Inocsa closes financing for takeover bid of Catalana Occidente Group

Cuatrecasas has advised Inoc, S.A. (“Inocsa”) on a financing of approximately €2.277 billion granted by a syndicate of financial institutions to meet the price payment in the framework of the voluntary takeover bid (OPA) for the remaining 37.97% stake that it does not already hold in the Catalana Occidente Group (GCO). The offer financing was fully underwritten from the outset by CaixaBank—as sole bookrunner and underwriter—and subsequently syndicated among the group’s main banks: Banco Santander, Bankinter, BBVA, and BNP Paribas (Spanish Branch).

The Cuatrecasas team advising on the transaction was led by partner Manuel Follia, together with lawyers Iñigo Várez and Antonio Ridao (Finance).

CaixaBank and the syndicate of financial institutions were advised by Jimena Urretavizcaya, partner at A&O Shearman, together with Sofía Sánchez-Calero and Marta Peláez.

Manuel Follia commented on the transaction: “We are very grateful to Inocsa for entrusting us with one of the most significant financing transactions of the year. Advising on the financing required a major collective effort by our team and the Equity Capital Markets team led by Gerard Correig and Roger Freixes to ensure the proper functioning of the financing structure within the context of the takeover bid. This transaction further positions us as a leading firm for complex financings in capital markets transactions.”