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Madrid

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, London and Sao Paulo across the full spectrum of corporate transactions involving Spanish and Latin American companies.

Davis Polk represents every Spanish company listed on the New York Stock Exchange. We have long-standing relationships with many of Spain's leading companies, including Banco Bilbao Vizcaya Argentaria and Banco Santander (the two largest banks in Spain), Repsol YPF (Spain's largest oil company) and Telefónica (the largest Spanish company in terms of market capitalization). We represent our clients, as well as many of their Latin American subsidiaries and affiliates, in capital markets, mergers and acquisitions, joint venture, lending and project finance transactions in Spain, Latin America and throughout the world.

Furthermore, Davis Polk has been involved in most of the initial public offerings by Spanish companies since 2004. We have also advised on all SEC-registered debt and preference share offerings by Spanish issuers over the last six years.

Recognition

  • Legal 500 EMEA:
    • Spain: Capital Markets (U.S. law), 1st Tier
    • "Davis Polk & Wardwell LLP has a first class practice and team head Michael Willisch has established an excellent track record advising major Spanish companies listed on the New York Stock Exchange. The team is the go-to adviser for SEC registered debt and share offerings by Spanish issuers."
  • Chambers Europe – “Davis Polk & Wardwell LLP has an excellent reputation amongst market sources.” 

Recent Matters

  • Cellnex Telecom (€1.9 billion). We advised Cellnex Telecom and Albertis Infrastrcturas, S.A. on the Rule 144A/Regulation S IPO by Albertis Infrastructuras, S.A. of 139,009,994 of Cellnex's ordinary shares.
  • Banco de Sabadell (€1.6 billion). We advised Banco Sabadell, S.A. as to U.S. federal and English law in connection with its offering of 1,085,510,925 new ordinary shares pursuant to a public rights offering in Spain and private placements to institutional investors outside Spain, including in the United States.
  • Aena (€3.9 billion). We advised the underwriters on the Rule 144A/Regulation S IPO of Aena, S.A. The global offering comprised a retail offering in Spain and an offering to institutional investors within and outside Spain. The offering is the largest IPO in Europe since 2011 and the largest IPO in Spain since 2007. It is also the second-largest IPO in Spain in history.
  • Logista (€1.6 billion). We advised the underwriters on the Rule 144A/regulation S IPO of Compañía de Distribución Integral Logista Holdings, S.A. The shares were offered by an affiliate of Imperial Tobacco PLC, a leading multinational tobacco company. The ordinary shares are listed on the Spanish Stock Exchanges.
  • Telefónica, S.A.
    • (€3 billion). We advised Telefónica, S.A. on an SEC-registered underwritten rights offering of 281,213,184 ordinary shares.The offering raised gross proceeds of approximately €3 billion.
    • ($2 billion). We advised Telefónica, S.A. and Telefónica Emisiones, S.A.U. on the SEC-registered $2 billion aggregate principal amount off-the-shelf note offering by Telefónica Emisiones, S.A.U., fully guaranteed by Telefónica, S.A. The offering consisted of $1.25 billion principal amount of 3.192% senior notes due 2018 and $750 million principal amount of 4.57% senior notes due 2023.
    • ($500 million). We advised Telefónica, S.A. and Telefónica Emisiones, S.A.U. on the SEC-registered $500 million aggregate principal amount off-the-shelf note offering by Telefónica Emisiones, S.A.U. Telefónica is a provider of telecommunications services in Spain and several Latin American markets.
    • ($3.5 billion). We advised Telefónica Emisiones on its senior notes offering and guaranteed by Telefónica.
  • Abengoa (€450 million). We advised the global coordinators and representatives of the several underwriters on the SEC-registered offering by Abengoa, S.A. of 250,000,000 new Class B shares, either in the form of shares or American Depositary Shares (ADSs) at a price of €1.80 per share. The offering raised gross proceeds of €450 million. 

  • Abengoa Finance (€375 million). We advised the initial purchasers on a Rule 144A and Regulation S offering by Abengoa Finance, S.A.U. of €375 7.00% senior notes due 2020. The notes are guaranteed by Abengoa, S.A. and certain subsidiaries of Abengoa group.
  • Abengoa Yield plc ($828 million). We advised the underwriters on the SEC-registered offering by Abengoa Yield plc. Abengoa Yield is a dividend growth-oriented company formed by Abengoa, S.A. to serve as the primary vehicle through which it will own, manage and acquire renewable energy, conventional power and electric transmission lines and other contracted revenue-generating assets, initially focused on North America and South America, as well as Europe.

  • Bilbao Vizcaya Argentaria ($3.6 billion). We advised Bilbao Vizcaya Argentaria on its $2 billion and $1.6 billion SEC-registered notes offerings. Bilbao Vizcaya Argentaria is a highly diversified financial group based in Spain.

  • Banco Popular Español, S.A.(€2.5 billion). We advised Banco Popular Español, S.A. (BPE) as to U.S. federal and English law on its €2.5 billion Rule 144A rights offering of new ordinary shares. BPE is the sixth-largest banking group in Spain by total consolidated assets.

  • Amadeus (€1.4 billion). We advised the initial purchasers on a Rule 144A/Regulation S IPO of common stock of Amadeus, a transaction processor and provider of advanced technology solutions for the global travel and tourism industry. This was Spain’s first public offering on the Continuous Market of the Spanish Stock Exchanges since 2007.