M&A and corporate law

Our Mergers & Acquisitions team has been involved in a large number of acquisition and divestment projects in businesses and companies, at all stages:

– Drafting and negotiation of confidentiality agreements, term sheets and memoranda of understanding, preparatory work of an acquisition or sale.

– Intervention in the preparation and negotiation of offer letters, both binding and non-binding.

– Legal review of businesses and companies (Legal Due Diligence)

– Preparation and negotiation of purchase and sale agreements and investment and partnership agreements.

Together with our firm’s experts specialised in the most relevant industries (entertainment and culture, tourism and hospitality, automotive, financial and regulated entities, real estate, energy, food and beverages, industry, new technologies, etc.), our professionals in the M&A and private equity practice provide comprehensive and tailor-made solutions to our clients in the different fields of business activity, in order to optimise the purchase and sale processes in which we intervene

In many cases, our team, in collaboration with other advisors (corporate finance, auditors, etc.), is responsible for the design, structuring and execution of structured divestment projects in companies and businesses, both in the preparatory acts (reorganisation prior to the sale, restructuring of financing, spin-off of non-core assets, vendors due diligence, etc.) and in the subsequent execution (negotiation with the various parties interested in the acquisition, identification of the best offers, etc.).

We also intervene in acquisition and divestment processes of distressed assets and businesses, both in the pre-bankruptcy phase and, subsequently and if necessary, within the framework of bankruptcy proceedings, in which our professionals in this practice, together with those of the Banking and Finance and Insolvency and Restructuring practices, provide a global vision which allows us to offer and structure innovative and creative solutions that maximise the possibilities of success of these projects and, at the same time, contribute to minimising the risks inherent in this type of activity.

Part of our team specialises in the private equity and venture capital industry, advising sponsors, funds and management companies, and their portfolio companies, on all types of acquisitions, divestments, build-ups and spin-offs, investment and divestment agreements, exits, recaps, etc.

We also have extensive experience in recently created businesses with high growth potential, advising start-up founders, business angels and venture capital funds, from the earliest stages of the projects, through the various rounds of financing, to divestment, sometimes structured through the leap to the Alternative Stock Market, Euronext or other international markets. In close collaboration with other professionals of the firm (Industrial and Intellectual Property, Digital and New Technologies, etc.), our team specialising in private equity offers tailor-made solutions to our clients, perfectly adapted to the size and evolutionary stage of the projects, highly efficient and agile, but with a comprehensive vision, covering very sensitive aspects of these projects such as the protection of intangible assets, the assignment of intellectual and industrial property rights by employees, founders and other collaborators; privacy and data issues; regulation of new phenomena and disruptive technologies (robotisation, big data, tokenisation, blockchain, 5G, etc.).

Notas Jurídicas

Si no se ha obtenido refinanciación o no han prosperado las negociaciones con los acreedores para alcanzar acuerdos extrajudiciales de pagos (o sin haber hecho uso de la comunicación previa del art. 5 bis Ley Concursal), el empresario tiene la obligación de solicitar (en plazo legal) la declaración de concurso voluntario cuando se mantenga en situación de insolvencia actual o inminente, y ello con la doble finalidad de ordenar el pago de sus deudas y de continuar -en su caso- con su actividad. De no hacerlo, se permite la declaración de concurso a instancia de sus acreedores (con los perjuicios y limitaciones que ello le acarreará); y, además, se expondrá a una potencial declaración de culpabilidad que podría conllevar su responsabilidad personal.

José Alés

La actual coyuntura económica favorece la entrada en el mercado de deuda de otros jugadores distintos a la banca tradicional y con menores restricciones regulatorias, que ofrecen diversas alternativas de financiación, diseñadas para situaciones especiales y que pueden sustituir o complementar la tradicional financiación bancaria. Este tipo de financiación combinada de bancos y fondos se adapta muy bien a empresas con estructuras complejas y flexibles, con acceso restringido al mercado bancario, que han participado en procesos de refinanciación agresivos (quitas, concursos, etc.), o que son menos estables en generación de caja pero que tienen un crecimiento de valor atractivo y las que necesitan realizar operaciones apalancadas con mayor nivel de endeudamiento.

En este contexto, ayudamos a las empresas a obtener financiación y estructurar de forma óptima su deuda, para mejorar su rentabilidad y adaptarla a la estrategia de su negocio: diagnóstico operaciones societarias que permitan reequilibrar la situación patrimonial de la sociedad y así limitar posibles responsabilidades en las que pudieran incurrir los administradores frente a las deudas sociales.

Ana Malvárez