Baker Tilly and EY on ADQA Proyectos with Ezentis
Baker Tilly has advised Grupo Ezentis on the acquisition of a 55.01% stake in Adecuaciones y Proyectos (ADQA Proyectos), a firm specialising in turnkey integral projects for high-quality professional spaces. The transaction, valued at €8.5 million, was executed through Ezentis’s subsidiary Ezentis Instalaciones y Equipamientos.
In the other side, EY Abogados advised the shareholders of ADQA Proyectos on the sale of a 55.01% stake to Ezentis Instalaciones y Mantenimiento, part of Grupo Ezentis, a company listed on the Madrid and Bilbao stock exchanges.
The total consideration of €8.5 million was structured with 50% paid in cash and the remaining 50% settled through newly issued Ezentis shares via a capital increase by credit offset.
The agreement also provides for Ezentis to acquire an additional 5% of ADQA’s share capital annually until reaching a 75% total stake.
Baker Tilly’s scope of work covered the full due diligence process across financial, tax, legal, and labour areas, with the mandate focused on identifying, assessing, and mitigating potential transaction risks.
The teams
The financial due diligence was led by Álvaro Martínez, manager of Financial Advisory; the tax area was handled by Ángel Pérez, partner; the legal area by Patricia Chas; and the labour area by África Vázquez, manager.
The EY Abogados team was led by Francisco Silván, Corporate M&A partner, alongside Elsa Puentes, Senior Manager, and Manuel Hidalgo, Senior, all from the Corporate M&A department.
