About the Office

Active in Spain for decades, Davis Polk established an office in Madrid in 2001 to better serve our extensive list of Spanish and international clients. Lawyers in our Madrid office work closely with their colleagues in New York and London on the full spectrum of corporate transactions involving Spanish and Latin American companies.

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Recognition

Davis Polk ranked as the only 1^st tier firm in Spanish Capital Markets: US Law transactions, according to Legal 500 EMEA 2011.
According to Chambers Europe 2011, “The compact Madrid outpost of this US firm has an outstanding reputation for offering US Law advice to Spanish and Latin American companies, and is the clear leader in this field.” Michael Willisch, the head of the Madrid office, was touted as “undoubtedly the top name for US law advice in Madrid” with clients highlighting his “invaluable experience, solution-finding ability and effective style of communicating difficult issues.”
When asked about the quality of our lawyers by Chambers Global 2011, our clients expressed, “If we want international expertise, we would go to Davis Polk. They are always available, always knowledgeable. Their quality of client service is truly rare.”

Recent Matters

Bankia. We advised Bankia, a Spanish financial institution, on its €3.1 billion/$4.4 billion Rule 144A/Regulation S IPO of ordinary shares. This is the first IPO to be conducted by former Spanish savings banks and is the largest initial public offering in Spain since December 2007.
Banca Cívica. We advised Banca Cívica, a Spanish savings bank that is one of the top 10 financial institutions in Spain in terms of total assets, on its €600 million/$849 million Rule 144A/Regulation S IPO of ordinary shares.
Banco Bilbao Vizcaya Argentaria. We advised Banco Bilbao Vizcaya Argentaria, a highly diversified financial group based in Spain, on its €5.1 billion/$7.1 billion SEC-registered rights offering of ordinary shares. This was the largest equity offering by a Spanish issuer in 2010 and the second-largest Spanish equity offering ever.
Telefónica. We advised Telefónica in connection with the share merger of its subsidiaries Telesp and Vivo as part of the restructuring of Telefonica's operations in Brazil following its acquisition of Portugal Telecom's interest in Vivo.
Amadeus. We advised the joint global coordinators on the €1.4 billion/$1.9 billion Rule 144A/Regulation S IPO of common stock of Amadeus IT Holding, a leading transaction processor and provider of advanced technology solutions for the global travel and tourism industry; the transaction represents Spain’s first public offering on the Continuous Market of the Spanish Stock Exchanges since 2007.

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Banco Bilbao Vizcaya Argentaria. We advised Banco Bilbao Vizcaya Argentaria, on a $20 billion U.S. commercial paper program by Banco Bilbao Vizcaya Argentaria, S.A., London branch.
Banco Santander. We advised Banco Santander, a group of banking and financial companies that operate through a network of offices and subsidiaries across Spain and other European and Latin American countries, on its €7.2 billion/$9 billion SEC-registered underwritten rights offering of ordinary shares. This is the largest-ever equity offering by a Spanish issuer.
Criteria CaixaCorp. We advised the joint global coordinators on the €3.85 billion/$5.44 billion Rule 144A/Regulation S IPO of common stock of Criteria CaixaCorp, a Spanish subsidiary of Caixa d’Estalvis i Pensions de Barcelona and part of “la Caixa” group, the third-largest financial group in Spain.
Banco Bilbao Vizcaya Argentaria. We advised BBVA U.S. Senior, S.A. Unipersonal, a finance subsidiary of our client Banco Bilbao Vizcaya Argentaria, on its $3 billion Rule 144A offering of floating-rate senior notes.
Telefónica. We advised Telefónica Emisiones, a finance subsidiary of our client Telefónica, on its $2.75 billion SEC-registered offering of notes.
Banco Bilbao Vizcaya Argentaria. We advised Banco Bilbao Vizcaya Argentaria on it $1 billion Rule 144A/Regulation S offering of covered bonds.
Realia Business. We advised the joint global coordinators on the €783 million/$1.1 billion Rule 144A/Regulation S IPO of common stock by Realia Business, a Spanish commercial real estate and residential property development company.
Laboratorios Almirall. We advised Laboratorios Almirall, a Spanish vertically integrated pharmaceutical company, on its €634 million/$849 million Rule 144A/Regulation S IPO of common stock.
Codere. We advised Codere, a Spanish company engaged in the management of slot machines, bingo halls, casinos and off-track betting facilities, on its €249 million/$353 million Rule 144A/Regulation S IPO of common stock.
Laboratorios Farmacéuticos Rovi. We advised Laboratorios Farmacéuticos Rovi, a Spanish specialty pharmaceutical company, on its €167 million/$244 million Rule 144A/Regulation S IPO of common stock.
Grupo Ferrovial. We advised Grupo Ferrovial, one of the world’s leading infrastructure companies based in Madrid, on its merger with Cintra Concesiones de Infraestructuras de Transporte, a Madrid-based toll road development and management company and a 66.88%-owned subsidiary of Grupo Ferrovial.

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