Linklaters and EY advises in Plenoil Acquisition

Linklaters Madrid and EY have played a pivotal role in a recent high-profile deal involving Tensile Capital Management and Portobello Capital.

In a significant strategic move, both funds have finalized an agreement to acquire a controlling stake in Plenoil, the leading player in the low-cost gas station sector in Spain. Notably, Plenoil is set to embark on operations in Portugal later this year. This acquisition adds to the recent developments in the competitive gas station market, following Cepsa’s acquisition of Ballenoil’s network and Total’s sale of service stations across various countries.

With this transaction, the founder and CEO, José Rodríguez de Arellano, will retain his position and shareholding, ensuring continuity in leadership. Simultaneously, the deal facilitates the exit of four other founding shareholders.

The Advisors

Legal guidance for this operation was provided by Linklaters and EY. The involvement of both underscores the comprehensive and strategic approach taken in this significant acquisition, signaling a new phase of growth and expansion for Plenoil under the joint ownership of Portobello Capital and Tensile Capital Management.

The expert team from Linklaters Madrid, comprising professionals from various disciplines, was formed by partner Víctor Manchado (pictured left), Alina Martiniva, Elena Rodríguez, Lucia Herrero and Sofía Tardaguila (all corporate), Javier García-Pita (tax), Begoña Martínez (banking), Gabriel García (real estate) and María Redondo (real estate), Juan Passás (antitrust) and Mario Saenz (antitrust) and Mario García (public).

EY played a crucial role in the financial aspects, offering fiscal advice to Tensile and Portobello, the acquiring entities. Their support covered tax due diligence, tax structuring, tax modeling, and advice on the Sale and Purchase Agreement (SPA). The team was composed by partner Manuel Paz (pictured right), manager Teresa Liébana and senior Sara Sanfrutos.