Transactional Impact Monitor: Spain & Portugal – Vol. 2

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Transactional Impact Monitor: Spain & Portugal – Vol. 2

24 April 2020

TTR’s Transactional Impact Monitor (TIM) is a Special Report combining local knowledge and market visibility from top dealmakers developed to address extraordinary situations affecting the macroeconomic stability and M&A outlook in core markets

INDEX

SPAIN
– M&A Outlook
– Private Equity
– Equity Capital Markets
– Handling the Crisis

PORTUGAL
– M&A Outlook
– Private Equity
– Handling the Crisis

– Dealmaker Profiles

SPAIN

Headlines across the world have begun to shift from the threatening global pandemic to the grim economic outlook facing countless countries grappling with the need to lift restrictions on business activities and resuscitate the livelihoods of their citizens. 

Despite a two-week extension of the state of emergency that has kept residents locked inside their homes since mid-March until at least 9 May, Spain faces the same need to get its people back to work without succumbing en masse to SARS-CoV-2. All indications suggest a tough road ahead. The Bank of Spain projects a fall in GDP of between 6% and 13% and a public spending deficit as high as 11% in 2020, with a rapid, V-shaped recovery increasingly unlikely. 

“Six percent is out of the question,” Deloitte Partner and Head of Private Equity Tomás de Heredia told TTR. Though there are some sectors performing quite well, including agriculture and food manufacturing, Spain’s heavy dependence on tourism and construction will slow the recovery, Heredia said. 

If hotels aren’t permitted to open until September, according to the most likely scenario under discussion, Spain will lose a large chunk of its GDP over the next several months as its peak tourism season falls flat, Heredia noted. 

In the construction industry, building already underway will carry on as restrictions are lifted, but investors are not likely to bank on new projects, he added. “I don’t see any real estate developer starting something from scratch now without the certainty that they will be selling in 24 months.” 

In the first few weeks of the crisis, there was a sense that Spain was falling into a black hole just like Italy, said Pérez-Llorca Founding Partner Pedro Pérez-Llorca. Spain transitioned quickly from a growing market nearing the end of the economic cycle into a state of emergency harboring a very serious problem, he said. It was initially seen as a local problem, he noted, but within a few weeks, that emergency spread to the most important markets in world: the UK and the US. 

With 22m newly unemployed in the US, the largest source market for capital under management has its own problems, Pérez-Llorca pointed out. “Strategic investors that had been considering investments in Spain, now have too many problems at home to look at cross-border deals,” he said. Add to that the restrictions on foreign investment passed by the Spanish government to protect the local market and the outlook for inbound deals in the short-term is complicated, he said.

The word, in terms of politics and economics, is uncertainty, said Heredia. As long as you have some certain kind of environment, whether it’s good or bad, people will adjust their investment strategies. The worst thing that we are seeing is that the government is not giving the necessary certainty. “One day they say kids will return to school, the next day they say they won’t,” said Heredia. “They say businesses can reopen, then they say they can’t,” he added. 

Auriga Global Investors Head of Derivatives and Alternative Investments Diego García de la Peña said his clients and portfolio companies were indeed desperate for clarity on the duration of the lockdown. 

“If the confinement lasts only three months, restaurants can recover. It will be three months of write-off, of zero sales, and then we’ll hit bottom with a bad, but more or less manageable, outlook for 2020,” said García. “If the measures are extended, or if there’s another wave in October, anything to do with food and beverage and tourism – those sectors will face restructuring,” García said. “The duration of the confinement and the resolution of the health crisis are key.”

“We hope that over the next two weeks, at a maximum, all this will be cleared up,” Heredia said. “Everyone was expecting that the economy would recover before the summertime. Now everyone factors in that growth will recover after the summer.”

The unemployment rate in Spain, like in many other countries, “is going through the roof”, meanwhile, Heredia noted, and though there’s no official data because the government considers this a temporary situation being contained with public funds, there’s uncertainty over how long this will endure and people are depleting their savings.

Four-to-five months down the road, when people go back to work, a lot of companies will reduce their workforce and people will devote their savings to the most critical needs: education for their children and groceries, he said. “Obviously, there will be a recovery next year, but I don’t see many people buying second homes. That’s going to drive down everything,” he said. 

Tourism will not begin to recover until the fall, and construction will remain sluggish, Heredia said. “Our view is that hotels won’t be reopened until September or October.” Next year, without a doubt, tourism will be good, Heredia said, and as soon as tourism starts flowing, the economy will pick up overall. Companies have stronger balance sheets than they did in the global financial crisis of 2008 and the government is providing liquidity; demand will come back next year, he said. 

The retail industry, meanwhile, will see a contraction once everything opens up again, Heredia noted, and companies will begin cutting costs by closing the last points of sale they opened, which tend to be those secured at higher cost in poorer locations when retail space was scarce. Companies will start scaling down their retail platforms to where they were two years ago, he said, noting that the shift towards e-commerce accelerated by the crisis will further contribute to a scale-back. 

The great winner in Spain is Amazon, Heredia said, noting that within specific niches there were smaller Internet companies, including wine and grocery distributors, capitalizing on the shift to e-commerce. “Those verticals are covered locally, but at a much smaller scale.”

Despite the confounding limbo crippling the country, Heredia said he had a positive outlook for the medium term. “I can only see growth. We are now at the trough; investors already discount this year and there is only one way to go: up. We cannot get worse.”

M&A Outlook
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PORTUGAL

On 20 April, Portugal’s prime minister outlined new rules for cautiously reanimating the economy beginning in May with a gradual return to normalcy under restrictions aimed at avoiding a surge in the number of SARS-CoV-2 cases heading into the summer tourism season.

What started out as, and still remains, essentially a health crisis, will create substantial shockwaves in the Portuguese economy, Alantra Portugal Managing Partner Rita Barosa told TTR. The crisis hit Portugal at a particularly bad moment, as the country had a number of vulnerabilities, Barosa said.

Portugal’s public debt stood at 118% of GDP, with the IMF projecting an increase to 135%, noted Oxy Capital Partner Daniel Viana, which does not allow much fiscal space for helping companies emerge from the crisis. Viana described the measures offered by the Portuguese government to address the crisis as “lightweight” compared to what other EU countries have done.

Portugal’s dependence on tourism and aging population also represent vulnerabilities, Viana said, and projections of an 8% contraction in GDP and an increase in unemployment to 14% paint a stark picture for 2020. 

This crisis has an additional risk for Portugal compared to the 2010 crisis because it is much more global, said Barosa. It affects not just Portugal but the whole world in a more severe way at a time when prosperity was very much associated with freedom of movement and global commerce, she added. “In the previous crisis, a big part of the rest of the world wasn’t in the same situation as we were and that was an important force pushing us towards prosperity again. In fact, most transactions then were cross-border.”

Small businesses will be disproportionately impacted and many will probably have to close shop, said Viana. The largest companies are financially prepared to endure three or four months of disruption, but most companies do not have that solidity and strength, Morais Leitão Partner Nuno Galvão Teles agreed.

Rising unemployment and declining purchasing power will impact many businesses across the board, said Viana. “Companies are trying to be prepared for the worst case scenario, while at the same time hoping for the best.”

The economic crisis impacting countries across the world may lead to important structural changes with important implications for trade and commerce and M&A, Barosa noted. “We are living in a time of global distribution chains, but we may see a few countries try to reinforce their own domestic distribution channels since this crisis has caused a disruption.”  

It is now obvious that the crisis will be deeper, longer and tougher than initially thought, which makes following a business plan and managing liquidity a real challenge, she said. Companies that were thinking about corporate acquisitions now have their own internal challenges, be it with their supply and distribution channels, costs related to maintaining sanitary measures in place, or being prepared to have staff working remotely; all that represents costs that were considered fleeting, but are now here to stay, she said.

It is not yet clear what amount of support will be given by the European Commission and how that will be carried out, Barosa added, and if it will result in a deeper asymmetry between EU members. “There is still a lot being discussed. What we have now in terms of information and aid is still insufficient.”

M&A Outlook
… Click here to access the second issue of Transactional Impact Monitor: Spain & Portugal – Vol. 2

Relatório Mensal Portugal – Fevereiro 2020

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Primeiro bimestre fecha EUR 3,03bi movimentados em Fusões e Aquisições, alta de 39% 

Os dados do primeiro bimestre do ano demostram uma desaceleração no mercado transacional português.  

Valor e número de transações 

Segundo o relatório mais recente do TTR – Transactional Track Record foram registadas 52 transações envolvendo empresas portuguesas, o que representa uma diminuição de 12% em relação ao mesmo período de 2019. Apesar disso, no tocante ao valor total transacionado, foram movimentados EUR 3,03bi, o que representa um aumento considerável de 39% em relação ao mesmo período do ano anterior. 

Setores 

Com referência aos setores com mais atividade transacional, o setor Imobiliário posiciona-se na liderança com 18 transações, seguido pelo setor de Tecnologia com 8 transações e no terceiro lugar, figura o setor de Cuidados da Saúde e Higiene com 5 operações mapeadas. 

Transações Cross-border 

As operações transnacionais envolvendo Portugal mapeadas pelo TTR no primeiro bimestre refletem uma diminuição considerável em relação ao mesmo período de 2019. O volume de aquisições realizadas por empresas dos Estados Unidos em Portugal sofreu uma redução de 25%, porém figuram na segunda posição no ranking das que mais adquiriram empresas portuguesas, com três negócios e um total de EUR 161,4m transacionados, compartilhando a posição com o Reino Unido e a França, que também fecharam três transações cada. 

Já no primeiro lugar, Espanha aparece como o país que mais adquiriu empresas em Portugal até o fim de fevereiro, com cinco transações e um movimento de EUR 800m. Da mesma forma, Espanha é o país favorito das empresas portuguesas na hora de adquirir e foram mapeadas três transações deste tipo e um total de EUR 750m movimentados.  

As aquisições de empresas portuguesas por estrangeiras no setor de Tecnologia e Internet, tiveram uma redução de 50%. Além disso, fundos de Private Equity e Venture Capital estrangeiros reduziram seus investimentos em empresas portuguesas em 60%, em relação ao primeiro bimestre de 2019. 

No sentido contrário, foram mapeadas no primeiro bimestre dez transações onde empresas portuguesas realizam aquisições no exterior e foram movimentados EUR 937,21m.  

 Private Equity 

As transações envolvendo fundos de Private Equity tiveram uma performance positiva no primeiro bimestre, com um aumento de 24% no total do valor transacionado, EUR 800m, em relação ao mesmo período de 2019. O volume de  transações diminuiu em 50% com apenas 4 operações. 

Transação destacada do mês de fevereiro 

A transação destacada pelo TTR foi a aquisição de 49,93% da empresa portuguesa FairJourney Biologics, pela GHO Capital, pelo valor de EUR 50m. Em lei portuguesa, a GHO Capital contou com a assessoria do escritório VdA – Vieira de Almeida enquanto a FairJourney Biologics foi assessorada pelo CTSU – Sociedade de Advogados – Member of Deloitte Legal network e pelo Primaz Advogados. 

DealMaker Q&A

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TTR DealMaker Q&A with Ecija Partners Javier Bustillo, Leticia Domínguez, Emilio Prieto and Yolanda Lobao

Ecija Partners:
Javier Bustillo: Corporate / M&A and Venture Capital Partner.
Leticia Domínguez: Corporate / M&A, Innovation & Entrepreneurship, Media Partner.
Emilio Prieto: M&A / Private Equity Parter.
Yolanda Lobao: Private Client, Litigation, Real Estate, Corporate Partner.

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TTR: Based on the closing of 2019 and taking into consideration the beginning of 2020, what are your expectations for the Spanish M&A market this year?

E: 2019 was a positive year for the Spanish M&A market and we are optimistic for 2020, since all indicators predict a year with a lot of investment activity. Despite of the possible economic slowdown, the available liquidation and the permanent arrival of foreign investment, along with positive growth expectations and profitability of Spanish companies, allow us to anticipate a very positive outlook in the Spanish M&A market. 

In addition, the leading role that private equity funds have acquired in the closing of corporate transactions is remarkable. We continue to see interest in acquiring stakes in technology and disruptive companies; as well as an appetite for quality assets in the market. All these factors lead us to expect a transactional activity improvement.

For us, 2020 begins with dynamism, as we are leading transactions in booming sectors such as technology and media, with a clear commitment from all investors who have good financing and perceive positive signals and cracking Spanish companies. 

TTR: Real Estate is a cornerstone of Spain’s M&A market. What can we expect in this sector in 2020?

E: It is foreseen that the increase of property sales will continue during 2020, although on a more stable basis than previous years. Factors such as diversifying investments in different countries and the existence in Spain of a Golden Visa program, will continue to contribute the growth of foreign investments. Golden Visa in Spain is a fast way to obtain an Authorization of Residency for an investment of a minimum of 500.000 € which allows to non-EU citizens and their families to live and work in Spain.  

Globalization and new ways to spend holidays abroad have certainly changed the real estate industry in Spain. People seek now, not only a pure relaxing time on the beach, but to carry out interesting activities involving healthy food, physical exercise, sports leisure, and psychological -stress free- break. In order to carry out these activities inside a property, certain licenses could be required, and activity use would have to be allowed.

The major challenge for cities is the appearance of the global co-living phenomenon which is forcing authorities to regulate the use of rentals of a long-term sharing flats (without being considered hotels, pensions or bed & breakfasts), the urge of regulation is a fact.

In addition, we will see in the next years if implementation of blockchain and smart contracts will change and facilitate real estate and rental property transactions. 

TTR: What are your views for the Spanish Private Equity market in 2020? Which sectors do you expect investors will target more?

E: We expect a good year in terms of private equity due to the large number of funds available and low interest rates. These circumstances are allowing us to face a cycle with a great appetite for purchasing. Furthermore, we must highlight Spain’s advantageous position as a result of having first-class companies at more affordable purchase prices than in other European Union countries. 

We observe that opportunities in private equity and mid-size markets arise, both in the more traditional sectors and in those in which the technological disruption has had, and is expected to have, an important impact by taking advantage of big data, artificial intelligence and machine learning. Investors clearly are interested in these areas, which are so intensely linked to innovation and digital transformation. Indeed, innovation is nothing more than the transformation of their business. Investors know that consumer markets are highly competitive and both potential buyers as well as investors are eager to find targets that really make a difference.

Finally, and precisely in certain sectors in which it has grown with a high degree of leverage, we also see an activation of the turnaround market, which we are sure will become more present in the near future.

TTR: And what about Venture Capital? Can we expect a new increase in this segment? Will the technology sector be the most targeted again?

E: No doubt about it, the venture capital will continue increasing its size. This segment is in a process of accelerated maturation in Spain. Even though it is far from achieving the same scope as in countries like United Kigndom or Germany, we must recognize a very solid growth in recent years. 

Also, we are seeing how every day there are more investments in venture capital and the liquidity available at the moment is boosting diversification. This situation is turning out to be a major advantage for venture capital.  

Technology has become the central axis of almost all business’ models, so it will continue to be a crucial part in M&A processes, since the acquisition of technology has become the way to invest in innovation. Technology is one of the sectors that we know well at ECIJA and thus, we have seen large operations in recent years.

TTR: ECIJA just signed a global alliance with China-based Grandall Law Firm. Could this agreement boost Chinese investment in Spain? Do you expect an increase in the interaction between China-based and Spain-based companies?

E: Last October 2019, ECIJA signed one of the most ambitious international joint ventures in the legal sector with China’s fifth largest firm, Grandall Law. This agreement resulted in the merge of the China-Spain-Latin America triangle, bringing together more than 3,500 lawyers in 18 countries in a total of 54 offices.

Currently, despite the global decline in Chinese investments in 2019, China remains the third export country and the seventh import country with Spain and there are many Chinese projects that are being executed in Spain. The outlook for 2020 is positive, which will be driven by the easing of trade tensions between the US and China. This factor will facilitate Chinese investment abroad, including Spain. In addition, another factor that will help is the increase of Chinese investment appetite, taking into account that liquidity conditions in the Chinese economy have improved slightly throughout 2019. Also, favorable conditions will be boosted by the implementation of new rules for evaluating foreign investments in the US and Europe.

In this investment map, Spain has positioned itself in a beneficial spot, since our country is seen for China as connection vehicle for Chinese companies to establish themselves throughout Europe and Latin America. In this regard, while in 2019 Chinese investments decreased globally, they did increase in Latin America, especially in sectors such as energy and transport.

TTR: According to TTR data, the interaction between companies from Latin America, a region where ECIJA recently made investments to increase its presence, and from Spain is lower than the interaction between European companies and Spain-based companies, and lower too than the interaction between US-based companies and Spain-based companies. What are the reasons?

E: First of all, it is important to highlight that Spanish investment in Latin America has had multimillion dollar figures in recent years. It is the second most important in the world after the United States. Between 1993 and 2015, the gross investment accumulated by Spanish companies exceeded 207,000 million euros (the equivalent of 20% of national GDP). At the same time, Spain is the main European destination for Latin American investments.

Secondly, our customers’ commitment to the Latin American market is clear. For many Spanish companies it is their natural leap and it is also for companies in other countries (China, USA, UK, among others) that see in Spain the gateway to the American continent. Our role is to accompany them in the region landing in the most integrated way possible. From ECIJA, we are noticing Spanish clients who obtained more income in Latin America than in Europe. For this reason, the Firm wants to be present in these regions, in addition to the cultural and linguistic links between Spain and Latin America.

Therefore, the interaction between companies in Latin America and Spain remains active and the presence of Spanish companies in Latin America continues. Although it is worth emphasizing that Spanish companies might be cautious when investing in these regions due to the influence of the global economic environment. By contrast, the US economy performance is excellent, driven primarily by the effects of tax reform, exceeding nine years of the expansive economic cycle and unemployment rates to unknown levels since 1969.

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Versión en español

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Socios de Ecija:
Javier Bustillo: Socio Corporate / M&A y Venture Capital de ECIJA Madrid.
Leticia Domínguez: Socia Corporate / M&A, Innovación y Emprendimiento, Media.
Emilio Prieto: Socio M&A / Private Equity.
Yolanda Lobao: Socia Private Client, Inmobiliario, Procesal, Civil.

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TTR: Viendo el cierre del año 2019, y teniendo en cuenta el inicio de 2020, ¿Qué sensaciones tienen para este año sobre el mercado de M&A en España? 

E: 2019 fue un año positivo para el mercado español de M&A y somos optimistas para 2020, ya que todos los indicadores predicen un año con mucha actividad inversora. La liquidez disponible y la permanente llegada de inversión extrajera, unido a unas expectativas positivas de crecimiento y rentabilidad de las empresas españolas, permiten anticipar un panorama muy positivo en el mercado español de M&A, pese a la posible desaceleración económica. Además, cabe recalcar el protagonismo que han adquirido los fondos de private equity en el cierre de transacciones corporativas. Seguimos viendo interés por adquirir participaciones en compañías tecnológicas y disruptivas; así como un apetito por activos de calidad en el mercado. Todo esto nos lleva a esperar una mejora de la actividad transaccional. 

Para nosotros, 2020 comienza con dinamismo, ya que estamos liderando transacciones en sectores en auge como la tecnología y los medios de comunicación, con una apuesta clara por parte de todos los inversores que cuentan con buena financiación y perciben señales positivas de crecimiento y rentabilidad en las empresas españolas. 

TTR: En el mercado transaccional español el sector inmobiliario es sin duda un pilar fundamental, ¿qué cabe esperar de este sector en 2020? 

E: Prevemos una continuación del aumento de ventas de propiedades durante 2020, aunque de manera más estable que en años anteriores. Factores como la diversificación de las inversiones en diferentes países y la existencia en España de un programa “Golden Visa” continuarán contribuyendo al crecimiento de las inversiones extranjeras. En este sentido, la Golden Visa en España se ha convertido en un vehículo rápido para obtener una Autorización de Residencia, bajo una inversión mínima de 500.000 €. De este modo, permite vivir y trabajar en España a los ciudadanos de fuera de la UE, así como a sus familiares.

La globalización y las nuevas formas de pasar las vacaciones en el extranjero sin duda han cambiado la industria inmobiliaria en España. Los extranjeros no solo buscan un turismo puramente de playa, sino realizar actividades interesantes que involucren comida saludable, ejercicio físico, ocio deportivo y descanso psicológico sin estrés. Para llevar a cabo estas actividades dentro de una propiedad, se podrían requerir ciertas licencias.

Para 2020, el principal desafío para las ciudades es la aparición del fenómeno global de coliving, que está obligando a las autoridades a regular el uso de alquileres de pisos compartidos a largo plazo (sin ser considerados hoteles, pensiones o bed & breakfast). Además, veremos en los próximos años si la implementación de blockchain y los contratos inteligentes cambian y facilitan las transacciones de bienes raíces y propiedades de alquiler.

TTR: ¿Qué perspectivas tienen respecto a operaciones de Private Equity para este año? ¿Qué sectores se perfilan como importantes para los inversores? 

E: Esperamos un buen año en términos de private equity, debido al gran número de fondos disponibles y a los bajos tipos de interés, circunstancias que hacen que nos encontremos ante un ciclo con gran apetito de compra. A esto a hay que añadir la posición ventajosa de España como consecuencia de disponer de empresas de primer nivel a unos precios de compra más afrontables que en otros países de la Unión Europea.

Observamos que en los mercados de private equity y en el de mid-size se ofrecen oportunidades, tanto en los sectores más tradicionales como en aquellos otros en los que la disrupción tecnológica ha tenido, y es de esperar tenga, un impacto importante, aprovechándose de big data, inteligencia artificial y machine learning. Los inversores claramente apuntan a estos ámbitos, tan intensamente relacionados con la innovación y transformación digital, que no es más que la transformación de su negocio, pues saben que los mercados de consumo son altamente competitivos y tanto los potenciales compradores de naturaleza industrial como los inversores están deseosos de encontrar targets que realmente marquen la diferencia.

Por último, y precisamente en ciertos sectores en los que se ha crecido con alto grado de apalancamiento, vemos también una activación del mercado de turnaround, que estamos seguros se hará más presente en próximas fechas. 

TTR: ¿Y respecto a Venture Capital? ¿Veremos un nuevo repunte de este segmento de mercado? ¿Seguirá el sector tecnológico copando la mayor parte de las operaciones? 

E: Sin lugar a duda el venture capital seguirá incrementando su tamaño que se encuentra en un proceso de maduración acelerada en España y que, aunque lejos de países como Gran Bretaña o Alemania, debemos reconocer un crecimiento muy sólido en los últimos años. Cada día hay más inversiones en venture y la liquidez disponible en estos momentos invita a la diversificación, resultando en que el venture capital sea uno de los grandes beneficiados. 

La tecnología se ha convertido en el eje central de casi todos los modelos de negocio por lo que seguirá siendo una pieza capital en los procesos de M&A, ya que la adquisición de tecnología se ha convertido en la forma de invertir en innovación. La tecnología es uno de los sectores que conocemos bien en ECIJA y hemos observado grandes operaciones en los últimos años.

TTR: ECIJA acaba de firmar una alianza global con el despacho chino Grandall Law Firm. ¿Abre esto aún más la puerta de entrada al mercado transaccional español del inversor chino? ¿Desde ECIJA se espera un incremento de la interacción entre empresas chinas y empresa españolas? 

E: El pasado mes de octubre de 2019, ECIJA protagonizó una de las joint ventures internacionales más ambiciosas del sector legal con la quinta firma más grande de China, Grandall Law. Este acuerdo resultó en la unión del triángulo China-España-Latinoamérica, aglutinando a más de 3.500 abogados repartidos en 18 países en un total de 54 oficinas.

En la actualidad, a pesar del descenso global de las inversiones chinas en 2019, China sigue siendo el tercer país de exportación y el séptimo país de importación con España y hay muchos proyectos chinos que se están ejecutando en España. Las perspectivas para 2020 son favorables, impulsadas por el alivio de las tensiones comerciales entre EE.UU. y China, que facilitará la actividad inversora china en el extranjero, incluyendo a España. Además, otro factor que ayudará es el aumento del apetito inversor chino, dado que las condiciones de liquidez en la economía china han mejorado ligeramente a lo largo del 2019, o la implementación de nuevas reglas de evaluación de las inversiones extranjeras en EE.UU. y Europa.

En este mapa de inversión, España se sitúa en una posición beneficiosa, ya que nuestro país es para China un vehículo de conexión para que empresas chinas se establezcan en Europa y Latinoamérica. En este sentido, mientras que en 2019 las inversiones chinas disminuyeron a nivel global, en América Latina aumentaron, con especial interés en sectores como energía y transportes. 

TTR: Según los datos de TTR, la interacción entre empresas de Latinoamérica, región en la que ECIJA también ha realizado inversiones recientemente para ganar presencia, y de España es inferior a la interacción entre empresas europeas y empresas españolas, e incluso a la interacción entre empresas estadounidenses y empresas españolas. ¿Cuáles son los motivos? 

E: En primer lugar, es importante destacar que la inversión española en América Latina ha alcanzado cifras multimillonarias en los últimos años. Es la segunda más importante del mundo tras la de Estados Unidos. Entre 1993 y 2015 la inversión bruta acumulada por las empresas españolas superó los 207.000 millones de euros (el equivalente al 20% del PIB nacional). Al mismo tiempo, España es el principal destino europeo de las inversiones latinoamericanas. 

En segundo lugar, la apuesta de nuestros clientes por el mercado latinoamericano es clara. Para muchas empresas españolas es su salto natural y también lo es para empresas de otros territorios (China, EE.UU., Gran Bretaña, etc.) que ven en España la puerta de entrada al continente americano. Nuestro rol es acompañarles en ese desembarco en la región de la manera más integrada posible. Desde ECIJA, estamos observando clientes españoles que obtienen más ingresos en América Latina que en Europa. Por este motivo, la Firma quiere estar presente en estas regiones, además de aprovechar los vínculos culturales y lingüísticos entre España y América Latina.

Por tanto, la interacción entre empresas de Latinoamérica y de España sigue siendo activa y sigue aumentando la presencia de las empresas españolas en Iberoamérica. Si bien cabe hacer hincapié que las empresas españolas se muestran cautas a la hora de invertir por la influencia del entorno económico global en la región. En cambio, esto contrasta con el excelente desempeño de la economía norteamericana, impulsada principalmente por los efectos de la reforma fiscal, superando los nueve años de ciclo económico expansivo y llevando las tasas de desempleo hasta niveles desconocidos desde 1969. 

Relatório Mensal Portugal- Julho 2019

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Volume de Fusões e Aquisições em alta de 7% até julho de 2019

Foram registadas 210 transações desde o inicio do ano

Espanha e Estados Unidos são os maiores investidores no mercado nacional no período

De acordo com o Relatório Mensal de M&A do TTR, os anúncios de compra e venda de participação que envolveram empresas portuguesas movimentaram 6,3 bilhões de euros de janeiro a julho, alta de 30% ante o mesmo período do ano anterior. Nesse período foram registadas 210 operações, representativas de uma alta de 6,6% em comparação ao reportado em igual intervalo de 2018.

O sector Imobiliário foi o de maior movimentação no período, com 43 transações registadas. Tecnologia, com 37 operações, e Financeiro com 22 deals aparece em terceiro.

Cross-Border

No âmbito das operações cross-border inbound, em que empresas estrangeiras investiram em companhias baseadas em Portugal, os Espanhóis seguem como os mais ativos no mercado nacional. Entre janeiro e julho foram contabilizadas 27 investidas espanholas no país. Destas, nove foram aquisições no segmento Imobiliário. Destaque também para os investimentos provenientes dos Estados Unidos, com 20 transações registradas. 

No caminho inverso, as empresas portuguesas realizaram 31 aquisições no mercado externo, com um total de  um bilhão de euros investidos. A Espanha foi o país que recebeu a maior parte dos investimentos, com sete transações e um total de 809 milhões de euros.

Private Equity e Venture Capital

Na modalidade de investimentos de Venture Capital, alta de 73% no número de operações, 38, além de registar alta de 61% no valor total investido que alcançou 203 milhões de euros. As empresas que atuam no segmento de Tecnologia foram as que mais receberam  investimentos, foram 22 operações, o que representa uma alta de 57%.

Transação do Mês

A transação escolhida pelo TTR como a de destaque do mês foi a conclusão da acquisição da Papyrus Deutschland pelo Grupo Inapa por 50 milhões de euros. A Papyrus é um provedor de papel e de soluções para a indústria da impressão.

O grupo Inapa contou a assessoria jurídica da sociedade Morais Leitão, Galvão Teles, Soares da Silva & Associados e da Latham & Watkins Germany. Na parte vendedora, a empresa OptiGroup contou com a assessoria da sociedade de advogados Uría Menéndez – Proença de Carvalho. 

Rankings – Assessoria Financeira e Jurídica

Relatório Portugal – 2Q19

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Fusões e aquisições crescem 20% em Portugal no primeiro semestre

Foram registadas 167 transações em Portugal desde o início do ano

Mercado de M&A movimenta 4,7 mil milhões de euros na primeira metade de 2019

O mercado de fusões e aquisições de Portugal movimentou 4,7 mil milhões de euros de janeiro a junho, resultado que representa um crescimento de 20,3% face ao mesmo período do ano anterior. Segundo o Relatório Trimestral de M&A da Transactional Track Record (TTR), apesar dos resultados positivos em volume financeiro, em números de transações o mercado português mostrou leve declínio de 2,9% para um total de 167 negócios fechados.

No segundo trimestre do ano, 76 deals foram mapeados pelo TTR. Destes, 28 tiveram seus valores revelados, contabilizando um total de 2,4 mil milhões em investimentos.

Dois subsetores têm liderado os movimentos transacionais no ano. O segmento Imobiliário mantém tendência iniciada em 2015 e aparece como o mais ativo de 2019. Foram 36 operações registadas pelo TTR envolvendo empresas do sector desde janeiro, total que fica abaixo das movimentações do ano precedente em 5%. Em alta, entretanto, aparece o segmento de Tecnologia, que obteve um crescimento de 12%, devido às 29 operações anunciadas nos seis primeiros meses do ano.

Destaque também para o crescimento do setor Financeiro e Seguros, 6%, em contrapartida à queda de 21% nas movimentações ligadas ao segmento de Turismo, Hotel e Restaurantes.

 CROSS-BORDER

Em número de operações cross-border, desde janeiro, o mercado português somou 81 operações de aquisições de empresas nacionais por companhias estrangeiras.  A Espanha se mantém como o país que mais realiza operações no território nacional, 25 aquisições, com investimentos que ultrapassaram a marca de 289 milhões de euros, mas que seguem voltados para o mercado imobiliário. Em seguida, destacam-se os investimentos de empresas oriundas dos Estados Unidos, que já realizaram 14 negócios no país no ano, com investimentos que agregaram 681,5 milhões de euros, e do Reino Unido, que aportaram 710 milhões distribuídas entre nove aquisições. O avanço francês no mercado português também merece destaque, tendo mobilizado mais de mil milhões de euros em suas seis operações no mercado nacional.

No cenário outbound, as compras portuguesas no exterior tiveram como alvo principal Espanha e França, com resultados muito parecidos: três operações com investimento total de aproximadamente 800 milhões em cada país. O Brasil também foi o foco de três investidas dos investidores portugueses, mas com um aporte que totalizou 50 milhões de euros.

PRIVATE EQUITY E VENTURE CAPITAL

O investimento de capital de risco no país não conseguiu manter o ritmo positivo que havia exibido nos primeiros meses do ano, apesar do crescimento de 47,6% no número de rondas de financiamento anunciadas no semestre para 31. Até junho foram movimentados 146 milhões de euros  no país, queda de 65% em comparação ao mesmo intervalo de 2018. Os fundos de venture capital tiveram como alvos preferidos os segmentos de Tecnologia, 19 operações, e Internet, com seis.  

No cenário de private equity, registou-se uma redução de 54% no total investido, para 718 milhões de euros.

TRANSAÇÃO DO TRIMESTRE

A transação eleita pelo Transactional Track Record como destaque do trimestre foi a conlusão da aquisição pelo Banco CTT da 321 Crédito, empresa de concessão de crédito de automóveis usados por particulares, por 100 milhões de euros.

O Banco CTT recebeu assessoria jurídica da sociedade Morais Leitão, Galvão Teles, Soares da Silva & Associados, enquanto a SRS Advogados foi o representante do Cabot Square Capital, uma das partes vendedoras na operação, junto com a Firmus Investimentos. A EY Portugal e a Arcano Partners atuaram como assessores financeiros no negócio.

RANKINGS – ASSESSORIA FINANCEIRA E JURÍDICA

O Ranking TTR de assessores jurídicos por valor é liderado, no primeiro semestre, pela sociedade RRP Advogados, que contabilizou mil milhões de euros transacionados no período, seguido por Morais Leitão, Galvão Teles, Soares da Silva & Associados, com 564 milhões de euros, e Uría Menéndez – Proença de Carvalho, com 478 milhões de euros. A PLMJ lidera o Ranking de assessores legais por número de operações, dez no semestre.

O Ranking de assessores financeiros por valores é liderado pela
J.P. Morgan Chase International Holdings, com 800 milhões de euros. Na segunda colocação aparece o Citigroup, com 350 milhões de euros, seguido por Haitong Securities, na terceira posição com 118 milhões de euros.