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Saturday, December 3, 2022
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Law firm trio on the closing of KKR´s acquisition of 49% of Reintel

Deloitte Legal has advised Redeia (REE) on the process and conclusion of the sale to the US fund KKR of 49% of Reintel, with KPMG Abogados and Uría Menéndez advising KKR

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Redeia (Red Eléctrica) has concluded the sale to the US fund KKR of 49% of Reintel, its fibre optic subsidiary, for €995.6 million, after obtaining the authorisations to which the operation was conditioned.

The private equity firm announced the agreement at the end of 2021 with Red Eléctrica Corporación, an electric utility company in Spain, to acquire a 49% stake in its wholly-owned subsidiary Red Eléctrica Infraestructuras de Telecomunicación SAU (Reintel), a dark fiber operator in Spain.

KKR acquired its 49% stake in Reintel for a total of €995 million, according to El Economista (versus the €971 million announced), implying an enterprise value for 100% of the company of €2.3 billion.

This transaction was advised by Deloitte Legal’s M&A team composed of partner Francisco Martín Barrios, senior associates Jorge Martín Girola Mariño and Cristina Jimenez, and associate Inés de la Mano. The deal also counted on the advice from the Transfer Pricing team with partner Guillermo Osácar, senior associate Miren Lumbreras, and the Indirect Tax team with partner Juan Ortín and senior associate Nuria Sánchez.

KPMG Abogados advised KKR on the Tax restructuring and the Tax Due Diligence on this deal with a team formed by partners Carlos Marín and Álvaro de Silva.

Uría Menéndez advised KKR with a team comprising partner Manuel Echenique, senior associate Guillermo del Río and junior associate Luis Núñez Lagos, together with Finance senior associate Santiago Saínz, Regulatory partner Manuel Vélez and Antitrust partner Tomás Arranz.

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