Publications
Iberian Market - April 2014
April 2014
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SPAIN
In April, the Spanish transactional market continued the increasing trend set in previous months. In fact, a total of 87 deals were registered, both announced and closed, which represents a 16% increase compared with the same period last year. Furthermore, the investment volume was EUR 2,58bn, with several deals recorded in the high-end and middle market in deal size (>500m and >100m respectively). Highlights include the acquisition of Generandes Perú by Enersis Chile; Endesa's Chilean subsidiary. The deal value was EUR 298,19m.
On the other hand, the private equity sector registered important deals this month. A total of 20 transactions were recorded; the largest number since the beginning of the year and a 66% increase compared with the same period in 2013. The investment volume generated EUR 1,37bn. Highlights include the sale carried out by Dinamia and Blackstone of Lata Lux Holding Parent, Mivisa's parent company, to US-based Crown Holding. The deal value was EUR 1,20bn. This was the largest deal registered in April.
On the other hand, the venture capital segment continues with a stable activity, similar to March, registering 13 deals in April compared with 12 in the same period last year. The technology and Internet sectors continue to be the most active in the transactional market throughout 2014.
Regarding the cross-border market, Spain-based companies continue to attract the attention of US-based acquirers, which were the most active, with 6 acquisitions registered, and followed by The Netherlands. On the other hand, Spanish companies also carried out acquisitions abroad, such as in Colombia and the United States, for a total amount of EUR 19,61m.
The most active sectors this month, in addition to the usual technology and internet, were the tourism, hotels and restaurants; as in NH Hoteles' acquisition of NH Italia. The glass, ceramic, paper, plastics, wood and timber subsector was also particularly active, with 18 deals registered in the last four months.
Finally, the Spanish capital markets continues to register new deals. In April, there were several IPOs recorded, such as the one carried out by Luxemburg-based eDreams Odigeo on the continuous market. Furthermore, Bionaturis carried out a capital increase on the Mercado Alternativo Bursátil (MAB).
PORTUGAL
In April, the investment volume generated by the Portuguese M&A market was the lowest of the last six months; EUR 23m. However, this amount shows an increase compared with the same period last year.
Regarding companies that carried out the largest deals this month, highlights include Portuguese construction group Soares da Costa. The company sold Prince Contracting, a US-based civil construction company, to Spain-based ACS, through its US-based subsidiary Dragados Construction USA. The deal value was USD 18m (some EUR 13,03m). Also noteworthy was the acquisition carried out by Fonte Viva, a Portugal-based distributor of water and coffee machines to companies, of Simple Fruit, a Portugal-based company specialized in delivering baskets with fresh fruit to offices. Through this deal Simple Fruits's founding partners exit the company's share capital.
In the venture capital segment, this month the activity decreased significantly compared with the first quarter of 2014, which was particularly dynamic. Highlights include Portugal Ventures' investment in Friday, a company based in Coimbra that develops manned submersibles to explore seabed and houseboats for nautical recreational activities.
In April, foreign-based companies were not very acquisitive in Portugal; in fact it was nothing compared with the trend set in the previous months this year.
Regarding capital markets, following a first quarter with large and significant deals, in April there were not registered transactions in this sector in Portugal.
Lata Lux Holding Parent (Mivisa) - Company dedicated to the Spanish manufacturer Mivisa's metal packaging management 100% stake.
Financial Advisers
Legal Advisers
Simple Fruit - Company dedicated to the fruit distribution and selling.
Asesores Financieros
Asesores Legales
