Publications

Publications > Market Reports > Iberian Market

In July 2013, the number of M&A deals in Spain increased by 44% compared with June, and was similar to the same period last year. In addition, the investment volume was significantly higher, registering a 166% increase compared with the previous month. As a result the Spanish transactional volume reaches the investment level recorded in April, and remains 37% below that of July 2012.

The financial subsector decreased its activity, but recorded some of the largest deals this month. Several financial entities concluded their reorganization processes initiated at the beginning of the year. Banco Sabadell closed the acquisition of a 50% stake, it did not yet hold, in insurance company Mediterráneo Vida, held by CAM - Aegon Holding Financiero, a subsidiary of Holland-based Aegon. The deal value was EUR 450m.

One of the most relevant deals this month was the sale carried out by TBI, a Spain-based airport management company controlled by Abertis (90%) and AENA (10%), of the Belfast and Stockholm airports to US-based ADC & HAS Airports Worldwide. The deal value was EUR 284m.

In July, the Portuguese M&A market was a surprisingly dynamic, the opposite of what usually is the summer trend. There were more deals registered than in any of the previous months. In addition, the investment volume was the highest since December 2012, generating some EUR 1.500m. Highlights also include a significant increase in the number of private equity deals. This month, the capital markets sector was dynamic in all its business areas, with some relevant deals. Moreover, one of the largest deals of the year was concluded this month. Portugal-based telecommunications operators Zon Multimédia and Optimus finalized their merger. The deal value was some EUR 1.379m. It received the regulating authority's approval in July. Also noteworthy was the Portuguese Government's announcement that it has finally decided to initiate the privatization of CTT, the Portugal-based postal services company. The identity of some interested buyers is already known. Furthermore, the financial and insurance subsector was particularly dynamic, and the Portuguese investments abroad were relevant mainly in Spain and Mozambique.

Spain- Deal of the month - July 2013 - Belfast International Airport, Stockholm Skavsta Airport

Advisers:

• AZ Capital
• Citibank España
• Clifford Chance España
• Clifford Chance UK (Global)
• Deloitte España

Portugal - Deal of the month - July 2013 - ZON Multimédia, Optimus 

Advisers: 

• Caixa BI
• Espírito Santo Investment - BESi
• Perella Weinberg Partners
• BCG - The Boston Consulting Group
• Banco BPI
• Banco Santander
• PLMJ
• Morais Leitão, Galvão Teles, Soares da Silva Advogados