Magic circle duo Linklaters and Freshfields Bruckhaus Deringer have scooped lead roles on the biggest-ever initial public offering in Spain, the A4bn (£2.7bn) float of Catalan savings bank La Caixa.

Freshfields is advising the Catalan state-owned savings bank, with Barcelona corporate partner Antoni Valverde Roy spearheading the team.

The bank is a long-term client of the City giant, which also advised on its A234m (£157m) disposal of CaixaBank to French bank Boursorama two years ago.

Other recent highlights for Freshfields' Barcelona office include representing Gas Natural on its bids for energy rivals Endesa and Iberdrola.

Meanwhile, Linklaters bagged a role advising the underwriters on local issues fielding a team led by finance partners Inigo Berricano and Sebastian Albella and managing associate Ramon Ruiz de la Torre. Elite New York law firm Davis Polk & Waldwell advised on US issues.

The role comes after Linklaters' Spanish private equity practice secured a lead role on the largest Iberian buy-out in two years. The deal, which was announced last week, saw the Carlyle Group buy Applus Servicios Tecnologicos for A1.48bn (£998m).

Linklaters advised banks including Barclays Capital and Societe Generale on financing, with Madrid banking partner Pedro de Rojas leading a team that also included lawyers in London and Luxembourg.