Linklaters advises TDR Capital and I Squared Capital on their €1.65bn successful bid for Applus Services S.A.

Linklaters has advised a consortium comprising TDR Capital and I Squared Capital on their successful bid for Applus Services S.A., valuing the company at €1.65bn, following a sealed envelopes auction process.

The winning offer of €12.78 per share has been confirmed by the Spanish National Securities Market Commission (the CNMV) and the acceptance period for the successful bid will begin shortly.

Applus is one of the world's leading testing, inspection and certification (TIC) companies. Applus reported revenue of €2,058 million in 2023 and employs over 26,000 people in more than 70 countries. Revenue generated from the home country of Spain accounted for 23% of the total. Applus addresses three deep and broad markets: automotive; energy and industry; laboratories.

Esteban Arza comments:

“It has been a pleasure to support TDR and I Squared on such an important transaction. We are delighted that our clients have been successful at the first sealed envelopes auction in Spain since 2006, assisted by our market leading Spanish takeovers team and European financial sponsors platform.”

The Madrid and London cross-practice teams were led by M&A partner Esteban Arza and Financial Sponsors partner Alex Lehtinen (London). The M&A team also included partner Sebastián Albella and managing associate Francisco Garcia (both Madrid).

Partner Neil Hoolihan (Brussels) advised on antitrust matters, partners Jamie Coomber (London) and partner Alejandro Meca (Madrid) advised on Tax, and M&A partner Iain Fenn (London) and Banking partners Juan Barona and Begoña Martinez (both Madrid) were also involved.

Linklaters’ M&A practice covers the full spectrum of corporate work advising buyers, sellers and financial advisers on public takeovers, private M&A, equity capital markets, private equity, joint ventures and commercial partnerships, disposals, corporate restructurings and board advisory issues. The firm’s end-to-end approach brings together its leading transactional expertise with the full range of specialist areas including antitrust, employment and incentives, environmental, intellectual property, pensions, tax and technology.