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Michael J. Willisch


Head of Madrid office. Advises U.S. and non-U.S. companies on capital markets transactions, M&A, private equity investments and finance transactions.

Michael advises U.S. and non-U.S. companies on capital markets transactions, mergers and acquisitions, private equity investments and finance transactions. He is the head of our Madrid office and a member of both our Europe and Latin America practices.

Chambers Europe and Chambers Global recognize Michael for his capital markets work in Spain, including in providing comprehensive cross-border assistance. Chambers quotes clients who describe him as “top-notch for international law matters.”

Michael has advised on some of the largest M&A transactions involving Spanish companies, the majority of IPOs completed in Spain over the past two decades, and some of the largest-ever capital markets transactions by Spanish issuers, including rights offerings by Cellnex (€7 billion in aggregate), BBVA (€5.1 billion) and Telefónica (€3 billion), Telefónica Móviles’ €3 billion IPO, Aena’s €3 billion IPO, Inditex’s (the owner of Zara) €2.4 billion IPO and Acciona Energía’s €1.3 billion IPO.

Experience highlights

Capital Markets
  • Advised on most IPOs completed in Spain in the past two decades, including those of Acciona Energía, Soltec Power Holdings, Árima Real Estate, Aedas, Unicaja, Prosegur Cash, Telepizza, Cellnex Telecom, Aena, Logista, Lar, Hispania, Bankia, Banca Cívica, Amadeus, Rovi, Fluidra, Criteria Caixa Corp., Codere, Almirall, Realia, Clínica Baviera, Vueling, Vocento, Bolsas y Mercados Españoles (the owner of the Spanish stock exchanges), Parquesol, Renta Corporación, Grifols, Corporación Dermoestética, Fadesa, Telecinco, Cintra, Telefónica Móviles and Inditex
  • Rights offerings by Cellnex Telecom, Colonial, Banco Sabadell, Banco Popular, Banco Espírito Santo, Merlin Properties, OHL and Telefónica
  • Enel on its entry into share swap transactions in respect of Enel Americas and Enel Chile
  • “Re-IPOs” of Rovi and BBVA Banco Francés
  • Private placings by Oryzon
  • High-yield debt and SEC-registered equity offerings by Abengoa and Atlantica Yield
  • Banco Bilbao Vizcaya Argentaria on equity, debt and hybrid SEC-registered offerings
  • Telefónica on over $25 billion in SEC-registered debt offerings
Mergers & Acquisitions
  • Codere Online on its business combination with DD3 Acquisition Corp. II
  • Sibanye-Stillwater on its $490 million Rhyolite Ridge joint venture (pending) and $211.5 million acquisition of Abington Reldan Metals
  • CaixaBank on its $17 billion merger with Bankia
  • TiGenix on its $624 million acquisition by Takeda
  • Financial advisors on respective acquisitions involving Abertis, Axiare, Europac, Hispania, Iberdrola Renovables, MasMovil, Naturgy, Parques Reunidos and Saeta Yield
  • Ferrovial on its merger with Cintra
  • Banco Bilbao Vizcaya Argentaria on its $10 billion acquisition of Compass Bancshares
  • Telefónica on its respective mergers with Telefónica Móviles and Terra Networks
  • Banco Bilbao Vizcaya Argentaria on its €4.1 billion cash tender offer for the remaining stake in BBVA Bancomer, Mexico’s largest bank

He has also advised on a number of in-bound or private equity investments in Spain, including:

  • Hamilton Lane on its investment in Grupo Multiasistencia
  • Royal Caribbean Cruise Lines on its acquisition of Pullmantur
  • Quadrangle Capital Partners on its investment in Group Ono
  • Westbourne Capital on its notes facility with Atlantica Yield
  • An Oaktree-sponsored vehicle on a leveraged loan secured by its interest in Eolia
View more experience


Preparing your 2023 Form 20-F

Preparing your 2022 Form 20-F



Chambers Global and Europe – Capital Markets: UK/US-Qualified Experts, Spain, Spotlight Table

Chambers Global – Capital Markets: Debt & Equity, USA, Expertise Based Abroad in USA

IFLR1000 – Capital Markets (Debt and Equity), Spain, Highly Regarded

Expert Guide – Capital Markets and Banking, Finance and Transactional, Spain


J.D., Northwestern University Pritzker School of Law
  • cum laude
  • Note and Comment Editor, Northwestern University Law Review
B.A., Spanish, University of Utah
  • magna cum laude
B.S., Finance, University of Utah
  • cum laude

Professional history

  • Davis Polk since 1995
  • Madrid office, 2002-present
  • London office, 1997-2001

Qualifications and admissions

  • State of New York
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