Norton Rose checks in for Iberia role on British Airways merger deal
Norton Rose has secured a high-profile mandate advising Spanish airline Iberia on its planned merger with British Airways. The top 10 City firm has been brought in alongside Spanish firm Garrigues to advise on all UK aspects of the proposed union, with London corporate partner Nick Adams at the helm.
November 13, 2009 at 05:23 AM
3 minute read
Norton Rose has secured a high-profile mandate advising Spanish airline Iberia on its planned merger with British Airways.
The top 10 City firm has been brought in alongside Spanish firm Garrigues to advise on all UK aspects of the proposed union, with London corporate partner Nick Adams at the helm.
Garrigues is fielding a team led by co-managing partner Fernando Vives Ruiz, with Madrid corporate partner Alvaro Lopez-Jorrin assisting.
Both firms were appointed in the middle of the year, with Norton Rose's appointment coming after Allen & Overy (A&O) advised Iberia on the initial merger talks with BA that were announced in summer 2008 but subsequently abandoned.
The two firms are acting opposite Slaughter and May and Uria Menendez for BA. At Slaughters, M&A partner Steve Cooke, corporate partner David Wittmann and tax partner Tony Beare are acting for longstanding client BA, with Madrid corporate partner Juan Francisco Falcon at Spanish referral partner Uria advising on local law matters.
BA and Iberia announced yesterday (12 November) that they had reached a preliminary merger agreement, with the deal expected to be completed in late 2010. If it goes ahead it will create the world's third biggest airline, with some 419 aircraft flying to 205 destinations around the world.
The proposed tie-up will also see the creation of a new holding company called TopCo, which will own both airlines and will bring both groups of shareholders together. BA shareholders will own 55% of the merged entity, while Iberia shareholders will take up 45% of the company.
Iberia will be able to walk away from the merger if it is not happy with the outcome of discussions between BA and its pension trustees.
Last year's aborted talks saw A&O putting forward a team for Iberia led by Madrid managing partner Inigo Gomez-Jordana and London corporate partner Alan Paul, with the same principal team from Slaughters and Uria leading for BA.
It is unclear whether A&O has a role on the current merger plans.
Slaughters and Uria also advised BA in 2007 when it joined forces with a private equity consortium including TPG Capital and Vista Capital to entertain a possible bid for Iberia. At that time, Clifford Chance was instructed by Iberia.
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