Portugal's Vieira de Almeida & Associados (VdA) has taken a lead role alongside Linklaters and Allen & Overy (A&O) on the €3bn (£2.5bn) restructuring of Portuguese highway construction and development company Brisa.

VdA advised the road toll company on its restructuring, fielding a team led by finance partner Joao Vieira de Almeida, alongside banking partner Pedro Cassiano Santos and corporate partners Helena Vaz Pinto and Paulo de Barros Baptista.

Linklaters was brought in to advise Brisa on the so-called 'ring fencing' aspect of the deal, which involved separating its Portuguese motorway concessions from its other businesses. Restructuring partner Julian Davies led the Linklaters team.

Barclays was jointly advised by Portuguese firm Morais Leitao Galvao Teles & Soares da Silva and A&O, with the firms advised on local and English law aspects respectively. A&O fielded a team led by projects partner Conrad Andersen and capital markets partner Stephen Miller.

Commenting on the structure of the deal, Linklaters' Davies said: "The restructuring was designed to utilise 'ring fencing' technology in order to provide the new concession-holding company with a stronger and more stable rating and credit strength."

He continued: "This technology was pioneered by Linklaters in the UK utility sector and was successfully applied by Brisa, Barclays and VdA in the Portuguese law environment. This is the first time the technology has been applied outside the UK."

Linklaters also applied the ring fencing structure when it advised Welsh Water on its corporate restructuring in 2000, and Anglian Water in 2002.