARTNER
Teresa Zueco PARTNER Financial Regulation Energy
Corporate, M&A and Private Equity ricardo.plasencia@dlapiper.com javier.santos@dlapiper.com
teresa.zueco@dlapiper.com
Carlos Rodríguez PARTNER Diego Ramos PARTNER
Enrique Chamorro OF COUNSEL Tax Intellectual Property, Information
Private Equity and M&A carlos.rodriguez@dlapiper.com Technology and Healthcare
enrique.chamorro@dlapiper.com diego.ramos@dlapiper.com
About Us
DLA Piper is a global law firm with more than 4,000 lawyers located in 90 offices across more than 40
countries throughout the Americas, Europe, the Middle East, Africa and Asia Pacific, positioning us to
help clients with their legal needs around the world. We strive to be the leading global business law
firm by delivering quality and value to our clients.
We achieve this through practical and innovative legal solutions that help our clients succeed. We
deliver consistent services across our platform of practices and sectors in all matters we undertake.

Practice Areas
·· Capital Markets ·· Intellectual Property ·· Public Law
·· Corporate and M&A and Technology ·· Real Estate
·· Employment ·· Litigation and Regulatory ·· Restructuring
·· EU and Competition ·· Life Science and Healthcare ·· Tax
·· Finance and Projects ·· Private Equity
Awards
·· #1 by deal count Globally (for the 8th consecutive year), ·· Top ten law firms in Spain by value, TTR 2017.
·· #1 by deal count in Europe (for the 5th consecutive year), ·· DLA Piper recognized as a global and national leader in
·· #1 ranking (for combined buyouts & exits) across Europe, M&A, private equity and venture capital by PitchBook.
·· #1 by deal count in the UK (for the 11th consecutive year), ·· Second strongest legal brand globally Global
Elite Law Firm Brand Index by Acritas 2017.
·· #1 by deal count in France,
·· Named one of the most innovative law firms in Europe by the
·· #1 by deal count in Nordics, Financial Times Innovative Lawyers Europe Report 2017.
·· #1 Europe Private Equity Buyouts and Exits, ·· DLA Piper has been one of the most recommended law firms
·· #2 by deal count in Russia, by corporate counsel for ten years in a row, according to BTI
Most Recommended Law Firms report 2017.
·· #3 by deal value in Latin America, and
·· #4 by deal value in Italy, and Top 10 law firms in
Spain and Iberia by value by Mergermarket.
Extra information
Global presence: Americas: Brazil, Canada, Colombia, Chile, Mexico, Peru, United States. Europe: Austria, Belgium,
Czech Republic, Denmark, Finland, France, Germany, Hungary, Italy, Luxembourg, Netherlands, Norway, Poland,
LEGAL ADVISORS
Portugal, Romania, Russia, Slovak Republic, Spain, Sweden, Ukraine, United Kingdom. Middle East: Bahrain, Kuwait,
Oman, Qatar, Saudi Arabia, United Arab Emirates. Africa: Algeria, Angola, Botswana, Burundi, Ethiopia, Ghana, Kenya,
Mauritius, Morocco, Mozambique, Namibia, Nigeria, Rwanda, Senegal, South Africa, Tanzania, Tunisia, Uganda, Zambia.
Asia Pacific: Australia, China, Japan, New Zealand, Singapore, South Korea, Thailand.
Target Country Subsector Buyer Seller Total Value
Abertis Spain Infrastructure Atlantia Abertis €34 b
QuironSalud Spain Healthcare Helios Kliniken CVC €5.7 b
Copenhagen
Vineyard Wind USA Energy Iberdrola Aprox. €2 b
Infrastructure Partners
Energias de Portugal Portugal Energy EDP Renovaveis €1.3 b
Novo Banco Portugal Financial/Banks Lone Star €1 b
Cobra Concesiones, GIP.

II Helios, Mutuactivos,
Renewable
Saeta Yield Spain TERP Spanish Sinergia Advisors 2006. €995 m
Energy
Agencia de Valores,
Private Shareholders I
Aernnova
Spain Aerospace HoldCo Springwater Capital €900 m
Aerospace SAU
TowerBrook Capital,
URSA Insulation Spain Construction Torreal and Peninsula KKR Asset Management €470 m
Capital Partners
Toys
Famosa Group Spain Xella International Sun Capital €300 m
Manufacturer

ID: 4086
Spain
Contacts
ADDRESS Paseo de la Castellana, 66 EMAIL comunicacion@eversheds-sutherland.es
28046 Madrid
TELEPHONE (+34) 914 29 43 33 WEBSITE www.eversheds-sutherland.es
Profile
START OF ACTIVITY | 2009 N.º OF EMPLOYEES | More than 80
Team
Juan E. Díaz MANAGING PARTNER Diego Cruz- Villalón LEGAL DIRECTOR
Corporate and M&A Corporate and M&A
jdiaz@eversheds-sutherland.es dcruz@eversheds-sutherland.es
LEGAL ADVISORS
Carlos Pemán PARTNER Rafael Arráez PARTNER

Corporate and M&A Real Estate
cpeman@eversheds-sutherland.es rarraez@eversheds-sutherland.es
Sixto de la Calle COUNSEL Javier Ibáñez PARTNER

Private Equity Real Estate
sdelacalle@eversheds-sutherland.es jibanez@eversheds-sutherland.es
David Williams COUNSEL

Corporate and M&A
dwilliams@eversheds-sutherland.es
About Us
Eversheds Sutherland
Eversheds Sutherland is one of the largest full service law firms in the world with over 2.300 lawyers
across 66 offices in 32 countries. We have offices in Europe, the United States, the Middle East, Asia
and Africa. In addition, we have relationship law firms in nearly 200 jurisdictions including India and
Latin America. This enables us to ensure that the needs of our clients for legal services can be covered
around the globe to the highest possible standard in a seamless and consistent manner.
Eversheds Sutherland is perfectly equipped to handle large-scale, multi-jurisdictional projects and

transactions and to support our clients and their business activities anywhere in the world. Lawyers of
Eversheds Sutherland are highlighted in the most recognized rankings and international professional
directories. In particular, 54 of our practice areas are mentioned expressly in Chambers and Partners
Global and another 88 in Chambers and Partners Europe, various of which have been ranked as having
the highest levels of excellence in the European legal market.

Eversheds Sutherland Nicea is Eversheds Sutherland´s law firm in Spain and also coordinates the pro-
vision of legal services to our clients in Latin America. We are an international law brand with proven
technical ability and experience in multi-jurisdictional transactions and in advising large multinational
companies that operate in Spain. However, we also have strong roots in the national legal market and
our clients include an extensive and growing range of Spanish companies of all different sizes and
operating in a wide variety of business sectors. Eversheds Sutherland Nicea has 17 partners and near
80 qualified lawyers, all specialist in their respective practice areas.
Offices
London, Ipswich, Cambridge, Cardiff, Birmingham, Nottingham, Manchester, Leeds, Newcastle, Edinburgh, Dublin,
Belfast, Paris, Brussels, Rotterdam, Luxembourg City, Amsterdam, Hamburg, Berlin, Stockholm, Pori, Tampere, Jyvaskyla,
Hämeenlinna , Turku, Helsinki, Tallinn, Riga, Vilnius, Warsaw, Budapest, Vienna, Munich, Dusseldorf, Zurich, Berne, Geneva,
Madrid, Milan, Rome, Bucharest, Moscow, St Petersburg, Tunis, Durban, Johannesburg (Bryanston), Johannesburg (Melrose
Arch), Port Louis, Amman, Erbil, Baghdad, Riyadh, Doha, Abu Dhabi, Dubai, Beijing, Shanghai, Hong Kong, Singapore, Brunei
Darussalam, Sacramento, Austin, Houston, Atlanta, Washington and New York.
We have a network of more than 200 relationship law firms around the world in addition to specific
and formalized regional alliances:
·· Eversheds Sutherland Latin America Alliance
·· Eversheds Sutherland Asia Pacific Alliance
·· Eversheds Sutherland Africa Law Institute
LEGAL ADVISORS
Prescott Consolidated
Rapido Finance, S.L.U. Spain Finance SIA Twino -
Limited
Portfolio of Rockspring Property

Spain Real Estate Lar España Socimi EUR 47,6m
supermarkets Investment Managers
Founding
Bookassist Group Dublin TMT Jonas Software Inc. -
shareholders
Business operated Spain Service Sector Iron Mountain Santa Fe USD 30,2m
Entire issued capital of Beech Tree Capital Founding

Spain Education -
Learnlight Group, S.L. Partners LP shareholders
Eight solar Photovoltaic

Spain Kobus Partner Element Power -
photovoltaic projects solar energy
South African PE
San José & Logistic and Mediterránia Capital
Spain House Investec -
López Group Transport Partners y Africlnvest
Management
Assets relating to
Health and BECTON FRANCISCO SORIA
the distribution of Spain -
biosciences DICKINSON, S.A.U. MELGUIZO, S.A.
microbiology products
El Manar Shopping Aberdeen Asset Harbert Management

Spain Real Estate EUR 40m
Centre Managers Ltd Corporation

Garrido Abogados ID: 22890
Spain
Contacts
ADDRESS Santa Engracia 14-16, EMAIL abogados@garrido.es
28010 Madrid
TELEPHONE (+34) 91 319 60 62 WEBSITE www.garrido.es
Profile
Team
Miguel Ángel Garrido Riosalido PARTNER DIRECTOR
LEGAL ADVISORS
miguelangel.garrido@garrido.es
Francisco Conde Rivas PARTNER

francisco.conde@garrido.es
Enrique Benavente Rodríguez PARTNER

enrique.benavente@garrido.es
Belén Latas Zavala PARTNER

belen.latas@garrido.es
Roberto de Francisco Garrido PARTNER

roberto.defrancisco@garrido.es
Raúl de Francisco Garrido PARTNER

raul.defrancisco@garrido.es
Carlos Neira Herrera PARTNER

carlos.neira@garrido.es
Antonio Serra Mena DIRECTOR

antonio.serra@garrido.es
Jose Maria Tapia López DIRECTOR

josemaria.tapia@garrido.es
About Us
Garrido Abogados is a law firm dedicated to integral legal and tax advisory services, founded in 1992
by Miguel Ángel Garrido, Tax Inspector (on leave) and renowned economic expert.
We are known for seeking innovative, simple, and effective solutions that satisfy our clients’ expec-
tations in full.

A personalized and direct relationship with our clients, active involvement, and a commitment to
attaining results, have allowed us to gain the confidence of numerous companies.
From its foundation, Garrido Abogados has acted to defend and advise its clients in a multitude of
transactions, which include some of the mostsignificant on the Spanish market in recent years.
The firm has seen considerable growth in the number of professionals with diverse training and
experience, which has allowed us to expand our range of legal and economic services with the aim of
providing integral advisory services to our clients.
Our trajectory has allowed us to be recognized as a leading law firm, with considerable prestige and
reputation in Spanish legal circles.
Practice Areas
·· Tax
·· Customs, Special Taxes and Commerce
·· Criminal Law. Economic and Tax Offences
·· Economic Services. Expert legal and economic report.
·· Corporate Law and Commercial Contracts
·· Litigation and Arbitration
·· Labor and Employment Law
·· Corporate Compliance
LEGAL ADVISORS

Garrido Forensic ID: 62053
Spain
Contacts
ADDRESS Santa Engracia 14-16, EMAIL info@garridoforensic.es
28010 Madrid
TELEPHONE (+34) 91 319 60 62 WEBSITE www.garridoforensic.es
Profile
Team
LEGAL ADVISORS
Juan Luis Sendín Cifuentes MANAGING PARTNER

juanluis.sendin@garrido.es
About Us
We have proven experience and renowned prestige in our interventions as independent experts in the
resolution of litigation and other disputes, both in and out of court, with the drafting and subsequent
defence of reports and expert analyses in the economic-financial, accounting, and tax fields.
Our reports are notable for their clarity, rigour, and professionalism, and act as a key component in the
success of any proceedings.
Practice Areas
From amongst our professional services, we may highlight the following:
·· Intervention as independent experts in the resolution of litigation and other
disputes, both in and out of court, of an economic-financial, accounting, and tax

nature, with the drafting of reports for the valuation of companies, controlled
transactions, and agreements for the distribution of costs or expert opinions.
·· Reports in relation to claims for liquidated damages, and corporate and economic offences.
·· Broad experience in the drafting and subsequent defence of reports on tax offences.
·· Proof of any economic reasons relied on in employment proceedings.

Juan Luis Sendín
Graduated in Law at the University of Salamanca and is a non-practising accounts auditor, is the
Managing Partner of Garrido Forensic.
He is an expert witness on economic matters and specializes in drafting reports on tax offences. Juan
Luis is also a Tax Inspector (on leave).
In his career at the Spanish Tax Authorities, he has held office, inter alia, at the Regional Inspectorate
of the Special AEAT Delegation in Castile-La Mancha (2003-2005), and he was the AEAT Delegate for
Salamanca from 2010 to 2014.
He has close links to the academic world, having prepared students for civilservice examinations
to join the Senior Corps of State Tax Inspectors, and he is a frequent participant in workshops and
courses on tax matters. He has authored numerous specialist articles and participated in the drafting
of various manuals on Tax Law.
LEGAL ADVISORS

Garrigues ID: 455
Spain
Contacts
ADDRESS Calle Hermosilla, 3 EMAIL comunicaciones@garrigues.com
28001 Madrid
TELEPHONE (+34) 915 145 200 WEBSITE www.garrigues.com
Profile
START OF ACTIVITY | 1941 N.º OF EMPLOYEES | 1.410 professionals
Team
LEGAL ADVISORS
Fernando Vives Ricardo Gómez

MANAGING PARTNER / EXECUTIVE PRESIDENT SENIOR PARTNER
fernando.vives@garrigues.com ricardo.gomez@garrigues.com
About Us
Is the Iberian Peninsula’s leading tax and legal services firm in terms of professional headcount and
billings. We know the industry inside out and provide value added to each and every one of our clients.
Added Value
Experience and prestige: We can boast more than seventy years at the forefront of the tax and legal
services industry, playing an active role in legal and economic life.
Independence and ethical values: Our work is governed by strict ethical principles and an in-house
code of professional conduct that ensure the transparency and independence of our services.
Technical expertise and specialization: The ongoing training of our professionals is a strategic value.
We can draw on the services of experts in more than 30 practice areas and industry groups, taking in
everything from traditional fields of legal practice to the latest and newest areas of the law.
Flexibility and adaptation: Our relations with all of our clients are informed by trust and empathy. The
aim is to offer a bespoke service, in keeping with the needs of each particular engagement.
Rapid response time and anticipation: We offer full availability and the capability to always be one
step ahead. We are fully aware that flexibility is the key to success.
Knowledge management and technological resources: We have in place a knowledge management

system enabling us to share necessary know-how with clients as and when required.

Other offices
National: A Coruña, Alicante, Barcelona, Bilbao, Las Palmas, Madrid, Málaga, Murcia, Oviedo, Palma de
Mallorca, Pamplona, San Sebastián, Sevilla, Sta. Cruz de Tenerife, Valencia, Valladolid, Vigo, Zaragoza.
International: Beijing, Bogotá, Bruselas, Casablanca, Chile, Lima, Lisboa, Londres, México, Nueva
York, Oporto, São Paulo, Shanghái, Varsovia.
Awards
·· The British Legal Awards European Law Firm of the Year 2017.
·· Chambers Latin America Awards Client Service Award 2017.
·· Latin Finance Best Infrastructure Law Firm for the Andes 2017.
·· Expansión Legal Awards for Excellence in Business Law Practice: Best Tax Firm 2017.
·· Continental Europe’s leading firm: The European 100 - The Lawyer 2017.
·· Chambers Europe Awards Client Service Award 2017.
·· Law Firm of the Year: Andes Latinfinance Deals of the Year Awards 2017.

(EURm)
Criteria Caixa, Acionistas Particulares

I, Credit Suisse Group, BlackRock,
Roads and
LEGAL ADVISORS
Abertis Spain Hochtief Barclays Bank, Elliott, The Children 18.579,55
Highways
Investment Fund Management,
Lazard Asset Management
Transport,
United China Investment
LogiCor Aviation and Blackstone 12.250,00
Kingdom Corporation (CIC)
Logistics
Caisse de dépôt
et placement
GE Water & Process United Water and
du Québec General Electric Company 2.879,89
Technologies States Sanitation
(CDPQ), Suez
Environnement
Automotive
and
Opel Germany PSA Groupe General Motors 2.200,00
Recreational
Vehicles
Elektro Holding Brazil Electric Neoenergia - 1.149,89

Axiare Patrimonio Spain Real Estate Colonial GIC Realty, Acionistas Particulares I 1.041,56
Compañía Logística de Ardian, Kutxabank (fusión de BBK,
Spain Oil and Gas Global Casandra 1.000,00
Hidrocarburos (CLH) Kutxa y Vital), Abanca, AIMCo
Bankia (fusión
Banco Mare Financial and Fondo de Reestructuración
Spain Caja Madrid 825,00
Nostrum (BMN) Insurance Ordenada Bancaria (FROB)
y Bancaja)
Telxius Spain Telecoms Taurus Bidco Telefónica 790,50
Telefónica
Germany Telecoms Telefónica KPN 740,00
Deutschland
Zodiac Pool Solutions, United Other
Piscine Luxembourg States, Consumer Fluidra Rhône Capital 722,00
Holdings 2 Luxembourg Goods
IFM Global
Construction
Infrastructure
OHL México Mexico (Materials and Acionistas Particulares I 633,78
Fund, Magenta
Machinery)
Infraestructura
HI Partners Holdco Financial and
Espanha Halley Holdco Banco Sabadell 630,73
Value Added Insurance

GBP Legal ID: 18888
Spain
Contacts
ADDRESS Plaza Euskadi nº 5, Planta 15; EMAIL bilbao@gbp-legal.com
48009 Bilbao
TELEPHONE (+34) 944 657 940 WEBSITE www.gbp-legal.com
Profile
Team
LEGAL ADVISORS
José Ramón Berecibar PARTNER Santiago Bayo SENIOR ASSOCIATE

berecibar@gbp-legal.com santiago.bayo@gbp-legal.com
About Us
GBP-Legal is a law firm provides legal advice in M&A transactions, closer to the client and from our
more than 15 years’ experience.
Adding value, fully committed and working closer to the client. GBP-Legal renders an integral service
in M&A and capital markets transactions. It also coordinates the legal advice that in other fields of law
or in other jurisdictions, specialists in other fields or international law firms from our network, may
provide to our clients when transactions demand it. We do not run our practice under rigid billing or
attention structures, as our lead lawyers do follow the matter from the beginning to the end.
Practice Areas
We focus our practice in M&A, commercial and finance law, Company law, advice to Board of Directors
and capital markets (debt and equity).
Awards
·· José Ramón Berecibar was recently selected by her peers for inclusion in
The Best Lawyers in Spain© 2017 in the fields of Corporate and M&A Law.


(EURm)
Corporacion ACEK Desarrollo y Gestion

CIE Automotive Spain Automotiive 303
Financiera Alba Industrial / Mahindra & Mahindra
Santos Barosa Glass Container

Portugal Vidrala Private Shareholders 252
Vidros S.A. Manufacturer
The Phone Global Dominion

Spain Telecoms Dixons Carphone 55
House Spain Access
Engineering
BWB Consulting UK CAF Private Shareholders N/D
services
Seating and Metal

Spain Automotive Lear Corporation Grupo Antolin 286
Business Unit
Newcor US Automotive CIE Automotive CIE Automotive 100
Tubacex Awaji Tube

Thailand Tubacex Private Shareholders N/D
Thailand manufacturing
LEGAL ADVISORS

Gómez-Acebo & Pombo ID: 304
Spain
Contacts
ADDRESS Pº de la Castellana, 216 WEBSITE www.ga-p.com
28046 Madrid
TELEPHONE (+34) 915 829 100
Profile
START OF ACTIVITY | 1971 N.º OF EMPLOYEES |Our firm has more than 280
lawyers (61 partners), located in nine offices in
five different countries (Spain, United Kingdom,
United States of America, Portugal and Belgium).
Team
LEGAL ADVISORS
Iñigo Erlaiz HEAD OF CORPORATE Almudena Arpón de Mendívil y Aldama Francisco Gil PARTNER
ierlaiz@ga-p.com PARTNER fgil@ga-p.com
aam@ga-p.com
Fernando de las Cuevas HEAD OF M&A David González Gálvez PARTNER
fcuevas@ga-p.com Mafalda Barreto PARTNER dgonzalez@ga-p.com
mbarreto@ga-p.com
Miguel Lamo de Espinosa Daniel Marín PARTNER
HEAD OF FINANCE José Ángel Cano PARTNER dmarin@ga-p.com
mle@ga-p.com jacano@ga-p.com
Richard A. Silberstein PARTNER
Manuel Martín SENIOR PARTNER Alex Carbonell Real-Salas PARTNER rsilberstein@ga-p.com
mmartin@ga-p.com acarbonell@ga-p.com
Mónica Weimann PARTNER
Carlos Rueda MANAGING PARTNER Rubén Ferrer PARTNER mweimann@ga-p.com
crueda@ga-p.com rferrer@ga-p.com
Verónica Romaní PARTNER
Alfonso Areitio PARTNER Francisco Fita PARTNER vromani@ga-p.com
aareitio@ga-p.com ffita@ga-p.com
Fernando Igartua PARTNER
figartua@ga-p.com
About Us
We are an independent Iberian law firm and our aim is to provide first rate advice to our clients
through innovative, practical and successful legal strategies. This is possible thanks to:
·· the in-depth legal knowledge of more than 280 lawyers in our team;
·· in-depth understanding of our clients’ business and the ability to anticipate their needs;
·· our dedication and commitment;
·· the long-standing professional relationships we build with our clients;
·· our working method: by creating multidisciplinary teams led by one or more partners who
interface with the client, ensuring that the best experts participate effectively in each case;

·· an Academic Council founded in 1988, comprising of professors in different areas of law,
all leaders in their respective fields, and who work together with the lawyers to cover the
specific needs of each client and case, thereby ensuring advice of the highest standards.
To achieve these objectives we recruit some of the finest young lawyers in the profession who are
offered a compelling challenge in an environment that allows them to develop their knowledge,
strengths and abilities to the full, receiving expert training in legal matters, languages and commu-
nication skills and to improve management and negotiation capacities. Moreover, the majority of our
professionals bring to the firm knowledge of other jurisdictions as a result of internships at leading
international law firms in the European Union, the United States and Japan.
Corporate Mergers and Acquisitions

·· Mergers and acquisitions ·· Insolvency ·· Acquisitions
·· National and international ·· Strategic alliances ·· Corporate transactions and
commercial contracts ·· Application of structural amendments

·· Company law UNCITRAL rules ·· Capital Market transactions
·· Joint ventures / ·· Retail ·· Debt
Partnership agreements ·· Commercial, agency, ·· Disinvestments
·· Venture capital operations logistic and selective ·· Bilateral financings
·· Insurance network distributions ·· Syndicated loans
·· Maritime law
LEGAL ADVISORS
Work Highlights
Type Client Leading individual Brief Summary
We have advised Oman Oil on the sale of 10%

Mergers and Fernando de las Cuevas,
Oman Oil shareholding in Compañía Logística de Hidrocarburos
Acquisitions David González Gálvez
(CLH) to Macquarie Infrastructure and Real Assets.
Guillermo Guerra (Spain);

We have advised Prisa on the sale of its 94.69%
Miguel de Avillez Pereira
Mergers and interest in Media Capital SGPS S.A to Altice.
Prisa (Portugal); Miguel Castro
Acquisitions Media Capital owns Portuguese tv channel
Pereira (Portugal); Mário
“TVI” and radio station “Comercial”.
Marques Mendes (Portugal)
We have provided advice to the leading parties, on

Bank of America, all Spanish matters concerning the credit facility
Nomura Securities Santiago Gómez-Acebo,
Financing granted to Grupo Grifols for the sum of 6.3bn
International, Verónica Romaní,
operations euros-listed in the Madrid Stock Exchange and
Goldman Sachs y Fernando Igartua
HSBC Bank Plc NASDAQ-aimed at refinancing an existing debt
and the acquisition of Hologic´s diagnostic unit.
We have advised a syndicate of investment

Miguel Lamo de Espinosa, funds in connection with the restructuring and
Financing
Investment Funds Santiago Gómez-Acebo, financing of Abengoa´s debt valued at 1.2bn
operations
Rodrigo López euros, in what could have potentially been
the biggest Spanish bankrupcy process.
We have advised listed corporation Papeles y Cartones

IPOs and de Europa S.A (Europac) in all stages related to its share
share capital Europac Guillermo Guerra
capital increase for the sum of 7.8m euros, as well as in
increasing
its reduction of share capital in the sum of 3.9m euros.

Herbert Smith Freehills ID: 1422
Spain
Contacts
ADDRESS Calle de Velázquez 63 WEBSITE herbertsmithfreehills.com
28001 Madrid
TELEPHONE (+34) 91 423 4000
Profile
START OF ACTIVITY | 2009 N.º OF EMPLOYEES | More than 100
employees led by 12 partners
Team
Álvaro Sainz SENIOR PARTNER Henar González PARTNER Iria Calviño OF COUNSEL
alvaro.sainz@hsf.com henar.gonzalez@hsf.com iria.calvino@hsf.com
LEGAL ADVISORS
Miguel Riaño MANAGING PARTNER Marta Esteban OF COUNSEL

Paulino Fajardo PARTNER
miguel.riano@hsf.com marta.esteban@hsf.com
paulino.fajardo@hsf.com
Nicolás Martín PARTNER Andrés Alfonso OF COUNSEL
Pablo García-Nieto PARTNER
nicolas.martin@hsf.com andres.alfonso@hsf.com
pablo.garcia-nieto@hsf.com
Ignacio Paz PARTNER Leopoldo González-Echenique
Javier de Carvajal PARTNER
ignacio.paz@hsf.com CONSULTANT
javier.carvajal@hsf.com
leopoldo.gechenique@hsf.com
Gonzalo Martín de Nicolás PARTNER
Manuel Rivero OF COUNSEL
gonzalo.martindenicolas@hsf.com Fernando Gascón CONSULTANT
manuel.rivero@hsf.com
fernando.gascon@hsf.com
Alberto Frasquet PARTNER
Jorge Viera CONSULTANT
alberto.frasquet@hsf.com Antonio Pastor CONSULTANT
jorge.viera@hsf.com
antonio.pastor@hsf.com
Eduardo Soler Tappa PARTNER
Marta Sánchez Villalta OF COUNSEL
eduardo.solertappa@hsf.com Javier Guillén CONSULTANT
marta.sanchezvillalta@hsf.com
javier.guillen@hsf.com
Eduardo Gómez de Enterría PARTNER
eduardo.g_enterria@hsf.com
About Us
Herbert Smith Freehills is an international law firm result of the merger between Herbert Smith
(London), and Freehills (Sydney). Operating from 27 offices across Asia Pacific, EMEA and the US,
Herbert Smith Freehills is at the heart of the new global business landscape providing premium qual-
ity, full-service legal advice.
In 2009, Herbert Smith opened its office in Madrid to provide national and cross-border legal advice
to Ibex 35 companies and important local and multinational clients with complex and high-profile
operations in Spain and in the rest of the world.

In 2017, our Spanish office was recognized as “Law Firm of the year” in Energy by Best Lawyers. In
2012, the Madrid office was awarded with the third prize as “Value-add 2012” company and was
shortlisted in the “Most Trusted Legal Advisers 2012” by Iberian Lawyer. In 2011, the office received
the ‘Best overseas office’ award by The Lawyer.
International network
Bangkok, Beijing, Belfast, Berlin, Brisbane, Brussels, Doha, Dubai, Düsseldorf, Frankfurt, Hong Kong,
Johannesburg, London, Madrid, Melbourne, Milan*, Moscow, New York, Paris, Perth, Riyadh*, Seoul,
Shanghai, Singapore, Sydney, Tokyo, Jakarta*, Africa Group, India Group, Iran Group, Kazakhstan
Group, Latam Group, Nordic Group, Saudi Arabia Group, Ukraine Group.
*Associated firms
Main practice areas

Corporate/M&A; Dispute resolution, ADR and arbitration; Competition and trade; Employment, pen-
sions and incentives; Finance; Projects; Capital markets; Public law and regulatory; Restructuring and
insolvency; Tax.
Main sectors
Construction and engineering; Consumer products; Energy and mining; Environment and plan-
ning; Financial buyers; Financial services; Infrastructure and transport; Insurance; Leisure and sport;
Manufacturing and industrials; Pharmaceuticals and healthcare; Professional services; Real estate; TMT.
LEGAL ADVISORS
Transaction
Target Seller Buyer (%) Value
(EUR)
EQT Infrastructure and First State Investments

Parkia 342m
Mutua Madrileña (100%)
Not disclosed,
some media
Pachá Group the Urgell family Trilantic Capital Partners
estimate it
around 350m
12 companies owning 11 logistic buildings Approx.

GreenOak Real Estate P3 Logistic Parks (GIC)
and a solar plant, respectively 244 m
ITASA ISG Magnum capital partners 95m
Telefónica UK (O2) Telefónica Hutchinson Whampoa 13.716m
Abengoa Bioenergy France, Biocarburantes Abengoa Bioenergía

Castilla y León, Bioetanol Galicia, Inversiones, Private Bioenergy Investments 140m
Ecocarburantes Españoles, Ecoagrícola Shareholders
Mutua Madrileña
Ingesport Health & Spa Consulting Corfin Capital Approx. 170m
and Torreal
Antin Infrastructure
Axión Infraestructuras de Telecomunicaciones AMP Capital 135m
Partners
Cepsa’s polyester business Cepsa Indorama ND
IMOncology Group Nazca Capital GenesisCare 60m

Jones Day ID: 517
Spain
Contacts
ADDRESS Paseo de Recoletos 37-41, EMAIL mfernandez@jonesday.com
5th floor,
28004, Madrid
TELEPHONE (+34) 91 520 39 39 WEBSITE www.jonesday.com
Profile
START OF ACTIVITY | Firm, 1893. Madrid office, 2000
LEGAL ADVISORS
Team
Federico Merino PARTNER Paloma Mato OF COUNSEL David Hernández ASSOCIATE
M&A M&A M&A
fmerino@jonesday.com pmato@jonesday.com dhernandez@jonesday.com
Miguel Bermúdez de Castro PARTNER Blanca Puyol OF COUNSEL Marina Bru ASSOCIATE
M&A M&A M&A
mbermudezdecastro@jonesday.com bpuyol@jonesday.com mbru@jonesday.com
Manuel Vara PARTNER Beatriz Píriz OF COUNSEL Mariana Muñoz ASSOCIATE

M&A M&A M&A
mvara@jonesday.com bpiriz@jonesday.com mmunoz@jonesday.com
Mercedes Crespo ASSOCIATE

M&A
mcrespo@jonesday.com
About Us
Jones Day, a legal institution with more than 2,500 lawyers on five continents, is based on a set of core
principles - the most critical of which is a relentless focus on client service that transcends individual
interests. We are One Firm Worldwide.
Practice Areas
·· Antitrust & Competition Law ·· Cybersecurity, Privacy & Data Protection
·· Banking, Finance & Securities ·· Employee Benefits & Executive
·· Business & Tort Litigation Compensation
·· Business Restructuring & Reorganization ·· Energy

·· Environmental, Health & Safety ·· Labor & Employment
·· Financial Institutions Litigation & Regulation ·· Life Sciences
·· Global Disputes ·· M&A
·· Government Regulation ·· Private Equity
·· Health Care ·· Real Estate
·· Insurance Recovery ·· Securities Litigation & SEC Enforcement
·· Intellectual Property ·· Tax
·· Investigations & White Collar Defense ·· Technology
·· Issues & Appeals
Client Transaction
$6.1 billion cash acquisition of Medtronic's Patient Care, Deep Vein

Cardinal Health, Inc.
Thrombosis and Nutritional Insufficiency businesses.
Acquisition of majority interest in and formation of a joint venture with Montepino Logistica SL to
CBRE Global Investors develop a portfolio of prime assets in core locations in Spain. This transaction represents the first
joint venture investing in logistics assets under development in Spain after the financial crisis.
FactSet Research
Acquisition of Interactive Data Managed Solutions (IDMS) from Intercontinental Exchange.
Systems, Inc.
LEGAL ADVISORS
Acquisition of Endeka Group, a global producer of high value coatings
Ferro Corporation and key raw materials for the ceramic tile market.
Acquisition of a majority interest in Gardenia Quimica S.A.
Representation regarding a joint venture formed by Greystar, AXA Investment Managers -

Real Assets, acting on behalf of its clients, and CBRE Global Investment Partners (CBRE GIP),
Greystar Real Estate
also acting on behalf of its clients, in its acquisition of a portfolio of 37 student residences in
Partners, LLC
Spain (33 operating and 4 under development) owned by Grupo RESA (Spain's market leader
in student accommodation), from Azora, Arta Capital, Banca March and Mutua Madrileña.
Formation of Auria Solutions Ltd., a new global supplier of soft trim and acoustical
products for the automotive industry and joint venture with Shanghai Shenda Co.
International Automotive Ltd. ("Shenda"). Shenda acquired a 70% stake in the UK-based joint venture based on
Components Group S.A. an enterprise value of $570 million. IAC retained a 30% interest. The joint venture's
operations include substantially all of IAC’s soft trim and acoustics operations,
consisting of 21 manufacturing facilities and four technical centers worldwide.
Investcorp €605 million (US$695 million) sale of Esmalglass, a leading producer

International Ltd. of ceramic colors and glazes, to Lone Star Fund X.
Acquisition of IQAP Masterbatch Group S.L., a provider of specialty colorants

PolyOne Corporation
and additives based in Spain with customers throughout Europe.
Portobello Capital Acquisition of 100% of the Spanish companies Centauro Rent a Car, S.L. Unipersonal
Gestion SA SGEIC and Nordic Bus, S.L. Unipersonal, car hire and bus hire companies, respectively.
Sale of a majority stake in Review Rank, S.A. d/b/a ReviewPro, a leading

Review Rank S.A. provider of guest intelligence solutions to the hospitality industry,
to Shiji Technology, a large hotel technology company.

King & Wood Mallesons ID: 1954
Spain
Contacts
ADDRESS C/ Goya, 6 EMAIL madrid@eu.kwm.com
28001 Madrid
TELEPHONE (+34) 91 426 00 50 WEBSITE www.kwm.com
Profile
START OF ACTIVITY | 1999 Nº OF EMPLOYEES | King & Wood Mallesons
(KWM) in Spain has more than 50

lawyers, including 10 partners.
Team
LEGAL ADVISORS
Carlos Pazos MANAGING PARTNER Joaquín Sales PARTNER Alfredo Guerrero PARTNER
Corporate, M&A, Private Equity Banking and Finance Litigation and Arbitration
carlos.pazos@eu.kwm.com joaquin.sales@eu.kwm.com alfredo.guerrero@eu.kwm.com
Roberto Pomares PARTNER Alberto Ruano PARTNER Germán Cabrera PARTNER

Corporate, M&A Tax Corporate, M&A
roberto.pomares@eu.kwm.com alberto.ruano@eu.kwm.com german.cabrera@eu.kwm.com
Pablo Díaz PARTNER Gonzalo Olivera PARTNER

Corporate, M&A Energy and Regulatory
pablo.diaz@eu.kwm.com gonzalo.olivera@eu.kwm.com
Isabel Rodríguez PARTNER Carlos Gil PARTNER

Funds, Private Equity Labour Law
isabel.rodriguez@eu.kwm.com carlos.gil@eu.kwm.com
About Us
King & Wood Mallesons (KWM) is a global and multidisciplinary law firm with more than 2,000 law-
yers. With presence in Europe, Middle East, Australia, China, Japan and U.S., King & Wood Mallesons
is one of the biggest law firms worldwide.
KWM has become one of the benchmark firms for Corporate, M&A and Private Equity. It has a high
level of expertise and a global team of more than 100 partners specialized in Corporate and M&A
and more than 70 in Private Equity. The firm’s clients are large national and international compa-
nies, financial institutions, funds, private equity firms and investors. The firm advises them on major
transactions (mostly with a cross-border component), the structuring of investment vehicles, capital
markets, tax and regulatory issues.

International Presence
King & Wood Mallesons has a strategic presence in the fastest growing markets and major finan-
cial centers in the world. It has offices in Madrid, London, Brussels, Frankfurt, Milan, Dubai, Sydney,
Melbourne, Perth, Brisbane, Canberra, Singapore, Hong Kong, Beijing, Shanghai, Shenzhen, Chengdu,
Guangzhou, Hangzhou, Suzhou, Qingdao, Jinan, Sanya, Tokyo, New York and Silicon Valley.
Practice Areas
·· Corporate and M&A ·· Labour ·· Energy and Infrastructure
·· Funds and Private Equity ·· Litigation and Arbitration ·· Regulatory
·· Banking and Finance ·· Insolvency ·· EU and Competition
·· Tax ·· Real Estate
Clients
Grupo EDP Hispasat Equistone Grupo Nexxus Capital Black Toro
Partners Entrecanales Capital - AM Trea
Indigo Grupo Nicolás Oquendo Capital
Correa Sonae Espiga Capital Axis
Intertrust Portobello Participaciones
Lion Capital Abac Capital Akina Capital Empresariales
Capital Dynamics
Aurelius Group Altamar Capital GED Capital Qualitas Equity JB Capital
La Seda de Partners Partners Markets
Barcelona Aquila Capital Magnum Capital
Altan Capital Industrial Realza Capital Valencia Club
First State Meriton Holdings Partners de Fútbol
Arcano Group Seaya Ventures
Sovena Oilseeds Ardian MCH Private Northeast
Artá Capital Equity Sherpa Capital Industries Group
Zeltia Ladbrokes
LEGAL ADVISORS
COFIDES Meridia Capital Swanlab Venture
Associated El Corte Inglés Factory
British Food Corpfin Capital Alantra
Alain Afflelou Real Estate Ysios Capital
Vocento
Client Transaction
Advice on the sale of Natugás - the second largest gas distribution company in Spain - to
EDP the consortium established by JP Morgan Infrastructure, Abu Dhabi Investment Council,
Swiss Life Asset Managers and Covalis Capital. Deal value: EUR 2,591 million.
Advice on the acquisition of the Momentum Business of the Delphi Group, composed by
the Spanish company Delphi Packard España, S.L., currently named Merit Automotive
Northeast Industries Group
Electronics Systems, S.L.U., and other assets of the business located in different jurisdictions
such as Mexico, China, Brazil, Poland, USA and Germany. Deal value: EUR 197 million.
Advice on the acquisition of Abelan Board Industrial S.L., a major producer of core board and
Aurelius Group
solid board packaging products operating out of Southern Europe, from PHI Industrial.
Advice on its investment in Nice Cold Corporation and

Moira Capital Advisors
Grupo Dermatológico y Estético Pedro Jaén.
Axis Participaciones Advice on all the issues related to its activities in the private equity and venture
Empresariales capital sector, including its divestments in Recyclair and Suaval.
First State Advice on the transfer to the Japanese company Sojitz Corporation of a 15% stake in Reganosa.
GED Capital Advice on its investments in Araven and GTT.
Advice on the combination of its sport fashion business in Spain and Portugal,
Sonae
SportZone, with its competitor JD-Sprinter, owned by JD Sports and Balaiko.

Lawesome ID: 26499
Spain
Contacts
ADDRESS Gran Vía Don Diego Lopez de Haro, EMAIL lawesome@lawesome.es
nº 17, 1ª Planta, 48001- Bilbao
TELEPHONE (+34) 94 400 26 75 WEBSITE www.lawesome.es
Profile
Team
LEGAL ADVISORS
Xabier Álvarez Lombardía FOUNDING PARTNER Laura Lucio Sedano ASSOCIATE

Director of Growth Services Responsible for the Litigation area
Martin Eguia Barrio FOUNDING PARTNER Aitor Zubizarreta Gorostiza SENIOR ASSOCIATE
Director of Crisis Management Services Startups, M&A and Venture Capital
Amaia Romero Alday SENIOR ASSOCIATE Borja Domingo ASSOCIATE

Startups, M&A and Venture Capital Litigation Area
About Us
The firm is a Legal Boutique focused on advising companies and entrepreneurs with two distinct lines
of business:
Growth Services: focused on the launching of new businesses and, especially, on M&A and Venture
Capital transactions. The team is highly specialized in advising startups with high growth potential as
well as Technology Centers and Universities in launching their Spin Offs.
Crisis Management Products: focusing on restructuring of companies, debt refinancing, bankruptcy

proceedings, distressed funds, management delinquency, minority conflicts and similar cases related
to financial and corporate conflicts.
Practice Areas
·· Commercial and ·· Intellectual and ·· Fintech ·· Banking Law
corporate law Industrial Property Law
·· Bankruptcy Law ·· Collaborative Economy
·· M&A ·· Internet
·· Litigation
·· Venture Capital ·· Fashion Law


(EURm)
Optimitive
Luxembourg Technology Enzen - 1,25
International
López y Aller, Zubicar, Gorla

Pulsar Concept Spain Technology - 0,50
Ventures, Emprendiza
ACUTRONIC LINK Founders and Not

ERLE Robotics, S.L. Spain Robotics
ROBOTICS, AG Business Angels Disclosed
TutripleA Finance PFP, GLI Finance, Fintech

Spain Fintech 1,50
S.L. (MYTRIPLEA) Ventures, Private Investors
Housers Global Fintech Ventures,

Properties, S.L. Spain Proptech Media Digital Ventures, 2,25
(Housers) Private Investors
GEROA EPSV, UN I+D+i

Valorización
Bidasoa Metal 78, S.L. Spain Technology Transfer, 0,60
de residuos
FCR (Clave Mayor),
Newmusicnow, S.L. JOIMA ALBA, S.L., Private

Spain Software 0,36
(BLACKBINDER) Investors , Original Founders
AXON ICT III, FCR.,

FINTECH VENTURES, CAJA
Fintech Holding 2015,
Spain Fintech DE SEGUROS REUNIDOS 4,00
S.L. (FINIZENS)
LEGAL ADVISORS
(CASER SEGUROS),
Private Investors
BOLETUS
Boletus Network, S.L. Spain Fintech PAYMATICO GROUP, S.L. 1,40
Syndicates, S.L.
Fintech Ventures,
Housers Re Europe,
Spain Proptech BANKINTER Capital 1,58
S.L. (Housers)
Riesgo I, FCR
INSTITUT D´ESTUDIS
Y PROFESSIONS,
S.L., OSSAMAJOR Not
Educaonline, S.L. Spain Internet EDUCAEDU BUSINESS, S.L.
INICIATIVES Disclosed
EMPRENDEDORES,
S.L., Private Shareholdes
Irisbond GEROA, EPSV y SEED

Spain Technology 1,25
Crowdbonding, S.L. GIPUZKOA, S.L.
NESPLORA GEROA EPSV, Fundación

NEUROSCIENCE Spain Health Bancaria KUTXA, 1,00
SUPPORT SYSTEM, S.L. Private Investors
REPSOL VENTURES,
Smart
WATTIOCORP, S.L. Spain S.L., KEY WOLF, S.L. , 2,00
Home
Private Shareholdes

Linklaters ID: 1540
Spain
Contacts
ADDRESS Almagro, 40 EMAIL madridclientconnections@
28010 Madrid linklaters.com
TELEPHONE (+34) 913 996 000 WEBSITE www.linklaters.com
Profile
START OF ACTIVITY | 2000 N.º OF EMPLOYEES | The firm boasts more than 130
lawyers, including 17 partners, six counsels,

a senior consultant and four consultants.
Team
LEGAL ADVISORS
Alejandro Ortiz PARTNER José Giménez PARTNER Javier García-Pita PARTNER

(Head of Corporate) (Public Law) (Tax)
alejandro.ortiz@linklaters.com jose.gimenez@linklaters.com javier.garcia-pita@linklaters.com
Alexander Kolb PARTNER Pedro de Rojas PARTNER Rafael Molina PARTNER

(Corporate) (Banking) (Real Estate)
alexander.kolb@linklaters.com pedro.rojas@linklaters.com rafael.molina@linklaters.com
Victor Manchado PARTNER Juan Barona PARTNER Carmen Burgos COUNSEL

(Corporate) (Banking) (Corporate)
victor.manchado@linklaters.com juan.barona@linklaters.com carmen.burgos@linklaters.com
Lara Hemzaoui PARTNER Ben Crosse PARTNER Roberto Sanchéz COUNSEL

(Corporate) (Banking) (Corporate)
lara.hemzaoui@linklaters.com ben.crosse@linklaters.com roberto.sanchez@linklaters.com
About Us
Linklaters has become one of the leading law firms in Spain, with over 18 years’ experience in the
country.
Practice areas
The corporate/M&A, finance and dispute resolution departments make up the firm’s core practice
areas, complemented by market-leading specialist teams in other areas (tax, competition/antitrust,
public/administrative law, real estate and employment). We also have lawyers practicing English
and U.S. law who advise on the international aspects of the transactions in which we are involved.
Linklaters is able to offer technical excellence and sound and comprehensive advice on almost all key
areas of business law.

International Presence
The firm has about 2,600 lawyers worldwide. Linklaters also has a network of offices in the main finan-
cial hubs of Asia (Beijing, Seoul, Shanghai, Hong Kong, Tokyo, Singapore and Bangkok), the U.S. (New
York), Latin America (São Paulo) and the Middle East (Dubai and Abu Dhabi). In addition, Linklaters
has integrated alliances with leading firms Allens, in Australia, and Webber Wentzel, in South Africa.
Our structure gives us complete flexibility to set up multi-jurisdictional and multi-disciplinary teams,
offering clients the ease of having a single point of contact in Madrid and the guarantee of a consistent
service in line with our firm’s standards of quality.
The private equity and venture capital team is led by Alejandro Ortiz, head of the corporate depart-
ment and senior partner of Madrid’s office. It includes a group of partners and senior lawyers highly
experienced in the design, negotiation, execution, financing and tax structuring of all kinds of deals.

(EURm)
Criteria Caixa, Accionistas

Particulares I, Credit
Suisse Group, BlackRock,
Roads and
Abertis Spain Hochtief Barclays Bank, Elliott, 18,579.55
LEGAL ADVISORS
Highways
The Children Investment
Fund Management, Lazard
Asset Management
Cerberus Capital
Anida Grupo
Spain Real Estate Management BBVA 4,000.00
Inmobiliario
(Global)
Roads and IFM Investors (ex

OHL Concesiones Spain Highways; Industry Funds OHL 2,775.00
Ports; Airports Management)
Naturgas Energía Nature

Spain Oil and Gas EDP - Energias de Portugal 2,591.00
Distribución Investments

Financial and
Allfunds Bank Spain Friedman, Capital SGR, General 1,880.00
Insurance
GIC Realty, Accionistas

Axiare Patrimonio Spain Real Estate Colonial 1,041.56
Particulares I
Ardian, Kutxabank
Compañía Logística de
Spain Oil and Gas Global Casandra (fusión de BBK, Kutxa y 1,000.00
Hidrocarburos (CLH)
Vital), Abanca, AIMCo
Macquarie
Compañía Logística de European AMP Capital, Oman
Spain Oil and Gas 1,000.00
Hidrocarburos (CLH) Infrastructure Oil Company
Fund 5
Zodiac Pool Solutions, United Other

Piscine Luxembourg States, Consumer Fluidra Rhône Capital 722.00
Holdings 2 Luxembourg Goods
Wind, Solar,
Vela Energy Spain Sonnedix Group Centerbridge Partners 700.00
Hydraulic

Morais Leitão, Galvão Teles, ID: 1719
Soares da Silva & Associados
Spain
Contacts
ADDRESS Rua Castilho, 165. EMAIL mlgtslisboa@mlgts.pt
1070-050 Lisboa
TELEPHONE (+351) 21 381 74 00 WEBSITE www.mlgts.pt
Profile
N.º OF EMPLOYEES | 205
Team
LEGAL ADVISORS
João Soares da Silva CHAIRMAN Bernardo Lobo Xavier PARTNER

jss@mlgts.pt blx@mlgts.pt
Nuno Galvão Teles MANAGING PARTNER João Alfredo Afonso PARTNER

ngteles@mlgts.pt joaoafonso@mlgts.pt
Carlos Osório de Castro PARTNER Jorge Simões Cortez PARTNER

coc@mlgts.pt jsc@mlgts.pt
Segismundo Pinto Basto PARTNER Ricardo Andrade Amaro PARTNER

spbasto@mlgts.pt ramaro@mlgts.pt
Eduardo Verde Pinho PARTNER Eduardo Paulino PARTNER

evpinho@mlgts.pt epaulino@mlgts.pt
Tomás Vaz Pinto PARTNER Catarina Brito Ferreira PARTNER

tvpinto@mlgts.pt cbferreira@mlgts.pt
About Us
MLGTS is a leading full-service law firm in Portugal, with a solid background of more than 80 years of
experience.
Internationally recognised, its reputation stems from the excellence and high level of the services
provided to clients, solid ethical values and a distinctive approach with cutting edge solutions.
The specialised legal services in the main areas of law and in different sectors of the economy are also
a guide mark of the firm that lead to its involvement in the most important operations in Portugal, as
well as in highvalue cross-border transactions and disputes.
With a team comprising more than 200 lawyers at a client’s disposal, the firm has its head office in
Lisbon and additional offices in Porto and Funchal. Due to its network of associations and alliances with

local firms and the creation of the MLGTS Legal Circle in 2010, the firm can also offer support through
offices in Angola (ALC Advogados), Macau - China (MdME | Lawyers | Private Notary) and Mozambique
(Henriques, Rocha & Associados, member of MLGTS Legal Circle as Mozambique Legal Circle).
Practice areas
Administrative and public procurement; banking and finance; capital markets; corporate and commer-
cial; European law and competition; intellectual property; labour and social security; litigation and
arbitration; real estate; life sciences; tax; urban planning and environment.
International memberships
·· Lex Mundi. L&E Global. ELG – Energy Law Group.
Awards
·· Chambers & Partners - Portuguese Law Firm of the Year (2008; 2010; 2013; 2015; 2017).
·· IFLR - Portuguese Law Firm of The Year (2005; 2007; 2008; 2010; 2011; 2017).
·· Euronext Lisbon Awards – Most Active Law Firm in Shares (2015).
International Offices:
ALC Advogados Henriques, Rocha & Associados MdME | Private Notary

Masuika Office Plaza, Edifício JAT V-1 Avenida da Praia Grande, 409,
Edifício MKO A, Rua dos Desportistas, 833, 6.º, China Law Building,
LEGAL ADVISORS
Piso 5, Escritório A, fracção NN5 21/F and 23/F A-B, Macau
Talatona, Município de Belas Maputo, Mozambique Tel. +853 2833 3332
Luanda, Angola T. +258 21 344000 www.mdme.com.mo
M. + 244 926 877 476/8/9 www.hrlegalcircle.com mdme@mdme.com.mo
www.alcadvogados.com geral@hrlegalcircle.com
geral@alcadvogados.com

Ontier ID: 1258
Spain
Contacts
ADDRESS Pº de la Castellana, 55 WEBSITE www.ontier.net
28046 Madrid
TELEPHONE (+34) 914 313 000
Profile
START OF ACTIVITY | 1959 N.º OF EMPLOYEES | 300 lawyers, including 45 partners
Team
LEGAL ADVISORS
Bernardo Gutiérrez de la Roza CEO Adolfo Suárez Illana INTERNATIONAL PRESIDENT
Pedro Rodero MANAGING PARTNER Ramón Hermosilla Martín HONORARY PRESIDENT

ONTIER Spain
About Us
ONTIER is a global law firm, headquartered in London, with a presence in 14 countries: Bolivia, Brazil,
Chile, Colombia, Dominican Republic, Italy, Spain, the USA, Mexico, Paraguay, Peru, Portugal, the UK
and Venezuela. It is currently the international firm with the largest footprint in Latin America, and
the best legal partner for any company with interests in the region.
ONTIER is a full-service international law firm. While it is active in all areas of legal practice, it
stands out for its specialisation in complex corporate and commercial transactions and interna-
tional commercial disputes. Some of ONTIER areas of expertise include: International Litigation and
Arbitration, Corporate Law, White Collar Crime Law, Real Estate Law, Tax Law, Labour Law, Financial
Law and Capital Markets, Family Law, IT & IP, Insolvency and Restructuring, Public Law. The firm is
also deeply specialised in the energy sector and in advising family-run companies.
In countries such as Spain, the firm has advised in some of the most significant and complex disputes
and transactions in the last few years, some of which are considered as the largest or most complex
cases in the country´s history.

Practice areas
·· Business Inheritance & Corporate Governance
·· Corporate, M&A
·· Labour Law
·· Finance & Capital Markets
·· IT & IP
·· Litigation & Arbitration
·· Public Law (including Urban Planning)
·· Real Estate
·· Bankruptcy and Insolvency Law
·· Tax Law
·· White Collar Crime Law
Main practice areas managers
Litigation & Arbitration Labour Law

Pedro Rodero Rodríguez & Eduardo Gonzáles Biedma &
Cristina Camarero Espinosa Javier Aurelio Rodríguez Pérez
Corporate, M&A IT & IP

Pablo Enrile Mora-Figueroa, Francisco Joaquín Muñoz Rodríguez
Silván Rodríguez & Óscar Murillo Sanz
LEGAL ADVISORS
Real Estate
Energy & Natural Resources Jaime Díaz de Bustamante Berasategui
Bernardo Gutiérrez de la Roza Pérez
Tax
& Pablo Enrile Mora-Figueroa
Manuel Díaz Corral & Francisco de Haro
Public Law and Urban Planning
White-Collar Crime Law
Jorge Álvarez González & Pedro Rubio Escobar
Berta Aguinaga Barrilero & Juan
Bankruptcy and Insolvency Law Casanueva Pérez-Llantada
Business Inheritance & Corporate Governance
& Eutimio Martínez Suárez
Finance & Capital Markets
Ramón Ruiz de la Torre Esporrín
Other Offices
Bolivia (La Paz and Santa Cruz), Brazil (Rio de Janeiro and São Paulo, in collaboration with Derraik
& Menezes Advogados), Chile (Santiago), Colombia (Bogota), Dominican Republic (Santo Domingo),
Italy (Rome and Milan), Mexico (Mexico City), Paraguay (Asuncion), Peru (Lima), Portugal (Lisbon,
Porto), Spain (Madrid, Oviedo, Santander, Seville), UK (London), USA (Miami) and Venezuela (Caracas).

Osborne Clarke ID: 11264
Spain
Contacts
ADDRESS 1 Av. Diagonal, 477, ADDRESS 2 Calle Coso, 33, ADDRESS 3 Pº de la Castellana, 52,
planta 20 planta 4 planta 6
08036 Barcelona 50003 Zaragoza 28046 Madrid
TELEPHONE (+34) 93 419 18 18 TELEPHONE (+34) 97 621 67 64 TELEPHONE (+34) 91 576 44 76
WEBSITE www.osborneclarke.com
Profile
START OF ACTIVITY | 1986 N.º OF EMPLOYEES | 80 lawyers distributed between
our Barcelona and Madrid offices, 18 of which

are partners
LEGAL ADVISORS
Team
Nuria Martin MANAGING PARTNER Jordi Fábregas PARTNER Luis Castro PARTNER
Spain and Barcelona Tax Energy/Public Law
nuria.martin@osborneclarke.com jordi.fabregas@osborneclarke.com luis.castro@osborneclarke.com
Daniel Riopérez MANAGING PARTNER Miguel Loran PARTNER Rafael García del Poyo PARTNER
Madrid Tax IT & IP
daniel.rioperez@osborneclarke.com miguel.loran@osborneclarke.com rafael.garciadelpoyo@osborneclarke.com
Francisco Díez Amoretti MANAGING Silvia Steiner PARTNER Eduard Arruga PARTNER
PARTNER - Zaragoza Commercial & Compliance Finance
francisco.diezamoretti@osborneclarke.com silvia.steiner@osborneclarke.com eduard.arruga@osborneclarke.com
Tomás Dagá PARTNER Eva Otaegui PARTNER Ignacio Calero PARTNER

Corporate Employment Corporate
tomas.daga@osborneclarke.com eva.otaegui@osborneclarke.com ignacio.calero@osborneclarke.com
David Miranda PARTNER Jordi Muixí PARTNER Julián Matos PARTNER

Corporate Litigation Real Estate
david.miranda@osborneclarke.com jordi.muixi@osborneclarke.com julian.matos@osborneclarke.com
Jordi Casas PARTNER Rafael Montejo PARTNER Vicente Conde PARTNER

Corporate Litigation Corporate
jordi.casas@osborneclarke.com rafael.montejo@osborneclarke.com vicente.conde@osborneclarke.com
About Us
We are an international legal services company with extensive experience in Spain. We have a long-
standing history of more than 30 years providing advice to national and international clients, many of
them leaders in their respective markets.
We have in-depth knowledge of the peculiarities and problems associated with such transactions
from a commercial, financial, labor, tax and regulatory point of view.

Practice Areas
At Osborne Clarke we believe that we cannot provide quality advice without knowing our clients’
business. We work with industries we know and understand. And we love being creative. This is why
we are a leading law firm in sectors such as Digital Business, Life Sciences, Energy, Financial Services,
Retail, Real Estate and Infrastructures.
We have a clear international vocation. From our headquarters in Barcelona, Madrid and Zaragoza
we regularly coordinate international transactions with our offices in the United Kingdom (London,
Bristol and Thames Valley), Germany (Cologne, Berlin, Munich and Hamburg), IItaly (Milan, Rome,
Brescia, Padua and Busto Arsizio), France (Paris), Belgium (Brussels), The Netherlands (Amsterdam),
Sweden (Stockholm), China (Hong Kong and Shanghai), Singapore and USA (New York, Silicon Valley
(Palo Alto) and San Francisco).
Awards
Law Firm of the Year 2015 (by The Lawyer and Legal Business)
Advisory
Client Description Value
Role to
LEGAL ADVISORS
Osborne Clarke advises Grifols in acquisition of 49% of the shares of
Grifols Investor USD 51m
Access Biologicals LLC and a call option to acquire the remaining 51%
Osborne Clarke advises 14W and Scranton Enterprises as junior

14W and Scranton Investor USD 175 m
investor in finance round in mobile second-hand marketplace Letgo
Osborne Clarke advises the founders of the Spanish

Social Point company Social Point, S.L. in the sale of 100% of its share Seller USD 25,9m
capital to Take-Two Interactive Software INC.
Scranton Osborne Clarke advises Scranton Enterprises in second tranche

Investor Confidential
Enterprises of series A-2 finance round in medtech company Qardio Inc.
Osborne Clarke advises Vinci Energies in acquisition of

Vinci Energies Investor Confidential
100% of the shares of Asas Systems to Grupo Isastur.
Osborne Clarke advises the shareholders of Smartclip

Smartclip Latam Latam in sale of their Spanish, Brazilian, Mexican Seller Confidential
and Argentinian business to Atresmedia
Osborne Clarke advises Grifols and another investor in

Grifols Investor Confidential
its acquisition of Aigues Minerals de Vilajuiga, S.A.
Grifols Osborne Clarke advises Grifols in its acquisition of 44% of Gigagen, Inc. Investor USD 35m
Osborne Clarke advises Grifols in its acquisition

Grifols Investor USD 12,8m
of an additional 40% of Kiro Robotics, SL
Osborne Clarke advises Vinci Energies in acquisition of

Vinci Energies Investor Confidential
84.24% of the shares of Acuntia, S.A.U. to GPF Capital
Osborne Clarke advises Evolving Systems in

Evolving Systems Investor Confidential
the acquisition of the Lumata group
Osborne Clarke advises Glovo in series B

Glovo Target USD 30m
round led by Rakuten and Cathay
Scranton Osborne Clarke advises Scranton Enterprises in acquisition

Investor Confidential
Enterprises of majority stake of Catalan winery group Juvé & Camps

Pérez-Llorca ID: 1377
Spain
Contacts
ADDRESS 1 Paseo de la Castellana, 50 ADDRESS 2 Av. Diagonal 640, 8ºA
28046 Madrid 08017 Barcelona
EMAIL pll@perezllorca.com WEBSITE www.perezllorca.com
Other offices
LONDON 24 Monument Street, NEW YORK 375 Park Avenue, 38th floor
8th floor New York, NY 10152
EC3R 8AJ London
LEGAL ADVISORS
Profile
START OF ACTIVITY | 1983 N.º OF EMPLOYEES | Currently employing
170 lawyers, including partners.
Team
Sergio Agüera PARTNER Alfredo Lafita PARTNER Carmen Reyna PARTNER
saguera@perezllorca.com alafita@perezllorca.com creyna@perezllorca.com
Javier Carvajal PARTNER Julio Lujambio PARTNER Fausto Romero-Miura PARTNER

jcarvajal@perezllorca.com jlujambio@perezllorca.com fromeromiura@perezllorca.com
Iván Delgado PARTNER Pedro Marques Da Gama PARTNER Gerard Serra PARTNER
idelgado@perezllorca.com pgama@perezllorca.com gserra@perezllorca.com
Pedro Fernández PARTNER Alejandro Osma PARTNER Ander Valverde PARTNER

pfernandez@perezllorca.com aosma@perezllorca.com avalverde@perezllorca.com
José Luis García-Manso PARTNER José María de Paz PARTNER Luis Zurera PARTNER
jlgarciamanso@perezllorca.com jdepaz@perezllorca.com lzurera@perezllorca.com
Javier Gómez PARTNER Pedro Pérez-Llorca SENIOR PARTNER

jgomez@perezllorca.com pperezllorca@perezllorca.com
Pablo González PARTNER Fernando Quicios PARTNER

pgonzalez@perezllorca.com fquicios@perezllorca.com

About Us
Pérez-Llorca is a pre-eminent law firm in Spain. We provide high-end advice to international and
domestic clients in connection with the largest and most complex transactions and disputes in Spain
or matters with a Spanish component. We pride ourselves on offering unrivalled quality, service and
commitment to clients. The majority of our work is cross-border and often involves several jurisdic-
tions. As an independent law firm, we approach multijurisdictional work by providing turnkey solutions
together with other leading independent firms from Europe, the Americas or Asia. We offer full-ser-
vice advice on Spanish law and operate from our offices in Madrid, Barcelona, London and New York.
Professional Memberships
·· Spanish Section of the International Law Association (ILA)
·· International Chamber of Commerce (ICC)
·· Asociación Española para la Defensa de la Competencia (AEDC)
·· The London Court of International Arbitration (LCIA)
·· International Bar Association (IBA)
·· Union Internationale des Avocats (UIA)
·· Asociación Española de Directivos (AED)
·· Club Español de Arbitraje (CEA)
·· Asociación Española de Entidades de Capital Riesgo (ASCRI)
LEGAL ADVISORS
·· Others
Practice Areas
Administrative & Regulatory, Banking & Finance, Capital Markets, Competition, Corporate/M&A, EU
Law, Labour, Land Planning, Litigation & Arbitration, Privacy, IP/IT & Digital Business, Private Equity,
Real Estate, Restructuring & Insolvency, Tax, Venture Capital, Wealth Management, White Collar
Crime & Investigations.
Awards
·· “Spain Law Firm of the Year” 2017 (Chambers Europe Awards) Winner
·· “Spain M&A Legal Adviser of the Year” 2017 (Mergermarket European M&A Awards) Winner
·· “Law Firm of the Year” 2018 for the practice of “Real Estate Law” in Spain (Best Lawyers®) Winner
·· “European Law Firm of the Year” 2017 (The British Legal Awards) Shortlist
·· Ranked in “Top 50 Law Firms and Legal Service Providers 2017”
(Financial Times Innovative Lawyers Awards)

·· “Driving Value” & “Enabling Business Growth” 2017 (Financial Times Innovative Lawyers Awards)
Commended
·· “Best Managed International Firm,” “Best co-ordination in winning new work,” and
“Best collaboration with external specialist” 2017 (MPF Awards for Management Excellence)
Shortlist
·· “Spain Client Service” 2015 (Chambers Europe Awards) Winner
·· Partners and lawyers are recommended in: Chambers Global, Chambers Europe, Legal 500 EMEA,
IFLR 1000, Best Lawyers®, Who’s Who Legal, etc.

Pisent Masons ID: 113003
Spain
Contacts
ADDRESS Serrano, 90 WEBSITE www.pinsentmasons.com
28006, Madrid
TELEPHONE (+34) 91 048 40 00
Profile
START OF ACTIVITY | May 2017
Team
Diego Lozano MANAGING PARTNER Antonio Sánchez Montero PARTNER Inmaculada Castelló PARTNER
LEGAL ADVISORS
Corporate Corporate Corporate

diego.lozano@pinsentmasons.com antonio.sanchezmontero@pinsentmasons.com inmaculada.castello@pinsentmasons.com
About Us
Pinsent Masons is a sector focused global law firm. Our strategy is to invest in geographies that con-
nect our clients to where they want to do business. We have acted for Spanish clients internationally
for many years.
Our clients and their businesses led us to Madrid. Our Spanish office is in the heart of Madrid, cen-
trally located to service the needs of businesses and investors, both nationally and internationally.
Our Spanish team offers a local service enhanced by the skills and resources of over 1,800 lawyers
operating across Europe, Africa, the Middle East, China and the Asia Pacific region. Whether you are
an international company, institution or individual investing and operating in Spain, or a Spanish client
requiring advice on local, regional and international matters, our team combines local knowledge with
international experience, connections and reach, to help you achieve your business objectives.
Practice Areas
·· Infrastructure ·· Advanced Manufacturing ·· Real Estate
·· Energy & Technology ·· Financial Services

The firm is headquartered in London and has a network of eight offices in the UK. The firm also has
seven offices in Asia Pacific (Beijing, Singapore, Hong Kong, Shanghai, Sydney, Melbourne and Perth),
two offices in the Middle East (Doha and Dubai), five offices in Europe (Paris, Munich, Dusseldorf,
Madrid and Dublin) and one in Africa (Johannesburg).
Awards
Law Firm of the Year by Legal Business and Legal Week in 2016.
Total Value
(EURm)
United Algonquin Power

Atlantica Yield Energy Abengoa 521,84
States & Utilities
Sidecu (Centros
Spain Gym Portobello Capital Private shareholders 150,00
Supera)
Máquinas
Residencia Tercera Nursering Vitalia Plus (CVC Automáticas de
Spain Confidential
Edad El Castillo Homes Capital) Restauración (Mutua
LEGAL ADVISORS
Renault España)
Geriatría Almería Nursering Vitalia Plus (CVC

Spain Private shareholders Confidential
Levante Homes Capital)
Construction
Pladur Gypsum Spain Etex Group COEMAC 114,00
Materials
Mabo Farma Spain Pharmaceutical Private shareholders Meiji Seika Pharma Confidential

PLMJ ID: 2023
Portugal
Contacts
ADDRESS Av. da Liberdade, 224 EMAIL plmjlaw@plmj.pt
Edifício Eurolex
1250-148 Lisboa
TELEPHONE (+351) 213 197 300 WEBSITE www.plmj.com
Profile
Team
LEGAL ADVISORS
Luis Sáragga Leal PARTNER Maria João Ribeiro Mata PARTNER

International Projects Mergers and Acquisitions
luis.saraggaleal@plmj.pt mariajoao.ribeiromata@plmj.pt
Diogo Perestrelo PARTNER Vasco de Ataíde Marques PARTNER

Corporate; Mergers and Acquisitions German Desk
diogo.perestrelo@plmj.pt vasco.ataidemarques@plmj.pt
Manuel Santos Vitor PARTNER André Figueiredo PARTNER

Energy; Mergers and Acquisitions Capital Markets
manuel.santosvitor@plmj.pt andre.figueiredo@plmj.pt
Duarte Schmidt Lino PARTNER Hugo Rosa Ferreira PARTNER

Private Equity; Mergers and Acquisitions Banking and Finance
duarte.schmidtlino@plmj.pt hugo.rosaferreira@plmj.pt
Tomás Pessanha PARTNER Bárbara Godinho Correia PARTNER

Corporate; Mergers and Acquisitions Private Equity; Mergers and Acquisitions
tomas.pessanha@plmj.pt barbara.godinhocorreia@plmj.pt
About Us
PLMJ is Portugal’s largest and most senior law firm with nearly 290 lawyers, including 58 partners.
With 50 years of history and experience, we are recognised for our immediate and assertive response
to all our clients’ needs, and for our investment in human capital and the development of legal tal-
ent. We are also recognised for our unparalleled quality and track record of transactions of enormous
complexity, advising Portuguese clients and handling major international and foreign investment
operations. The reputation and values of PLMJ’s brand and legal services have spread across borders
and have merited extensive international recognition for both excellence and innovation. PLMJ is one
of the most innovative law firms in continental Europe, according to Financial Times.

As a true full-service firm, PLMJ offers a high level of specialisation in all areas of the law together
with accumulated experience and specific know-how in the most important industries and sectors.
We have multidisciplinary teams with the skills and experience necessary to act for clients in the most
specific sectors.
The focus on internationalisation is increasingly relevant for PLMJ and, through PLMJ Network, the
firm has also established itself as a reference outside Portugal. The network is made up of partnerships
with local, independent firms in Angola, Mozambique, China, Guinea-Bissau, São Tomé and Príncipe,
Brazil and Cape Verde. PLMJ also has specialised desks for France, Switzerland, Germany, the United
Kingdom, Benelux, Scandinavia and Italy, to cover the key markets for outbound and inbound invest-
ment in Portuguese-speaking countries.

(EURm)
ASSIP, Parkinvest,
ESIF I, Transport
Macquarie European
Empark Spain Car Parks Infrastructure Holding 1.000,00
Infrastructure Fund 5
Company, Haitong
CaixaBank (Criteria Acionistas Particulares

Banco BPI Portugal Financial and Insurance 644,00
CaixaCorp) I, Santoro Finance
Cars, Motorcycles
LEGAL ADVISORS
Goldcar Spain Europcar Groupe Investindustrial 550,00
and Other Vehicles
Locaviseu -
Sociedade de Portugal Real Estate Resilient, Greenbay RPPSE Holding 219,25
Gestão de Imóveis
Ascendi Operadora
Lineas - Concessões
PI, Ascendi Portugal Roads and Highways Ascendi PT II 140,00
de Transportes
Pinhal Interior
Acionistas Particulares
City Time Spain Distribution and Retail Pandora 110,00
Espanha I
Montepio Geral Acionistas

Montepio Portugal Financial and Insurance 106,00
Associação Mutualista Particulares I
Oxy Capital
Fitness Hut Portugal Sports and Leisure Fitness BIDCO Mezzanine Fund, Uksa 50,00
Malta, Edge Capital
Sapphire Ventures,
FeedZai Portugal Technology - 42,59
Acionistas Particulares I
Tourism, Hotels
LNMK - Fundo de
Royal Óbidos Portugal and Restaurants; Millennium BCP 31,20
Capital de Risco
Sports and Leisure
LFP - Lojas Francas Distribution and Retail;

Portugal VINCI Airports TAP Air Portugal 15,60
de Portugal Food and Beverage
Acuinova CGD Caixa Capital,

Actividades Portugal Food and Beverage Ondas e Versos Millennium BCP, -
Piscícolas Novo Banco
Stock Exchange Amount

Issuer Country Subsector Type
/ Ticker (EURm)
REN - Redes
Follow-On / Euronext Lisbon
Energéticas Portugal Electric Energy 250,00
Rights Issue / RENE
Nacionais

Ramon y Cajal ID: 818
Spain
Contacts
ADDRESS 1 Calle Almagro, 16-18 ADDRESS 2 Caravel·la La Niña, 12 6a planta
28010, Madrid 08017, Barcelona
TELEPHONE (+34) 91 576 19 00 TELEPHONE (+34) 93 494 74 82
WEBSITE www.ramonycajalabogados.com
Profile
START OF ACTIVITY | 1986 N.º OF EMPLOYEES | +120 lawyers, 38 partners
Team
Francisco Palá MANAGING PARTNER Alberto Alonso Ureba PARTNER Javier Menchén PARTNER
fpala@ramoncajal.com Corporate and M&A Banking and Finance
aalonso@ramoncajal.com jmenchen@ramoncajal.com
Andrés Mas PARTNER
LEGAL ADVISORS
Capital Markets Guillermo Muñoz-Alonso PARTNER Amado Giménez PARTNER

amas@ramoncajal.com Corporate and M&A Banking and Finance
gmalonso@ramoncajal.com amado.gimenez@ramoncajal.com
Carlos Lao PARTNER
Capital Markets Álvaro Bertrán PARTNER Francisco Bengoetxea PARTNER
clao@ramoncajal.com Corporate and M&A Real Estate and Planning
abertran@ramoncajal.com fbengoetxea@ramoncajal.com
Cristina Vidal PARTNER
Capital Markets Iñigo Dago PARTNER Roberto Tojo PARTNER
cvidal@ramoncajal.com Corporate and M&A Real Estate and Planning
idago@ramoncajal.com rtojo@ramoncajal.com
Alfonso Fernández-Miranda PARTNER
Capital Markets
alfonsofm@ramoncajal.com
About Us
We are a law firm focused on business law, providing legal advice to medium and large companies,
across multiple business lines.
Since our founding in 1986 we have grown to become a firm of national standing within the Spanish
legal sector.
Currently we are more than 120 lawyers, 38 of whom are partners, in our offices in Madrid and
Barcelona.
Our clients include large and mid-sized companies from highly diverse sectors. Many of them have
been with us since the beginning. As some of these companies have a noteworthy international pres-
ence and regularly handle cross-border transactions, we are involved in relevant capital markets and
corporate transactions every year. We are open and approachable in our relationships with clients and
tailor our services to meet their specific needs.

We have been acknowledged by the most prestigious International Legal Directories as one of the
leading firm on a national scale.
Practice areas Industries

Capital Markets Art and Cultural Property
Banking and Finance Energy
Corporate and M&A Environment
Government and Regulated Sectors Finance
EU and Competition Gaming
Litigation, Arbitration and Insolvency Healthcare
Real Estate and urban Planning Infrastructure
Employment Real Estate
Tax
TMT

(EURm)
GIC Realty, Private

Axiare Patrimonio Spain Real Estate Colonial 1.041,56
Shareholders
Private
Cartera Jets Spain Financial and Insurance Bankia -
Shareholders
LEGAL ADVISORS
WElink Energy
Morningchapter Portugal Electric Energy Solaer Group -
(U.K.)
Portfolio of real
estate assets Spain Real Estate Bain Capital Bankia -
worth EUR 160m
Stock Exchange Amount

Issuer Country Subsector Type
/ Ticker (EURm)
Bolsa de Barcelona / LBK

Follow-On / , Bolsa de Bilbao / LBK ,
Liberbank Spain Financial and Insurance 500,00
Rights Issue Bolsa de Madrid / LBK ,
Bolsa de Valencia / LBK
Bolsa de Barcelona / COL

Follow-On / , Bolsa de Bilbao / COL ,
Colonial Spain Real Estate 416,23
Rights Issue Bolsa de Madrid / COL ,
Bolsa de Valencia / COL
Mercado Alternativo
Netex Spain Internet IPO -
Bursatil (MAB) / NTX
Borges Agricultural Bolsa de Barcelona / BAIN

Spain Food and Beverage IPO -
& Industrial Nuts , Bolsa de Madrid / BAIN
Bolsa de Barcelona / COL

Follow-On / , Bolsa de Bilbao / COL ,
Colonial Spain Real Estate 253,09
Rights Issue Bolsa de Madrid / COL ,
Bolsa de Valencia / COL

Rivero & Gustafson ID: 1617
Spain
Contacts
ADDRESS Avda de Burgos, 17 - 3º EMAIL despacho@riverogustafson.com
28036 Madrid
TELEPHONE (+34) 915 615 101 WEBSITE www.riverogustafson.com
Profile
START OF ACTIVITY | 1997 N.º OF EMPLOYEES | 25 professionals
Team
LEGAL ADVISORS
John R. Gustafson MANAGING PARTNER Javier Zapata Ferrer PARTNER

jgustafson@riverogustafson.com jzapata@riverogustafson.com
Sebastián Rivero Galán PARTNER Gema García Aragón SENIOR ASSOCIATE

srg@riverogustafson.com gga@riverogustafson.com
Eliecer Pérez Simón PARTNER Roberto Sanz López SENIOR ASSOCIATE

eps@riverogustafson.com rsl@riverogustafson.com
About Us
The firm, founded in 1997 by lawyers coming from international law firms, provides legal advice
in the daily activity of companies operating in the most diversified business sectors, assists clients
throughout strategic transactions as well as in the defence of entrusted interests before courts and
arbitration panels.
We work in English, Spanish and French.
Leaning on a team of highly qualified practitioners coming from prestigious law firms, we offer the
experience and quality of international outfits at exceptionally competitive rates.
Legal500, Chambers and Tax Directors Handbook recommend Rivero & Gustafson Abogados for
Corporate/M&A, Dispute Resolution, Employment and Tax.

Membership of p rofessional organizations
·· Asociación Española de Entidades de Capital Riesgo (ASCRI)
·· American Chamber of Commerce in Spain
·· British Chamber of Commerce in Spain
·· French Chamber of Commerce in Spain
·· Spanish Chamber of Commerce in France
International
AWERIAN, The boutique business law firm network
Rivero & Gustafson Abogados is a founding partner of the AWERIAN Alliance, an integrated network
of boutique business law firms to respond to cross-border challenges and opportunities in a more cost
efficient approach than ever before.
Its offices are located in offices in France, Belgium, Spain, Germany and Austria.
What’s more, the Firm collaborates with prestigious law firms in the USA,The Netherlands, Italy,
Norway, Portugal, UK, Sweden and Switzerland.
Practice areas
·· Corporate/M&A
LEGAL ADVISORS
·· Litigation and Dispute resolution
·· Tax
·· Labour/employment
Fields of exp ertise
·· Private Equity
·· Banking and Finance
·· Insolvency
·· IT
·· Real Estate
·· Pharmaceuticals
·· Leisure & Entertainment

Roca Junyent ID: 1413
Spain
Contacts
ADDRESS 1 Aribau 198, 1st floor ADDRESS 2 c/ José Abascal, 56 - 7º
08036 Barcelona 28003 Madrid
EMAIL c.dominguez@rocajunyent.com WEBSITE www.rocajunyent.com
Profile
Team
LEGAL ADVISORS
Joan Roca Sagarra EXECUTIVE PRESIDENT Àlex Santacana Folgueroles PARTNER

j.roca@rocajunyent.com Head of Employment Department
a.santacana@rocajunyent.com
Jordi Calvo Costa PARTNER
Head of Litigation Department Carlos Blanco Morillo PARTNER
j.calvo@rocajunyent.com Head of Corporate Department and Head of Madrid Office
c.blanco@rocajunyent.com
Miquel Àngel Alonso Latorre PARTNER
Head of Public Department Àlex Llevat Felius PARTNER
ma.alonso@rocajunyent.com Head of Corporate Department
a.llevat@rocajunyent.com
Xavier Serramalera Cercós PARTNER
Head of Real Estate Department Álvaro Gasull Tort PARTNER
x.serramalera@rocajunyent.com Head of Restructuring & Insolvency Department
a.gasull@rocajunyent.com
Jordi Guarch Recaj PARTNER
Head of Tax Department
j.guarch@rocajunyent.com
About Us
Established in 1996, Roca Junyent currently employs over 230 professionals working from offices in
Barcelona, Madrid, Palma, Lleida, Girona and Shanghai.
Roca Junyent’s rapid expansion and involvement in major transnational deals have resulted in the Firm
being well positioned and acknowledged as one of the best law firms in the European legal market.
In recognition of this the Firm, and many of its fee earners, have been singled out by the most presti-
gious legal publications, including Chambers, Legal 500, and Best Lawyer International.

Roca Junyent delivers advice across the whole spectrum of legal areas, particularly in Business Law.
We are totally committed to our clients and aim at delivering the kind of service that can only be rated
as excellent.
Roca Junyent has established solid, permanent collaboration relationships with top-tier law firms in
Europe and in the rest of the world. In 2006 the Firm joined the international network TerraLex, allow-
ing it to rely on the assistance of top-notch legal Firms worldwide in order to offer clients a truly global
service. In 2002 Roca Junyent became the first Spanish law firm to set up shop in China by opening up
its Shanghai office. This was intended to fill up a perceived gap in the offer of legal services targeted at
Spanish businesses in China and to address more effectively our clients’ needs in terms of legal advice.
Fields of expertise
Administrative, Air Navigation, Arbitration, Automotive, Banking and Finance , Civil & Commercial
Litigation, Constitutional Law, Copyrights Law, Corporate, Criminal Law, Data Protection, Distribution
Agreements, Employment Law, Energy, Entrepreneur Support, Environmental, EU & Competition
law, Family Businesses, Health and Food Law, Infrastructures, Insurance, IP Law, Unfair Competition
and Advertising, Mergers & Acquisitions, Non-profit organizations, Private Equity, Project Finance,
Public Contracting Area, Real Estate, Refinancing, Restructuring and Insolvency, Sports Law, Tax
Law, Technology and Leisure, Urban Planning, China Desk, French Desk, German Desk, Latam Desk,
Scandinavian Desk, Dutch Desk, UK Desk, USA Desk.
LEGAL ADVISORS

(EURm)
Privalia Spain Internet Vente - Privee Multiples 470,00
Cartera de oficinas
Spain Real Estate Meridia Fund III Oaktree Capital 66,00
en Barcelona
Management
Edificio de Arcano Spanish

oficinas en calle Spain Real Estate Opportunity Real Private Shareholders 10,60
Río Rosas 24 Estate Fund
Inversiones
Tourism, Hotels Meliá Hotels
Turísticas Spain Grupo CIO -
and Restaurants International
Casas Bellas
Inversiones
Tourism, Hotels Meliá Hotels
Hoteleras Playa Spain Grupo CIO -
and Restaurants International
del Duque
Palex Medical Spain Medical Aesthetics Corpfin Capital Private Shareholders -
and Cosmetics
Negocio de pan
Spain Food Adam Foods Grupo Bimbo -
y derivados
Banco Sabadell,
Financial and Ferrer & Ojeda
EXEL Spain Bitarte, Guipuzcoano 6,50
Insurance Asociados
Valores
Consultancy, Audit
GPO Ingeniería Spain DAR Group Private Shareholders -
and Engineering

Rousaud Costas Duran ID: 2409
Spain
Contacts
ADDRESS 1 Escoles Pies 102, ADDRESS 2 Serrano 116, ADDRESS 3 Moratín 17,
08017 Barcelona 28006 Madrid 46002 Valencia
TELEPHONE (+34) 93 503 48 68 TELEPHONE (+34) 91 758 39 06 TELEPHONE (+34) 96 113 44 68
WEBSITE www.rcdslp.com EMAIL rcd@rcdslp.com
Profile
START OF ACTIVITY | 2003 N.º OF EMPLOYEES | +200
Team
Adolf Rousaud Ignasi Costas
LEGAL ADVISORS
Managing Partner and Head of Corporate and Commercial Head of Innovation and Entrepreneurship
arousaud@rcdslp.com and Head of International Relations
icostas@rcdslp.com
About Us
RCD is a leading independent, dynamic and inno- network of alliances and ‘best friends’ agree-
vative law firm and a reference for providing ments with foreign world-class firms.
comprehensive legal advice.
Market Positioning
We are one of the law firms with the highest We are among the most active firms in the
levels of growth in the Spanish market and rank transactional market, as reflected in the main
among the top leading law firms in the country. international rankings.
Team and values We are one of the main advisors by volume of

RCD’s greatest asset is its team, made up of over transactions in the Venture Capital market both
200 professionals who offer personalized advice in Spain and Europe. Also, in the area of Mergers
focused on clients’ needs. We have business and Acquisitions, the firm is consolidated in the
vision and knowledge and we provide innovative top-10 most active firms in the Iberian mar-
solutions by anticipating market trends. ket. Likewise, year after year, the firm has been
recognized by prestigious international legal
Coverage
directories.
We advise clients nationwide from our offices in
Madrid, Barcelona and Valencia; our firm works
on an international level thanks to our global

“The team inspires confidence through real technical legal ability and absolute dedication”. Chambers &
Partners, Private Equity: Venture Capital, 2018
“A very efficient firm providing an excellent quality of work”. Chambers & Partners, Corporate / M&A, 2017
“The lawyers are always available to help with possible crises that need a rapid response”. Chambers &
Partners, Private Equity: Mid - Market, 2016
“The lawyers have a lot of knowledge at the technical level and at the legal level. Whenever I need to do
any sensitive transactions I don’t think twice about working with the firm”. Chambers & Partners, Private
Equity, Mid-Market, 2015
“A brilliant team with strong experience – RCD gives you advice based on real experience, unlike other firms
that seem to learn as they go along”. Chambers & Partners, Private Equity, Mid-Market, 2014
“It has great technical knowledge and is able to find solutions where others struggle to”. Chambers &
Partners, Private Equity, Mid-Market, 2013
Practice Areas
We customize our advice according to the needs of each client and matter and we cover all practice
areas with over 20 legal practices and strong knowledge of the main economic sectors.
Our professionals have wide experience in corporate law, corporate restructuring, drafting and
supervision of commercial contracts, M&A operations as well as in advising on the best practices for
corporate governance.
Venture Capital or business groups, corporate restructurings and
LEGAL ADVISORS
Advice to investors and venture capital firms joint ventures; legal, tax and labor due diligence
on the creation of legal collective investment procedures; constitution and establishment of
vehicles; advice on compliance with the law, subsidiaries and branches in foreign countries.
particularly before the CNMV (Spanish National
Contractual Law
Securities Market Commission); as well as on the
Advice and drafting of all types of commercial
negotiation of investment transactions and sale
contracts, both at a national and international
of investee companies. We also advise compa-
level.
nies on seed investment rounds with business
angels, and also on investments, sale operations Financial Commercial Law
and/or divestments (mergers and/or acquisition) Design and implementation of refinancing and
and IPOs (continuous stock Exchange market, debt restructuring operations.
Alternative Equity Market…).
Corporate law
M&A Comprehensive advice to partnerships, family
Advice on the definition of strategies for invest- businesses and other legal entities on all stages
ment and divestment processes; support and of their activity; continuous advice to the com-
assistance in the purchase and sale of businesses pany’s management and administration bodies.
Awards
The most prestigious international legal directories such as Chambers & Partners and Legal500 each
year highlight both our practice and lawyers for their technical strengths as well as their client service
focus. Our Venture Capital practice stands out in particular, with a Band 1 recognition in Chambers &
Partners. Moreover, for the past two years, Financial Times has featured us in its Innovative Lawyers
ranking for our innovation capabilities.

Serra Lopes, Cortes ID: 601
Martins Advogados
Portugal
Contacts
ADDRESS Rua General Firmino Miguel, nº EMAIL slcm@slcm.pt
3, Torre 2 – 10º
1600-100 Lisboa
TELEPHONE (+351) 21 723 40 00 WEBSITE www.slcm.pt
Profile
START OF ACTIVITY | 1961 Nº OF EMPLOYEES | 50
Team
LEGAL ADVISORS
Luis Miguel Cortes Martins Maria Raquel Moreira PARTNER Gonçalo Reino Pires PARTNER
MANAGING PARTNER Restructuring, Litigation Real Estate, Planning
M&A, Litigation, Arbitration mrm@slcm.pt grp@slcm.pt
lcm@slcm.pt
João Tiago Morais Antunes PARTNER Mafalda Alves SENIOR ASSOCIATE
Rafael Lucas Pires PARTNER Litigation, Arbitration Tax
M&A, Corporate jtma@slcm.pt maa@slcm.pt
rlp@slcm.pt
Inês Pinheiro PARTNER Dário Moura Vicente OF COUNSEL
Martim Anahory PARTNER Employment Arbitration, Intellectual propriety
M&A, Corporate, Employment ip@slcm.pt dmv@slcm.pt
ma@slcm.pt
Miguel Pena Machete PARTNER
Francisco Barona PARTNER Public Law, Competition, Regulatory
Banking, Finance, Private Equity mpm@slcm.pt
fb@slcm.pt
About Us
Located in Lisbon, SLCM is based on multi-disciplinary dedicated teams with specializations in all busi-
ness legal practice areas, particularly in the core areas of M&A, Banking & Finance, Competition and
Regulatory Affairs and Dispute Resolution (Arbitration/Litigation).
By combining a singular focus and in-depth knowledge of the way each client works with its significant
experience in advising both domestic and international clients from a wide range of sectors of activity,
such as financial services, energy, telecoms, infrastructure, agro-industry, food & beverages, health-
care, sports & media, real estate and consumer goods, on several cross-border transactions, SLCM is
one of the most respected and reputable legal practices in Portugal.

We believe that our aim (and our main strength) is to provide value added legal services and advice,
embedded in our clients’ activities.
Practice Areas
·· Corporate M&A ·· Public Law, Public ·· Competetion & Regulatory
·· Litigation & Arbitration Contracts and Public- ·· Real Estate & Planning
·· Banking & Finance Private Partnerships ·· Intellectual Property,
·· Private Equity ·· Employment Publicity & IT

·· Tax Law and Tax Litigation ·· German Desk
Partner Offices
Marimón Abogados (Spain); MG Advogados (Angola); Lilla, Huck Otranto, Camargo, Advogados
(Brazil)
International Network
DIRO (www.diro.eu); DACH (www.dach-ra.de)
Awards
On the past years, SLCM and our teams have been consistently ranked on the top tiers in the most
reputed directories (Chambers Global, Chambers Europe and Legal 500).
LEGAL ADVISORS
Target Country Subsector Buyer Seller Sponsor
NOS, Olivedesportos,
Sport TV Portugal Media MEO Olivedesportos
Vodafone
ACE Investment
EDP Renováveis Portugal Energy EDP Renováveis The buyer
Fund II LP
Fundação Eugénio Sociedade Agrícola

Tapada do Chaves SA Portugal Beverage The buyer
de Almeida da Varosa SA
Morningchapter Portugal Energy Welink Solaer Group The seller
Clinica Privada
Portugal Health José de Mello Saúde Mota family The buyer
de Coimbra
The financing
Grupo Elevo Portugal Construction Nacala Vallis
entities
Hotel Cabanas
Portugal Tourism Grupo Madre Private sellers The buyer
de Tavira
Bomtempo, Anahory Advertising

Portugal WPP group Private owners The seller
& Ralha (BAR) services
Exporsado Comércio Millennium Fundo

e Indústria de Portugal Industry de Capitalização (a The investor
Produtos do Mar, S.A. private equity fund)

SRS Advogados ID: 1825
Portugal
Contacts
ADDRESS Rua Dom Francisco Manuel de Melo 21 EMAIL geral.portugal@srslegal.pt
1070-085 Lisbon
TELEPHONE (+351) 21 313 2000 WEBSITE www.srslegal.pt
Branches
OPORTO Rua Tenente Valadim 215 FUNCHAL Av. Zarco 2 - 2º
4100-479 Oporto 9000-069 Funchal
ANGOLA | BRAZIL | MACAU | MALTA | MOZAMBIQUE | SINGAPORE

LEGAL ADVISORS
Profile
Team
Pedro Rebelo de Sousa SENIOR PARTNER Maria Paula Milheirão MANAGING ASSOCIATE
rebelo.sousa@srslegal.pt maria.milheirao@srslegal.pt
William Smithson PARTNER Neuza Pereira de Campos MANAGING ASSOCIATE

william.smithson@srslegal.pt neuza.campos@srslegal.pt
Octavio Castelo Paulo PARTNER João Santos Carvalho MANAGING ASSOCIATE

octavio.paulo@srslegal.pt joao.carvalho@srslegagl.pt
Alexandra Valente PARTNER Francisco Martins Caetano SENIOR ASSOCIATE

alexandra.valente@srslegal.pt francisco.caetano@srslegal.pt
Nuno Miguel Prata PARTNER Kathleen Hoffmann Barley ASSOCIATE

nuno.prata@srslegal.pt kathleen.barley@srslegal.pt
Gustavo Ordonhas Oliveira PARTNER Inês Maltez Fernandes ASSOCIATE

gustavo.oliveira@srslegal.pt Ines.fernandes@srslegal.pt
Paulo Bandeira PARTNER Arv Sreedhar CONSULTANT

paulo.bandeira@srslegal.pt arv.sreedhar@srslegal.pt
Raquel Cuba Martins MANAGING ASSOCIATE

raquel.martins@srslegal.pt

About Us
SRS Advogados is a full-service, multi-practice law firm advising clients on all aspects of national and
international law. Our lawyers are focused on their clients’ business and have acquired knowledge
and experience by advising large national and international corporate groups and financial institu-
tions over more than 25 years.
Practice Areas
SRS Advogados has specialised practices in the following areas: arbitration & mediation, competition
& European Union, corporate & commercial, dispute resolution, employment & social security, energy,
environment, finance, immigration & Golden Visa, insurance & pensions, intellectual property, life sci-
ences & healthcare, M&A, private equity & venture capital, projects, public, real estate, startups, tax,
TMT, transport & shipping, and white collar crime.
SRS Advogados is also organised by the following specialist sector groups: Finance, Energy,
Infraestruture and Transport, Life Sciences, TMT/D, Real Estate and Tourism.
Through the creation of SRS Global (Angola, Brazil, Macau, Malta, Mozambique and Singapore), as
well the creation of a strong network of international relationships with third parties, we aim to
extend our experience, expertise and services globally so as to ensure that we can respond efficiently
to complex issues with global implications.
LEGAL ADVISORS
Awards
·· Chambers Europe, the international directory, shortlisted SRS Advogados for the Chambers
Europe Awards, in the category of “Portugal Law Firm of the Year 2017”.
·· The international publication “The Lawyer”, shortlisted SRS Advogados, for the 3rd consecutive
year in “The Lawyer European Awards 2018”.
·· Advising Ikea Portugal - Móveis e Decoração, Lda. on the acquisition of a large wind-farm in Portugal.
·· Advising Joaquim Chaves Saúde (leading Portuguese healthcare group) on the acquisition of Clínica Europa (private hospital in
the Lisbon area).
·· Advising Scale Venture Partners on the acquisition of a shareholding in Unbabel (a leading Portuguese technology company).
·· Advising Vallis Capital on the divestment and sale by Vallis Construction Sector Consolidation Fund.
·· Advising Fleematics on the acquisition of INOSAT (Portuguese company leader in Iberia in Software) and its subsidiaries in Brazil,
Chile and Malta.
·· Advising Repsol on two divestments of its gas business.
·· Advising ECS Capital (leading Portuguese private equity firm) as seller of 100% of The Vintage House Hotel in Lisbon to Morn-
ington Capital.
·· Advising Stags Participations and Dourdin (investment holding company of the French Louis-Dreyfus industrial group) and
Dourdin (leader in the production of automotive decoration parts) on the acquisition of a shareholding in Doureca (Portuguese
company -major supplier of decoration parts to the automotive industry).
·· Advising Pathena (Portuguese private equity firm focused on technology) on the investment in PRIMETAG (Portuguese company
specialised in social media tagging, marketing and sales business).
·· Advising Oxy Capital on the acquisition of 50% of Grupo Ceriart (leading group in the ceramics industry).

Uría Menéndez ID: 1184
Spain
Contacts
ADDRESS Príncipe de Vergara, 187, EMAIL madrid@uria.com
Plaza de Rodrigo Uría
28002, Madrid
TELEPHONE (+34) 91 586 04 00 WEBSITE www.uria.com
Profile
Team
LEGAL ADVISORS
José María Segovia Cañadas SENIOR PARTNER Luis de Carlos Bertrán MANAGING PARTNER
jose-maria.segovia@uria.com luis.decarlos@uria.com
About Us
Founded in the 1940s, Uría Menéndez has since become one of the most prestigious international
law firms. Our capacity for innovation, our profound analysis of the law and our unwavering respect
for deontological ethics have all made Uría Menéndez one of the leading firms across the Iberian and
Latin American markets.
We have almost 600 lawyers working in 17 different offices located in the most important financial
centres in Europe, the Americas and Asia. We also make up part of the first ever major Ibero-American
law firm, Philippi, Prietocarrizosa, Ferrero DU & Uría.
Uría Menéndez is there for its clients across the globe through its close ties with prestigious local
firms. In addition, through our network of best friends in Europe we are able to create cross-firm
teams with the leading firms from Germany (Hengeler Mueller), France (Bredin Prat), Germany
(Hengeler Mueller), Italy (BonelliErede), the Netherlands (De Brauw Blackstone Westbroek) and the
United Kingdom (Slaughter and May).
Lex Mundi.

Practice Areas Other offices
Aviation, Banking and Finance, Capital Markets, Barcelona, Beijing, Bilbao, Brussels, Buenos Aires,
Company Law and Corporate Governance, Competition, Frankfurt, Lisbon, London, Mexico City, New York, Porto,
Copyright, Corporate and Commercial, Data Protection Sao Paulo and Valencia. Bogotá, Lima, and Santiago de
and E-Commerce, Defence and Aerospace, Energy, Chile, with a stake in Philippi, Prietocarrizosa, Ferrero
Environment and Sustainable Development, EU Law DU & Uría.
and International Trade, Family Businesses and Private
Clients, Health and Food, Insolvency, Insurance,
Intellectual Property, International Arbitration, IT
and Outsourcing, Labour, Litigation and Arbitration,
Maritime, Media and Telecommunications, Mergers
and Acquisitions, Mining Law, Planning, Private Equity,
Project Finance, Public Law, Real Estate, Restructuring,
Sport, Tax, Transport and International Trade, Unfair
Competition, White Collar Crime.
Awards and Recognitions

·· INTERNATIONAL TAX REVIEW EUROPEAN AWARDS, 2017 European Tax Restructuring Deal
of the Year
·· EXPANSIÓN LEGAL AWARDS 2017
·· Law Firm of the Year
·· Best Law Firm in Corporate and M&A
·· Best Law Firm in Banking and Finance
·· Best Law Firm in Latin America
·· Best Transaction of the Year as legal adviser to Gamesa in its merger with Siemens
·· FORBES AWARDS 2017 Best Law Firm in Spain
·· WHO’S WHO LEGAL 2017 Law Firm of the Year in Spain
LEGAL ADVISORS
Value
(EUR m)
Criteria Caixa, Private

Shareholders I, Credit Suisse
Roads and Group, BlackRock, Barclays
Abertis Spain Hochtief 18.579,55
Highways Bank, Elliott, The Children

Shareholders I, Credit Suisse
Spain
Roads and Group, BlackRock, Barclays
Abertis (Comunidad Atlantia 16.341,29
Highways Bank, Elliott, The Children
de Madrid)
Aliseda Spain Real Estate Blackstone Banco Popular -

Financial and
Allfunds Bank Spain Friedman, Capital SGR, General 1.880,00
Insurance
Financial and The Bank of Nova

BBVA Chile Chile BBVA 1.851,70
Insurance Scotia (Scotiabank)
EDP Gás, EDP Gás

Portugal
Distribuição, Edp Gás Oil and Gas;
(Lisboa, REN EDP Iberia 532,40
Porto)
Telecoms;
Telecable de
Spain Financial and Euskaltel Zegona UK 441,00
Asturias, Parselaya
Insurance
*Advised entities are written in purple

Watson Farley & Williams ID: 840
Spain
Contacts
ADDRESS c/ María de Molina 4 EMAIL madridinfo@wfw.com
28006 Madrid
TELEPHONE (+34) 91 515 63 00 WEBSITE www.wfw.com
Profile
START OF ACTIVITY | 1982 N.º OF EMPLOYEES | 500+ lawyers globally
Team
María Pilar García Guijarro Rodrigo Berasategui Alfredo Cabellos
MANAGING PARTNER Banking & Finance Asset Finance
LEGAL ADVISORS
Corporate / M&A rberasategui@wfw.com acabellos@wfw.com

mpgarcia@wfw.com
David Diez Luis Soto
Gonzalo Aranzabal Regulatory & Public Law Tax
Corporate / M&A ddiez@wfw.com lsoto@wfw.com
garanzabal@wfw.com
Pablo San Gil
Real Estate
psangil@wfw.com
About Us
·· Highly sector-focus specialized team
·· 14 offices in 11 countries
·· 150+ partners and 500+ lawyers worldwide
·· Established in Spain since 2009
·· Close to 40 fee earners
Practice Areas
Corporate / M&A, Private Equity, Capital Markets, Banking & Finance, Regulatory & Public Law, Tax,
Litigation & Dispute Resolution
Offices
Athens, Bangkok, Dubai, Frankurt, Hamburg, Hong Kong, London, Milan, Munich, New York, Paris,
Rome, Singapore

Awards
·· WFW has been ranked by Inspiratia #1 law firm worldwide by deal count in the renewables
sector in 2017
·· WFW has been ranked by Inframation #3 law firm in Spain by deal count in project finance
transactions in 2017
·· Advising Cerberus on the initial acquisition of the 100% share capital of
Renovalia Energy and the on-going potential disposal process
·· Advising Cerberus on the acquisition of the Spanish Prudential photovoltaic portfolio,
Infracapital Partners, the European infrastructure equity arm of M&G Limited
·· Advising IPH SAS on the 100% acquisition of the three following companies Anglada Sub-
ministraments Industrials, Rodamientos Aralar and Rodamientos y Productos Especiales
·· Advising Simpson Strong-Tie on the acquisition of the Spanish business of Tecnogrout
·· Advising Aurelius Group on the cross-border acquisition of Colt Man-
LEGAL ADVISORS
aged Cloud, the managed cloud business of Colt Group
·· Advising Foresight on the structuring, drafting and negotiation of the
first independent Power Purchase Agreement (PPA) in Spain
·· Advising Cerberus on the acquisition of several Spanish renewables assets

White & Case ID: 21953
Spain
Contacts
ADDRESS Paseo de la Castellana, 7 EMAIL florencia.radizza@whitecase.com
28046 Madrid
TELEPHONE (+34) 917 876 300 WEBSITE www.whitecase.com
Profile
START OF ACTIVITY | March 2013 in Spain
Team
Juan Manuel de Remedios PARTNER / MANAGING DIRECTOR Carlos Daroca PARTNER
jderemedios@whitecase.com cdaroca@whitecase.com
LEGAL ADVISORS
Yoko Takagi PARTNER

ytakagi@whitecase.com
About Us
Is a leading global law firm, uniquely positioned to assist our clients achieve their projects around
the world.
As a pioneering international law firm, our cross-border expertise and diverse team of local, US and
English-qualified lawyers consistently deliver results for our clients. In both established and emerging
markets, our lawyers are integral, long-standing members of the community, giving our clients insights
into the local business environment alongside our expertise in multiple jurisdictions.
We work with some of the world’s most respected and well-established companies, as well as start-up
visionaries, banks, governments and state-owned entities.
White & Case Spanish practice comprises a global team of more than 60 Spanish-speaking lawyers,
qualified to practice under Spanish, English and US law. We work in in-bound and out-bound transac-
tions for Spanish and international clients. Our Madrid office opened in March 2013.

Practice Area
·· M&A/Corporate: M&A, Private Equity
·· Capital Markets
·· Banking/Finance
·· Real Estate
Emphasized Sectors
·· Infrastructure
·· Construction
·· Oil & Gas
·· Pharmaceuticals and Healthcare
·· Power
·· Technology
·· Financial Institutions
·· Real Estate
·· Telecom
Other Offices
North America:
Boston, Los Angeles, Miami, Sillicon Valley, Washington DC and Houston
Latin America:
LEGAL ADVISORS
Mexico City, São Paulo
Europe:
Astana, Berlin, Bratislava, Brussels, Bucharest, Budapest, Düsseldorf, Frankfurt, Geneva, Hamburg,
Helsinki, Instanbul, London, Madrid, Milan, Moscow, Paris, Prague, Stockholm, Tashkent, Warsaw.
Asia:
Beijing, Hong Kong, Jakarta, Melbourne, Seoul, Sidney, Shanghai, Singapore, Tokyo.
Middle East/Africa:
Doha, El Cairo, Johannesburg, Riyadh.

Youandlaw ID: 18189
Spain
Contacts
ADDRESS Calle Segre, 20, 1ºE, EMAIL info@youandlaw.es
28002 Madrid
TELEPHONE (+34) 91 159 00 15 WEBSITE www.youandlaw.es
Profile
Team
LEGAL ADVISORS
Gonzalo María de Ulloa Lapetra FOUNDING PARTNER Core Jiménez Núñez ASSOCIATE
gonzalo@youandlaw.es core@youandlaw.es
Pablo Casado Bueno PARTNER Marta Fabios Pérez ASSOCIATE

pablo@youandlaw.es marta.fabios@youandlaw.es
Cristina Ulloa Solís-Beaumont OF COUNSEL Beatriz Prieto Almoguera JUNIOR ASSOCIATE

crisitina.ulloa@youandlaw.es beatriz@youandlaw.es
Cristina García-Margallo Gomendio PARTNER

cristina.gmargallo@youandlaw.es
About Us
The firm provides a very specialized legal advice to give satisfactory answers and solutions to compa-
nies with, corporate needs, a technological profile or with a strong presence on Internet.
The law firm was launched in 2012 in response to the legal needs of tech companies which demand
accurate legal advice with the ability of adaption to the new technologies and the needs of growth
and flexibility of this kind of companies. This need has been specially confirmed in the legal advice on
investment transactions being our law firm one of the most active legal advisors by number of trans-
actions in the Private Equity and Venture Capital within 2014, 2015 and 2016.
In particular, 54 of our practice areas are mentioned expressly in Chambers and Partners Global and
another 92 in Chambers and Partners Europe, various of which have been ranked as having the high-
est levels of excellence in the European legal market.

Main services
·· Business Angels, Private Equity ·· Corporate Law
and Venture Capital ·· Intellectual and Industrial Law
·· M&A ·· Personal Data Protection
·· New Technologies Law ·· Tax
·· Contractual Law ·· Arbitration and litigation advice
Target Country Buyer Amount
TICKETEA, S.L. Spain Business Angels € 450.000
MY EXPENSES,
Spain K FUND, F.C.R.E. y Business Angels € 1.020.000
S.L. (BILLIN)
GENIOVA
Spain STRAUMANN HOLDING AG € 3.000.000
TECHNOLOGIES, S.L.
LEGAL ADVISORS
MONEYGURU SEAYA VENTURES, S.C.R., STRUCK CAPITAL,
Spain $ 7.000.000
SPAIN, S.L. NOVA FOUNDERS CAPITAL
SELIO ONLINE, S.L. Spain Confidencial € 1.500.000
CABIEDES & PARTNERS IV S.C.R., S.A., DERBAIX

APLAZAME, S.L. Spain € 932.000
VENTURES 2, S.L.U., AVESTA HOLDINGS, ALLVP y BBAA
BEONPRICE, S.L. Spain K FUND, F.C.R.E. e INVESTMENTS BUSINESS HUB, S.L. € 1.400.000
PERSEIDA
Spain INVERSIONES ORANDA, S.L., INQLAB, Inc y otros inversores € 1.000.00
INVESTMENTS, S.L.
BSV NEC Paack SaaS, S.C, BONSAI VENTURE CAPITAL,

PAACK SPV S.A., S.C.R., BANKINTER CAPITAL RIESGO I, F.C.R., SOLON
Spain € 1.500.000
INVESTMENTS, S.L. INVERSIONES, S.L.U., VALDERADUEY INVERSIONES,
S.L.U., XR ASSETS & INVESTMENTS, S.L. y Business Angels
ALCASAL SOLUCIONES
CABIEDES & PARTNERS IV S.C.R., S.A. y
DE ALIMENTACIÓN, Spain € 1.050.000
TURTLE CAPITAL & INVESTMENTS, S.L.
S.L. (WETACA)
*Advised entities are written in purple

Asociación Española de Capital, ID: 11076
Crecimiento e Inversión
Spain
Contacts
ADDRESS C/ Príncipe de Vergara, 55 - 4ºD EMAIL info@ascri.org
28006 Madrid
TELEPHONE (+34) 91 411 96 17 WEBSITE www.ascri.org
Profile
PRIVATE EQUITY & VENTURE CAPITAL
Team
José Zudaire Ángela Alférez Silvia Martín
General Director Head of Research Head of Communication
jzudaire@ascri.org angela.alferez@ascri.org silvia.martin@ascri.org
About Us
The Spanish Venture Capital & Private Equity Association (ASCRI) was born in 1986. Nowadays, it
comprises almost 100 national and international Venture Capital & Private Equity firms, almost 60
service providers and 6 institutional investors, spreading and ensuring the professional standards
among its members: transparency, good governance and best practice.
ASCRI is the industry body that units and represents the sector to the authorities, Government, insti-
tutions, investors, entrepreneurs and media. ASCRI regularly communicates and provides statistics
and updated information regarding the developments of the tax and legal framework. ASCRI also
organizes a range of activities (training courses, events and round tables) for the members and general
public in order to disseminate and reinforce the contribution of the Venture Capital & Private Equity
industry for the economy and growth of SMEs in Spain.
Area of Practice
Venture Capital & Private Equity

PRIVATE EQUITY & VENTURE CAPITAL

Auriga Capital Investments ID: 11126
Spain
Contacts
ADDRESS 1 Cuesta del Sagrado Corazón, 6 ADDRESS 2 54 W 21st St -Suite 801
28016 Madrid New York NY 10010, US
TELEPHONE (+34) 91 324 42 00 TELEPHONE +1 646 998 6442
WEBSITE www.aurigasv.es EMAIL auriga@aurigasv.es
Profile
FINANCIAL ADVISORS
Team
Diego García de la Peña DIRECTOR / HEAD Beatriz Egea Pérez-Carasa ANALYST Borja Fernández-Miranda ANALYST
Derivatives And Alternative Investments Alternative Investments Hedging Advisory
diego.garciadelapena@aurigasv.es beatriz.egea@aurigasv.es borja.fernandez-miranda@aurigasv.es
About Us
Auriga Capital Investments, created in April 2007, is the parent company of a financial services con-
glomerate comprehending various companies focused on providing solutions to different market
players. Auriga operates a wide range of business lines.
In Spain:
Debt Optimization via Auriga Capital Investments, Finalter and Alterfin:
·· Alternative financing solutions, deal structuring, distressed debt deals.
Capital Markets via Auriga Global Investors:
·· Fixed Income: Auriga is one of the leading fixed income desks in Spain, specialized in illiquid
bonds. Pan-European desk icomposed by 14 professionals from different nationalities.

·· Equities: Spanish Equities desk servicing hedge funds, foreign brokers and other Institutional investors.
Asset Management via Quadriga Funds:
·· UCITS IV Auriga Investors Funds ·· Equities & Derivatives Retail Sales via iBroker
·· SIFs ·· Hedging Advisory via Auriga
·· PIFs Capital Investments

In the U.S.A:
Capital Markets:
·· Fixed Income: desk focused on Structured products, and RMBS Sales & Trading.
Practice Areas
Hedging Advisory
Target Clients: Private Equities, Energy, RE & Management of:

Infrastructure funds, family offices and SMEs. ·· Contracts and Hedging clauses Negotiation.
·· Overall coordination of the Hedging

Asset Classes: Interest rates, FX,
process and its execution.
commodities and Equities.
Product valuation.
Advisory on:
·· Financial Risk of a specific deal Deal Follow-up and restructuring.
or of a client as a whole.
·· Market Situation and Expectations.
·· Hedging and investment products
analysis and evaluation.
Debt Optimization
FINANCIAL ADVISORS
Specialized in Corporate Financial Products:
Structure Optimization. ·· Receivables Financing.
·· Refinancings.
Target Clients: Private Equities, Energy, RE &
·· Private Placements.
Infrastructure funds, family offices and SMEs.
Target Country Subsector Bidder Sponsor
Various buildings Spain SOCIMI Axiare Patrimonio Axiare
Gascan Portugal Gas Distribution Artá Capital Artá Capital
Satlink Spain Satellite Communications Artá Capital Artá Capital
Crop Protection &

SAPEC-AGRO Portugal-Spain Bridgepoint Bridgepoint
Nutrition / Fertilizers
Seville Gyms Spain Sport & Leisure Ingesport Ingesport
Grupo La Flauta Spain Food & Beverages GPF Capital GPF Capital

Baker Tilly ID: 40167
Spain
Contacts
ADDRESS 1 Paseo de los Tilos 3, ADDRESS 2 Paseo de la Castellana 137,

08034 Barcelona 4ª Planta
28046 Madrid
WEBSITE www.bakertilly.es EMAIL corporatefinance@bakertilly.es

www.gda-bbrokers.com
Profile
START OF ACTIVITY | 1979 N.º OF EMPLOYEES | +190
CONSULTANCY & AUDIT
Team
Alex Wendt PARTNER
awendt@bakertilly.es
Xavier Mercadé PARTNER

xmercade@bakertilly.es
About Us
A national coverage firm which have been almost 40 years offering a wide range of professional ser-
vices to SME sand multinational companies operating in all economy sectors.
Our multidisciplinary teams, formed by highly specialized and multilingual professionals, have a
natural predisposition to listen our customers concerns, which allow us to understand their real nec-
essaries and offer tailor-made solutions.
Practice Areas
·· Audit & Assurance ·· HR & Payroll ·· Tax Consulting
·· Corporate Finance ·· Legal
·· GRC ·· Tax & Accounting

Baker Tilly International
Emerald Health
Vivacell Biotechnology España, SL Spain Pharma & healthcare Private Investors
Pharmaceutics Inc
Repromatic Sistema SL Spain Utilities PMC Grup 1985 SA Private Investors
SHOP APOTHEKE
Farmanatur Productes, S.L. Spain Pharma & healthcare Private Investors
SERVICE B.V.
VENPHARMA LABORATORIOS SA. Spain Pharma & healthcare Private Investor Private Investors
ROTATEK S.A. Spain Manufacturing Indes Capital Private Investors
CONSULTANCY & AUDIT

BBVA ID: 2653
Spain
Contacts
ADDRESS BBVA City WEBSITE www.bbvacib.com
C/ Sauceda 28
28050 Madrid
TELEPHONE (+34) 913 743 944
Profile
START OF ACTIVITY | 1868 N.º OF EMPLOYEES | We currently have 30
professionals in the M&A department in Spain
Team
FINANCIAL ADVISORS
José García Casteleiro Jaime Artola

Global Head of Corporate Finance Head of M&A Europe
garcia.jose@bbva.com jaime.artola@bbva.com
About Us
BBVA is a reference M&A adviser in Spain providing financial advisory services among all sectors
(excluding FIG) and with a remarkable track-record specially in the power & utilities, oil & gas, con-
struction & infrastructure, consumer & retail, TMT and real estate sectors. Our activities cover all
client segments needs from large international companies to middle market with a wide expertise in
cross-border transactions and in attracting foreign investment flows into Spain.
Our team has built one of the strongest M&A franchises in Spain with over 117 deals advised since
2009 leading league tables and demonstrating year after year our execution capabilities and know-
how in a wide variety of local and cross-border transactions. Furthermore, we distinguish ourselves
not only for the number and varied profile of our deals but also for the quality of our pipeline with a
leading position in sell-side assignments having advised in 67 transactions with Spanish target over
the las 5 years.
Additionally, we are also present in other geographies with a team of 40 proffessionals located across
Mexico, Peru, Colombia, Chile and USA.

Practice Areas
Our practice areas include the following products:
·· Mergers & Acquisitions ·· Privatizations
·· Companies and Assets Disposals ·· Fairness Opinion / Valuation Reports
·· Strategic Partner / Fund Raising ·· Takeover Bids
Awards
·· Mergermarket “Spain’s Financial Adviser of the year” - Winner in 2016, 2014 and 2011
·· Global Finance “Best Investment Bank in Spain” - Winner in 2016, 2015, 2014, 2013, 2012 and 2011
·· Euromoney Awards for Excellence “Best M&A House in Spain” Winner in 2014 and 2012
·· Financial Times “M&A Advisor of the Year in Iberia” - Winner in 2014
·· Finance Europe Banking Awards “Best Investment Bank in Spain” Winner in 2014 and 2012
Highlighted Transactions (*)
Target Country Subsector Bidder Seller Value Sponsor
Aura Spain Consumer Sogrape Pernod Ricard Confidential Pernod Ricard
Vinícola de Navarra
FINANCIAL ADVISORS
Spain Consumer Manzanos Enterprises Pernod Ricard Confidential Pernod Ricard
and Siglo
Encampus Residencias
de Estudiantes
Azora, Artá Azora, Artá
S.A., Siresa Campus
AXA IM – Real Capital, March Confidential Capital, March
Sociedad de Inversión Real Estate;
Spain Assets, CBRE GIP Campus EUR 400m Campus
Inmobiliaria S.A., Siresa Infrastructure
and Greystar and Mutua (**) and Mutua
Campus Noroeste S.L.
Madrileña Madrileña
and Residencias de
Estudiantes S.A.("Resa")
Dollken-
Alantra Private Alantra
Probos - Plasticos, S.A. Portugal Consumer Kunststoffverarbeitung EUR 99 m
Equity Private Equity
GmbH
Oman Oil Macquarie

Compañía Logística Macquarie Confidential
Company SAOC Infrastructure
de Hidrocarburos, S.A. Spain Oil & Gas Infrastructure and EUR 1.0
(10%) and AMP and Real Assets
("CLH") - 20% stake Real Assets ("MIRA") Bn (**)
Capital (10%) ("MIRA")
Natural Gas
REN - Redes EDP - Energias
EDP Gás S.G.P.S., Infrastructure, EDP - Energias
Portugal Energeticas Nacionais, EUR 532 m de Portugal
S.A. (EDP Gás) Energy de Portugal S.A.
SGPS, S.A. S.A.
Industry
Alvinesa Alvinesa
Alvinesa Alcoholera
Alcoholera Alcoholera
Vinícola, S.A. Spain Consumer Artá Capital ("Artá") Confidential
Vinícola, S.A. Vinícola, S.A.
("Alvinesa")
("Alvinesa") ("Alvinesa")
Grupo A. Silva
& Silva, Haitong
Macquarie
Macquarie Bank SA, and Confidential
Empark Aparcamientos Car Parks; Infrastructure
Spain Infrastructure and Transport EUR 1.0
y Servicios, S.A. Spain Infrastructure and Real Assets
Real Assets (“MIRA”) Infrastructure Bn (**)
("MIRA")
Investment
Company (TIIC)
Miura Private Miura Private

GH Induction Group Spain Industrial ParkOhio Holdings Confidential
Equity Equity
* Includes selected M&A transactions with Iberian Target announced in 2017

** According to public sources

BNP Paribas ID: 775
Spain
Contacts
ADDRESS C/ Emilio Vargas, 4. WEBSITE www.bnpparibas.es
28043 Madrid
TELEPHONE (+34) 91 762 5412
Team
Luis Sancho HEAD OF GLOBAL BANKING SPAIN
About Us
BNP Paribas is one of the largest and most stable financial institutions in the world with a presence in
FINANCIAL ADVISORS
74 countries and close to 192,400 employees. In Corporate & Institutional Banking and International
Financial Services activities, BNP Paribas enjoys top positions in Europe, a strong presence in America
and solid and fast-growing businesses in Asia-Pacific. BNP Paribas Corporate & Institutional Banking
provides services around the world to 13,000 corporate and institutional clients with more than
30,400 employees and 220 business centres in 57 countries. BNP Paribas CIB is a globally recognised
leader, named “World’s Best Bank for Corporates” in 2017. In Spain, BNP Paribas is the leading inter-
national bank by revenues and volume of assets.
Practice Areas
BNP Paribas holds a unique positioning in the rendering of Corporate Finance advisory services for
large and medium sized corporates.
BNP Paribas is specialized in complex Mergers and Acquisitions (“M&A”) and Equity Capital Markets
(“ECM”) deals that transform corporates in deep levels, which require a bank able to provide diverse
capacities on both the financing and equity sides (either through M&A or ECM solutions), offering as
well deep industrial knowledge, global reach and a wide range of products, all of it underpinned by an
unparalleled access to a wide universe of debt and equity investors.
Awards
World
·· World’s Best Bank for Corporates (Euromoney 2017)
·· Most Innovative Investment Bank in 2017 (The Banker)
·· Best Digital Bank in Western Europe 2017 (Euromoney)

·· Best Equity research platform, Exane BNP Paribas (Extel)
·· Global Custodian 2017, Best Global Custodian Network

·· Equity Derivatives House of the Year 2017 by IFR Awards
·· Euro Bond House of the Year 2017 by IFR Awards
·· Best Bank for Trade Finance 2018 by Global Finance
Spain :
·· M&A: Nº 2 by Value of completed deals in M&A in Iberia in 2017, according to Mergermarket
·· IG Corporate Bonds:Nº1 by nº of deals and Public New Issues, Nº3 in total distribution in 2017
·· Nº1 International bank MLAs by Nº deals in 2017
Target Country Subsector Bidder Seller Value

(EURm)
Gamesa Corporacion Wind Plants Capital Increase

Spain Siemens Ag 6.640
Tecnologica Sa And Turbines Transaction
Ohl Concesiones Sau Spain Infrastructure Ifm Investors Ohl 6.200
Helios Kliniken Cvc Capital Partners

Quironsalud Spain Health 5.760
Gmbh Limited
Colombian Telefonica And

Capital Increase
Telecomunicaciones Colombia Telecoms Colombian 1.842
FINANCIAL ADVISORS
Transaction
(Coltel) Ministry of Finance
Compania Logistica Transportation Ardian; Alberta Investment

Cvc Capital
De Hidrocarburos Spain and Storage Of Management; Kutxabank; 1.000
Partners Ltd
(25%) Oil Products Abanca Corp. Bancaria
Novo Banco (75%) Portugal Financial Sector Lone Star Funds Banco de Portugal 1.000
Bouygues Telecom Sa France Telecoms Cellnex Telecom Sa Bouygues Telecom 854
Computers &
Accelya Spain Warburg Pincus Llc Chequers Capital 650
Electronics
Aviva Vida Y
Pensiones; Caja
España Vida; Unicorp Spain Insurance Santalucia Seguros Aviva Plc 475
Vida Compania De
Seguros Y Reaseguros
Palomon Capital Partners

Living Facilities
Lp; Grupo Confidesa;
Sarquavitae Spain For Senior Homevi Sas 440
G Square Healthcare
Citizens
Private Equity Llp
Magnum Capital
Iberchem Sa Spain Chemicals Eurazeo Sa 405
Industrial Partners
Nueva Condomina
Spain Real Estate Klepierre BNP Paribas 233
Shopping Center
Gamesa
Adwen Offshore Offshore Wind
Spain Corporacion Areva 219
Sl (50%) Turbines
Tecnologica Sa
Clinica Baviera Aier Eye Hospital Corporacion

Spain Healthcare 147
(86,83%) Group Financiera Alba
SARQUAVITAE ‘S
Spain Real Estate Eurosic Lagune Homevi 116
Properties Company
*Advised entities are written in green

Citi ID:113455
Spain
Contacts
ADDRESS C/ José Ortega y Gasset 29, WEBSITE http://www.citigroup.com/citi/
2nd Floor, about/countrypresence/spain.html
28006, Madrid
TELEPHONE (+34) 91 538 41 00
Profile
START OF ACTIVITY | 1812 N.º OF EMPLOYEES | 219,000
Team
FINANCIAL ADVISORS
Ignacio Gutiérrez-Orrantia José Meseguer

CHAIRMAN IBERIA AND HEAD EMEA HEAD OF FIG IBERIA / CO-HEAD OF
STRATEGIC COVERAGE BANKING FIG IB EMEA
Jorge Ramos Álvaro Revuelta

MANAGING DIRECTOR MANAGING DIRECTOR
About Us
Citi has had a presence in Spain since 1919 and was one of the first foreign banks to establish an
office in the country. In 1983, Citi acquired Banco de Levante (Citibank España, sold to Banco Popular
in 2014). Salomon Brothers opened its first office in Madrid in 1988, and Schroders established its
Spanish headquarters in Madrid in 1990. In 1997, Smith Barney merged with Salomon Inc. to form
Salomon Smith Barney. Citi merged Salomon Smith Barney with Schroders Plc in 2000, creating a
leading pan-European investment bank.
Citi has always had a firm commitment to Spain and proudly serve local communities every day. Citi
is the preferred financial partner for Spanish and global institutions, as well as the leading provider in
investment banking, capital markets, transactional services and private banking businesses.
Practice area
Covering all sectors and products:
·· M&A / Markets and Securities Services business provides world-class financial prod-
ucts and services to corporations, institutions, and investors Citi serves in Spain.

·· Capital Markets Origination business is focused on the capital-raising needs of Citi’s Spanish insti-
tutional clients, from inaugural issuances and exchanges to cross-border transactions and first-of
their-kind landmark structures. Citi Spain is the first choice among issuers for clients’ underwrit-
ing needs owing to Citi’s unmatched global footprint and diverse range of financial products.
·· Treasury and Trade Solutions business provides integrated cash management and trade
finance services to multinational corporations operating in Spain with the industry’s most
comprehensive suite of digital and mobile-enabled platforms, tools and analytics.
·· Private Banking team of professionals deliver private banking and wealth management
services to high net worth individuals and families. From banking and cash management
to lending, investment strategies, and trust and wealth advisory services, Citi is in Spain to
support its clients with a comprehensive range of services. Citi’s goal is to deliver exper-
tise and a premier level of service while helping grow, manage and preserve wealth.
Awards
·· Euromoney – Best Investment Bank in Spain
·· The Banker Awards – Most Innovative Bank
FINANCIAL ADVISORS
Target Country Subsector Buyer Seller Value
(EUR)
Abertis Spain Infrastructure Atlantia/Hochtief Tender Offer 32-34bn
Orient Hontai Torreal, Televisa,

Imagina Spain Media 1.9bn
Capital Mediavideo
Axiare Spain Real Estate Colonial Tender Offer 2.0bn
BBVA Chile Chile FIG Scotiabank BBVA 1.9bn
Zodiac United States Industrial Fluidra Rhône 2.5bn
HI Partners Spain Real Estate Blackstone Banco Sabadell 631m
Peninsula
Springwater,
Aernnova Spain Aerospace Capital, Torreal, N/A
Management Team
Towerbrook
Banco Popular Spain FIG Banco Santander N/A N/A
Redexis Gas Goldman Sachs

Spain Utilities ATP / USS N/A
(minority stake) Infrastructure Partners
Telecable Spain Telecom Euskaltel Zegona 686m
AXA, CDC, Predica,

HIT / Sanef France Infrastructure Abertis 2.2bn
CNP and FFP
Banco Santander,
Hellman & General Atlantic,
Allfunds Spain FIG 1.8bn
Friedman / GIC Intesa Sanpaolo,
Warburg Pincus

Deloitte ID: 1260
Spain
Contacts
ADDRESS Torre Picasso EMAIL deloitte@deloitte.es
Plaza Pablo Ruiz Picasso 1,
28020 Madrid
TELEPHONE (+34) 915 145 000 WEBSITE www.deloitte.es
Profile
START OF ACTIVIT | 1987 N.º OF EMPLOYEES | 520
Team
FINANCIAL ADVISORS
Enrique Gutiérrez MANAGING PARTNER Jaime Gómez-Pineda PARTNER Amir Sarshar PARTNER
Financial Advisory M&A Transaction Forensic & Dispute Consulting
egutierrez@deloitte.es jgomezpineda@deloitte.es asarshar@deloitte.es
Fernando Baldellou PARTNER Simon Howard PARTNER Senén Touza PARTNER

Corporate Finance M&A Transaction Restructuring and Value Creation Services
fbaldellou@deloitte.es showard@deloitte.es stouza@deloitte.es
Tomás de Heredia PARTNER Jordi Vall Carbonell PARTNER Enrique Domínguez PARTNER
Corporate Finance M&A Transaction Restructuring and Value Creation Services
tdeheredia@deloitte.es jvall@deloitte.es edominguez@deloitte.es
José Manuel Lasa PARTNER Cristina Cabrerizo PARTNER Arturo Gayoso PARTNER
Corporate Finance Financial Advisory Restructuring and Value Creation Services
jlasa@deloitte.es ccabrerizo@deloitte.es agayoso@deloitte.es
Jordi Llidó PARTNER Alberto Valls PARTNER Cristian Torras PARTNER

Corporate Finance Real Estate Restructuring and Value Creation Services
jllido@deloitte.es avalls@deloitte.es ctorras@deloitte.es
José Antonio Olavarrieta PARTNER Rafael Arcas PARTNER Javier Giral PARTNER
Corporate Finance Real Estate Financial Advisory - North Region
jolavarrieta@deloitte.es rarcas@deloitte.es jgiral@deloitte.es
Roger Villarino PARTNER Gonzalo Gallego PARTNER Leopoldo Parias PARTNER

Corporate Finance Real Estate Financial Advisory - South Region
rvillarino@deloitte.es ggallego@deloitte.es lparias@deloitte.es
Alejandro González de Aguilar PARTNER Javier García-Mateo Morales PARTNER Gerardo Yagüe PARTNER
Debt, Capital & Treasury Advisory Real Estate Financial Advisory - East Region
agonzalezdeaguilar@deloitte.es jgarciamateo@deloitte.es gyague@deloitte.es
Juan Ramón Rodríguez PARTNER Jesús F. Valero PARTNER Miguel Laserna PARTNER
M&A Transaction Economics, Valuation & Modelling Infrastructures Advisory
jrodriguezlarraz@deloitte.es jfvalero@deloitte.es mlaserna@deloitte.es
Óscar Arroyo PARTNER Emilio Zurilla PARTNER Daniel Ramos Morales PARTNER
M&A Transaction Economics, Valuation & Modelling Infrastructures Advisory
oarroyorevilla@deloitte.es ezurilla@deloitte.es dramosmorales@deloitte.es
Jorge Lledias PARTNER

Forensic & Dispute Consulting
jlledias@deloitte.es

About Us
With over 500 experienced professionals we are the largest Financial Advisory team in Spain pro-
viding corporate finance, M&A transactions, restructuring services, valuation and modelling, forensic
and dispute consulting services.
With the aim of providing effective and customised advice, we focus on industry specialisation allow-
ing us to adapt to our client needs. Our team has extensive knowledge within all transactional areas
and expertise in developing projects with the largest national and international companies.
We are part of an international network present in over 150 countries enabling us to share substantial
information and to be on top of the latest global trends and policy developments.
Practice Areas
Corporate finance; Debt, Capital & Treasury Advisory; M&A transaction services; real estate advisory;
infrastructures advisory; restructuring and value creation services; economic consulting, valuation
and modelling; forensic and dispute consulting services.
FINANCIAL ADVISORS
Amount
(EURm)
Anida Grupo Cerberus Capital

Spain Real Estate BBVA 4.000
Inmobiliario Management (Global)
Compañía Logística de Macquarie European AMP Capital, Oman

Spain Oil & Gas 1.000
Hidrocarburos (CLH) Infrastructure Fund 5 Oil Company
Vela Energy Spain Energy Sonnedix Group Centerbridge Partners 700
HI Partners Holdco Financial

Spain Halley Holdco Banco Sabadell 630
Value Added Services
Investcorp, Acionistas
Lone Star Funds Particulares Espanha
Esmalglass Spain Ceramics 605
(Global) I, Intermediate Capital
Group (ICG)
Planasa Spain Agriculture Cinven Dareva Equities 450
OTPP - Ontario
Grupo Mémora, Spain Funerary
Teachers' 3i Group (Global) 450
Servilusa Portugal agencies
Pension Plan
Axa Investment
Managers-Real Artá Capital, Grupo
Resa (Residencias
Spain Real Estate Assets, CBRE Global Mutua Madrileña, 388
de Estudiantes)
Investment Partners Azora, March Campus
(GIP), Greystar
Castellano
Cortefiel, MEP Fashion;
Spain Investments, Masaria Permira 358
Retail España Retail
Investments
Tensile Capital
Keraben Grupo Spain Ceramics Victoria Management, Private 274
Shareholders

Emmergia Negocios en Desarrollo, S.L. ID: 3431
Spain
Contacts
ADDRESS Avda. Ramón y Cajal, 34 EMAIL confidencial@emmergia.com
28016 Madrid
TELEPHONE (+34) 91 519 00 77 WEBSITE www.emmergia.com
Profile
START OF ACTIVITY | June 2003 N.º OF EMPLOYEES | 5

FINANCIAL ADVISORS
Team
Pablo Martí Sánchez MANAGING PARTNER Alberto Rojas SENIOR ADVISOR
pmarti@emmergia.com arojas@emmergia.com
Eduardo González-Gallarza MANAGING PARTNER Javier Blasco SENIOR ADVISOR

e.glezgallarza@emmergia.com javier.blasco@emmergia.com
Carmelo de las Morenas MANAGING PARTNER Diego Iñigo PARTNER

cdelasmo@emmergia.com diego.inigo@emmergia.com
Jose María Varas MANAGING PARTNER Mónica Corbacho ADMINISTRATIVE ASSISTANT

jmvaras@emmergia.com mcorbacho@emmergia.com
About Us
Emmergia Corporate Finance is a company specialized in advising on M & A transactions, with more
than 15 years experience and more than 100 transactions advised. It is part of the international net-
work of M & A advisers, CDI Global, present in more than 30 countries.
CDI GLOBAL

Target Country Buyer Seller
Evolutiona Spain Zertia Private Investors
Zendos Spain Zertia Private Investors
Xtra Telecom Spain MásMóvil Ibercom The Phone House
Red Coruna Spain Host Europe (Go Daddy) Private Investors
Mundosalud Spain Sanitas Founders
Telephone Teaching Spain Elogos Founders
REVIMA Spain Recycling Hispania Private Investors
Delaware Spain Banco Mundial -
Spain incentives Spain Viajes NUBA Founders
Nextel Spain Inversores Privados Founders
Hablaya Spain Eurona Private Investors
Kupsa Spain Alavesa de Barnices Founders
FINANCIAL ADVISORS
Cxiome Spain Fractalia Private Investors
Estructuras Burton Spain Primmera and others angels Founders
Genosa Spain Key Capital and other business angels Founders
Terminal Systems Spain Asseco Founders
Acierto Spain Key Capital and other business angels Founders
Valtecsa Spain Krata Founders
Egikor Spain NBI Founders
Industrias Betiko Spain NBI Founders
Talleres Ermua Spain NBI Founders
Kupsa Spain Ilbasol Founders
Arpre Spain Grupo MGO Founders
Chiquitin Spain Private Investors Founders
Reviewpro Spain Private Investors Founders
CGI Spain Mercury Capital Founders
Bucoeye Spain Sanitas Private Investors

Eurohold ID: 1421
Spain
Contacts
ADDRESS Avenida Diagonal, 361, 2º 2ª EMAIL info@eurohold.com
08037 Barcelona
TELEPHONE (+34) 93 457 89 80 WEBSITE www.eurohold.com
Profile
N.º OF EMPLOYEES | The firm has a team of 50 people
START OF ACTIVIT | 1989 working in Spain, France, Switzerland, Germany, Turkey,
Russia, Belarus, South Africa, China, United Kingdom,
Mexico, Morocco, Portugal, USA and Japan.
FINANCIAL ADVISORS
Team
Jean-François Alandry Bernard Demode MANAGING PARTNER Bruno Tourme MANAGING PARTNER
FOUNDER & MANAGING PARTNER France UK
jfa@eurohold.com
Oliver Gottstein MANAGING PARTNER Joaquín Alcalá MANAGING PARTNER
Pascal Vieilledent Germany Mexico
FOUNDER & MANAGING PARTNER
pv@eurohold.com Dilek Ilhan MANAGING PARTNER Mehdi Ziady MANAGING PARTNER
Turkey Morocco
Ignacio Loring MANAGING PARTNER
Madrid Vitali Dasinevich MANAGING PARTNER Carlos Duarte MANAGING PARTNER
Russia & cis countries Portugal
Miguel Iraburu MANAGING PARTNER
Madrid Pauline Houl MANAGING PARTNER Carles Cabre MANAGING PARTNER
China USA
Christophe Espin MANAGING PARTNER
Madrid Patrick Camps MANAGING PARTNER Yoshihito Oike MANAGING PARTNER
South Africa Japan
François Fauran MANAGING PARTNER
Switzerland
About Us
The firm was founded in 1989 as a Corporate Finance Consulting Company, and it is nowadays one of
the most active Mergers & Acquisitions Companies in Spain. Eurohold relies on strong ethical values,
a clear Mid-Cap orientation, a focus on cross-border transactions, and an ability to generate transac-
tions thanks to deep sectors knowledge.
Leader in Spain in number of Mid-Cap transactions over the last years, Eurohold has created its own
international network which is constantly growing in order to accompany its clients worldwide. The
team of professionals that forms Eurohold combines Corporate Finance specialists and industrial

experts from different nationalities, enabling it to offer a global and independent service at an interna-
tional level.Finance specialists and industrial experts from different nationalities, enabling it to offer a
global and independent service at an international level.
Practice Area Sectors of expertise

·· Mergers & Acquisitions ·· IT, Internet & Telecomunications
·· Consulting for Private Equity ·· Pharmacy and Health Industrials
·· Strategic consulting for M&A ·· Distribution
·· Financing search ·· Retail
·· B2B Services
·· Energy and Environment
·· Finance
Seller Country Buyer Country Type
FINANCIAL ADVISORS
L’Alba Camping Spain CapFun France Purchase of 100% of capital
Capital increase for an

Ubiqum Spain Grupo Godó Spain
additional 30% stake
Geland Spain Groupe Pomona France Purchase of 100% of capital
Iceacsa Spain Antea Group Netherlands Purchase of 100% of capital
Diusfami Spain Inversor Privado Spain MBO to reach 100% of capital
Chivite Spain Grup Peralada Spain Purchase of 100% of capital
ICE Spain KPS Germany Purchase of 100% of capital
Bonder&Co Spain Le Collectionist France Purchase of 100% of capital
Dental Company Spain Smart Holding France Purchase of 70% of capital
Caravaning
Spain CapFun France Purchase of 100% of capital
La Manga
Camping Nacions Spain CapFun France Purchase of 100%
Audifilm Spain AL Consultoría Spain Purchase of 100% of capital
Actafarma Spain KERN Pharma Spain Purchase of 100% of capital
Purchase of 100% of
Fullgas Spain Alvic Spain
capital of IT division
Vegetalia Spain EBRO Spain and France Purchase of 100% of capital

EY ID: 747
Potugal
Contacts
ADDRESS Av. Republica, 90 - 3º EMAIL ernst.young@pt.ey.com
1649-024 Lisboa, Portugal
TELEPHONE (+351) 217 912 000 WEBSITE http://www.ey.com
Profile
N.º OF EMPLOYEES | We currently have about 90 pro-
START OF ACTIVIT | 1849, in Portugal since 1971
fessionals in the Transaction Advisory Services (TAS)
Department in Portugal.
Team
CONSULTANCY & AUDIT
Miguel Farinha PARTNER Nuno Silva ASSOCIATE PARTNER

Transaction Advisory Services Restructuring
miguel.farinha@pt.ey.com nuno.silva@pt.ey.com
Florbela Lima PARTNER Paulo Madruga ASSOCIATE PARTNER

Transaction Diligence and Corporate Finance Strategy EY/AM&A Business Unit
florbela.lima@pt.ey.com paulo.madruga@pt.ey.com
Hélder Matias ASSOCIATE PARTNER Carlos Lopes EXECUTIVE DIRECTOR
Transaction Tax Infrastructure Advisory
helder.matias@pt.ey.com carlos.lopes@pt.ey.com
António Oliveira ASSOCIATE PARTNER
V&BM and M&A
antonio.oliveira@pt.ey.com
About Us
We are 250,000 people based in 728 offices in confidence in the capital markets and in econ-
150 countries, organized into 28 Regions and omies the world over. We develop outstanding
four Areas. leaders who team to deliver on our promises to
all of our stakeholders. In so doing, we play a criti-
All of our people work in one of our service lines
cal role in building a better working world for our
– Assurance, Advisory, Tax, Transaction Advisory
people, for our clients and for our communities.
Services (TAS) – or in Core Business Services
(CBS) which provides internal operational sup- Our values define who we are. They influence
port such as HR and IT services. the way we work with each other, our clients
and regulators, and our communities, where we
EY is committed to doing its part in building a
use professional skills to create positive change
better working world. The insights and qual-
close to home and around the world.
ity services we deliver help build trust and

Practice Areas
Transaction Advisory Services (TAS) Area
Transaction Advisory Services (TAS) has nearly 16,000 people in over 90 countries. We work with
a wide range of clients to help them make better and more informed decisions about how they stra-
tegically manage capital and transactions in a changing world. Our aim is to help businesses drive
competitive advantage by proactively managing their capital agenda which determines how they stra-
tegically raise, invest, preserve and optimize their capital.
TAS has three sub-service lines: Transaction Support, Capital Transformation and Transaction Tax.
EY Portugal has 1,000 professional based on 3 offices located in Lisbon, Porto and Luanda in Angola.

(EURm)
Diversified Alantra Private

Global Abbasi, S.L. Spain Surteco SE 97.2
Industrial Products Equity
CapWatt,
Ventos da Serra and Lusobrisa Portugal Power and Utilities Tecneira 34.5
SGPS, S.A.
CONSULTANCY & AUDIT

Freedom - Serviced N/A - Capital
Portugal Real Estate Menlo Capital 4.1
Apartments, Lda increase
Optivisão – Óptica, Serviços Consumer Products Erich Brodheim, Alain Afflelou and
Portugal ND
e Investimento, S.A. and Retail S.A. Private Investors
LafargeHolcim cement, Secil -

readymix and concrete Diversified Companhia
Spain LafargeHolcim, Ltd ND
business in Asturias Industrial Products Geral Cal e
and Galicia Cimentos, S.A.
Professional
QLS Automotive Portugal Exact Systems Private Investors ND
Firms & Services
ARDMA -
Herdade da Comporta FIIF Portugal Real Estate Rio Forte ND
SGPS, Lda
Sonae MC Oxy Capital,

Consumer Products - Modelo Edge Capital
Brio Supermercados Portugal ND
and Retail Continente, and Bomtempo
SGPS, S.A. Investimentos
Consumer Products Guzman

Frustock and 2 Be Fresh Portugal Private Investors ND
and Retail Gastronomia SL
Medicina
Vallis Capital
Consumer Products Laboratorial -
CGC Genetics Portugal Partners and ND
and Retail Doutor Carlos
Private Investors
da Silva Torres
Cristalmax – Indústria Diversified Haitong Capital

Portugal Private Investors ND
de Vidro, S.A. Industrial Products - SCR, S.A.
WElink Energy
Morningchapter, S.A. Portugal Power and Utilities Solaer Group ND
(U.K.) Limited
F. Ramada
Medicina
Investimentos,
Consumer Products Laboratorial -
Grupo Base Portugal G-immo BV, ND
and Retail Doutor Carlos
Cofihold and
da Silva Torres
other investors
Grupo José
Grupo Doca de Santo Portugal Real Estate Private Investors ND
Avillez, Lda.

GVC Gaesco ID: 2109
Spain
Contacts
MADRID GVC Gaesco Madrid BARCELONA GVC Gaesco Barcelona
Torre Serrano. Dr. Ferran, 3-5,
Marqués de Villamagna, 3, 08034, Barcelona
4th Floor, 28001, Madrid
EMAIL info@gvcgaesco.es WEBSITE www.grupo.gvcgaesco.com
Branches
ADDRESS 1 GVC Gaesco Beka, S.V., S.A. ADDRESS 2 GVC Gaesco Gestión, S.G.I.I.C., S.A.
Torre Serrano. Dr. Ferran, 3-5,
Marqués de Villamagna, 3, 08034, Barcelona
4th Floor, 28001, Madrid

FINANCIAL ADVISORS
WEBSITE www.valores.gvcgaesco.com WEBSITE www.fondos.gvcgaesco.com
ADDRESS 3 GVC Gaesco Pensiones, S.G.F.P., S.A. ADDRESS 4 GVC Gaesco Correduría de Seguros, S.A.
Dr. Ferran, 3-5, 08034, Barcelona Dr. Ferran, 3-5, 08034, Barcelona
WEBSITE www.pensiones.gvcgaesco.com WEBSITE www.correduria.gvcgaesco.com
EMAIL info@gvcgaesco.es
Profile
Team
Jesús Muela
DEPUTY GENERAL MANAGER
jesus.muela@gvcgaesco.es
About Us
GVC Gaesco is one of the main independent financial groups in Spain, with over 60 years history.
The Corporate Finance - Capital Markets - Advisory Unit has executed since 2010 more than
60 transactions worth more than EUR 36 Bn.

GVC Gaesco manages over EUR 1,8 Bn in AUMs and EUR 4,8 Bn as Custodian.
CNMV Registered Entity under number 182. Member of Barcelona, Madrid, Valencia, Paris,
Amsterdam, Brussels, Lisbon and Frankfurt Stock Exchanges. MEFF, AIAF, Iberclear and Euroclear
custodian and clearing Member. Entity Delegated by the Bank of Spain. MAB and MARF Registered
Advisor. Founding partner and member of the European Securities Network (ESN). GAP partner for
the European Union and Latin-America
Practice Areas
GVC Gaesco offers a large group of services: Corporate Finance & Capital Markets, Research, Advisory,
Wealth Management and Private Banking Brokerage and Custody, and Insurance Brokerage.
·· ESN – European Securities Network
·· GAP – Global Alliance Partners
Awards
Research Mutual Funds
2017 · A
ccording to Thomson Reuters rankings 2017 · F und: GVC Gaesco Small Caps, FI, Category:
GVC Gaesco Beka (ESN Partnership) ranks Among the Top 10 of the most profitable
Nº 2 among the Top Award-Winning Brokers Spanish Mutual Funds 2017.
for Iberia, based on the number of analysts Fund: Bona-Renda, FI Category: Among the
nominated for Top Earnings Estimators Top 10 of the most profitable Spanish Mixed
FINANCIAL ADVISORS
and Top Stock Pickers. Our analysts ranked Mutual.
highly in the following sectors: Fuel & Fund: GVC Gaesco TFT, FI Category: The most
Utilities; Consumer Products & Services; profitable Sectoral Spanish Mutual Fund 2017.
Real Estate; Metals, Materials & Supplies;
Industrial Products & Services. May 2017.
Extra information
·· 15 offices and more than 26,000 Clients
·· 100 analysts through ESN (European Securitites Network)
·· 34 Mutual Funds (3 in Luxembourg) / 45 SICAVs / 8 Pension Funds
·· 3 Venture Capital Companies
·· 1st Fund of Funds registered in the CNMV: GVC Gaesco Fondo de Fondos (1997)
·· GVC Gaesco Renta Fija is the 5th oldest Investment Fund in Spain (1986)
Target Country Subsector Buyer Value

(EURm)
Inypsa Spain Engineering Equity Capital Markets: Capital Increase 30
Oryzon Genomics Spain Biotech Equity Capital Markets: Capital Increase 18
Clever Global Spain Engineering Equity Capital Markets: Capital Increase 2
AB Biotichs Spain Biotech Equity Capital Markets: Capital Increase 3
Student Properties Socimi Spain Student Accomodation IPO 20
Inmobiliaria del Sur Spain Real Estate Debt Capital Markets: Bond Issue 20
Solaria Casiopea Spain Utilities Debt Capital Markets: Bond Issue 9
Bankia Spain Banks Reverse split 11b

Insignya Capital Partners ID: 58215
Portugal
Contacts
ADDRESS Rua Eugénio de Castro, 352, EMAIL corporate@insignyacapital.com
2.º, S28, 4100-225
Porto, Portugal
TELEPHONE (+351) 223 256 160 WEBSITE www.insignyacapital.com
Profile
START OF ACTIVITY | 2014
FINANCIAL ADVISORS
Team
Miguel Oliveira
PARTNER
miguel.oliveira@insignyacapital.com
Rui Lusquinhos
ANALYST
rui.lusquinhos@insignyacapital.com
Diogo Rocha
ANALYST
diogo.rocha@insignyacapital.com
About Us
Insignya is a newly independent investment bank focused on providing financial advice
on mergers, acquisitions, restructurings, financings and capital raising to corporations,
partnerships and institutions.

Practice Areas
·· Mergers & Acquisitions
·· Financing & Restructuring
·· Capital Advisory
·· Alternative asset management
Somelos Portugal Fashion and Textile Private Shareholders Private Shareholders
Zoofeira Portugal Distribution and Retail Ornimundo Private Shareholders
Ceriart - Cerâmica Glass, Ceramic, Paper, Oxy Capital

Portugal Private Shareholders
Artística Plastics, Wood and Timber Mezzanine Fund
FINANCIAL ADVISORS

KPMG ID: 2327
Spain
Contacts
ADDRESS 1 Pº de la Castellana 259 C ADDRESS 2 Plaça d’Europa 41-43
28046 Madrid L’Hospitalet de Llobregat
08908 Barcelona
WEBSITE www.kpmg.es
Profile
START OF ACTIVITY | 1971 N.º OF EMPLOYEES |
Over300 in Deal Advisory at
KPMG in Spain
CONSULTANCY & AUDIT
Team
Ignacio Faus Carlos Rodriguez de Rivera PARTNER Javier Ibañez PARTNER
DEPUTY CHAIRMAN / HEAD PARTNER
Carlos Rubí PARTNER Alfonso Junguitu PARTNER
Deal Advisory at KPMG in Spain
Javier López Torres PARTNER
Debt Advisory
Corp orate Finance
Gonzalo Montes HEAD PARTNER Transaction Services
Jorge Rioperez HEAD PARTNER
Jordi Castiñeira PARTNER David Höhn HEAD PARTNER
Sergio Mas-Sardá PARTNER
Ovidio Turrado PARTNER Manuel Carrera PARTNER
Manuel Santillana PARTNER
Miguel Ángel Castello PARTNER
Eloy Serrano PARTNER
Deal Strategy & Post-deal Fernando García Ferrer PARTNER
David Samu HEAD PARTNER
Corp orate Finance for Financial José González-Aller PARTNER
Services & Real Estate Miguel Ángel Martín Aguado PARTNER
Fernando Maldonado
Capital Markets
Noelle Cajigas HEAD PARTNER Miguel Montero PARTNER
GENERAL DIRECTOR HEAD
Jaime Muñoz Estrada PARTNER
Manuel González-Mesones PARTNER
Restructuring Manuel Parra PARTNER
Sergio Nuñez Valpuesta PARTNER
Ángel Martín HEAD PARTNER Beltrán Romero Cervilla PARTNER
Borja Peñas de Bustillo PARTNER
Luis García Laynez PARTNER
About Us
We are trusted advisors and we work pro-actively with management teams and members of the
board throughout the acquisition and economic cycle, rendering global services and working in an
integrated manner.

Our team comprises professionals with experience in financial advisory services, strategy and markets,
M&A and valuations, balance sheet, project and infrastructure financing, financial and operational
restructures, debt refinancing, advisory services on transactions involving non-core asset portfolios,
insolvency proceedings, legal and tax M&A, sales of non-core assets, advisory services to resolve legal
or out-of-court disputes, etc.
Through our global firms’ network we offer high knowledge and experience in national and interna-
tional markets.
In the current market context marked by an increasing M&A activity trend initiated in Spain in 2015,
KPMG was the leading financial advisor based on the number of completed transactions in 2017 world-
wide, both by Thomson Reuters and Mergermarket and in Europe by Mergermarket (January 2018).

(EURm)
Inveready Capital,
iSalud Spain Technology CNP Partners Mediaset España, Private 30,00
CONSULTANCY & AUDIT

Shareholders Spain
Negocio de emisión de Financial and CaixaBank

Portugal Banco BPI 53,00
tarjetas en Portugal Insurance Payments
Negocio de Financial and Comercia Global

Portugal Banco BPI 60,00
adquirencia Insurance Payments
Telxius Spain Telecoms KKR Telefónica 484,50
BPI Gestão de Activos,

BPI Global Investment Portugal, Financial and Caixabank Asset
Banco BPI 83,00
Fund Management Luxembourg Insurance Management
Company
Financial and
BPI Vida e Pensões Portugal VidaCaixa Banco BPI 135,00
Insurance

Shareholders, Credit
Suisse Group, BlackRock,
Roads and
Abertis Spain Hochtief Barclays Bank, Elliott, 18.579,55
Highways
The Children Investment
Fund Management, Lazard
Asset Management
Pharmaceutical,
Orliman Spain Parapharmaceutical Cinfa Magnum Capital N/A
and Cosmetics
Healthcare,
Abac Solutions
Hygiene, Medical
Grupo Pronokal Spain (SCA), Private - 50,00
Aesthetics and
Shareholders
Cosmetics

Norgestión ID: 771
Spain
Contacts
ADDRESS Velázquez, 55 - 5º EMAIL norgestion.mad@norgestion.com
28001, Madrid
TELEPHONE (+34) 91 590 16 60 WEBSITE www.norgestion.com
Branches
BARCELONA Paseo de Gracia, 7 BILBAO Gran Vía, 29 - 5º
08007, Barcelona 48009, Bilbao
EMAIL norgestion.bcn@norgestion.com EMAIL norgestion.bi@norgestion.com
SAN SEBASTIÁN Avenida de la Libertad, 17 – SEVILLA Paseo de las Delicias, 3

4ªplanta 41001, Sevilla
FINANCIAL ADVISORS
20004, San Sebastián
EMAIL norgestion.ss@norgestion.com EMAIL norgestion.se@norgestion.com
PAMPLONA Berroa, 4 Oficina 419

31192, Tajonar-Pamplona
TELEPHONE (+34) 948 775 715
EMAIL norgestion.pa@norgestion.com
Team
Luis Ignacio Lizarraga PRESIDENT Íñigo Bilbao PARTNER
ibilbao@norgestion.com
José Antonio Barrena PARTNER, GENERAL MANAGER
jbarrena@norgestion.com Íñigo Garmendia PARTNER
igarmendia@norgestion.com
Fernando Fernández de Santaella PARTNER & MANAGING DIRECTOR
ffsantaella@norgestion.com Jokin Azurza PARTNER
jazurza@norgestion.com
Maarten De Jongh PARTNER & MANAGING DIRECTOR
dejongh@norgestion.com Jon Ander Munduate PARTNER
jmunduate@norgestion.com
Igor Gorostiaga PARTNER & MANAGING DIRECTOR
igorostiaga@norgestion.com Mario Senra PARTNER
msenra@norgestion.com
Bruno Ruiz Arrue PARTNER & MANAGING DIRECTOR
brarrue@norgestion.com Oscar Sánchez PARTNER
osanchez@norgestion.com
Ane Alkorta PARTNER
aalkorta@norgestion.com Yon Arratibel PARTNER
yarratibel@norgestion.com

Profile
About Us
Bespoke professional advice. We work closely alongside our clients whether they are family busi-
nesses, industrial and financial companies, or multinationals in a wide range of sectors.
Practice Areas
Special Situations
Management & Advisory Corporate Finance Legal and Tax Advisory Investment Advice
·· Interim Management ·· M&A (Mergers and ·· Company & ·· At Norgestion Asset
·· Operational Acquisitions) Business law Growth EAFI we have
Restructuring ·· Capital Markets ·· Tax advisory a team of qualified,
·· Operational ·· Debt Advisory ·· Bankruptcy and knowledgeable
and Profitability proceedings professionals with
·· Management
improvement proven experience.
Consultancy ·· International law
·· Business Growth and ·· M&A transactions
Transformation
·· Debt Advisory
·· Investment advisory
FINANCIAL ADVISORS
We are co-founders of: Megers Alliance (www.mergers-alliance.com) and the Wil Group (www.wilgroup.net).
Target Country Subsector Buyer Seller Value

(EURm)
Tourism, Hotels Mediterránea de Cátering Private

Vera Galdeano Spain 6,00
and Restaurants (Portobello Capital) Shareholders
Portobello Fund IV
Plénido Dental Spain Medical Aesthetics Realza Capital ND
(Portobello Capital)
and Cosmetics
Aplicaciones Industriales Steel, Metallurgy and Private
Spain MEK Group ND
del Sinterizado (AISI) Industrial Production Shareholders
Automotive and
Recreational Vehicles; Private
Tornillería Lema (Lemasa) Spain MEK Group ND
Steel, Metallurgy and Shareholders
Private
Grup Dusa Spain Distribution and Retail Covirán ND
Shareholders
Private
Consultancy, Audit
Asset Growth EAFI Spain NORGESTION Shareholders ND
and Engineering
Spain
Supermercados Private
Spain Distribution and Retail Carrefour ND
J. Márquez Shareholders
Tourism, Hotels Private
Bihotel Torrequebrada Spain Estival Park ND
and Restaurants Shareholders
Electrotécnica Private
Spain Electronics Faramax International ND
Extremeña (ETESA) Shareholders
Construction (Materials Private
Hune Spain Loxam ND
and Machinery) Shareholders

Santander ID: 99
Spain
Contacts
ADDRESS Gran Via de Hortaleza, 3. EMAIL jorbea@gruposantander.com
28033 Madrid
TELEPHONE (+34) 91 289 11 52 WEBSITE www.santander.com
Profile
START OF ACTIVIT | 1857 N.º OF EMPLOYEES | 30 M&A professionals in Spain
Team
FINANCIAL ADVISORS
Juan Orbea HEAD OF M&A IBERIA Carlo Lodigiani MULTI-SECTOR IBERIA

jorbea@gruposantander.com gclodigiani@gruposantander.com
Ruben Rodriguez Gallego ENERGY IBERIA Eduardo Muñoz Fernández-Velasco MIDMARKET IBERIA
ruberodriguez@gruposantander.com eduardo.munoz@gruposantander.com
Duarte Santos INFRASTRUCTURES IBERIA

dngaia@gruposantander.com
About Us
Banco Santander is the leading M&A house in Spain and Portugal with strong execution capabilities.
Vastly experienced team, with a significant number of professionals exclusively dedicated to M&A
deals in Iberia. Culture of client service with deep sector expertise.
Practice Areas
Domestic and international transactions including acquisitions, divestitures, mergers, joint ventures,
recapitalizations, spin-offs, exchange offers, leveraged buyouts and takeover defense.
Strong cross-border capabilities thanks to our international network with global presence through
our M&A teams in Mexico, Colombia, Brazil, Chile, Argentina, UK, France, Italy, Germany, Poland and
APAC.

Recent Awards
·· Euromoney - Best Investment Bank in Mexico and Chile
·· Latin Finance - Best Infrastructure Bank 2017 in Mexico and Brazil
·· Infrastructure Investor - Latin America Bank of the year
·· Institutional Investor - #1 Equity Research in Iberian markets
·· Global Capital - Best Equity Capital Raising by a Listed Company: Banco Popular’s € 2.5bn rights issue
·· Global Capital - ECM Deal of the Year in Iberia: Banco Popular’s € 2.5bn rights issue
·· Latin Finance - Cross-Border M&A Deal of the Year: State Power Investment Corp/Pacific Hydro

(EURm)
Roads and
OHL Concesiones Spain Highways; IFM Investors OHL 2.775,00
Ports; Airports
Voluntary tender
Roads and
offer for 100% share Spain Atlantia - 16.860,00
Highways
capital of Abertis
Financial and Algonquin Power

Atlantica Yield UK Abengoa 520,00
Insurance & Utilities
FINANCIAL ADVISORS
Interligação Elétrica
Brazil Electric Energy - Isolux Corsán Confidential
Norte e Nordeste
Banco Santander, Banco

Popular, Bankia (fusión Caja
Food and
Bodegas Chivite Spain Grup Peralada Madrid y Bancaja), BBVA, Confidential
Beverage
Banco Sabadell, CaixaBank
(Criteria CaixaCorp)
Construction
Grupo Hurtado
Cemento Polpaico Chile (Materials and LafargeHolcim Confidential
Vicuña
Machinery)
Portfolio of 103 stores Spain Real Estate Douglas Perfumarias If Confidential
Fotosolar Spain Solar Energy Helia Renovables EDF Energies Nouvelles Confidential
Acquisition of a stake Roads and

UK IFM Investors M6Toll Confidential
in UK’s toll road Highways
Ports; Transport, COSCO

Noatum Ports Holdings Spain Aviation and SHIPPING J.P. Morgan, APG 203,49
Logistics Ports (Spain)
Tourism, Hotels
Grupo Armando
Innside Madrid Génova Spain and Restaurants; Inversiones Gasolgest Confidential
Álvarez
Real Estate
Automotive and
Portobello
Centauro Rent a Car Spain Recreational; Private Investors Confidential
Capital
Vehicles
Wind Energy,
Ancora Portugal First State Ventinveste, Ferrostaal Confidential
Electric Energy
Hellman &
Financial and
Allfunds Bank Spain Friedman; Banco Santander 470,00
Insurance
GIC Realty

Llorente & Cuenca ID: 3641
Spain
Contacts
ADDRESS Calle Lagasca 88 - Planta 3 EMAIL vlecha@llorenteycuenca.com
28001 Madrid
TELEPHONE (+34) 915 637 722 WEBSITE www.llorenteycuenca.com
Profile
COMMUNICATION CONSULTANCY
Team
José Antonio Llorente FOUNDING PARTNER / PRESIDENT Jorge López Zafra
jallorente@llorenteycuenca.com FINANCIAL COMMUNICATIONS SENIOR DIRECTOR
jlopez@llorenteycuenca.com
Arturo Pinedo PARTNER / GENERAL DIRECTOR FOR IBERIA
apinedo@llorenteycuenca.com Meritxell Pérez de Castro-Acuña
INVESTOR RELATIONS DIRECTOR
Goyo Panadero PARTNER / GENERAL DIRECTOR FOR IBERIA
mperez@llorenteycuenca.com
gpanadero@llorenteycuenca.com
About Us
The firm is the leading Reputation, Communication and Public Affairs management consultancy in
Spain, Portugal and Latin America. It has 22 partners, 20 of which are professional and two financial
and 482 professionals who provide strategic consultancy services to companies in all sectors, with
operations geared towards the Spanish and Portuguese-speaking world.
It has its own offices in en Europe; Spain (Barcelona, Cink, Impossible Tellers and Madrid), in Latin
America; Argentina (Buenos Aires), Brazil (Río de Janeiro and São Paulo), Colombia (Bogota), Cuba
(La Habana), Chile (Santiago de Chile), Ecuador (Quito), Mexico (Mexico City), Panama (Panama), Peru
(Lima) and Dominican Republic (Santo Domingo); and United States; Miami and New York.
Our international development earned us the 54th position on the Global Ranking of the most import-
ant communications firms in the world in 2016 – a leader board drawn up by The Holmes Report.
LLORENTE & CUENCA is the leader in Corporate and Financial Communications in Spain, developing
coherent and consistent communication strategies to help its clients to interact with markets in all
kinds of situations. The firm adapts highly specialized teams in Financial Communications with experts
in relations with regulators and authorities, as well as specialists in Information and Communications
Technology.

We have been involved in the most relevant M&A deals that have taken place in the Spanish and Latin
American markets in the past 10 years. Furthermore, we have been advisors in 6 of the 10 major M&A
transactions in the history of the Spanish market, thanks to our highly qualified and multidisciplinary team.
LL&C has been recognized in the Global Sabre Awards as “Best Consultancy of Financial Communications
in the World” in 2013. This makes us the only Spanish communications consultancy firm to receive this
award, granted by the Holmes Report.
Corporate and Financial Communications with more than 950 professionals which stands annually at
the top of the global rankings of advisers in corporate transactions. The companies that comprise AMO
advised in 223 corporate transactions last year, which reached a total of $300 billion, more than any other
network or agency in 2015.
Other Areas of Expertise

In addition to Corporate and Financial Communications, LLORENTE & CUENCA offers comprehen-
sive strategic consultancy services with specialists and experts in all fields of communication: Digital,
Public Affairs, Crisis, Consumer Engagement, European Affairs, Leadership and Corporate Positioning,
Creation of Contents and Storytelling, CSR and Corporate Foundations, Organisations and Persons,
Metrics, Diagnosis and Monitoring, Sport and Business Strategy, Litigation, Multi-country Projects
COMMUNICATION CONSULTANCY
and Executive Coaching in Communication.
Total Value
(EURm)
Q21 Real Estate,

Levitt
Spain Real Estate Baupost Group, Private Shareholders I 200,00
Bosch-Aymerich
Alpine Grove Partners
Abertis Spain Roads and Highways Atlantia - 16.300,00
Siemens Wind Spain Wind Energy Gamesa Siemens 6.640,00
Deyá Capital, Deyá

Grupo Empresarial Food Industry;
Spain Ardian Capital II, Deyá Capital -
Panasa, Berlys Food and Beverage
III, Alantra Partners
The Beauty
Spain Medical Aesthetics Douglas Bayside Capital -
Bell Chain
and Cosmetics
Grupo Financiero Grupo Financiero

Mexico Financial and Insurance - -
Banorte Interacciones
Deyá Capital, Deyá

Food Industry;
Berlys Spain Ardian Capital II, Deyá Capital -
Food and Beverage
III, Alantra Partners
Total Value
Issuer Country Subsector Type Stock Exchange / Ticker
(EURm)
Mercado Alternativo
Robot Spain Technology IPO 11,80
Bursatil (MAB) / RBT
Bolsa de Barcelona / UNI , Bolsa

Financial and
Unicaja Banco Spain IPO de Bilbao / UNI , Bolsa de Madrid 756,25
Insurance
/ UNI , Bolsa de Valencia / UNI

We would like to thank all of those who have co-operated
and supported us in the creation of our seventh edition of
the M&A Handbook, which was published for the first time in
2011, and its success has enabled us to be more rigorous and
comprehensive in the information we offer. We thank Intralinks
for its support, as well as all the experts and professionals from
the corporate, financial and legal sector who trusted the TTR
team with all their knowledge and opinions.
Acknowledgements
Index of
Entities
Symbols Actis 1, 65–66
21 Buttons 1, 112 Active Venture Partners 1, 49, 91–93, 119
360 Capital Partners 1, 91, 112 Acuinova Actividades Piscícolas 1, 182
3ANTS 1, 123 Ad4ventures Spain 1, 93
3i Group 1, 113, 139, 210, 212 Adara Ventures 1, 91
3Shoppings 1, 138, 179, 193, 210 AddVenture 1, 93
4|5|3 Law Firm 1, 8, 14, 17, 20–25, 27–30, 32–33, ADE Capital Sodical 1, 91
36–37, 40–41, 43–44, 47–49, 51–52, ADIRA 1, 151, 184
54, 57, 62–66, 68–73, 75–76, 78–82, ADTZ 1, 123
85–93, 97–104, 107–124, 126–128, Aernnova 1, 97, 99, 113–114
133, 136–141, 143–148, 150–151, AFA SGPS 1, 204
153–154, 156, 159–161, 163–164, 166, Aggeris Venture Capital 1, 91
169, 174–181, 183–187, 190–192, 194, Agile Pharma 1, 75, 187, 191, 207, 209
196, 199–200, 203–205, 207–213 Agnoli Giug 1, 187
500Startups 1, 91, 93, 199 AGRO Merchants Group 1, 213
5M Ventures 1, 93 Agro2Agri 1, 71
80 Més 4 Publicacions 1, 100 Agroop 1, 161
Agua y Ciudad Entrepreneurship Investments 1, 49
A
Aguirre Newman 1, 104
AAA Advogados 215
Aier Eye Hospital Group 1, 109
Abac Solutions (SCA) 84
Aier Eye International (Europe) 106, 147
Abanca 1, 64, 99, 104, 112, 117, 127
AIMCo 1, 64, 99, 104, 112, 117, 127
Abderrahim Zniber Group 1, 110
AIMIA Holdings UK 1, 119
Abertis 1, 24, 32, 103
Ajinomoto OmniChem 1, 71
About 1, 151, 197
Akfen Holdings 1, 24, 108
Abreu Advogados 1, 22, 138–139, 179, 195, 197,
Akina Partners 1, 91
206–207, 213
Alantra 1, 22, 37, 84, 88, 96–97, 183, 203–204, 208–209
A-Capital Activos Empresariales 1, 74, 120
Alantra Partners 1, 84, 183, 203, 208–209
Accelya 1, 40, 84, 99, 110, 116
Alantra Private Equity Fund III 1, 204
Accelya Holding 1, 40, 84, 99, 110, 116
Allen & Overy Spain 1, 23–24, 40, 63–64, 69, 72, 107–108
Accenture 1, 22
Allen & Overy UK 1, 193
Access Biologicals 1, 123
Allfunds Bank 1, 23, 40, 80, 98–99, 116–117, 122, 127
ACCIONA 1, 22, 68, 84, 118
Alma Mundi Ventures 1, 91
Acciona Concesiones Chile 1, 118
Almaz Capital 1, 91
Acciona Construcción Agencia Chile 1, 118
Alqui Construcción Cataluña 1, 105
Acciona Geotech Holding 1, 84
Alta Life Sciences 1, 49
Acciona Ruta 160 1, 118
AltaFit 1, 97
Accriva Diagnostics 1, 75, 86, 102, 126
Alticom 1, 98
ACE & Co 1, 163, 193, 199
Alua Hotels & Resorts 1, 37
ACE Investment Fund 1, 139, 175, 212
Alvinesa 1, 120
ACE Investment Fund II 1, 139, 175, 212
Amadeus Ventures 1, 91
ACE Portugal 1, 65, 104, 139, 153, 203, 205, 210, 212
Ambinorma 1, 210
Acek Desarrollo y Gestión Industrial 1, 33, 114, 117
Amerigo Ventures Pacífico 1, 76, 83, 93
Acon Investments 1, 72
Amichi 1, 76
Across Legal 1, 51, 107–108
Amkor Technology 1, 212
ACS 1, 33
Amorim & Irmãos 1, 140 Auriga 2, 96, 98, 153, 191–192, 200
Amorim Bartop 1, 140 Aurora Health Care Ventures 2, 91
AMP Capital 1, 23, 64, 99, 108, 118, 122 Aurorial 2, 123
Amphenol 1, 73, 120 Automotive and Recreational Vehicles 2, 58, 70, 111,
Amplifon Portugal 1, 138, 192 114, 117, 128, 170, 181, 186, 204, 211
Âncora Wind 1, 203 Avenida Capital 2, 93
Andersen Tax & Legal Spain 1, 37, 73, 107, 109 Avet Ventures 2, 93
Andrade Gutierrez Portugal 1, 204 Avianta Capital 2, 91, 93
Angel List 1, 51, 91, 118 Aviva Europe 2, 99–100, 110, 119
Angels Capital 1, 91, 93, 123 Aviva Vida y Pensiones 2, 99–100, 110, 119
Anglada Subministraments Industrials 1, 128 AXA Group 2, 24, 103
Antai Ban 1, 51, 92 Axa Investment Managers-Real Assets 2, 68, 99, 119
Antea Group 1, 101 Axiare Patrimonio 2, 108, 116, 125
Anticimex 1, 210 Axon Partners Group 2, 83, 88, 93
António Cândido Natário Advogados 1, 186 Axon Wealth Advisory Digital A.V. 47
Araoz & Rueda 1, 107, 109 AZ Capital 2, 86, 96, 98
Araven 1, 74, 120 Azora 2, 68, 99, 119
Arcano Partners 1, 22, 37, 78, 80, 96–97, 177
B
Arctic Wolf Networks 1, 140, 199
B4Motion 2, 91, 93, 112
Ardian 1, 64, 99, 104, 112, 117, 122, 127
Bae, Kim & Lee 2, 87
Ares Management 1, 210, 213
Bain Capital 2, 68, 110
Argo Asesores Financieros 1, 96–97
Baker McKenzie Spain 2, 22, 51, 63, 74, 80, 90, 107,
Arle Capital 1, 88, 103
110, 153
Arpa Abogados 223
Baker McKenzie UK 2, 51, 90
Artá Capital 1–2, 64, 68, 98–99, 101, 114, 119, 177,
Baker Tilly 299
204, 207–208
Baltar Abogados 2, 107, 110
Artá Capital Fund II A SCR 1, 101, 177, 204, 207–208
Bamboo Venture Capital 2, 76
Artá Capital Fund II B SCR 1, 101, 177, 204, 207–208
Banco BPI 2, 65, 139, 153, 202–203
Artá Capital Fund II FCR 2, 101, 177, 204, 207–208
Banco BTG Pactual 2, 202–203
Artlant PTA 2, 185, 204, 210
Banco Finantia 2, 193
Ashurst France 2, 40, 84
Banco Mare Nostrum (BMN) 20
Ashurst Spain 2, 22, 37, 40, 84, 107, 110
Banco Popular 2, 22, 80, 97, 99, 102, 110, 124
Asociación Española de Capital Crecimiento e Inversión 295
Banco Sabadell 2, 40, 126
ASSIP 2, 23, 112–113, 127, 204, 211
Banco Santander 2, 22–23, 40, 80, 96–99, 102, 110,
Atena Equity Partners 2, 183, 199
116–117, 122, 124, 127, 202–203
Athos Capital 2, 91, 100, 128
Banif Banco Internacional do Funchal 2, 203
Atitlán Capital 2, 111
Bank of America Merrill Lynch 2, 63, 110
Atlantic Bridge 2, 91, 108
Bank Street 2, 90
Atomico 2, 87, 93
Bankia (fusión Caja Madrid y Bancaja) 20, 95, 121, 249,
Atresmedia 2, 32, 49, 92
275, 317, 323
Attentive 2, 163
Bankinter 2, 49, 91, 93, 123
AudioNova 2, 138, 192
Bankinter Capital Riesgo 2, 91, 93, 123
Augesco Ventures 2, 93
Barceló Hotels Mediterráneo 2, 22
Aurica Capital 2, 37, 74, 101
Barclays Bank 3, 23, 40, 80
Aurica III 2, 72
Barraqueiro Transportes 3, 138, 194
BAY 3, 11, 22, 37 BSF 17 3, 123
BBK Fundazioa 3, 125 BSIM² 185
BBooster Dyrecto 3, 91 BStartup 10 3, 91
BBVA 3, 23–24, 51, 64, 68, 73, 80, 90, 96, 99, 110, Bufete Buades 3, 140, 195
123, 138, 175, 177, 183, 202–203 Bullnet Capital I 3, 91
BBVA Corporate Finance 3, 23, 51, 64, 68, 73, 90, 138, Bullnet Capital II 3, 91
177, 183 Bullnet Capital III 3, 91
BC Partners 3, 76, 82–83 Bunzl Spain 3, 103
BDGS Associés 3, 24 Bustillo Abogados 3, 107, 111
BDO (Spain) 76 ByHours 3, 105
Bebé Vida - Ciências Para a Vida 3, 211
C
Belagua Abogados 3, 107, 110
Cabiedes & Partners 4, 51, 68, 81, 91, 93, 114, 127
Bequant 3, 121
Cabify 4, 51, 118
Bessemer Venture Partners 3, 91
Cafesalud EPS 4, 86
Bial 3, 187
Caisse des Dépôts 4, 24, 103
Bial - Aristegui Produtos Farmacêuticos 3, 187
Caixa BI 4, 23, 185, 202, 204
Bial Aristegui Espanha 3, 187
Caixa Capital Risc 4, 49, 51, 75, 84, 91, 93, 100, 121, 126
Bial Aristegui Itália 3, 187
Callcredit Information Group 4, 115
BIE Management Lux 3, 124
Callol, Coca & Asociados 4, 107, 112
Big Sur Ventures 3, 91, 93, 114, 123
Camfil 4, 74
Billin 3, 112
Campofrío 4, 71
Biocitek - Equipamientos de Diagnóstico 3, 98, 153,
Campos Ferreira, Sá Carneiro & Associados 4, 75, 187,
191–192, 200
191, 206–207
Biolty 3, 49
Capital Criativo 4, 191, 208
Bird & Bird Spain 3, 107, 111, 140, 195
Capital Expansió 4, 49, 84
Bitarte 3, 126
Capital Group 4, 12, 40, 68, 100, 102, 119
Black Toro Capital 3, 76, 83, 85, 111
Capital Innovación y Crecimiento 4, 120
Blackstone 3, 40
Capital Partners 1, 3–4, 6, 8, 11–13, 21–22, 24, 37,
Blooming Experience 3, 108, 116
51, 66, 75, 85–86, 90–91, 93, 97–99,
Blue Digital Ventures 3, 114
101, 104, 108, 110, 112–114, 116,
Blue Sea Hotels 3, 37
123, 126, 202, 205
BlueGem Capital Partners 3, 101
Capitana Venture Partners 4, 91, 100, 128
Blueliv 3, 49
Capstone Equities 4, 110
BNP Paribas 3, 40, 64, 84, 96, 99
Capwatt 4, 147, 151
BNP Paribas Corporate & Investment Banking Spain
Carey 4, 23, 40
3, 40, 84
Carlos Aguiar, Ferreira de Lima Advogados 4, 40, 84
Boatjump 3, 123
Carlyle 4, 90–91
Bonsai Venture Capital 3, 51, 83, 91–93
Carlyle Europe Technology Partners III 4, 90
BrainCapital 3, 161, 194, 197, 200
Carmen Corporation 4, 111
BrandCare 3, 207
Cárnicas Sáenz (Sáenz Horeca) 100
Breega Capital 3, 91, 93, 112
Caroli Foods Group 4, 71
British Hospital Management Care 3, 208
Caser 4, 49
Broseta Abogados 3, 72, 107, 111
Castellana Properties 4, 22
Bs Invest 3, 86, 93
Castellano Investments 4, 76, 82
BSF 16 3, 91
Cathay Innovation 4, 51, 92
Catumbel 4, 211 Clínica Navarra 5, 86
CBRE Global Investment Partners (GIP) 66, 97, 255, Clínicas Coondontológicas 5, 86
307 CMS Albiñana & Suárez de Lezo 5, 23, 37, 40, 85, 107, 113
CBRE Global Investors 4, 119 CMS Belgium 5, 24
Cellnex Telecom 4, 32, 98 CMS Hasche Sigle 5, 24
Centerbridge Partners 4, 63, 100, 110, 113 CMS Rui Pena & Arnaut 5, 177, 195, 206–207
Central Solar de Vale Matanças 4, 210 CNBB Venture Partners 5, 93
Centro Comercial Xanadú 4, 68, 82 Codacy 5, 163
Centro Médico El Castro Vigo 4, 110 COEMAC 5, 69, 103, 124
Centro Nacional de Oncología 4, 86 COGA (Compañía Operadora de Gas del Amazonas) 108
Centro para el Desarrollo Tecnológico e Industrial Coimbra Genomics 5, 161
(CDTI) 47 Cold Land 5, 213
Cerberus Capital Management 4, 37, 68 Collins Capital Advisors 5, 86
Ceriart - Cerâmica Artística 4, 205 Colonial 5, 22, 101, 108, 116, 125–126
Cerutil 4, 138, 148, 183 Compañía Logística de Hidrocarburos (CLH) 21, 62, 97,
CG Health Ventures 4, 91 102, 105, 109, 114, 115, 119,
CGC Genetics 4, 213 243, 249, 261, 301, 303, 307,
CGD Caixa Capital 4, 163, 182, 197, 199–200 ComparaJá 5, 163, 199
CGD Caixa Geral de Depósitos 4, 185, 204, 210 Compas Private Equity 5, 96, 100
Charme Capital 4, 68, 109 Comunicaciones y Sonido México 5, 97
Chartwell Pharmaceuticals 4, 185 Concesionaria Ruta del Canal 5, 87
Chequers Capital 4, 40, 84, 99, 110, 116 Concesiones Viarias Chile Tres 5, 87
Cibeles Comfort Cars 4, 49 Confirma Sistemas De Información 5, 115
Cibus Fund 4, 78 Connect Ventures 5, 51, 91
CIE Automotive 4, 114, 117 Continuum Security 5, 116
Cipan - Companhia Industrial Produtora de Antibióticos 5 Cooley 5, 75, 86
Cisco Investments 5, 91 Corkbrick 5, 161
Citigroup 5, 22–24, 40, 80, 84, 96, 99 Corominas Abogados 5, 107, 113
City Time 5, 122 Corpfin Capital 5, 37, 66, 85–86, 98, 104
Clave Mayor 5, 73 Corporación América 5, 65
Clearwater International - Portugal 5, 186, 202, 204 Corporación Financiera Alba 5, 109, 114, 117
Cleary Gottlieb Steen & Hamilton US 5, 51, 90 Cortefiel 5, 76, 82
Clifford Chance China 5, 87 COSCO SHIPPING Ports (Spain) 85, 96
Clifford Chance Germany 5, 23, 40 Covirán 5, 105
Clifford Chance Hong Kong 5, 87 CREA Inversión 5, 96, 100
Clifford Chance Luxembourg 5, 23, 40, 64, 177 Creas Desarrolla 6, 83
Clifford Chance Spain 5, 22–24, 37, 40, 64–66, 68, 74, Creel, García-Cuéllar, Aiza y Enríquez 6, 69
82, 87, 107, 112, 177 Cuatrecasas Portugal 6, 65, 138, 151, 153, 177, 182–184,
Clifford Chance Turkey 5, 23 191–192, 194, 200, 206, 208
Clifford Chance UK 5, 23, 64, 87, 177 Cuatrecasas Spain 6, 22, 37, 49, 51, 63, 68–69, 71,
Clifford Chance US 5, 23, 40 74–76, 78, 88, 107, 113, 139, 153,
Clínic Balear 5, 11, 23, 121 183, 191–192, 200
Clínica Baviera 5, 109 Custom Solutions (Customia) 19
Clínica Deportiva Alto Rendimiento 5, 121 CVC Fund VI 6, 86, 98
Clínica Medilaser 5, 86 Cyclicus DDP DOS 6, 37, 66, 104
Cymit Química 6, 98, 153, 191–192, 200 e.ventures 6, 93
Eastdil Secured 6, 68, 82
D
Ecija 6, 107, 115
D1 - Atividades Hoteleiras e Turísticas 6, 195, 207
EDF Energies Nouvelles 6, 63, 98
Dadelos 6, 71
Edmond de Rothschild Investment Partners 6, 51, 126
Darrois Villey 6, 24
EDP - Energias de P
ortugal 6, 23, 64, 104, 122, 138–139,
DCA 6, 40, 84
147–148, 175, 177, 203, 210, 212
De Juan-Moreno Estudio Jurídico-Fiscal 6, 37
EDP Gás 6–7, 99, 101, 104, 138, 175, 177, 203–205,
Dechert 6, 49
209–210, 213
DEKRA 6, 213
EDP Gás Distribuição 6, 99, 101, 104, 138, 175, 177,
Deloitte Global Services 6, 196
203–205, 209–210, 213
Deloitte Legal 6, 23, 40, 64–65, 68–69, 72–73, 82, 90,
Edp Gás Gpl - Comércio De Gás De Petróleo Liquefeito 7,
140, 195
99, 101, 104, 203–205, 209–210, 213
Deloitte Portugal 6, 139, 151, 153, 175, 177, 184, 191, 197
EDP Iberia 7, 33, 99, 101, 104, 175, 203–205, 209–210, 213
Deloitte Spain 6, 22–23, 40, 49, 63–64, 66, 68, 71–72,
EDP Renewables Europe 7, 65, 104, 139, 153, 203,
74, 76, 82, 139–140, 195
205, 210, 212
Delvy Asesores Legales 6, 107, 114
EDP Renováveis 7, 138, 175, 203, 210
Demarest Advogados 6, 183
EDPR PT - Parques Eólicos 7, 139, 175, 212
Demeter Áurea 6, 111
EDPR UK 7, 176
Dentons Spain 6, 107, 114
Edward Nathan Sonnenbergs 7, 40, 84
Desarrollo Creativo de Negocio (DCN) 47
Eficácia Verde 7, 101, 177, 204, 207–208
Deutsche Bank 6, 22, 40, 63, 72, 96, 100, 193
El Firmamento Estelar 7, 88, 97, 118, 120
Deutsche Telekom Capital Partners (DTCP) 96
Elektro Holding 7, 117
Deyá Capital 6, 37, 64, 74, 101, 177, 204, 207–208
Element Power Spain 7, 115
Deyá Capital II 6, 37, 74, 101
Elevo 7, 209, 212
Deyá Capital III 6, 37, 74, 101
Ellama Holding 7, 212
Deyá Capital IV SCR 6, 101, 177, 204, 207–208
Elvinger, Hoss & Prussen 7, 40, 84
Diamerisma 6, 110
Emmergia Corporate Finance 309
DIDIMO 6, 105
Empark 7, 23, 112–113, 127, 204, 211
Distribution and Retail 6, 27, 44, 49, 51, 54, 59, 79, 82,
Empreendimentos Eólicos do Vale do Minho 7, 138
98, 100–101, 105, 120, 122, 128, 138, 143, 153, 161,
Enagás Internacional 7, 111
171, 190, 192, 205
Endurance Partners 7, 76, 83
DLA Piper ABBC 6, 189, 193, 206, 208
ENEOP 7, 65, 104, 139, 153, 203, 205, 210, 212
DLA Piper Spain 6, 51, 69, 86, 92, 107, 114, 138, 175, 193
Enertika 7, 49
DLA Piper US 6, 193
Engie 7, 176
Dogus Arastirma Gelistirme ve Musavirlik H
izmetleri
Enisa 7, 49, 68, 93
6, 24, 80
Entrée Capital 7, 51, 83, 92–93
Dogus Group 6, 24, 80
Entrenar.me 7, 112
Dream Yach Charter 6, 100
Eol Verde 7, 138, 213
DST Wind 6, 138, 148, 176, 213
EQT 7, 163, 199
DTL Corporación 6, 63
Equinix 7, 90
Duarte Garin 6, 213
Esendex Spain 7, 109
Duarte Schmidt Lino 6, 211
Esensa 7, 86
Dunas Capital 6, 111, 126, 140, 195
ESIF I 7, 23, 112–113, 127, 204, 211
E Esimed 7, 86
Esmalglass 7, 40, 72, 100, 102, 119 First State 8, 203
Etablissements Christian Bourrassé 7, 140 Fitalent 8, 88
Etex Group 7, 69, 103, 124 Fitness BIDCO 8, 115, 204, 207, 209, 211
Eurazeo 7, 104, 118 Fitness Hut 8, 115, 204, 207, 209, 211
Eurizon Capital SGR 7, 23, 40, 80, 98–99, 116–117, Fitness Room Santander 8, 97
122, 127 Flex 8, 37, 74, 101
EuroAtlantic Airways 7, 207 Fondo de Inversión en Infraestructura Servicios
Eurohold 7, 96, 101 Públicos y Recursos Naturales (FIISR) 64
Europac 7, 194 Fondo de Inversión Público Penta Las Américas
Europac Logística 7, 194 Infraestructura III 8, 87
Eurosearch & Associés 7, 124 Fondo de R
eestructuración Ordenada Bancaria (FROB)
Eurosic Gestion 7, 124 20, 78, 95, 97, 100, 107, 121, 249
Eurosic Management Spain 7, 124 Fondo Diana Capital II 8, 72
Euskaltel 7, 102 Fondo Nazca I 8, 72
Evercore Partners Spain 7, 40, 84 Fondo Nazca IV 8, 72
Eversheds Sutherland Nicea 7, 107, 115 Fontime 8, 100
Evolutiona 7, 113 Forbion Capital Partners 8, 75
EXEL 7, 126 Foresight Group 8, 63, 175, 210
Explorer Investments 7, 207 Fornesa Abogados 8, 107, 116
Expon Capital 7, 91 Forum Media Group (FMS) 105
Exporsado - Comércio e Indústria de Produtos d
o Mar Fosun Group 8, 191
7, 151 Fotosolar 8, 63, 98
Extol 7, 37, 73, 109 Foundation Capital 8, 81, 91
EY Spain 7–8, 22–23, 37, 40, 49, 63–64, 71, 76, 82, 84, Fourlaw 8, 107, 116
88, 90, 139, 177 Francisco Santos Costa 8, 208
Ezentia Spain 8, 124 Francisco Xavier de Almeida 8, 207
Ezentis 8, 97 Franz Legal 8, 183
Freshfields Bruckhaus Deringer Spain 8, 22–23, 37, 40,
F
63, 72, 80, 85, 107, 116, 139–140, 183, 195
F4 Biomechanics 8, 125
Freshfields Bruckhaus Deringer UK 8, 23, 40, 80
Facialdent 8, 103
Friolisa 8, 101
Factor Energía 8, 66, 126
Frustock Distribuição Alimentar 8
Faes Farma 8, 32, 75, 78
FT Partners 8, 163, 199
Faraday Venture Partners 8, 93, 127
Fundo Caravela 8, 213
FCB 8, 206, 209
Fundo Revitalizar Centro 8, 183
FeedZai 8, 163, 199, 211
Fundo Sierra 8, 138, 179, 193, 210
Ferrer & Ojeda Asociados 8, 126
Ferrostaal 8, 203 G
Fides 4 8, 76 Gaelco 8–9, 125
Fides Capital 8, 91 Gaelco Darts 9, 125
Fieldfisher 8, 192 Gala Capital 9, 93
Filipe Avides Moreira 8, 208 Galicia Abogados 9, 40, 84
Financial Managers 8, 51 Galmax - Comércio e Serviços 9, 184, 211
Fingano 8, 65 Galtrailer - Indústria e Comércio 9, 184, 186, 211
Fintech Ventures 8, 49, 81, 84, 91 GAM Holdings 9, 180
Fintonic 8, 51 Garrido Abogados 242, 243
Garrido Forensic 244, 245 GO Spain XXI 9, 22
Garrigues Brasil 9, 183 Go4it 9, 199
Garrigues Chile 9, 87 Gold Consulting 9, 212
Garrigues Espain 9, 72 Goldman Sachs 9, 69, 110
Garrigues México 9, 69, 183 Goldman Sachs International 9, 110
Garrigues Portugal 9, 75, 151, 163, 175, 179, 182–183, Gómez-Acebo & Pombo Portugal 9, 206, 210
186–187, 191, 199, 206, 209 Gómez-Acebo & Pombo Spain 9, 23, 37, 49, 51, 64, 74,
Garrigues Spain 9, 22–24, 37, 40, 51, 64, 66, 68–69, 71, 107, 118
74–76, 82, 84, 86, 88, 90, 107, 117, González Calvillo, S.C 9, 69
183, 187, 191 Gore Spain Holdings Socimi I 10, 22
Gascan Portugal 9, 101, 177, 204, 207–208 GPF Capital 10, 85, 87–88, 97, 105, 118, 120
GBP Legal 9, 72, 107, 117, 139, 183 Graña y Montero 10, 111
GBS Finanzas 9, 22, 37, 74, 96, 101 Granja Dos Hermanas 10, 78
GED Infrastructure 9, 37, 66, 104 Grant Thornton India 10, 75, 187, 191
GED V Spain 9, 71, 83–84, 120 Green Innovations 10, 161
Geetcha 9, 91 Greenbay 10, 139, 179, 207
General Atlantic 9, 23, 40, 51, 80, 91, 98–99, Greenhill & Co. Spain 10, 37, 88
116–117, 122, 127 GreenOak Spain Solar 10, 22
Generis - Farmacêutica 9, 75, 187, 191, 207, 209 Greylock Partners 10, 51, 90, 110, 123
Geniova 9, 128 Greystar 10, 68, 99, 119
Genuinevidence 9, 205 Grifols 10, 32, 123
Geotech Holding 1, 9, 84 Grifols Innovation and New Technologies 10, 123
German Media Pool VC 9, 92–93 Groupe Bruxelles Lambert (GBL) 86
Germans Homs 9, 105 Grup Dusa 10, 105
Germen - Moagem de Cereais 9, 182 Grupo Bergé 10, 22, 33, 103
Gestión de Capital Riesgo del País Vasco 9, 91 Grupo CYS 10, 97
Gestión Tributaria Territorial 9, 37, 120 Grupo Dcoop 10, 33
GH Induction Group 9, 73, 127 Grupo Docuworld 10, 102
GIC Realty 9, 23, 40, 80, 98–99, 108, 116–117, 122, Grupo Hospital de Madrid (HM Hospitales) 107
125, 127 Grupo Mémora 10, 113, 139, 210, 212
Gide Loyrette Nouel 9, 40, 84 Grupo Mutua Madrileña 10, 68, 99, 119
GigaGen 9, 123 Grupo Nors 10, 213
Glintt Spain 9, 196 Grupo Opway 10, 209
Global 3 Combi 9, 37, 66, 104 Grupo Padeinvest 10, 127
Global 3 Energía 9, 37, 66, 104 Grupo Profand 10, 110
Global Casandra 9, 64, 99, 104, 112, 117, 127 Grupo San José 10, 65
Global Founders Capital 9, 68 Grupo Sonae 10, 147
Global InfraCo Spain 9, 24, 32, 108 Grupo Taper 10, 98, 153, 191–192, 200
Global Retailing 2Life 9, 212 Grupo Taper - Equipamentos de Precisão Científica 10
Global Student Accommodation Group (GSA) 83 Grupo Zriser 10, 109
Global Vía Infraestructuras Chile 9, 118 GTA Travel Holding 10, 85
Globalvía Chile 9, 118 Guia - Sociedade de Construções e Turísmo 10, 180, 213
Globalvia Inversiones 9, 101, 180, 194, 204 Guimadira 10, 151, 184
Glovo App 9, 51, 92 Guipuzcoano Valores 10, 126
GMV 9, 49 Gunderson Dettmer 10, 51
Gustavo Ordonhas Oliveira 10, 212 HOWZAT Partners 11, 93, 105
Guyer & Regules 10, 65 HR Ventures 11, 93, 105
Guzmán Gastronomía 10, 102, 203 Hugo Correia 11, 208
GVC Gaesco 315 Hundredrooms 11, 49
Hyundai Merchant Marine (HMM) 85
H
Habitat 10, 110 I
Habitissimo 10, 127 Ibercaja 11, 74, 120
Haitong Bank Portugal 10, 175, 177, 180, 194 Iberchem 11, 104, 118
Haitong International Holdings 10, 23, 112–113, 127, Ibérica de Sales 11, 71
204, 211 Ibertasa 11, 109
Haitong Securities 10, 96, 101, 202, 204 IBK Investment & Securities 11, 87
Halley Holdco 10, 40 ICA 11, 97
Halogen Software 10, 90 ICE Consultants Europe 11, 101
Hanjin Shipping 10, 87 Iceacsa Consultores 11, 101
Haya Real Estate 10, 37, 97, 118 IDC Salud (Quirónsalud) 118
Hcapital 10, 84, 196 Idinvest Partners 11, 51, 87, 90, 93, 110, 123
Healthequity 10, 49, 75 Idodi Venture Capital 11, 81, 91
Helia Renovables 10, 63, 65, 98 IFM Global Infrastructure Fund 11, 69, 120
Helios Investment Partners 10, 68 IFX Networks 11, 104
Hellman & Friedman 10, 23, 40, 80–81, 98–99, IMAP Albia Capital 11, 96, 102
116–117, 122, 127 Impala Capital Partners 11, 37, 66, 104
Herbert Smith Freehills Spain 11, 22, 66, 88, 107, 118 Impulsa Capital 11, 37, 74
HI Partners Holdco Value Added 11, 40 Index Ventures 11, 51, 81, 91
Highland Capital Partners 11, 51, 90, 110, 123 Indiba 11, 37
Hispania Activos Inmobiliarios 11, 22, 37 Indorama 11, 185, 204, 210
HNB 11, 147 Infracapital 11, 98
Hogan Lovells Spain 11, 107, 119 ING Bank 11, 139, 179
Hogrefe 11, 108 ING Group 11, 51
Holding d 11, 24, 103 Inmo 11, 22, 101
Holtzbrinck Ventures 11, 91 InnoCells 11, 81, 91
HomeServe 11, 127 Innogest 12, 51, 86, 91, 93, 126
Hospital Cardiovascular de Soacha 11, 86 Innoliva 12, 78
Hospital Clínic Balear 11, 121 Innova FIP 12, 51
Hospital Infantil Universitario de San José 11, 86 Innvierte Economía Sostenible 12, 49
Hospitales Nisa 11, 22, 97, 110 Insight Venture Partners 12, 51, 91, 108
Hotel AluaSoul Alcudia Bay 11, 37 Insignya Capital Partners 12, 202, 205
Hotel AluaSoul Ibiza 11, 37 Institut Valenciá de Finances 12, 49
Hotel AluaSoul Mallorca Resort 11, 37 Instituto de Medicina Genómica (Imegen) 47
Hotel AluaSoul Palma de Mallorca 11, 37 Instituto Valenciano de Infertilidad (IVI) 106
Hotel AluaSun Torrenova 11, 37 Integra Capital 12, 74
Hotel Ambar Beach 11, 37 Integración Sanitaria Balear 12, 121
Hotel Investments and Leisure 11, 37 Intel Capital 12, 81, 91
Hotel Parque San Antonio 11, 37 Intermediary 12, 193
Hotelbeds Group 11, 32, 85 Intermediate Capital Group (ICG) 38, 70, 98, 100, 116, 307
Hotelbeds US Holdco 11 Inter-Risco 12, 213
Intertrust 12, 81 João Nuno Azevedo Neves 13, 208
Intertrust Spain 12, 81 João Perry da Câmara 13, 211
Intertur Hotels 12, 111, 126, 140, 195 Jobin 13, 112
Intralinks 12, 175 Join Capital 13, 163, 199
Intu Properties 12, 68, 82 Jones Day México 13, 69
Inveravante 12, 85 Jones Day Spain 13, 40, 68, 72, 92, 107, 119
Inveready Capital 12, 49, 100, 121, 128 Jones Day UK 13, 68
Inveready First Capital 12, 84, 91 Joparny 13, 114
Inveready First Capital II 12, 84, 91 Jorge Bleck 13
Inveready Venture Finance 12, 84, 91 Jorge Brito Pereira 13, 213
Inveready Venture Finance II 12, 84, 91 José Diogo Horta Osório 13, 208
Inversiones Baglio 12, 22 JZ Capital Partners 13, 66, 126
Inversiones Barrow 12, 22
K
Inversiones Dario 3 12, 109
Kasitoko 13, 125
Inversiones Fraser 12, 22
Kensington Capital 13, 83, 93
Inversiones Grace 12, 22
Keraben Grupo 13, 72, 103, 111
Inversiones Mandrem 12, 22
Kereon Partners 13, 91
Inversiones Manly 12, 22
Keys Asset Management 13, 211
Inversiones Margarita 12, 22
Kfund 13, 81, 91, 93, 112
Inversiones Ninara 12, 22
Khaitan 13, 40, 84
Inversiones Reinga 12, 22
Kibo Ventures 13, 49, 51, 81, 83, 87, 91, 93, 108, 112
Inversiones Silang 12, 22
Kids & Us 13, 98
Inversiones Telesan 12, 109
Kima Ventures 13, 93
Investcorp 12, 40, 72, 100, 102, 119
King & Wood Mallesons Spain 13, 23, 37, 64, 74, 88, 92,
Investiere 12, 105
107, 120, 138, 175, 177
Investindustrial 12, 87
King Street Capital Management 13, 180, 213
Investing PROFit Wisely 12, 108
KKR 13, 40, 69, 84–85, 102, 111, 113–114, 126, 140, 195
Investments Ballo Holding 12, 109
KKR Credit Advisors 13, 69, 102, 114
IPH Group 12, 128
Knollwood Investment Advisory 13, 140, 199
iSeed Ventures 12, 93
Kobus Partners 13, 115
Itconic (ex Telvent Global Services) 88
Korea Investment Partners 13, 87
Ivanhoé Equity Spain 12, 33, 68, 82
KPMG Abogados 13, 22–23, 40, 63–64, 72, 139
Ivanhoé Europe Capital 12, 68, 82
KPMG Portugal 13, 151, 182
IVI RMA Global Investments 12, 109
KPMG Spain 13, 22–23, 37, 40, 51, 63–64, 74, 87, 92
J KPN 13, 24, 102
J.P. Morgan 12, 22, 75, 80, 86, 96, 102 KPS 13, 101
J.P. Morgan Securities 12, 75, 86 Kuoni Group 13, 85
Jason Associates 12, 196 Kuoni Holdings 13, 85
JC Flowers 12, 81 Kutxabank 62, 97, 102, 109, 114, 124, 249, 261, 303
Jefferies US 13, 75, 187, 191 Kwiil 13, 196
Jimenez de Arechaga, Viana & Brause 13, 65
L
JME Venture Capital 13, 49, 76, 91, 93, 112, 116, 123, 199
La Famiglia 13, 87, 93
João Caldeira 13, 207
Laboratorios Diafarm 13, 75
João Costa Quinta 13, 208
Lanai Partners 13, 81, 88, 93, 114
João Couceiro 13, 209
Lanpar 2013 13, 73 Luís Miguel Cortes Martins 14, 212
Lanta Digital Ventures 13, 91, 93 Luisdre Investments 14, 98, 114
Laoconte Operaciones 13, 111 Lusobrisa - Produção de Energia Eléctrica 14, 151
Lar Spain 13, 115, 126 Lusosuan 14, 185
Lar Spain Offices Arturo Soria 13, 126 Luz Saúde 14, 208
LaSalle Investment Management 14, 119
M
Láser 2000 14, 103
M & M Bomchil Abogados 14, 65
Lateral 14, 101
Macquarie European Infrastructure Fund 5 14, 23, 64,
Latham & Watkins Spain 14, 69, 73, 107, 120
99, 108, 112–113, 118, 122, 127, 204, 211
Latham & Watkins US 14, 69
Mad Lions 14, 115
LAWESOME 259
Madrid Xanadú Management 14, 68, 82
Lazard 14, 24, 40, 65, 69, 72, 75, 84, 86, 96, 102
Mafalda Barreto 14, 210
Lazard Australia Private Equity 14, 84
Magacela Solar 1 14, 63
Lazard Spain 14, 86
Magenta Infraestructura 14, 69, 120
LDC 14, 81
Magnum Capital 14, 37, 75, 91, 104, 118, 187, 191,
LDI Desenvolvimento Imobiliário 14, 203
207, 209
Lear Corporation Portugal 14, 186
Mahindra Group 14, 114, 117
Lear Corporation Valença 14, 186
Mainside Investments 14, 211
Legance 14, 138, 192
Mapidea 14, 161
Lener 14, 107, 121
Mar Hispana Apartamentos 14, 37
Lestenergía - Exploração De Parques Eólicos 14, 65, 208
Marathon Asset Management 14, 110
Lexcrea 14, 107, 121
March Campus 15, 68, 99, 119
Liberbank 14, 37, 97, 111, 118
Marcos Sousa Monteiro 15, 210
Lincoln International 14, 73
Marimón Abogados 15, 107, 122
Lineas - Concessões de Transportes 14, 101, 180, 194, 204
Mário Lino Dias 15, 209
Link Mobility 14, 105
Mário Marques Mendes 15, 210
Linklaters Italy 14, 23, 40, 80
Marlborough Partners 15, 96, 103
Linklaters Portugal 14, 138–139, 175, 179, 185, 193,
Marta Pontes 15, 213
206, 210
Masaria Investments 15, 76, 82
Linklaters Spain 14, 23, 40, 63–64, 66, 68, 72, 76, 80,
Master Test 15, 213
82, 107, 122, 139, 177
Mave Aeronáutica 15, 84, 105
Linklaters UK 14, 76, 82
Maxfield Capital 15, 91
Lisboat 14, 138, 194
MBD 15, 37
Livingstone Partners 14, 69, 72, 96, 103
MCFI 15, 182
Llollo Mobility 14, 112
MCH Private Equity 15, 37, 73, 85, 88, 97, 109, 118, 120
Llorente & Cuenca 325
MD Moldes 15, 204
LNMK - Fundo de Capital de Risco 14, 138, 195, 197, 207
MDSR Investments 15, 114
Lobo de Rizzo Advogados 14, 51
Medgold Portugal 15, 189
Locaviseu - Sociedade de Gestão de Imóveis 14, 139,
Media Digital Ventures Spain 15, 49, 93
179, 207
Mediaset Group 15, 108, 112, 116
Logtrust 14, 51, 108
Mediaset Spain 15
Lone Star Funds 14, 40, 72, 100, 102, 119
Mediobanca 15, 22, 24, 88, 96, 103, 138, 175
Looping Group 14, 205
Mediterránea de Cátering 15, 105
Lovell Minnick Partners 14, 81
Medlumics 15, 51, 126
Luis Gil Bueno 14, 210
Medplus Group 15, 86
MEFIC Capital 15, 153 MRN - Manutenção de Rodovias Nacionais 16, 101,
Meggitt 15, 73, 120 180, 194, 204
MEP Retail Spain 15, 76, 82 MUB Cargo 16, 161
Mercer 15, 196
N
Merck Serono Ventures (MS Ventures) 73
N Capital 16, 68, 75, 81, 83, 85–86, 91, 93, 199
Meridia Private Equity I 15, 85
Nacala Holdings 16, 209, 212
Merlin Properties 15, 32, 179
Nagy és Trócsányi Ügyvédi Iroda 16, 40, 84
Mersin Uluslararası Liman 15, 24, 108
Nani Holdings 16, 147, 193, 208, 213
Metricson 15, 107, 123
Naspers 16, 51
Metxa 15, 123
Natixis Partners 16, 23, 37, 64, 66, 96, 104, 177
México Ventures I 15, 91
Nature Investments 16, 23, 64, 104, 122, 177
MI IPS 15, 86
Naturgas Energía Distribución 16, 23, 64, 104, 122, 177
Miguel Mendes Pereira 15
Nauta Capital 16, 51, 90–91, 110, 123
Mihabitans 15, 37, 97, 118
NBF | Advogados 1, 4, 6, 14, 16–18, 20–23, 40, 51,
Milbank, Tweed, Hadley & McCloy US 15, 75, 86
65, 84, 138–139, 151, 153, 161,
Millennium BCP 15, 65, 72, 96, 104, 138–139, 153,
175, 179, 183, 186, 195, 197, 200,
175, 182–183, 186, 195, 197, 202,
206–207, 209, 211–213
204–205, 207, 212
Negocio Telecomunicaciones Colombia 16, 104
Millennium Fundo de Capitalização 15, 151
Negocios del Café 16, 37
Millennium Investment Bank 15, 138, 175
Neoenergia 16, 117
Minerva Capital 15, 37
Nero Ventures 16, 91, 93
Minishoes 15, 112
Netherlands 16, 26, 28, 30, 52, 75, 93, 98, 142, 144,
MiniSom 15, 138, 192
146, 155
MIRA 15, 75, 195
New Finerge 16, 138, 147, 176, 213
Mirova 15, 204
Newcor 16, 117
MISTek 15, 102
Nexo Residencias 16, 85
Miura Private Equity 15, 68, 73, 109, 127
Noatum Ports Holdings 16, 87, 98
Mobiser 15, 195, 207
Nomura Etiquetas 16, 102
Mola 15, 127
Norgestión 16, 96, 105
MoneyGuru 15, 128
Northzone 16, 93
Montalbán 15, 37, 66, 96, 104
Nova Founders 16, 81, 93, 128, 163, 193, 199
Montepio 16, 138, 147, 193
Novo Banco 16, 179, 182, 193, 197, 208, 212–213
Montepio Geral Associação Mutualista 16, 138, 147, 193
Novo Lítio 16, 189
Morais Leitão, Galvão Teles, Soares da Silva & Associados
Nps European Propertu (Retail) I 112
16, 65, 138–139, 151, 153, 175–176,
Nps European Propertu (Retail) II 112
179, 185, 192–193, 196–197, 206, 210
Nps European Propertu (Retail) III 112
Moray Offshore Renewables 16, 176
NRSur 16, 37
Morgan Stanley 16, 22, 24
Numa Barcelona 16, 91
Morningchapter 16, 125
Nuno Azevedo Neves 13, 16, 208
Mota Gestão e Participações 16, 186, 204
Nuno Ferreira Lousa 16, 210
Mota-Engil 16, 148, 205
Nuno Galvão Teles 16, 210
Movil Access 16, 121
Nuno Sá Carvalho 16, 208
Movile 16, 51
Nutrium 16, 161
Movile Mobile Commerce Holdings 16, 51
Mr Jeff 16, 116
O Parclick 17, 100, 128
Oaktree Capital Management 16, 85 Park Ohio 17, 73, 127
Ocidental Seguros 16, 138, 179, 193, 210 Parkia 17, 111
Ocio y Nieve 17, 68, 82 Parkinvest 17, 23, 112–113, 127, 204, 211
OCM-ECP Management 17, 195, 207 Parque Eólico do Alto da Vaca 17, 176
Odilo 17, 49 Parques Reunidos 17, 88, 103
OHL 17, 33, 69, 120 Parselaya 17, 102
OHL México 17, 69, 120 Partech Ventures 17, 81, 93
Oltre Venture 17, 83 Partners Group 2, 17, 83, 88, 93
Oman Oil Company 17, 23, 64, 99, 108, 118, 122 Passion Capital 17, 127
Omega Funds 17, 86, 91 Pathena 17, 161, 197, 199–200, 212
Ometria 17, 140, 200 Patrícia Viana 17, 207
OncoStats 17, 161 Paul Hastings US 17, 90
Ondas e Versos 17, 182 Paulo Pinheiro 17
ONEtoONE Corporate Finance 17, 84, 96, 105 Pàver 17, 100
Ontier 265 Payet, Rey, Cauvi, Pérez Abogados 17, 66
Onza Capital 17, 93 PBBR Advogados 17, 206, 211
OpCapita 17, 76, 83 Pegasus Capital 18, 83, 93
Oquendo Capital 17, 37, 73, 83–84, 120 Peninsula Capital 18, 97, 99, 113–114
Ordep - Serviços, Gestão e Investimentos 17, 195, 207 PeopleFund 18, 83
ORES SOCIMI 17, 210, 213 Peptomyc 18, 49
Organización Clínica General Del Norte 17, 86 Pérez-Llorca 18, 22, 76, 78, 80, 82, 107, 124, 153,
Ornimundo 17, 205 191–192, 200
Orrick Herrington & Sutcliffe France 17, 24 Permira 18, 76, 82
Osborne Clarke Spain 17, 51, 90, 92, 107, 123 Perseo 18, 91
OTPP - Ontario Teachers’ Pension Plan 17, 113, 210, 212 Ph Energia 18, 196
Oxy Capital 17, 115, 151, 182–184, 186, 204–205, Phitrust Partenaires 18, 83
207, 209, 211 Piensos Costa 18, 78
Oxy Capital Mezzanine Fund 17, 115, 204–205, 207, Piezo Technologies 18, 73, 120
209, 211 Piher Sensors & Controls 18, 73, 120
Pinheiro Neto Advogados 18, 23, 40
P
Pinsent Masons Spain 18, 37, 69, 88, 107, 124
P&O Repasa 17, 22, 103
PKF Attest 18, 96, 105, 107, 125
P3 Spain Logistic Parks 17, 22
PKF Attest Legal 18, 107, 125
P5 Health Ventures 17, 91
Pladur Gypsum 18, 69, 103, 124
Pacha 17, 88, 97, 118, 120
PLD Space 18, 49
Pacific Century Venture 17
Plénido Dental 18, 103, 105
Pack4u 17, 74, 120
PLMJ 18, 23, 138–140, 153, 161, 163, 179, 182, 186,
Palex Medical 17, 98, 153, 191–192, 200
192–193, 195, 197, 199, 206, 211
Palladium Corporate Venture 17, 93
Point Nine Capital 18, 51, 81, 87, 91, 93
Palmares - C
ompanhia de Empreendimentos Turísticos
Polan 18, 78
de Lagos 17, 180, 213
Pomona Iberia 18, 101
Pandora 17, 122
Porter 18, 163
Panicongelados 17, 151, 182
Portfolio of eight photovoltaic projects 18, 115
Panigest 17, 151, 182
Portitail 18, 210, 213
Portobello Capital 18, 37, 85–86, 98 Red Eléctrica Internacional 19, 66
Portobello Fund IV 18, 37, 86, 88, 103, 105, 124 Redalpine Venture Partners 19, 75
Portugal Ventures 18, 161, 187, 191, 195, 197, Redesur 19, 66
199–200, 213 Redevco 19, 22, 210, 213
Portvias - Portagem de Vias 18, 101, 180, 194, 204 Redevco Cáceres 19, 22
Posse Herrera Ruiz, Rocha Laverde & Asociados - Rl&a 18, 86 Redevco Castellón 19, 22
Praça do Marquês 18, 179 Redevco Granada 19, 22
Prédica 18, 24, 103 Redevco Huelva 19, 22
Prevención Balear de Salud 18, 121 Redevco Iberian Ventures 19, 22
Previsión Sanitaria Nacional (PSN) 49 Redevco Mérida 19, 22
Primavera Portugal 18, 161 Redevco Motril 19, 22
Primetag 18, 161, 200, 212 Redevco Parque Principado 19, 22
ProA Capital 18, 87 Redevco Villanueva 1 19, 22
Probos Plásticos 18, 183, 203, 208–209 Redevco Villanueva Fase 2 19, 22
ProCME 18, 65, 148, 208 Rehabilitació Es Raiger 19, 121
Profesionales en Andamios del Vallès (Provallès) 103 Remolques y Servicios Marítimos (Reyser) 20, 101
Promotech Digital 18, 49 REN, Gás 19, 99, 101, 104, 147, 175, 203–205, 209–210, 213
Pronovias 18, 76, 82 REP 19, 203
Proyectos Farola 18, 101 Repsol Energy Ventures 19, 91
PwC Colombia 18, 86 Resa (Residencias de Estudiantes) 66, 97, 116, 307
PwC Spain 18, 22, 37, 40, 51, 69, 72, 76, 84–88, 90, 139 Resilient 19, 139, 179, 207
PwC Tax & Legal Spain 18, 22, 37, 40, 51, 72, 84–86, ReviewPro 19, 92, 119
88, 90, 139, 153, 191–192, 200 Ribatejana 19, 182
Ribera Salud 19, 86
Q
Ricari 19, 72, 81, 91
Q Growth Fund 18, 49, 63, 73–74, 76, 86, 91
Ridgewood Capital 19, 91
QED Investors 18, 93
Ritmos Cativantes 19, 153
Qimonda Portugal (Nanium) 210
Ritmos Partners 19, 153
Quadrifoglio Venture Capital 18, 81
Rivero & Gustafson 277
Quales TV 18, 111
RMANJ 19, 109
Quanlux 18, 207
Robert W. Baird & Co 19, 72
Qwerty Farma 19, 196
Roca Junyent 19, 75, 86, 107, 126
Qwerty Informática 19, 196
Rocket Internet 19, 51, 68, 91
R RocketROI 19, 123
Racket4you 19, 211 Rockspring NPS European Property Holding 19, 115
Rafael Lucas Pires 19, 212 Rodamientos Aralar 19, 128
Rakuten 19, 51, 92, 118 Rodamientos y Productos Especiales (Ropesa) 125, 291
Ramón y Cajal 19, 107, 125 Rödl & Partner UK 19, 183
Randolph Spain 19, 22 Rodrigo, Elías & Medrano Abogados 19, 66
Randstad Innovation Fund 19, 93 Rogério Alves & Associados 19, 184, 186, 206, 211
RCD - Rousaud Costas Duran 19, 49, 51, 66, 92, 107, Ropes & Gray US 19, 23, 40, 80
126, 140, 195 Roses Yachts 19, 100
Realiza Business Angels 19, 49 Rothschild 6, 20, 22, 51, 126
Realiza Patrimonial 19, 103 Round Hill Capital 20, 153, 179
Realza Capital 19, 37, 83, 103, 105, 120 Rousaud Costas Duran 281
ROXALL 20, 187 Seroba Life Sciences 20, 51, 75, 126
Roxbury Spain 20, 22 Serra Lopes, Cortes Martins A
dvogados 20, 65, 139,
Royal Óbidos 20, 138, 195, 197, 207 151, 153, 175, 206, 212
RPFI Tormes 20, 119 Sertyf 20, 111
RPPSE Holding 20, 139, 179, 207 Servifiltro 20, 74
RRP Advogados 20, 139, 206, 212 Servilusa 20, 113, 139, 210, 212
RTA - Rio Tâmega, Turismo e Recreio 20, 205 Servinoga 20, 194
RTL Germany 20, 92 Shiji Hong Kong 20, 92, 119
Russel & Bedford Spain 20, 40, 72 Shin & Kim 20, 87
SIAF-Energia 20, 151
S
Sidecu (Centros Supera) 35, 86, 121, 209, 271
Saba Software 20, 90
Simpson Thacher & Bartlett UK 20, 153
Sabadell Venture Capital 20, 81, 85, 91, 93, 112, 116, 121
Simpson Thacher & Bartlett US 21, 40, 69, 80
Saeta Yield 20, 65, 208
Sinensis Seed Capital 21, 93
SAK Project 20, 205
Siroco Capital 21, 65, 81
Samaipata Ventures 20, 68, 83, 87, 91, 93, 108, 112,
Sistema Venture Capital 21, 91
116, 127
Sitka Capital Partners 21, 86, 93, 108, 116
Same Day Solutions 20, 191
Ski Leasing UK Nº2 21, 114
Santander Global Corporate Banking Spain 20, 23, 40,
Slaughter And May Hong Kong 21, 87
63, 80, 87, 138, 175
Slaughter And May UK 21, 87
Santander Innoventures 20, 91
Slipstream Resources Portugal 21, 189, 208
Santos Barosa Vidros 20, 72, 104, 117, 139, 183, 205
Smartech Capital 21, 93
Sapphire Ventures 20, 163, 199, 211
SMSPubli Mobile Marketing 21, 109
Satlink 20, 98, 114
Soares da Costa Construção 21, 180
Savannah Resources 20, 189, 208
Social Point 21, 51, 90, 110, 123
Savills 20, 104
Sociedad Regional de Promoción (SRP) 74, 81
SC Industrials 20, 151, 184
Sodalis Group 21, 207
SC Lowy 20, 110
Sodena 21, 83, 100
SCL Consulting 20, 115
Sodiga 21, 73
Scutvias - Autoestradas Da Beira Interior 20, 101, 180,
Sodiliège 21, 140
194, 204
Sofia de Sales Sousinha 21, 211
SDC - Investimentos 20, 212
Sofinas 21, 110
Seaya Ventures 20, 49, 51, 68, 81, 83, 91–93, 118, 127–128
Softtelecom 21, 105
Seed Capital Bizkaia 20, 83, 91
Solaer Group 21, 125
Seed CDC 20, 91, 93, 112
Solaria Energía Generación Renovable 21, 63
SeedCamp 20, 163, 199
Solinca - Health And Fitness 21, 151, 197
SeedRocket 4Founders Capital 20, 81, 85, 91, 93, 114
Soluciones con Andamios (Solan) 103
Seedrs Equity Crowdfunding 20, 161
Soluciones Confirma 21, 115
SeedSyndicates 20, 93
Sonae Arauco 21, 151
Seguradoras Unidas 20, 204
Sonae IM 21, 116, 140, 199–200
Seguros Santa Lucía 20, 99–100, 110, 119
Sonnedix Group 21, 63, 100, 113
Sena Directorship 20, 88, 97, 118, 120
Sport Lisboa e Benfica 21, 197
Sentil 20, 100
Spotahome 21, 127
Sepín 20, 108
Springwater Capital 21, 97, 99, 113–114
Serena Capital 20, 87, 93
Sputnik Ventures 21, 91, 93, 112
Squire Patton Boggs Spain 21, 73, 107, 127 Tecnopacking 22, 103
SRS Advogados 21, 161, 200, 206, 212 Tecnovia 22, 148, 204
Stamcriovitae 21, 211 Tecnovit 22, 78
Start up Capital Navarra 21, 91 Telecable de Asturias 22, 102
StartUp Braga 21, 161 Telefónica 22–24, 32–33, 40, 102, 112–113
Startupbootcamp 21, 163 Telefónica Deutschland 22, 24, 102
STE Capital 21, 83, 93 Telles de Abreu Advogados 22, 206, 213
Stella Maris Partners 21, 91, 93, 112 Telxius 22–23, 40, 112–113
Stikeman Elliott 21, 90 Tenerife Gestión Hotelera 22, 37
Straumann 21, 128, 191 Tensile Capital Management 22, 72, 103, 111
Struck Capital 21, 81, 93, 128 Testa Residencial 22, 68
Sulquisa 21, 71 The Boston Consulting Group (BCG) 35, 62
Suma Capital 21, 71 The Weringa Group 22, 115
Suma Capital Growth 21, 71 Threegate Properties 22, 212
Suma de Vectores 21, 101 Tiko Real Estate Technologies 22, 51
Suma Teruel 21, 49 Time Out Group 22, 100
Summus Render 21, 100, 121 Tomás Pessanha 22, 211
SUN Group 21, 191 Tomás Vaz Pinto 22, 210
Sunrise 21, 98 Tonic App 22, 161
Sunstone Capital 21, 75 Torch Partners 22, 90
Sunviauto 22, 186, 204 Torreal 22, 97, 99, 113–114
Surteco 22, 183, 203, 208–209 Torrot Electric 22, 111
Susana Pimenta de Sousa 22, 209 Torys 22, 66
Swanlaab Giza Innvierte I 22, 81, 91, 93, 116 Total Energy Ventures 22, 87, 93
Swanlaab Venture Factory 22, 91, 116, 199 Towerbrook Capital Partners 22, 97, 99, 113–114
Swiss Life Asset Managers 22, 98 TPI Enterprises 22, 185
Swiss Towers 22, 98 TPI Enterprises Portugal 22, 185
TPIH Iberia 22, 87, 98
T
Tradinveste (CFI Portugal) 200, 203
T2O Media 22, 122
Transport Infrastructure Holding Company 22–23,
TA Ventures 22, 68, 83, 87, 91, 93
112–113, 127, 204, 211
Take-Two Interactive Software 22, 51, 90, 110, 123
Transportes Sanitarios Clínic Balear 23, 121
Tandem Capital 22, 91
Trappit 23, 116
Tânia Ferreira Osório 22, 211
Travel Club (Air Miles Spain) 116
Taper Servicio Técnico 22, 98, 153, 191–192, 200
Travel Holdings Parent Corporation 23, 85
Targobank 22
Trigo Group 23, 84, 105
Taurus Bidco 22–23, 40, 112–113
TTI Algeciras 23, 87
TC capital 22, 193
Turkiye Garanti Bankasi 23–24, 80
TCA Glovo 22, 51, 92
Turtle Capital 23, 81, 91
TEA Cegos 22, 108
Two Sigma Ventures 23, 81, 91
TEA Ediciones 22, 108
Typeform 23, 51
Tech Transfer Ventures 22, 72
Techstars 22, 81, 93, 163, 197, 199–200 U
Tecneira 22, 148, 151 Udekta Capital 23, 75, 81, 83–84, 91, 93
Tecnitasa Gestión Hipotecaria 22, 111 Ufinet 23, 104
UN I+D+i Technology Transfer 89, 259
Unilabs 23, 213 WerfenLife 23, 75, 86, 102, 126
Union Square Ventures (USV) 79, 89 White & Case México 24, 69
Unirisco 23, 91 White & Case Spain 291
Up Capital 21, 23, 91 Wilcoxon Research 24, 73, 120
Uría Menéndez -Proença de Carvalho Willkie Farr & Gallagher 24, 51, 90
23, 90, 163, 175, 180, 199, 206, 213 Wine With Spirit 24, 161, 192
Uría Menéndez China 23, 87 WOOM Fertility 24, 114
Uría Menéndez Spain 22–23, 37, 40, 51, 63–64, 68, 72–74, WOW 24, 91
76, 78, 80, 82, 87–88, 90, 107, 127
X
Ursa Insulation 23, 69, 102, 114
X-Edit 24, 111
V Xella Group 24, 69, 102, 114
Valeet Parking Solutions 23, 116 Xesgalicia 24, 91
Vallis Construction Sector Consolidation 23, 209, 212
Y
Vantum Corporate 23, 49
YouandLaw 24, 107, 128
Värde Partners 23, 110
Ysios BioFund I 24, 86, 91
VARIV Capital 23, 91
Ysios Biofund II 24, 86, 91
Vela Energy 23, 63, 100, 113
Ysios Capital Partners 24, 51, 75, 91, 126
Vengano 23, 65
Ventinveste 23, 203 Z
Ventominho - Energias Renováveis 23, 138, 176 Zaask 24, 212
Ventos da Serra 23, 151 Zegona UK 24, 102
VenturCap 23, 91 Zendos 24, 113
Vera Galdeano 23, 105 Zertia 24, 113
Vialitoral 23, 204 Zoofeira 24, 205
Vicarli 23, 97, 105
Victoria 23, 72, 91, 103, 111
Victoria Venture Capital 23, 91
Vidrala 23, 72, 104, 117, 139, 183, 205
Vieira de Almeid 23, 180
Vieira de Almeida 23, 138, 153, 176, 186, 191–193,
200, 206, 213
Vipera 23, 105
Visabeira Indústria 23, 138, 147, 183
Vista Alegre 23, 138, 183
Vitalia Home 23, 86, 98
Vithas 22–23, 97, 110
W
Warburg Pincus 23, 40, 75, 80–81, 84, 86, 98–99, 102,
110, 116–117, 122, 126–127
Watson Farley & Williams Spain 23, 107, 128
Wayra 23, 68, 84, 91, 93
Wayra Chile 23, 68, 84, 91, 93
Weil, Gotshal & Manges US 23, 193
WElink Energy (U.K.) 122, 275, 313
M&A
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M&A Handbook

M&A · PRIVATE EQUITY · VENTURE CAPITAL

An analysis of transactions in 2017,

TTR – Transactional Track Record and TTR logo are

©2018 [Zuvinova, S.A.]

Note from the authors

DEAL SOURCING DEAL PREP &

DUE DILIGENCE DUE DILIGENCE

Buy Side Sell Side

Join the world’s largest M&A professional network!

PORTUGAL (*) 127

Corporate Profiles 213

Index of Entities 329

Mergers & Acquisitions 17 133

Private Equity 33 147

Venture Capital 45 157

Sectors & Subsectors 55 167

Energy and Renewable Energies 60 172

Real State and Construction 65 176

Natural Resources 75 186

Services and Distribution 77 188

Technology and Telecoms 87 196

Most Active Advisors 93 199

Legal Advisors 104 204

PRIVATE EQUITY TRANSACTIONS

VENTURE CAPITAL TRANSACTIONS

200 50,00 100,00 150,00 200,00 250,00

0,00 50,00 100,00 150,00 200,00 250,00

50 130,00 160,00 190,00 220,00 250,00

0,00 130,00 160,00 190,00 220,00 250,00

80 1,00 2,00 3,00 4,00 5,00(www.TTRecord.com)

0,00 1,00 2,00 3,00 4,00 5,00 6,00

by type of transaction M&A Venture Capital

Private Equity TOTAL VALUE

Visual Summary of 2017

257 No. of transactions with Financial Advisors

No. of transactions with Legal & Financial Advisors

9.721,71 200 324 21.242,21

TTR - Transactional Track Record (www.TTRecord.com) 15

TOTAL VALUE (EURm)

Year of deals (EURm)

2014 2015 2016 2017

Aggregate deal value and volume by market segment

Mid Market (≥ EUR 100m)

2017 2016 2015 2014

Aggregate deal value and volume by market segment

Aggregate deal value and volume by market segment

2017 - Total Value

2016 - Total Value

2015 - Total Value

2014 - Total Value

Big Ticket Mid Market Smaller Market

18 TTR - Transactional Track Record (www.TTRecord.com)

2017 - N.º of deals 25 73 566 757 1.421

2016 - N.º of deals 25 83 536 699 1.343

2015 - N.º of deals 40 64 579 692 1.375

2014 - N.º of deals 32 55 528 591 1.206

Distribution of total deals by deal type LEGEND

M&A Venture Capital

Mergers & Acquisitions

Total Value (EURm)

TTR - Transactional Track Record (www.TTRecord.com) 19

3 Testa Residencial Real Estate ACCIONA - 341,00

PORTUGAL (*) 127

Corporate Profiles 213

Index of Entities 329