Slaughter and May has joined Spanish 'best friend' Uria Menendez to advise British Airways (BA) as it prepares to make an offer for Spanish national airline Iberia, it was announced today (23 May).

BA, which currently holds a 10% stake in Iberia, has joined a consortium that includes US private equity fund TPG Capital and Spanish funds Vista Capital, Inversiones Ibersuizas and Quercus Equity. A formal approach is expected is the coming months.

Slaughters M&A chief Stephen Cooke is leading the team advising BA, with Madrid-based corporate partner Juan-Francisco Falcon heading up the team for local ally Uria.

The news comes after Cleary Gotlieb Steen & Hamilton bagged a role last month advising longstanding client TPG – formerly known as Texas Pacific Group – on an approach for Iberia that valued the airline at around €3.4bn (£2.3bn).

Spanish giant Cuatrecasas advised TPG on local law, while the local arm of City giant Clifford Chance landed a profile-raising mandate to advise Iberia, Spain's largest airline, on the approach.