Ignacio Pallarés

Latham & Watkins has provided legal advice to Telefónica S.A., a leading global telecommunications company, and the family group Corporación Multi Inversores (CMI) on the sale of its subsidiary Telefónica Centroamérica Inversiones S.L. in El Salvador to the British fund General International Telecom Limited (GITL). Prior to the sale of the entire share capital of Telefónica Móviles El Salvador, of which it owns 99.3%, the subsidiary was owned, directly and indirectly, 60% by Telefónica and 40% by CMI. The transaction is pending approval from the regulatory authorities in El Salvador. The deal value of the transaction is seven times the company's OIBDA in 2020. The sale of the Salvadoran subsidiary is part of Telefónica's divestment plan in which Latham & Watkins has already advised the company on other transactions in Latin America. Latham & Watkins LLP represents Telefónica and CMI in the transaction with a cross-border deal team led by Madrid partner Ignacio Pallarés and New York partners Tony Del Pino and Jeff Tochner, with associates Alan Rozen and Francisco Lanusse. Advice on tax matters was provided by Madrid partner Jordi Domínguez, with associate Blanca Vázquez de Castro. New York associate Pelin Serpin advised on intellectual property matters.~~

Oct 21

1 min

Latham & Watkins is advising global investment firm Carlyle on its agreement to acquire Altadia Group (Altadia) from an affiliate of Lone Star Funds, partnering with current management, led by Vincente Bagan and Antonio Blasco, the original founders of Itaca. Headquartered in Castellon, Spain, Altadia is the largest global manufacturer of intermediate products for the production of ceramic tiles, it was formed in 2021 as a result of the transformational merger between Esmalglass-Itaca and Ferro Tile Coatings. Altadia employs more than 3,600 people across 19 countries, with a global manufacturing footprint consisting of 32 production plants and 19 distribution centres. The transaction is subject to customary regulatory approvals and is expected to close in H1 2022. The Latham team is led by Madrid corporate partner Ignacio Pallarés and London corporate partner David Walker, with associates Alex McCarney, Carmen Esteban, Amber Tope, and Marta Portuondo. Advice on finance matters was provided by London partner Charles Armstrong and Madrid partner Fernando Colomina, with associates John Hutton, Catriona Severns, and Aitor Errasti; advice on tax matters was provided by Madrid partner Jordi Dominguez and London partner Sean Finn, with associates Juan Rodriguez and Lina Le Roux.~~

Dec 20

1 min

Telefónica Colombia, a subsidiary of the leading Spanish telecom group Telefónica, and KKR, a leading global investment firm, have announced an agreement to establish Colombia’s first independent nationwide open access wholesale digital infrastructure company. On a mission to bring greater broadband access across Colombia, the new company will expand availability of ultra-fast fiber optic internet, benefitting more consumers and businesses across Colombia. As part of the agreement, KKR will acquire a majority stake in Telefónica's existing fiber optic network, the largest in Colombia, and make the network open access through a newly established independent entity, which KKR will control as the majority shareholder. Telefónica will be a minority shareholder in the new company, with a 40% stake. The transaction is valued at approximately US$500 million and is subject to customary regulatory approvals. Latham & Watkins LLP represents Telefónica in the transaction with a cross-border corporate deal team led by Madrid partner Ignacio Pallarés and New York partners Tony Del Pino, Veronica Relea and Guido Liniado, with associates María del Pilar Villanueva, Francisco Lanusse and Alan Rozen.~~

Jul 19

1 min

Latham & Watkins has advised Telefónica S.A., a leading global telecommunications company, on its agreement with global investment firm KKR to establish Chile’s first open access wholesale fiber optics company with the mission to bring greater broadband access across Chile. Under the agreement, KKR will acquire a majority stake in Telefónica Chile’s existing fiber optic network, the largest fiber optic network in Chile, and make that network open access through a newly established independent Chilean company with assets managed locally. Telefónica will hold a 40% stake in the business. The newly formed enterprise will serve as Chile’s first wholesale digital infrastructure network open to all current and future telecom operators in Chile, creating a competitive marketplace benefitting consumers and businesses across the country. The transaction is valued at approximately US$1 billion and is expected to close in the first half of 2021, subject to regulatory approvals. The cross-border Latham team was led by Madrid corporate partner Ignacio Pallarés and New York corporate partner Tony Del Pino, with New York finance partner Guido Liniado and associates Alan Rozen, Carlos Ibarguengoitia, Carmen Esteban, María del Pilar Villanueva, and Noemí Abastá-Vilaplana.~~

Feb 25

1 min

Latham & Watkins has advised Urbaser, a world leader in environmental solutions owned by Platinum Equity, on the sale of its Nordic business to Cube Infrastructure Managers, a leading European midmarket infrastructure investor. The transaction is expected to complete in the fourth quarter of 2023. Latham previously represented Platinum Equity on its acquisition of Urbaser in 2021. The Latham team was led by London corporate partners Tom Evans and Katie Peek, Madrid corporate partner Ignacio Pallarés, and associates Matthew O’Connor, Alex Watt, Angus Baird, and Marino Aineto. Advice on antitrust matters was provided by Madrid partner José María Jiménez-Laiglesia and London counsel Ludmilla Le Grand, with associate James Mathieson; on IP, IT and data matters by London partner Christian McDermott, with associates Georgina Hoy, Ben Leigh, and Timothy Neo; and on tax matters by London partner Karl Mah and Madrid partner Jordi Domínguez with associates Catherine Hill, Isabella Wong, and Ana Serrano.~~

Aug 30

1 min