Cuatrecasas has cemented its reputation as the Spanish law firm of choice for Enel after it led the advice on the Italian utility’s €11.1bn purchase of a further stake in Endesa.
Under the terms of the deal, Enel has agreed to take a 25.01% in the company from Spanish energy peer Acciona. The total amount will be adjusted in order to take into account the interest that will mature until the day of final closing, which will result in €1.5bn-worth of dividends being paid by Endesa to Acciona.
Through the acquisition, Enel will reach a 92.06% shareholding in Endesa. The company initially launched a €43.7bn bid for the business in 2007, which resulted in both Enel and Acciona owning Endesa.
ENEL CEO Fulvio Conti (pictured) said: "With this acquisition Enel will gain full control of Endesa, a well managed company, a leader in Iberia and Latin America, with major growth opportunities."
To back the purchase, Enel has negotiated a financing package worth €8bn. The debt matures between 2014 and 2016 from a pool of 12 banks, namely: Banco Santander, BBVA, Intesa San Paolo, Royal Bank of Scotland, La Caixa, Calyon, BNP Paribas, Natixis, Caja Madrid, Bank of Tokyo-Mitsubishi, Mediobanca and Unicredit.
The Italian energy company called on Cuatrecasas as local counsel. The firm had Madrid M&A partner Fernando Torrente handling the instruction. Cuatrecasas was also legal adviser to Enel on the initial takeover of Endesa two years ago.
Uria Menendez is said to be working for Acciona.