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Thursday, February 22, 2024

EJASO advises Verallia Spain on €500m merger with Horizon Holdings Vitrum

EJASO has advised Verallia Spain S.A. on this corporate operation, completed now, consisting of a reverse merger by absorption, with an economic value of more than €500 million

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The corporate operation consisted of a reverse merger by absorption, whereby Verallia Spain, S.A. absorbed its then-parent company, Horizon Holdings Vitrum Spain, S.A.U., with the economic value of the merger exceeding €500 million.

“Despite the complexities presented during the whole process, thanks to the work and collaboration between Ejaso and the legal department of Verallia Spain, S.A., the merger has been registered in the Mercantile Registry without any type of negative qualification and in just six months,” said Espert, partner of Ejaso.

Juan Enrique Altimis explained: “The exchange operation had to include a capital increase in order to compensate the acquiring company’s own minority shareholders since the net worth of this company turned out to be lower than before the merger operation was carried out.”

Carla Muñiz pointed out: “The lack of resolutions from the Directorate General for Legal Certainty and Public Faith regarding possible modifications to the merger plan initially signed made us reconsider the operation on several occasions.”

Ejaso’s team advising the legal department of Verallia Spain, directed by Beatriz Peinado, was led by Corporate partner César Espert and associate Carla Muñiz, together with the firm’s Tax partner, Juan Enrique Altimis.

Verallia Spain, S.A. is considered a leading national company in the manufacture of glass containers. The operation dates back to March.

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