Iberia has clearly not proved immune to the global downturn in M&A, say lawyers, with transactional and private equity both significantly down. But while companies may not be expanding, many are restructuring and refinancing in order to survive the current challenging business climate.
Even in the midst of the current economic crisis, and fragility of many business sectors, with the right motivation deals can still be done, say Vanda CascÃ£o and Sofia Barata of Vieira de Almeida (
Despite the collapse of highly leveraged private equity activity, start-up and venture capital investment remains active says Isabel Dutilh, managing partner of Dutilh Abogados in Madrid. But while investments rely much less on bank financing
The past few months may have seen Portuguese and Spanish investors freeze their international expansion, in line with uncertainty over company and asset values and finance availability, but the latter half of 2009 will likely see
Lessons from the past can help consortia prepare for future Portuguese projects, says Maria Castelos, partner in the PLMJ project team.
The Iberian deal market has seen a definite slow down in the scale of transactions, say lawyers, nonetheless opportunities remain for those that can adapt to the new environment.
The credit crunch has prompted not only a change in the relative power of vendors, purchasers and banks in transactions, but also the emphasis each is placing on the terms of deals, say partners Fernando
As the costs associated with a full takeover have risen so therefore has the emphasis on maximising interference, notably through access to a company Board, says João Vieira de Almeida, managing partner of Lisbon-based