Dealmaker Q&A

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TTR DealMaker Q&A with Gómez-Acebo & Pombo Partner Mónica Weimann Gómez

Gómez-Acebo & Pombo – Mónica Weimann Gómez

Mónica is a Corporate M&A partner, head of the German Desk, head of the International Board, co-head of Food and Consumer Products and member of the Board of Directors at Gómez-Acebo & Pombo.

She has broad experience on cross-border transactions, corporate, commercial, international and M&A. She holds a degree in Law from the Complutense University of Madrid and a diploma in Business Administration from the San Pablo CEU University in Madrid, Spain.

She obtained a diploma in Microeconomics from the London School of Economics & Political Science. She followed PhD studies in the Commercial Law department at the Complutense University of Madrid and at the Max-Planck Institut in Munich.

Monica has been the first woman to be elected President of the German-Spanish Association of Lawyers and was listed by Iberian Lawyer in its InspiraLaw Top 50 Women list 2018. She has been consistently acknowledged as Highly Regarded in recent years by IFLR 1000 for her work and expertise in the M&A area.

TTR: Until September 2021, the M&A market in Spain has registered an increase of more than 20%. How do you interpret this trend compared to 1Q21 and 2Q21? What can we expect in terms of transaction volume in 2022? What can we expect in terms of transaction volume in 2022?

M. W.: The market has been picking up speed throughout the year, as the pandemic situation improved and greater safety and optimism were perceived in the context of investing. Institutional investors are looking for targets in sectors that have shown to be resistant to the pandemic, and strategists have for some time been reviewing their organisations to focus on their core business and divest from areas they don’t consider central to their business. In my view, the trend will continue with an active and bullish market.

TTR: Gómez-Acebo & Pombo is one of the leading advisors on tech deals in Spain in 2021. What are the most significant drivers for consolidation of this sector in the mid- and long-term?

M. W.: The consolidation of remote work with the resulting need for technological solutions is without a doubt a driver of this market. The digital transformation in all sectors, which was already considered important before the pandemic, is now the no. 1 priority of any company and will give rise to a lot of activity in the technological sector.

TTR: What would be another two sectors that could offer the greatest opportunities in Spain for international investors in 2022 and why?

M. W.: Real Estate, owed to the lack of attractive investment alternatives and pottential distressed opportunities in the Hospitality sector as well as the Life Science sector, as the pandemic has placed even more value than was there pre-pandemic.

TTR: What are the prospects for the Renewable Energy sector in Spain?

M. W.: The outlook is very positive. The current situation of the electricity market prices comes from the dependency on gas, which without a doubt favours investment in renewable facilities to counteract said dependency on gas.

TTR: Considering your experience in Private Equity & Venture Capital, how do you expect this type of investment to evolve in 2022?

M. W.: We hope that the size of the funds doubles with almost exponential growth, an appareance of new unicorns and that Spain continues to consolidate in areas such as education, tech, medtech and agriculture. 

TTR: Regarding corporate restructuring, What are the prospects in Spain?

M. W.: It’s to be expected that restructurings are taking place overall in sectors that have been most affected by Covid such as the entertainment industry. We are also seeing restructurings taking place at industrial groups.

TTR: What will be the greatest challenges for Gómez-Acebo & Pombo in its M&A advisory work in Spain in the long-term?

M. W.: Continue to strengthen our position in the TOP TEN M&A ADVISORS, both in terms of deal volume as well as in deal value.   

Spanish version

Gómez-Acebo & Pombo – Mónica Weimann Gómez

Mónica es socia de Mercantil, responsable del German Desk, miembro del Consejo de Administración, coordinadora de la Comisión de Estrategia Internacional y co-coordinadora del grupo Alimentario y de Productos de Consumo en Gómez-Acebo & Pombo.

Tiene una amplia experiencia en operaciones cross-border, derecho societario, mercantil, internacional y M&A.

Es licenciada en Derecho por la Universidad Complutense y diplomada en Administración de Empresas por la Universidad San Pablo CEU de Madrid. Obtuvo el diploma en Microeconomics por la London School of Economics & Political Science. Realizó estudios de doctorado en el departamento de Derecho Mercantil de la Universidad Complutense de Madrid y en el Max-Planck Institut de Munich.

Mónica ha sido la primera mujer que ocupa el cargo de Presidenta de la Asociación Hispano-Alemana de Juristas y fue incluida por Iberian Lawyer en su InspiraLaw Top 50 Women List 2018. Ha sido destacada como Highly regarded en M&A por el directorio IFLR 1000.

TTR: Hasta septiembre de 2021, el mercado M&A en España ha registrado un crecimiento superior al 20%. ¿Cómo interpreta esta tendencia con respecto al primer y segundo trimestre del año?, ¿qué perspectiva podríamos tener para 2022?

M. W.: El mercado ha ido ganando ritmo a lo largo del año, a medida que mejoraba la situación de la pandemia y se percibía mayor seguridad y optimismo en el entorno inversor. Los inversores institucionales buscan targets en sectores que se han mostrado resistentes a la pandemia y los estratégicos ya llevaban tiempo revisando sus organizaciones para centrarse en su core business y desinvertir en ámbitos que no consideraban centrales a su negocio. En mi opinión la tendencia se mantendrá con un mercado activo y al alza.

TTR: Gómez-Acebo & Pombo es uno de los principales asesores líderes en operaciones de tecnología en España en 2021, ¿Cuáles serán los drivers más relevantes para la consolidación de este sector en el mediano y largo plazo?

M. W.: La consolidación del trabajo remoto con la consiguiente necesidad de soluciones tecnológicas es sin duda un driver de este mercado. La transformación digital en todos los sectores, que ya se consideraba relevante antes de la pandemia, ahora está en el top 1 de las agendas de cualquier empresa y dará lugar a mucha actividad en el sector tecnológico.

TTR: ¿Cuáles serían otros dos sectores que podrían ofrecer las mayores oportunidades en España a los inversores internacionales en 2022 y por qué?

M. W.: Real Estate, debido a la falta de alternativas atractivas de inversión y las potenciales oportunidades distressed en el sector Hospitality y el sector de Life Science, que la pandemia ha puesto aún más en valor de lo que ya de por sí estaba pre-pandemia.

TTR: En cuanto al sector de Energías Renovables ¿cuáles son las perspectivas para España?

M. W.: Las perspectivas son muy positivas. La actual situación de los precios del mercado eléctrico deriva de la dependencia del gas, lo que favorece sin duda la inversión en instalaciones renovables para contrarrestar dicha dependencia del gas.

TTR: Teniendo en cuenta su experiencia en Private Equity y Venture Capital, ¿cómo espera que evolucionen este tipo de inversiones en 2022?

M. W.: Esperamos que se duplique el tamaño de los fondos con un desarrollo casi exponencial, aparición de nuevos unicornios y que España siga consolidándose en ámbitos como educación, tech, medtech o agricultura.

 TTR: En cuanto a reestructuraciones societarias,  ¿cuáles son las perspectivas en España?

M. W.: Es de esperar que las reestructuraciones se produzcan sobre todo en sectores que se han visto más afectados por el Covid como podrían ser el sector ocio. También podemos ver reestructuraciones en grupos industriales.

TTR: ¿Cuáles serán los principales desafíos en términos de transacciones de M&A en España en el largo plazo para Gómez-Acebo & Pombo?

M. W.: Seguir reforzando nuestra posición en el TOP TEN M&A ADVISORS, tanto en deal volume como en particular en deal value.   

Dealmaker Q&A

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TTR DealMaker Q&A with Apoyo Finanzas Corporativas Senior Team Eduardo Campos and Mauricio Concha Zegarra

Apoyo Finanzas Corporativas

Eduardo Campos

Partner of APOYO Finanzas Corporativas, an M&A advisory boutique focused in Latin America. Eduardo has conducted multiple transactions in diverse sectors including financial institutions, infrastructure, technology and media, consumer goods, real estate and agriculture. His expertise also includes restructuring processes and financial structuring through financial institutions and bonds. He is an economist from Pontificia Universidad Católica del Perú and holds a MA in Economics from The University of Western Ontario.

Mauricio Concha Zegarra

Vice President of APOYO Finanzas Corporativas. Mauricio has led and participated in mergers and acquisitions processes, feasibility studies, capital raising and debt issues in Latin America, the United States and Europe, working with the main banking groups, insurers, private equity and FinTech in the mentioned geographies. He holds an MBA from Harvard Business School, a Financial Risk Manager – Global Association of Risk Professionals (GARP) certification and a bachelor’s degree in Economy from Universidad del Pacífico.

TTR: How would you describe the current situation of the players in the transactional market in Peru with the current political and economic situation? What will APOYO Finanzas Corporativas main challenges be in terms of M&A deals in Peru during 2022? 

APOYO: In the last few months, we see more interest especially Peruvian families to evaluate granting sell-side mandates in specific sectors. We also see interest from Peruvian investors to monetize their investments or decrease their exposure to Peru risk and have a liquidity event. There is no rush, but they are starting to evaluate options. The internationalization of Peruvian companies will also be a new trend. Several entrepreneurs are looking for opportunities outside Peru. 

For this year and the following years, the main concern will continue to be the political risk, which is difficult to quantify. As a reference, the volatility of the exchange rate reflects the weakening of the business environment. There is uncertainty as to where are we heading: Will the attempt of the leftist radicalism continue to seek a new constitution? Or will there be an attempt to reach a middle ground similar to former president Humala. The next few months are key to understanding where are we heading for the next five years. 

Foreign investors are watching “closely” what is happening in Peru. They are evaluating several buy options in the local market, but they are “not in a hurry” and want to see “what happens”. Some sectors, such as infrastructure and mining, may be more prone to further regulation, and investors will wait to see what the new rules of the game would be and evaluate the impact to the company’s cash flows.

In this context, it is key to regain the confidence from both the local and international private sector in order to continue reactivation of M&A deals. We also noticed that investment funds now expect a higher return when looking at Peruvian assets and have added a few percentage points to their discount rate. On the buy-side there is interest in niche sectors, the exchange rate makes the purchasing power in dollars higher.

As APOYO Finanzas Corporativas we are very active in terms of mandates and as part of the Oaklins network we have access to other geographies in Latin America and the rest of the world. We are looking for assets in other locations. Due to current economic environment in Peru, today we need to be more flexible and creative in structuring transactions.  We know that there are challenges ahead in general for the M&A industry, the macro variables will not necessarily be what we have seen in the last decade, but in this sector, there is always an angle to move a transaction forward.

TTR: What are the most relevant drivers for consolidating the M&A market in Peru and Latin America, over the medium and long term? 

APOYO: We see as the main drivers of consolidation the distress M&A as a result from the COVID-19 impact; the search for efficiencies through the penetration of digital channels and the use of technology; and the need for international players to expand their footprint in emerging markets. We also see opportunities for local and international business groups to divest some of their business lines in order to concentrate on the core business and reduce their equity exposure in Peru.  

In Peru, COVID-19 in the microfinance segment hit financial institutions through the increase in delinquency levels of SME loans, which goes hand in hand with higher provisioning requirements. Lower profitability and falling capital ratios make it necessary to explore alternatives such as mergers to achieve economies of scale or a search for new investors to strengthen solvency ratios.   

In the same context, many companies sought to make their operations more efficient and, in certain industries, to penetrate through digital channels. In the logistics segment, especially within the last mile of ground transportation, we see opportunities for consolidation by international players.  

Another fragmented segment is FinTech, multiple companies with small market share and in some verticals, such as foreign exchange or payments, actively competing on price. In general, this is a market that attracts international players that can contribute with financial resources and know-how to give companies larger scale. However, we see this trend in the medium term as local companies still need to invest more in independent studies to convince sophisticated investor and validate the founder’s thesis about unique attributes, total addressable market and growth drivers of the FinTech. 

Despite the political situation, we have not seen “despair” from investors to ” exit Peru”. Perhaps, depending on “where we are going”, there may be additional drivers in an acceleration of M&A processes. It is worth mentioning that consolidation for traditional local players will be less active due to the Competition Law which represents an additional step and limits inorganic strategies.

TTR: As one of the leading M&A financial advisors in the Peruvian market, according to our TTR ranking, how has APOYO Finanzas Corporativas handled the current crisis in terms of advising clients and What opportunities has the company identified in the past months through the current situation in the country?

APOYO: With flexibility and creativity, through quick response and ad-hoc services to client’s needs. On the M&A side, when advising on buy side mandates, especially abroad, we have had to be more creative when structuring transactions and negotiating shareholder agreements through the inclusion of earnouts or indexing payments to exchange rate moves. In the current environment there is little visibility, and it is more complex to reach consensus to close negotiations, so we must mitigate risk through evaluating different scenarios and proposing variable payment structures.

For the foreign investor it is key to align incentives. We have a turbulent political environment amid COVID-19. In recent months it has been crucial to explain to local shareholders that traditional metrics to measure country risk such as EMBIG or CDS fail to fully capture the uncertainty of foreign investors. We are no longer the Peru from pre-COVID-19 and today investment funds expect higher returns. 

Today we have more cross border mandates. There are local clients looking to grow in the Latin American region, and international investors exiting out of one of the neighbor countries. We are looking to build a more active pipeline outside Peru.

The current situation has made CEO/CFOs require additional support when evaluating their strategic plans or optimal debt-equity structure. As APOYO Finanzas Corporativas we are very active in financial restructuring services, and we are seeing more and more companies requiring this solution for management can spend as much time as possible in the operation of the business while we negotiate with creditors. Last year we closed a private process and today we are looking to close another process in the next 30 days. Here we see and interesting space to do more advisory work.

TTR: In which sectors might international investors find the biggest opportunities in Peru in 2022? Why? 

APOYO: We see a lot of interest in local companies for carve-outs in their operations. There are non-core lines that may have better growth opportunities in the hand of a strategic investor, mainly an international one. This opportunity allows the company to have liquidity today and use it to strengthen its market position or reduce its financial burden in the face of the uncertainty of further increases in interest rates. In this context, commercial banks are closely monitoring the leverage of companies and the cost of funds for the company continues to increase.  

We also see interest in agribusiness assets. However, these investors want to see what the “second agrarian reform” means. There have already been changes in labor and tax issues. We need to watch closely how this reform affects this industry.

There are also opportunities in the retail sector, especially within e-commerce. With COVID-19 there was a lot of acceleration in this segment. Today, the main question for investors is for how longer the growth rate experienced in 2020/2021 could be maintained. For us, it is essential to distinguish which trends will be structural, and which will be temporary.

Technology-related sectors, especially FinTech, also offer many opportunities. There is appetite from international strategic players and some companies in the local financial system for leading companies in their segment. There is a lot of potential in the Latin American FinTech market since our region only represents c.5% of FinTech financing globally.  

As we already mention before, we expect to have more M&A processes linked to distressed assets. Political turbulence and the sanitary crisis have taken their toll on companies that had weak financial indicators pre COVID. 

Finally, there is activity and opportunities on the real estate front with the sale of fixed assets to specialized financial investors with a view to become more asset-light companies and seeking to reduce financial debt through capital injections.

Spanish version

TTR: ¿Cómo describiría la situación actual de los actores del mercado transaccional en Perú con la actual coyuntura política y económica? ¿Cuáles serán los principales desafíos para APOYO Finanzas Corporativas en términos de transacciones de M&A en Perú para 2022?

APOYO: En los últimos meses vemos mayor interés de empresarios, sobre todo familias peruanas, en evaluar otorgar mandatos de sell-side en algunos sectores específicos. Vemos interés de inversionistas peruanos por monetizar sus inversiones (o disminuir su riesgo Peru, y tener un evento de liquidez). No hay desesperación, pero están empezando a evaluar opciones. La internacionalización de empresas peruanas también será una nueva tendencia. Hemos sentido que varios empresarios están buscando oportunidades fuera de Perú. 

Tanto para este año como para los siguientes la principal preocupación continuará siendo el riesgo político que es difícil de cuantificar. Como referencia el tipo de cambio refleja el deterioro en el entorno de negocios. Hay incertidumbre hacia dónde vamos: ¿Seguirá el intento de radicalismo de izquierda, buscando una nueva constitución? O ¿Se tratará de moderar “A lo Humala”?. Los siguientes meses son clave para entender hacia dónde vamos los siguientes cinco años. 

Los inversionistas de afuera están viendo “de cerca” qué pasa en Peru. Están evaluando varias opciones de compra en el mercado local, pero “no están apurados” y quieren ver “¿qué pasa?”. Algunos sectores, como infraestructura y minería, quizás sean más propensos a una mayor regulación. Aquí el inversionista va a esperar a ver cuáles son las nuevas reglas de juego y ver el impacto sobre los flujos de la compañía. 

En este contexto, es clave recuperar la confianza del sector privado tanto local como internacional para continuar con la reactivación de M&A. Hemos notado también que los fondos de inversión cuando miran Perú requieren ahora un mayor retorno. Han agregado algunos puntos básicos a su tasa de descuento. Del lado del buy-side hay intereses en sectores nicho, el tipo de cambio hace que el poder adquisitivo en dólares sea más alto.

Como APOYO Finanzas Corporativas estamos muy activos en términos de mandatos y al ser parte de la red Oaklins tenemos acceso a otras geografías en Latinoamérica y al mundo. Estamos buscando activos en otras geografías. Debido a la coyuntura, hoy necesitamos ser más flexibles y creativos al momento de estructurar las transacciones.  Sabemos que vienen desafíos en general para la industria de M&A, las variables macro no necesariamente serán las que hemos visto en la última década, pero en M&A siempre hay un ángulo para sacar adelante una transacción.

TTR: ¿Cuáles serán los drivers más relevantes para la consolidación del mercado M&A en el mediano y largo plazo para Perú y América Latina?

APOYO: Vemos como principales drivers de consolidación el distress M&A producto del impacto COVID-19, la búsqueda de eficiencias a través de la profundización de canales digitales y uso de la tecnología; y la necesidad de jugadores internacionales por expandir su footprint en mercados emergentes.

Vemos también oportunidades de grupos empresariales, locales e internacionales, de prescindir algunas de sus líneas de negocio con la finalidad, por un lado, de concentrarse en el “core business” y por otro lado, disminuir su exposición patrimonial en Perú.  

En Perú, COVID-19 en el segmento de microfinanzas ha golpeado a las instituciones financieras a través del incremento en los niveles de morosidad de los créditos MYPE especialmente, que lleva de la mano mayores requerimientos de provisiones. La menor rentabilidad y caída en ratios de capital hace necesario explorar alternativas como fusiones para tener economías de escala o incorporar nuevos socios para fortalecer la solvencia de las instituciones.   

En el mismo contexto de COVID-19 muchas empresas buscaron hacer sus operaciones más eficientes y, en determinados sectores, se enfocaron en la profundización de los canales digitales. En el segmento de logística, en especial de última milla tradicional vemos oportunidades de consolidación de la mano de jugadores internacionales.  

Otro segmento fragmentado es el FinTech con empresas con limitada participación de mercado y en algunas verticales, como cambio de divisas o medios de pago, compitiendo activamente en precios. En general este un mercado que atrae a jugadores internacionales que pueden contribuir con recursos financieros y know-how para dar la escala necesaria a empresas. Sin embargo, esta tendencia la vemos en el mediano plazo ya que las empresas locales aún necesitan invertir más en estudios independientes que permitan convencer al inversionista sofisticado y validar la tesis de los fundadores sobre el mercado potencial y palancas de crecimiento de la FinTech. 

Dada la coyuntura política, no hemos visto “desesperación” de inversionistas por “salir de Perú”. Quizás, dependiendo de “hacia dónde vamos”, puede haber un factor adicional en una aceleración de procesos de M&A.

Cabe mencionar que la consolidación para jugadores locales tradicionales será menos activa debido a la Ley de Fusiones que representa un paso adicional y limita las estrategias inorgánicas. 

TTR: APOYO Finanzas Corporativas, al ser uno de los líderes en asesoría financiera en el mercado M&A según nuestro ranking TTR: ¿Cómo ha manejado la crisis actual en términos de asesoramiento y qué oportunidades han encontrado en los últimos meses a través de la coyuntura actual en Perú?

APOYO: Con flexibilidad y creatividad, a través de respuesta rápida y servicios ad-hoc a las necesidades del cliente. Por el lado de M&A al asesorar mandatos de compra, sobre todo en el exterior, hemos tenido que ser más creativos al momento de estructurar las transacciones y negociar los convenios de accionistas a través de la inclusión de: earnouts o indexando los pagos a las variaciones en tipo de cambio. Hay poca visibilidad y es más complejo llegar a consensos para cerrar las negociaciones por lo que tenemos majear escenarios y plantear estructuras de pago variables para mitigar el riesgo.

Para el inversionista de fuera es clave alinear los incentivos. Tenemos un entorno político turbulento en medio de COVID-19. En los últimos meses ha sido clave explicar a los accionistas locales que las métricas tradicionales para medir el riesgo país como el EMBIG o el CDS no logran capturar en su totalidad la incertidumbre de los inversionistas extranjeros. Ya no somos el Perú pre-COVID-19 y hoy los fondos de inversión exigen un mayor retorno

Hoy estamos con mandatos cross border. Son clientes locales buscando crecer en la región. Hay inversionistas internaciones saliendo de uno de los países vecinos. Estamos buscando armar un pipeline más activo fuera de Perú.

En el Perú, como equipo especializado, después de muchos años hemos regresado a ver más asesorías en reestructuración financiera. El año pasado concluimos un proceso privado y hoy estamos buscando concluir otro proceso en los siguientes 30 días. Aquí vemos espacio interesante para hacer más tipo de asesorías.

La coyuntura actual ha hecho que CEO/CFOs requieran de un apoyo adicional al momento de evaluar sus planes estratégicos o estructura optima de deuda-capital. Como APOYO Finanzas Corporativas estamos muy activos en servicios de reestructuración financiera y vemos que cada vez más empresas que requieren de esta solución para que la gerencia destine la mayor cantidad de tiempo en la operación del negocio mientras nosotros negociamos con acreedores. 

TTR: ¿Cuáles serían los sectores que podrían ofrecer las mayores oportunidades en Perú a los inversores internacionales en 2022 y por qué?

APOYO: Vemos mucho interés en empresas locales por carve-outs en sus operaciones. Hay líneas non-core que pueden tener mejores perspectivas de crecimiento de la mano de un inversionista estratégico, principalmente internacional. Esta oportunidad permite a la empresa tener liquidez hoy y disponer de ella para fortalecer su posición de mercado o reducir su carga financiera frente a la incertidumbre de mayores incrementos en las tasas de interés. En este contexto la banca comercial está monitoreando muy de cerca el apalancamiento de empresas y el costo de fondo para la empresa continúa incrementándose.  

Vemos interés también en activos agroindustriales. Sin embargo, estos inversionistas quieren ver qué significa esta “segunda reforma agraria”. Ya hubo cambios en los temas laborales y tributarios, acorde al resto de la economía. Veamos cómo esta “reforma” afecta este sector.

Asimismo, también hay oportunidades en el sector retail especialmente el vinculado al e-commerce. Con COVID-19 se registró mucho dinamismo en este segmento. Hoy la principal duda para el inversionista es cuanto más se puede mantener el ritmo de crecimiento experimentado en 2020/2021. Para nosotros es fundamental distinguir cuáles serán las tendencias permanentes y cuáles serán temporales. 

Los sectores relaciones a tecnología, en especial FinTech también ofrecen muchas oportunidades. Hay apetito de jugadores estratégicos internacionales y algunas empresas del sistema financiero local por empresas lideres en su segmento. Hay mucho potencial en el mercado FinTech de Latinoamérica ya que nuestra región solamente representa el 5% de financiamientos FinTech a nivel global. 

Anteriormente ya lo mencionamos, pero esperamos tener más procesos de M&A vinculados con activos en distressed. La turbulencia política y la crisis sanitaria han pasado factura a empresas que pre-COVID-19 tenían indicadores financieros débiles. 

Finalmente, hay actividad y oportunidades en el frente inmobiliario con venta de activos fijos a inversionistas financieros especializados con miras de ser empresas más asset-light y buscar reducir deuda financiera a través de estas inyecciones de capital.

Dealmaker Q&A

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TTR DealMaker Q&A with Tozzini Freire Partners Marcela Waksman Ejnisman and Maria Elisa Gualandi Verri

Tozzini Freire Advogados

Marcela Waksman Ejnisman

Co-head of TozziniFreire’s Corporate/M&A practice, Marcela concentrates her work on the telecommunications and technology, intellectual property and privacy and entertainment industries. She has advised clients on numerous transactions, including mergers and acquisitions, joint ventures, and corporate restructurings. Her portfolio includes important clients such as Sinqia, Linx and Jellyfish Brasil.

Maria Elisa Gualandi Verri

Member of TozziniFreire’s Executive Committee, co-head of the firm’s Corporate/M&A practice and of the Corporate Social Investment area, Maria Elisa has a long valued multidisciplinary approach to legal practice. She has distinguished herself as a valuable advisor to clients on contractual and corporate matters, using her breadth of knowledge to perform her leading work in contracts, the acquisitions, and sales of companies, and in the overall management of clients’ legal affairs.

TTR: How would you describe the current M&A situation and outlook in Brazil?

T.F.: The fast reaction to social distancing measures and adaptation to the virtual solutions that emerged, made the transactional market suffer much less than expected due to the COVID-19 pandemic. The change to a predominantly virtual scenario did not directly affect negotiations, on the contrary, in many cases the work dynamics became more agile with more objective and efficient meetings. Several drafting sessions and transaction closures took place online and worked very well. The digital signature platforms ensured the security of closing operations even if not in person.

Several clients also saw the opportunities that arose in the midst of the crisis and some sectors such as healthcare, education and technology even warmed up more. Thus, in terms of performance in the Brazilian transactional world, we can say that despite the fact that we are experiencing a moment of caution, the market pace remained positive and on an ascending curve.


TTR: TozziniFreire Advogados is one of the main advisors on M&A in the Brazilian health sector, according to TTR’s legal ranking.  How do you evaluate the sector’s growth in 2021 and what are the perspectives in 2022?

T.F.: The healthcare sector as a whole is still very fragmented and there is plenty of room for consolidation. Before 2020, the sector was already showing signs of warming up and was on a wave of consistent growth. With the pandemic, this scenario escalated, and our expectation is that it will be a trend that will continue in the short and medium term, at least.

The operations in which we recently worked, involving pharmaceutical industries, hospitals and other players of the sector, are a reflection of this moment, which extends to all its segments, such as health plans and telemedicine.


TTR: What would be another two sectors that could offer the greatest opportunities in Brazil for international investors in 2021 and why?

T.F.: In addition to the exponential growth registered before the COVID-19 pandemic, the technology sector was further boosted by social distancing. Technology companies bolstered the M&A agenda in the first quarter of 2021, leading the ranking of transactions, and indicating the resumption of growth in this market. We have been observing the evolution of several companies through constant acquisitions and our expectation is that this scenario continues for a long time.

The educational sector, despite being hit by the crisis, is also growing, especially in relation to edtechs. Even after the pandemic, we expect the sector to strengthen even more with the use of digital technologies. Like the healthcare industry, it is also very dispersed, but we are already seeing that some groups, through consolidation, are becoming large companies leading the sector.

As regards to the infrastructure sector, we highlight the energy market as one of the busiest, especially amid the increase in the value of energy and the search for new forms of energy that reduce its cost. After the approval of the regulatory framework for mini-generation and distributed micro-generation, under discussion in Congress, the forecast is for greater acceleration of this market.


TTR: What’s your outlook for the Private Equity and Venture Capital market in 2021 in the medium and long-term?

T.F.: The players in this market are always on the lookout for opportunities, and for this reason we expect that in the medium term they will remain in constant movement, as it has been during the pandemic. The technology sector is once again the main character, breaking records in investments by venture capital and private equity funds.


TTR: Q What were the main challenges of the M&A operation in Brazil throughout TozziniFreire Advogados’ 45-year history? What can we expect in the long – term?

T.F.: Over the 45 years of the firm, we have gone through economic and political crises, such as the so-called lost decade, after the end of the Military Dictatorship, and the devaluation of the Real. At the same time, we had great opportunities and prominence in the 1990s, with the first wave of privatization of infrastructure, and also in the greatest opening of the market in the past decades. The scenario was unstable, but it never deeply affected foreign investments in Brazil. Thanks to the strength of our institutions, M&A operations have increasingly become a way of expanding the business. Over this period, national entrepreneurs also gained a lot of strength in mergers and acquisitions, fulfilling a role as important as that of international investors and boosting the growth of many sectors.

Several changes have taken place since then, and today, even in the midst of a health, political and economic crisis, the transactional market remains in constant evolution.

This scenario was directly reflected in TozziniFreire’s M&A group, which has grown stronger over the years. We recently hired four new partners who are part of a highly prepared team to meet new emerging opportunities. We also registered an increase in transactions assisted by our team in the first half of 2021, compared to the same period last year. For the coming years, we will continue with our growth strategy and with the hope of an increasingly positive, challenging and innovative market.

Portuguese version

Tozzini Freire Advogados

Marcela Waksman Ejnisman

Corresponsável pela prática de Societário e Fusões e Aquisições de TozziniFreire, Marcela concentra seu trabalho nas indústrias de telecomunicações e de tecnologia, propriedade intelectual e privacidade e entretenimento. Presta assessoria nas mais diversas transações, incluindo fusões e aquisições, joint ventures e reestruturações de empresas. Sua cartela de clientes inclui nomes importantes como: Sinqia, Linx e Jellyfish Brasil.​

Maria Elisa Gualandi Verri

Membro do Comitê Executivo de TozziniFreire, corresponsável pela prática Societária e de Fusões e Aquisições do escritório e pela área de Investimento Social Corporativo, Maria Elisa cultivou sempre uma visão multidisciplinar do direito, destacando-se na área contratual – conhecimento que vem utilizando em aquisições e vendas de empresas. Também possui ampla experiência na coordenação de assessoria a empresas em geral, notadamente em assuntos contratuais e societários.

TTR: Como você descreveria a situação atual dos players no mercado transacional no Brasil nesta “Nova Realidade”?

T.F.: A rápida reação às medidas de distanciamento social e adaptação às soluções virtuais que surgiram fez com que o mercado transacional sofresse muito menos do que o esperado pela pandemia de COVID-19. A mudança para um cenário predominantemente virtual não afetou diretamente as negociações, pelo contrário, em muitos casos a dinâmica de trabalho ficou mais ágil com reuniões mais objetivas e eficientes. Vários drafting sessions e fechamentos de operação aconteceram online e funcionaram muito bem. As plataformas de assinatura digital garantiram a segurança de fechamento de operações, mesmo que não presencialmente.

Vários clientes também enxergaram as oportunidades que surgiram em meio à crise, e alguns setores, como saúde, educação e tecnologia, inclusive se aqueceram mais. Dessa forma, em termos da atuação no mundo transacional brasileiro, podemos afirmar que, apesar de estarmos vivenciando um momento de cautela, o ritmo do mercado se manteve positivo e em curva ascendente.


TTR: TozziniFreire Advogados é um dos principais assessores de M&A do setor de saúde do Brasil de acordo com o ranking jurídico do TTR. Como você avalia o crescimento do setor em 2021 e quais as perspectivas em 2022?

T.F.: O setor de saúde como um todo ainda é muito pulverizado e há bastante espaço para consolidações. Antes de 2020, o setor já sinalizava aquecimento e estava em uma onda de crescimento consistente. Com a pandemia, esse cenário foi potencializado, e nossa expectativa é que seja uma tendência que vai se manter a curto e médio prazo, pelo menos. 

As recentes operações em que trabalhamos, envolvendo indústrias farmacêuticas, hospitais e outros participantes do setor, são um reflexo desse momento, que se estende a todos os players do setor, como planos de saúde e telemedicina.


TTR: Quais seriam os outros dois setores que poderiam oferecer as maiores oportunidades no Brasil para investidores internacionais em 2021 e por quê?

T.F.: Além do crescimento exponencial registrado antes da pandemia de COVID-19, o setor de tecnologia foi potencializado ainda mais pelo distanciamento social. As empresas de tecnologia impulsionaram a agenda de M&A no primeiro trimestre de 2021, liderando o ranking de transações e indicando a retomada do crescimento desse mercado. Temos acompanhado a evolução de diversas empresas por meio de aquisições constantes e nossa expectativa é que esse cenário permaneça por um bom tempo.

O setor educacional, apesar de atingido pela crise, também registra crescimento, principalmente em relação às edtechs. Mesmo após a pandemia, a tendência é que o setor se fortaleça ainda mais com o uso de tecnologias digitais. Assim como o setor de saúde, também é bastante pulverizado, mas já vemos que alguns grupos, por meio de consolidação, estão se tornado empresas de grande porte e com liderança no setor.

Em relação ao setor de infraestrutura, destacamos o mercado de energia como um dos mais movimentados, principalmente em meio ao aumento do valor da energia e da busca por novas formas de energia que diminuam seu custo. Após a aprovação de marco regulatório da minigeração e microgeração distribuída, em discussão no Congresso, a previsão é de maior aceleração desse mercado. 


TTR: Qual é a sua perspectiva para o Private Equity e Venture Capital em médio e longo prazo?

T.F.: Os players desse mercado estão sempre atentos às oportunidades, e por esse motivo temos a perspectiva de que a médio prazo se mantenham em movimento constante, assim como vem acontecendo durante a pandemia. O setor de tecnologia é mais uma vez o protagonista, batendo recordes de investimentos por venture capital e private equity.


TTR: Quais foram os principais desafios da operação de M&A no Brasil ao longo dos 45 anos de história do TozziniFreire Advogados? O que podemos esperar a longo prazo?

T.F.: Ao longo dos 45 anos do escritório, passamos por crises econômicas e políticas, como a chamada década perdida, após o final da Ditadura Militar, e a desvalorização do Real. Ao mesmo tempo, tivemos grandes oportunidades e protagonismo na década de 90, com a primeira onda de privatização da infraestrutura, e também na maior abertura do mercado das últimas décadas. O cenário era instável, mas nunca afetou profundamente os investimentos estrangeiros no Brasil. Graças à solidez de nossas instituições, as operações de M&A se tornaram, cada vez mais, uma forma de expansão dos negócios. Os empreendedores nacionais também ganharam ao longo deste período muita força nas fusões e aquisições, preenchendo um papel tão importante quanto o de investidores internacionais e potencializando o crescimento de muitos setores. 

Diversas mudanças ocorreram desde então e, hoje, mesmo em meio a uma crise sanitária, política e econômica, o mercado transacional permanece em constante evolução.

Esse aquecimento refletiu diretamente no grupo de M&A de TozziniFreire, que se fortaleceu cada vez mais ao longo dos anos. Recentemente contratamos quatro novos sócios que integram um time altamente preparado para atender às novas oportunidades emergentes. Também registramos um aumento nas transações assistidas pela nossa equipe no primeiro semestre de 2021, em relação ao mesmo período do ano passado. Para os próximos anos, continuaremos com nossa estratégia de crescimento e temos esperança em um cenário cada vez mais positivo, desafiador e inovador. 

Dealmaker Q&A

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TTR DealMaker Q&A with Uría Menéndez – Proença de Carvalho Partner Joana Torres Ereio

Joana Torres Ereio – Uría Menéndez – Proença de Carvalho

Joana Torres Ereio joined the Lisbon office of Uría Menéndez – Proença de Carvalho as a trainee lawyer in 2007 and become a partner in 2020. In 2011 Joana worked in the firm’s Madrid office.
Joana focuses her practice on corporate law and is particularly experienced in advising both national and international clients on:
– mergers and acquisitions,
– private equity and venture capital transactions,
– commercial agreements, including joint venture arrangements
– corporate restructurings and
– general corporate law and corporate governance matters.

TTR: How would you describe the current situation of the players in the transactional market in Portugal in this “new reality”?

J.T.E.: Last year saw high levels of transactional activity, which shows that the market adapted quickly to the pandemic and the changes it has brought about.

This notwithstanding, we now live in a new reality, where companies, oftentimes due to the pandemic, have fast-tracked their digital transformation and are being pressured to incorporate new values into their corporate cultures, in particular, those related to sustainability, driven by the ESG criteria.

The economic outlook in general is currently positive, as we see that investors at large, and funds in particular, continue to be very interested in the Portuguese market and have substantial levels of liquidity to invest. In addition, the public recovery and resilience plans foresee additional injections of funds into the economy, thus further increasing liquidity. And as year-end approaches, consolidation movements and opportunities in distressed companies are likely to increase.

In this context, we expect the high levels of activity to continue in the upcoming months.

TTR: Uría Menéndez – Proença de Carvalho is ranked by TTR as one of the top legal advisors for financial and insurance sector M&A transactions in Portugal. How do you see the growth in the sector during the first half of 2021 and what are the mid and long-term prospects?

J.T.E.: One of the reasons why the sector has grown in the first half of 2021 is the general positive economic context and the resulting market dynamism.

We have also seen significant digitalisation in the financial and insurance sector and the fintech industry, in particular, with payment platforms, artificial intelligence and blockchain solutions, all of which contribute to create innovative and promising business opportunities that are more attractive for investors.

We expect transactional activity in this sector to increase in the mid to long-term, with deals not only involving small and medium fintech companies – due to IT developments and continued digitalisation – but also more mature companies, in particular, with consolidation movements in line with what we have recently seen happening elsewhere in Europe.

TTR: Foreign acquisitions of technology and Internet companies in Portugal have increased 133% in 2021. What will be the main drivers of consolidation in these segments over the course of the year?

J.T.E.: This trend will presumably continue, mainly because Portugal has multiple technological companies that are very interesting both for funds looking for sound investment opportunities and for technological companies wanting to expand through acquisitions.

We see opportunities in technological companies with growth potential that may contribute to consolidating these segments over the course of the year, from more general companies to those operating in specific activity sectors (e.g. financial and banking, health and industry) and of different sizes, all of which opens the door to different types of deals.

TTR: What would be another three sectors that could offer the greatest opportunities in Portugal for international investors in 2021 and why?

J.T.E.: Portugal will definitely continue to be an attractive option for foreign investors, firstly, due to the favourable conditions for foreign investment but also because highly qualified human resources are available at a very competitive cost.

As to which three sectors (in addition to the technology sector) may offer the greatest opportunities, I would say those that will receive large public investment pursuant to the national recovery and resilience plan, such as infrastructures. 

Things in the energy sector also bode well, both for the more traditional renewable energies and for the production of hydrogen and exploitation of lithium.

Lastly, after last year’s downturn, the real estate sector is still recovering and should offer international investors interesting opportunities in various segments.

TTR: What will be the main challenges for Uría Menéndez – Proença de Carvalho in its M&A advisory work in Portugal in 2021 and 2022?

J.T.E.: A challenge for the M&A practice may result from having to postpone some deals until the feeling that the pandemic is under control is more widespread, as companies in the sectors that have suffered the pandemic most may not be willing to press on with them until they reach at least pre-pandemic levels of activity.

Other than this, our main challenges will presumably be the same as those of other practice areas.

We will need to adapt to new ways of working while not sacrificing our model of training young lawyers. We are already implementing a remote working policy, which reflects our commitment to evolve and adapt to the new circumstances and promote work-life balance.

Related to this, we will continue to invest in digitalisation to keep abreast of the global evolution and be ready to advise our clients in the most efficient way.

At the same time, one of our (unrelenting) challenges is to attract and retain the best talent, which requires methodical human resources management and a constant pursuit for solutions to ensure the new generations continue to feel at home at the firm and believe in its values.

Portuguese version

Joana Torres Ereio – Uría Menéndez – Proença de Carvalho

Joana Torres Ereio integrou a Uría Menéndez – Proença de Carvalho em 2007, tendo-se tornado sócia em 2020. Em 2011, trabalhou no escritório de Madrid da Uría Menéndez.
Centra a sua atividade profissional no Direito comercial e societário, em particular, na assessoria a clientes nacionais e estrangeiros em:
– fusões e aquisições,
– operações de private equity
– contratos comerciais, incluindo acordos de joint venture
– reestruturações societárias e
– temas gerais de Direito societário e matérias de governo corporativo.

TTR: Como você descreveria a situação atual dos players no mercado transacional em Portugal nesta “Nova Realidade”?

J.T.E.: No último ano registaram-se níveis elevados de atividade transacional, o que demonstra que o mercado rapidamente se adaptou ao contexto pandémico.

Não obstante, é inegável que vivemos, hoje, numa nova realidade, em que as empresas, em muitos casos por força da pandemia, aceleraram o seu processo de transformação digital e estão a ser pressionadas para incorporar novos valores na sua cultura empresarial, em particular, valores relacionados com sustentabilidade, impulsionados pelos critérios ESG. 

Atualmente, as perspetivas económicas são, em geral, otimistas, assiste-se a um grande interesse dos investidores em geral, e dos fundos em particular, pelo mercado português e com níveis consideráveis de liquidez disponível para investir, a que se junta a injeção de fundos prevista no âmbito dos programas públicos de recuperação e resiliência. Além disso, é provável que com o aproximar do fim do ano assistamos ao aumento dos movimentos de consolidação e de oportunidades em empresas distressed.

À luz deste contexto, a nossa expetativa é a de que continuemos a ter um nível de atividade elevado nos próximos meses.

TTR: Uría Menéndez – Proença de Carvalho é um dos principais assessores de M&A no setor financeiro e de seguros em Portugal de acordo com o ranking jurídico do TTR. Como você avalia o crescimento do setor no primeiro semestre de 2021 e quais as perspetivas a médio e longo prazo?

J.T.E.: O crescimento do setor no primeiro semestre de 2021 pode explicar-se, por um lado, pelo contexto económico geral positivo e consequente dinamismo do mercado. 

Por outro lado, estamos a assistir a um verdadeiro boom da digitalização no setor financeiro e dos seguros e do movimento fintech, nomeadamente, com o surgimento das plataformas de pagamento, soluções de inteligência artificial e de tecnologia blockchain, o que exponencia a criação de negócios inovadores e promissores nesta área, e, em resultado, torna o setor mais atrativo para os investidores.

No médio e longo prazo antecipamos que o movimento transacional no setor se intensifique, não só no segmento de deals em pequenas e médias empresas de fintech, fruto do desenvolvimento tecnológico e do processo contínuo de digitalização, mas também no plano das empresas mais maduras, em particular, com alguns movimentos de consolidação, em linha com o que temos vindo a assistir recentemente noutros países da Europa.

TTR: As aquisições por compradores estrangeiros de empresas de tecnologia e Internet em Portugal aumentaram 133% em 2021. Quais serão os principais vetores de consolidação desses segmentos ao longo do ano?

J.T.E.: Tudo indica que este movimento se vai manter, essencialmente por existirem em Portugal múltiplas empresas tecnológicas que são seguidas com grande interesse quer por fundos à procura de oportunidades interessantes de investimento, quer por empresas do setor tecnológico que pretendem expandir os seus negócios através de aquisições.

Vemos várias oportunidades em empresas tecnológicas com potencial de crescimento que poderão contribuir para a consolidação destes segmentos ao longo do ano, quer empresas mais generalistas, quer empresas que operam em setores específicos de atividade (a título de exemplo, banca e seguros, saúde e indústria) e de dimensão variada, contribuindo assim para o aumento potencial de deals de tipos distintos.

TTR: Quais seriam os outros três setores que poderiam oferecer as maiores oportunidades em Portugal para investidores internacionais em 2021 e porquê?

J.T.E.: Portugal continuará sem dúvida a ser uma excelente opção para os investidores estrangeiros, desde logo, pelas condições favoráveis ao investimento estrangeiro, bem como pela qualificação dos recursos humanos a custos muito competitivos.

Tendo de apontar três setores específicos (além do setor tecnológico), começaria por referir as oportunidades relevantes que poderão surgir no âmbito dos grandes investimentos públicos promovidos pelo programa de recuperação e resiliência, em especial, em infraestruturas. 

Por outro lado, o setor da energia promete continuar a ser um dos mais ativos, tanto no que diz respeito às energias renováveis mais tradicionais, como na aposta na produção de hidrogénio e na exploração de lítio.

Por fim, depois de um abrandamento no último ano, o setor do imobiliário deverá continuar o seu ciclo de recuperação e proporcionar igualmente oportunidades interessantes nos seus vários segmentos.

TTR: Quais serão os principais desafios da operação de M&A em Portugal durante 2021 e 2022 para a Uría Menéndez – Proença de Carvalho?

J.T.E.: Um desafio específico do M&A poderá advir do possível adiamento de algumas transações até que se verifique uma sensação generalizada de controlo da pandemia, justificado por empresas dos setores de atividade mais penalizados quererem atingir pelo menos níveis de atividade semelhantes aos do pré-Covid-19 antes de irem para o mercado.

No demais, creio que os principais desafios que vamos enfrentar são comuns às demais áreas da advocacia.

Um dos nossos maiores desafios será certamente a adaptação às novas formas de trabalho, sem descurar o nosso modelo de formação dos advogados mais juniores. Estamos já a implementar uma política de teletrabalho, reflexo da nossa vontade de evolução e adaptação aos novos tempos e de valorização da conciliação da vida pessoal e profissional.

Relacionado com este ponto, continuaremos a nossa aposta contínua na digitalização, de forma a acompanharmos a evolução global e a estarmos sempre preparados para dar resposta aos nossos clientes da forma mais eficiente possível.

Em paralelo, mantemos como um dos nossos (permanentes) desafios a captação e retenção do melhor talento, o que exige uma cuidada gestão das pessoas e uma constante busca de soluções para que as novas gerações se continuem a sentir identificadas com a firma e a vestir a nossa camisola.

Dealmaker Q&A

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TTR DealMaker Q&A with Ontier M&A Director Víctor Artola Recolons

Víctor Artola Recolons – Ontier

TTR: Ontier is one of the leading advisors on tech deals in Spain. What are the most significant drivers for consolidation of this sector in the mid- and long-term?  

V. A.: The technology sector is a very attractive growth sector that has already consolidated its position. If you add the sustainability component, it can be a perfect combination. This is precisely one of the drivers that can play a major role in this area, the inclusion of sustainability as part of the value. 

Apart from this, there are other drivers in the form of new investment mechanisms, such as SPACs, in which the ” education” and knowledge of the sector  will also be important.  

TTR: What would be another two sectors that could offer the greatest opportunities in Spain for international investors in 2021 and why? 

V. A.: There are undoubtedly two sectors that are already attracting a lot of investors and whose market attractiveness continues to grow.

On the one hand, the renewable sector is an area in which Spain has positioned itself very strongly. In fact, there are several foreign SPACs focused on the renewable sector that are looking very closely at the Spanish market.

Likewise, the agricultural sector is another area in which we are strong. Both the number and volume of deals continue to rise and the know-how of the Spanish sector in new processes is an important competitive advantage in the sector.

TTR: What are the prospects for the health sector in Spain?

V. A.: Increase of the number of mergers and operational restructurings. The latest studies show that more than 50% of the Spanish companies in the healthcare sector had to undertake some type of restructuring / refinancing in 2020. In 2021 these numbers have dropped considerably, but the number of mergers is expected to grow.

TTR: Considering your experience in Private Equity, how do you expect this type of investment to evolve in 2H21?

V. A.: On a clear upward trend. The numbers for the first half of the year clearly show a recovery compared to the same period in 2020 and the expectations for the second half of the year indicate a continued growth line that will reflect the reduced impact of the pandemic as a result of the pace of vaccination. 

While the numbers for the second semester are good, the type of M&A operations expected are more specific, focused on sectors such as digital development or sustainability.

TTR: What will be the greatest challenges for Ontier in its M&A advisory work in Spain in 2H21? 

V. A.: There are two main issues that can play an important role in the M&A market this last semester. The first one is to adapt to the De-Spacking transactions that can come from the American SPACs mainly which come to Europe to look for targets. This kind of transactions are complex deals which involve different jurisdictions and which will probably increase in the following months.

On the other hand, all the distress M&A will continue to be a challenge in the Spanish M&A market, especially considering the approval of a new Insolvency Law. More and more, stakeholders lose “fear” to the insolvency proceedings to complete M&A transactions.

Spanish version

Víctor Artola Recolons – Ontier

Víctor Artola es Licenciado en Derecho por la Universidad de Oviedo desde el año 2012. Completó su formación en las universidades de Sheffield (UK), London School of Economics (LSE), Oxford e Instituto de Empresa (IE), donde completo un MBA en el año 2019.
Se incorporó a la oficina de ONTIER Oviedo en 2011 y, posteriormente, a las oficinas de Madrid en septiembre de 2012, habiendo realizado asimismo estancias en las oficinas de ONTIER Lisboa y ONTIER Londres. En enero de 2021, asume la codirección del área de M&A de Ontier España. Su trayectoria ha sido reconocida por otros directorios como Iberian Lawyer o Legal 500, en los que ha sido nombrado Rising Star a pesar de su corta edad.
Ha participado en operaciones de primer nivel tanto de M&A como de Mercado de Capitales y, en la actualidad, lidera el Ontier Spacs Team, equipo dedicado al asesoramiento en el ámbito de las Special Purpose Vehicles, operaciones que guardan un importante componente transfronterizo.
En el ámbito académico, es profesor colaborador del Instituto de Empresa (IE) y, en el campo de la investigación, ha completado su Tesina sobre fusiones transfronterizas en la Universidad de Oviedo obteniendo una calificación de Matrícula de Honor.

TTR: Ontier ha sido uno de los principales asesores líderes en operaciones de tecnología en España, ¿Cuáles serán los drivers más relevantes para la consolidación de este sector en el mediano y largo plazo?  

V.A.: El sector tecnología constituye un sector growth muy atractivo y que ya ha consolidado su posición. Si encima le añades el componente de la sostenibilidad puede ser una combinación perfecta. Precisamente este es uno de los drivers que pueden jugar un papel más importante en este sector, la inclusión de la sustainibility como parte de valor. 

Aparte, hay otros drivers en forma de nuevos mecanismos de inversión, como las SPACs, en las que también será importante la “culturización” y conocimiento del sector en este sentido. 

TTR: ¿Cuáles serían otros dos sectores que podrían ofrecer las mayores oportunidades en España a los inversores internacionales en 2021 y por qué? 

V.A.: Sin duda hay dos sectores que atraen ya mucho a inversores y cuyo atractivo en el mercado sigue creciendo. 

Por un lado el sector de las renovables es un sector en el que España se ha posicionado de manera muy fuerte. Precisamente hay varias SPACs extranjeras focalizadas en el sector de renovables y que miran muy de cerca el mercado español. 

Asimismo, el sector agro es otro en el que somos potentes. Tanto el numero como el volumen de los deals sigue subiendo y el know how del sector español en nuevos procesos supone una importante ventaja competitiva en el sector. 

TTR: En cuanto al sector Salud, ¿cuáles son las perspectivas para España? 

V.A.: Incremento del número de fusiones y de restructuraciones operativas. Los últimos estudios reflejan que más de un 50% de las empresas españolas del sector salud tuvieron que acometer algún tipo de restructuración /refinanciación en 2020. En 2021 estos números han bajado considerablemente, pero se prevé que se incremente el número de concentraciones. 

TTR: Teniendo en cuenta su experiencia en Private Equity, ¿cómo espera que evolucione este tipo de inversión en el segundo semestre de 2021? 

V.A.: En clara línea ascendente. Los números del primer semestre claramente muestran una recuperación con respecto al mismo periodo de 2020 y las perspectivas para el segundo semestre indican una línea de crecimiento continua que reflejará el menor impacto de la pandemia como consecuencia del ritmo de vacunación. 

Si bien es cierto que los números para el segundo semestre son buenos, el tipo de M&A que se prevé es más específico, centrado en sectores como digital develoment o suitanability.  

TTR: ¿Cuáles serán los principales desafíos en términos de transacciones de M&A en España en el segundo semestre de 2021 para Ontier? 

V.A.: Hay dos factores que pueden jugar un papel importante en el M&A de este segundo semestre. Por un lado la adaptación a los De-Spacs (operaciones de fusión/adquisición de empresas) de las SPACs extranjeras, especialmente las americanas. Supone un tipo de deal distinto, multijurisdiccional y que se va a ver cada vez más en el mercado.

Por otro lado la realización de operaciones distress en medio de la aprobación de una nueva Ley Concursal que se está preparando también es un importante reto para el sector. El mercado español es muy atractivo y cada vez hay más stakeholders que pierden el “miedo” a realizar operaciones en concurso.