Corporate Tax Law Firm of the Year Spain
Firm Profile
At Freshfields Bruckhaus Deringer more than 2,500 lawyers advise from 28 offices in the world’s main business and financial centres.
Where we do not have offices, we work with local law firms that share our high-quality standards and whom we know well.
We aim, with a combination of energy, experience and imagination, to help our clients achieve their business objectives.
Our international tax practice is a good example About the Tax Team In Spain, our tax team strives to provide clients with a premium service.
• We offer clients a one-stop-shop, providing the full range of legal services, from every angle
• We are among Spain’s foremost advisers on equity derivatives and tax leveraged products, and have significant experience on transfer pricing and tax disputes
• Have a stand-alone, second to none, structured finance tax practice
Notable Legal Work
The team in Spain have been involved in major restructurings such as the recent restructuring of the equity and debt of Iberotravel Vacations Holding and Orizonia Travel Group (Orizonia), by means of the acquisition of the shares in Orizonia by an industrial investor to recapitalise the group.
In the real estate sector, examples of work include the €5bn debt restructuring of Spanish listed company Metrovacesa.
They advised Oppidum Capital, (incorporated by Liberbank and Grupo Masaveu (47.1% and 52.9%, respectively) on the Spanish legal, tax and regulatory aspects of the acquisition of a 6.16% stake in the Portuguese energy company EDP (for an approximate market value of €500m) as a result of a combination of contributions and sale of EDP shares by its shareholders.
The team produced and led a groundbreaking out-of-court restructuring in the first-ever share pledge enforcement under Catalan law (restructuring of the Spanish bakery group Panrico),
for which they were Highly
Commended by Financial Times Innovative Lawyers Awards in 2012.
Prior to that, they acted for Permira on the tax structuring work of the reorganisation of Dinosol Supermercados’ €488m debt, applying a similar structure to that of the restructuring of the €667m senior acquisition financing granted to Apax for the acquisition of Panrico.
The Spanish team created an unprecedented structure in the Spanish private equity market for the sale of Liberbank’s stake in Telecable. For that, they were again Highly Commended by the Financial Times’ Innovative Lawyers Awards in 2012.
They acted for Canadian Pension Plan Investment Board (CPPIB) on its agreement to acquire a 39% stake in Dorna Sports (Dorna), alongside Bridgepoint and existing Dorna management.
Freshfields in Spain advised on the first ever acquisition of a Spanish savings bank by a commercial bank, the acquisition merger of the depository and loan business of Caja Castilla La Mancha (CCM), by CajAstur (now Liberbank). For that, in 2010, they were again Highly commended by the Financial Times Innovative Lawyers Awards which remarked: “Structuring the segregation of the good and bad assets of CCM ahead of its being taken over required the firm to push for a change in the law,” . This landmark transaction paved the way for the savings banks restructuring and, ultimately, their privatisation.
• Are at the forefront of advice on tax leasing structures for international and local players.
• Are involved in a lot of cross-border work, often
performing co-ordination role.
• Have a strong stand-alone tax capability – a distinctive characteristic of the Freshfields tax team in Spain.
Tel: +34 91 700 3746 Email:
silvia.paternain@
freshfields.com
a centralised Contact
Silvia Paternain Head of Global Tax Practice Group
of this, offering clients creative tax solutions in all areas of their business. Our tax lawyers combine in-depth knowledge of their countries’ tax regimes with an understanding of the business tax systems of the major trading nations and how international transactions and structures work.
Our practice has over 140 tax practitioners, including more than 40 partners, with extensive experience of the most complex, challenging and innovative domestic and cross-border transactions.
Areas of Expertise
• Corporate – domestic, international and ‘deal counsel’, including tax awareness and structuring
• Finance and banking, including structured finance tax practice
• Transfer pricing • Tax disputes and investigations • International consultancy • Private equity and investment funds
• Tax on investments in high-growth markets
• Tax on restructuring and insolvency
Lawyer Monthly Legal Awards 2013
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EUROPE NORTH AMERICA LATIN AMERICA ASIA MIDDLE EAST AFRICA OFFSHORE AUSTRALASIA
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