Financial Sponsor Series 2021 - Spain | Mergermarket Group Ltd | 26 January 2021 | Live

Spanish buyouts have steadily picked up the pace during 2020, exceeding EUR 10bn in value since the summer. 27 buyouts were announced in Q3 compared to 16 in Q1, an indication of of the release of pent-up demand from private equity buyers to put capital to work after the collapse in transactions at the start of the year.

KKR’s acquisition of MasMovil topped the buyout tables, accounting for EUR 3.3bn of loan issuance out of Spain’s EUR 19.8bn total. Apax executed two EUR1bn+ exits, selling Neuraxpharma Group to Permira and Idealista to EQT. Secondary buyouts weren’t the reserve of international funds, however, with Portobello Capital, Alantra and GED Iberian Private Equity among the domestic sponsors selling assets this year.

Heading into 2021, there will be hope that with a vaccine on the horizon, society and M&A activity will recover. We consider the outlook for private equity M&A in Spain, considering the sectors and strategies that are likely to yield opportunities.

In the debt markets, Spain accounted for EUR 19.8bn of leveraged loan issuance in 2020 to the end of Q3, with the LBO financing of MasMovil accounting for EUR 3.3bn. Alongside a panel of bank and fund lenders, we’ll ask about their pipelines.

Talking points include:

• How do sponsors see the market evolving into 2021?
• What have been the approaches of lenders to corporate stress?
• Will banking consolidation in Spain affect their ability to compete with institutional lenders?
• What are the attitudes of lenders and sponsors to Spanish tourism and travel?