The Spanish equity capital markets have made a strong come-back led by two recently announced transactions:
- The approximately €5bn rights issue launched on 3 November 2010 by Banco Bilbao Vizcaya Argentaria, the second largest Spanish bank, principally aimed at financing the acquisition of a 24.9% equity interest Garanti Bank in Turkey, and
- The approximately €500m rights issue launched on 18 November 2010 by Gestevisión Telecinco, S.A., the leading Spanish private TV operator to finance a portion of the consideration for the acquisition of its competitor Cuatro and a minority interest in paid-TV operator Digital+.
Linklaters’ capital markets team in Madrid has advised the bookrunners on both transactions confirming its leading position in Spanish equity capital markets.
Over the course of the past two years, Linklaters has advised on approximately €18bn rights issues by Spanish companies, including Banco Santander’s €7.2bn, Gas Natural’s €3.5bn, Cementos Portland Valderribas’ €201m, OHL’s €199.5m, Pescanova’s €100.5m and Jazztel’s €90m.
Linklaters capital markets partner, Conrado Tenaglia, in Madrid, commented:
"We are very excited by the strong return of rights issues in Spain. While the IPO market has remained largely closed for Spanish companies, equity investors seem to be ready to support capitalisations driven by international expansion and consolidation in a number of business sectors. Our flexible domestic and international capabilities based in Madrid have allowed us to adjust our product offering based on the needs of our clients, both on the issuer and manager sides."
Linklaters' capital markets practice in Madrid includes Spanish and international (UK and US) practitioners and has experience advising on a broad range of domestic and cross-border transactions, including debt, equity and equity-linked issues.
For further information, please contact:
Rupert Winlaw on +44 20 7456 3219 or
rupert.winlaw@linklaters.com or
Diego Recondo on +34 91 399 6061 or diego.recondo@linklaters.com
