Title

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. Our diverse team of highly skilled lawyers in the Madrid office work closely with their colleagues in New York, London and elsewhere throughout the firm, across the full spectrum of complex corporate transactions involving Spanish, Portuguese and Latin American companies.

Davis Polk represents every Spanish company listed on the New York Stock Exchange and has long-standing relationships with many of Spain's leading companies, including Banco Bilbao Vizcaya Argentaria and Banco Santander (the two largest banks in Spain), and Telefónica (one of 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.

Recognition

Chambers Europe

  • “Davis Polk & Wardwell LLP has an excellent reputation amongst market sources.”
  • “Top US practice with excellent links to Europe.
  • “Peers and clients are unanimous in their praise of Michael Willisch for his advice on the US law aspects of Spanish ECM transactions. He heads the Madrid office  of Davis Polk & Wardwell and regularly works with leading Spanish firms on major IPOs and other equity deals.”

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."

IFLR1000

 

 

  • Partner Michael Willisch is “Highly Regarded” in Capital Markets

 

Recent Matters

Aedas Homes (€667.3 Million).We advised Aedas Homes on the Rule 144A/Regulation S IPO by Aedas Homes and Hipoteca.

Aena (€3.9 billion). We advised the underwriters on the €3.9 billion Rule 144A/Regulation S IPO of Aena The offering was the largest IPO in Europe in 2015 and the largest IPO in Spain since 2007. It is also the second-largest IPO in Spain in history.

Atlantica Yield

  • ($828 million). We advised the underwriters on the $828 million SEC-registered IPO and listing on the NASDAQ by Abengoa Yield.
  • ($327 million). We advised the underwriters on a $327 million SEC-registered secondary offering of shares of Abengoa Yield.
  • (€275 million). We advised the purchasers of Atlantica Yield’s €275 million senior secured notes issued in connection with a new note issuance facility agreement.

BBVA Banco Francés ($400 million). We advised BBVA Banco Francés on its $400 million SEC-registered follow-on equity offering.

Bilbao Vizcaya Argentaria ($4.6 billion). We advised Bilbao Vizcaya Argentaria on its $2 billion, $1.6 billion and $1 billion SEC-registered notes offerings.

Banco Santander

  • (€7.07 billion) We advised Banco Santander on its €7.07 billion SEC-registered rights offering of ordinary shares.
  • ($2.5 billion) We advised Banco Santander on its $2.5 billion SEC-registered senior non-preferred notes offering.

Banco de Sabadell (€1.6 billion). We advised Banco de Sabadell in connection with its €1.607 billion Rule 144A/Regulation S offering of new ordinary shares.

Cellnex Telecom (€1.9 billion). We advised Cellnex Telecom and Albertis Infrastrcturas on the €1.9 billion Rule 144A/Regulation S IPO by Albertis Infrastructuras of Cellnex's ordinary shares.

Logista (€1.6 billion). We advised the underwriters on the €1.6 billion Rule 144A/Regulation S IPO and listing on the Spanish Stock Exchanges by Compañía de Distribución Integral Logista Holdings.

Prosegur Cash (€750 million). We advised Prosegur Cash in connection with its €750 million IPO and listing on the Spanish Stock Exchanges.

REN-Redes Energéticas Nacionais (€250 million) We advised REN-Redes Energéticas Nacionais in connection with its rights offering of new ordinary shares.

Telefónica

  • (€3 billion). We advised Telefónica on its €3 billion SEC-registered rights offering of ordinary shares.
  • ($3.5 billion, $2 billion, $500 million). We advised Telefónica and Telefónica Emisiones on $6 billion aggregate SEC-registered off-the-shelf notes offering by Telefónica Emisiones, fully guaranteed by Telefónica.

Unicaja Banco (€756 million). We advised the underwriters in connection with Unicaja Banco’s €756 million Rule 144A/Regulation S IPO and listing on the Spanish Stock Exchanges.

 

NOTABLE MERGERS AND ACQUISITIONS TRANSACTIONS

We have advised:

  • TiGinex on its $624 million acquisition by Takeda
  • the Financial advisers in tender offers for Abertis, Axiare, Hispania 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

DAVIS POLK IN EUROPE

For further information about our Europe practice, please visit our Europe practice page as well as our London and Paris offices pages.

Europe brochure  Download our Davis Polk Europe brochure.

 

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