Thursday, May 16, 2024

Cuatrecasas, White & Case, EY counsel parts on the sale of Valoriza Servicios Medioambientales

Cuatrecasas has advised Sacyr Servicios, S.A., a subsidiary of Sacyr, S.A., on the sale of 100% of the share capital of Valoriza Servicios Medioambientales, S.A. to a Morgan Stanley Infrastructure Partners fund -which was advised by White & Case and EY- for €734 million


The transaction – subject to obtaining the relevant regulatory authorisations, among others – is expected to close in the last quarter of 2023. 

The transaction allows Sacyr, S.A. to take an important step towards achieving the objectives of its 2021-2025 Strategic Plan and, in addition, to continue boosting its concession businesses.

The transaction has been led by Francisco J. Martínez Maroto, partner of the Corporate and M&A area, together with Carlota Tojo, Pedro López-Dóriga, Álvaro Lucena and Julián Ruan, of the same area. Multidisciplinary teams from our Madrid, Santiago de Chile and Bogotá offices also participated in the advisory services, including Félix Plasencia, Carlos Lasarte, Julio Brasa, Soraya Sáenz de Santamaría, Fernando Bernad, Andrew Ward, Alejandro Negro, Roberto Guerrero, Macarena Ravinet and Juan Felipe Vera, among others.

On the other hand, White & Case LLP has advised Morgan Stanley Infrastructure Partners (MSIP) on the acquisition of 100 per cent of the shares in Valoriza Servicios Medioambientales, S.A. (Valoriza) from Spanish construction group Sacyr S.A. (Sacyr) for a total consideration (enterprise value, including debt) of €734 million.

The White & Case team was led in London by partner George Kazakov (first left) (M&A) and in Madrid by partner Javier Monzón (second left) and local partner Álvaro Manzanos (centre) (M&A). The team in Madrid also included associates Laura del Olmo and Esther Gabilondo (M&A), partner Francisco Málaga (second right) and associates Renata Madariaga and Ainhoa Busto (Commercial Litigation), and partner Jaime Rossi (first right) and associate Guillermo Manzanares (Debt Finance). The team in London also included partner Philip Trillmich and associate Amy Detheridge (Intellectual Property), who advised on transactional services agreement matters, and partner Marc Israel and associate Joao Lacerda (Antitrust).

EY has also advised Morgan Stanley Infrastructure Partners on the acquisition. The EY Abogados cross-border tax team advising Morgan Stanley Infrastructure Partners in the tax aspects of the transaction was led by EY Spain partner Anil Bharwani (top left), EY US Edwin Van Keulen (top right) and EY Netherlands Silvain Niekel (bottom left) along with EY Spain senior manager Francisco Triviño.

On the other hand, an EY team led by partner Pedro Rodriguez and senior manager Andrew Morris has advised on Financial Due Diligence.

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