Herbert Smith Freehills has advised Cristian Lay on the acquisition of Spanish steelmaker corporation Grupo Gallardo Balboa from KKR
As Iberian Lawyer previously informed on July 7, Cristian Lay industrial group presented an offer for 100 per cent of Grupo Gallardo Balboa to KKR that would guarantee the continuity of all the group’s business, as well as all the jobs. The group is in a state of pre-insolvency since June.
Industrial group Cristian Lay has now formalised the purchase of Gallardo Balboa Group with the signature following the approval of the agreement by the National Competition Market Commission (CNMC), the creditor banks and the US fund KKR, the former owner of the steelmaker group.
With the acquisition, Cristian Lay will make financial commitments for €145 million, including a capital increase of €70 million. This deal guarantees the continuity of all Gallardo Balboa’s business and all the staff. The pre-insolvency state is also expected to be lifted.
HSF´s team was formed by partner and co-head of Corporate/M&A, Private Equity and Tax Nicolás Martín (pictured left), partner head of Competition and Trade Henar González Durántez (pictured right), Corporate/M&A senior associate Marcos Fernández-Rico and B&F senior associate Felix Hernández.