Second Spanish P2P

The Spanish private equity market is getting used to the public-to private phenomenon. Airport retail company Aldeasa has become Spain’s second private equity backed public-to-private transaction. Uría & Menéndez has advised a consortium of three financial investors (Alba, Mercapital and Omega Capital) in their takeover bid, launched on December 13 2004, for the airport retail company Aldeasa.

In 2003, Uría & Menéndez also advised on the Parques Reunidos takeover, the first ever Spanish public-to-private. Advent International launched a tender offer to purchase the shares and convertible bonds of the company for around €170m.

Spain is not known for public-to-private transactions, but certain amendments to Spanish law are changing this. Until recently no specific squeeze-out procedure has been provided for under Spanish law and minority shareholders are protected in the event of a takeover.

An amendment to the Spanish takeover code and companies act has eliminated anti-takeover laws. However this amendment has not yet addressed the issue of the squeeze-out and this is something that many Spanish lawyers hope will change.