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Sunday, May 26, 2024

Cuatrecasas advises Volkswagen, SEAT on VEC PERTE

Cuatrecasas advised Volkswagen Group and SEAT S.A. in the negotiation of the grouping contract for the PERTE for the Electric and Connected Vehicle. SEAT was also advised by PwC Tax & Legal, as already informed by Legal Dealmaker

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Participation in the Electric and Connected Vehicle PERTE (PERTE VEC) requires that proposals are submitted by groups of companies that cooperate with each other and articulate initiatives that cover different phases of the value chain. The cluster led by Volkswagen Group and SEAT S.A., ‘Future: Fast Forward’ (F3), would be the largest in automotive history. The aim of the F3 project is to transform Spain into a hub for electric vehicles in Europe.

Within the framework of this agreement, the group of companies that make up F3 is prepared to mobilise €10 billion, of which €7 billion would be invested by the Volkswagen Group and SEAT S.A. Within this context, Cuatrecasas is facing the first grouping contract in which it is providing full advice in a negotiation and underwriting process that has posed numerous legal challenges.

Among the challenges that have had to be faced, the following stand out: the liability regime among the 62 members of the association, to cover the risk of joint and several liabilities provided by law; the complex institutional system regulated by an assembly and multiple committees to monitor the timely execution of all projects; and the need for the grouping to be self-regulated and to provide for exceptional mechanisms for the assignment of contractual positions or termination.

A large multidisciplinary team of more than thirty Cuatrecasas lawyers participated in the transaction, led by Barcelona office Corporate/M&A partner Javier Fontcuberta, Litigation and Antitrust Private Enforcement partner Víctor Manuel Sánchez and Corporate/M&A associate Miguel Weil.

As already informed by Legal Dealmaker on May 11, PwC Tax & Legal also provided advice to SEAT on the matter.

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