Since the 2004 merger between Morais Leitão, J Galvão Teles & Associados and Miguel Galvão Teles, João Soares da Silva & Associados, this firm has continued to consolidate its position in the market as one of Portugal’s leading firms in the sector. “The idea of bringing together the experience and expertise of the two firms is clearly working, and the group is consequently involved in the vast majority of the market’s major operations,” according to interviewees. Clients are full of praise for the “sober, solid and discreet lawyers who made up the team, a group capable of handling complex transactions and taking an aggressive stance when necessary.” Clients/Work Highlights: The practice advised BCP in the €1.5 billion securitisation of mortgage loan receivables using an FTC structure, and assisted this leading financial institution in relation to the €185 million credit facility granted to Controlinveste for the acquisition of the entire share capital of the media group Lusomundo. It also advised the banks on the €450 million refinancing of the Portuguese mobile phone operator Optimus. The team assisted Eurohypo on the €467 million sale of a portfolio of Portuguese mortgage credits in the international markets via an innovative legal structure. This allows for the registration in Portugal of the assigned creditors, whilst not involving withholding of tax in relation to the respective interest payments. Other key clients on the roster include: BNP Paribas; BES; Caixa Geral de Depósitos; Optimus; EDP; Portugália and Pontegadea.

This powerful team “clearly belongs in the first tier considering the sheer number of high-profile deals that it handles,” according to market feedback. Interviewees further highlight the team’s “consistent quality and its exceptional experience of acting for banks and financial institutions.” The firm has continued to provide legal advice to Lusoponte on issues related to the new bridge over the River Tagus, one of the largest projects ever carried out in Portugal with a value of €900 million. The group has also been active in the construction of football stadiums, PPPs in the health sector, and in projects related to water concessions, rail transport, wind and hydro energy, and roads. Clients/Work Highlights: The team advised Millennium BCP in financing the concession for the €717.3 million construction and operation of the Litoral Centro motorway, and represented the bank syndicate led by Banco Espírito Santo, in connection with the PPP public tender for the Loures Hospital valued at €142 million. Highlights of the year also include advising banks in the renegotiation of the concession of the rail link between Lisbon and the south coast of the Tagus valued at approximately €103 million. Other clients on the roster include: Fertagus; EDP; Abertis; AGS; Aquapor; BPI; Natexis Bank; Fortis Bank; Enersis and Caixa Geral de Depósitos.

One of the most acclaimed specialists in the field is Luís Branco, head of department at Morais Leitão, Galvão Teles, Soares da Silva & Associados. The firm boasts two partners in banking (partner Filipa Arantes Pedroso is also a leading individual) leading a team of eight lawyers. Well known for being the leading advisor to Banco Comercial Português, one of the largest banks, Morais Leitão, Galvão Teles, Soares da Silva & Associados’ highlights in 2005 include advising the said bank with respect to the granting of credit facilities to Control invest, SA for the acquisition of leading Portuguese media group Lusomundo – Serviços, SGPS, SA - a deal worth € 184, 800 m. Senior associates Pedro Gorjão Henriques and Filipe Lowndes Marques are also highly regarded in the sector.

Morais Leitão, Galvão Teles, Soares da Silva & Associados had another successful year across the board with partners Luís Branco and Filipa Arantes Pedroso spearheading a team whose highlights last year include advising the syndicate of leading Portuguese banks that provided project finance facilities to the Sport Lisboa e Benfica Stadium. The work was connected to the €100m restructuring of such facilities by introducing a commercial credits assignment structure. Other major projects the firm was involved with include the €103m Tagus rail link concession and the €36m natural gas concession.

The 2004 merger that created Morais Leitão has been a great success, the new firm sitting comfortably in the top tier for each of the categories in Portugal. The firm won the award for Portuguese law firm of the year at IFLR’s annual awards earlier this year. Most interviewees considered it the strongest firm for banking, remarking that Morais Leitão “has a great mix after the merger” and “has gained a lot of strength and is now a good team.” Many banking and financial institutions agree, judging by the firm’s client roster. Banco Santander, Millennium BCP, Bank of New York, BNP Paribas, Portugal Telecom, Morgan Stanley, ABN Amro and UBS all seek advice from Morais Leitão. The firm recently acted on two of Portugal’s biggest banking transactions. In the first of these, the firm represented Banco Espírito Santo, the mandated lead arranger for a syndicated loan of €2.6 billion ($3.2 billion) to refinance the payment of Angola’s debts. This was one of the biggest syndicated loans executed in the international markets in 2004. The second big transaction involving Morais Leitão was the negotiation of two credit facilities, for a total of €2.65 billion, on behalf of Energias de Portugal (EDP). In two other smaller (but still considerable) banking transactions, Morais Leitão advised Eurohypo Portugal on the sale of a portfolio of Portuguese market credits for €467 million, and represented a syndicate of banks (ABN Amro, BNP Paribas and Société Générale) in relation to the €450 million refinancing of Optimus, Portugal’s third-largest mobile phone operator. The largest of the firm’s recent capital markets deals was the privatization of 11% of the share capital of EDP through a rights issue – the largest ever made in Portugal – to raise €1.2 billion. Morais Leitão advised EDP and the Portuguese government on the issue. The firm also acted in another groundbreaking deal when it represented Portugal Telecom on the structuring of the first share buyback programme concerning Euronext Lisbon listed companies. The programme saw Portugal Telecom purchase 7% of the share capital of the company (around 88,000 shares with a value of €790 million) and then cancel those shares. Portuguese bank Millennium BCP also sought the advice of Morais Leitão concerning an issuance of €500 million of perpetual non-cumulative guaranteed non-voting step-up preference shares. João Soares da Silva, who led the team in this and the Portugal Telecom deal, is recognized as one of the country’s top capital markets specialists. Nuno Galvão Teles is another leading name in this field.

Morais Leitão, winner of IFLR’s award for Portuguese law firm of the year, is a strong player in project finance and “able to deliver excellent legal service”. The project finance group is headed by Luís Branco, one of the top Portuguese lawyers in the field who received numerous commendations for his “excellent experience and negotiation skills.” The largest transaction the department worked on recently was the €717 million ($885 million) concession for the construction of the Litoral Centro motorway. Morais Leitão advised the banks financing the concession (Millennium BCPI, Caixa Banco Investimento, Banco Santander, Depfa Bank and Mizuho Bank). The firm also represented the banks underwriting two other notable transactions: Sirsp’s provision of an integrated telecommunications service for the Portuguese emergency services (for €95 million), and the concession for the development of the Fertagus rail link over the Tagus River (for €103 million). Morais Leitão also advised AGS in its capacity as concessionaire in relation to the negotiation and €64 million financing of the Barcelos water and sewage project. Other clients of the firm include Lusoponte, BES Investimento, Abertis and Fortis Bank.

A leading competitor tells researchers: “Whenever I am conflicted out of a deal always refer my client to Luís Branco, he is probably the greatest of us all.” Peers and clients alike marvelled at his “fantastically creative and open minded approach, as well as his ability to do it all with a smile.” An international client adds: “He is a sharp and intelligent lawyer with the technical skills, experience and connections to put us at ease.”

Filipa Arantes Pedroso wins respect for her lead role in major deals and the “superb experience and expertise that she brings to the table, particularly concerning project and real estate-related finance.”

Clients appreciate Pedro Gorjão Henriques’ background in banking and admire his “hard-working and technically skilled approach.”

Filipe Lowndes Marques’ “excellent technical skills” guarantee him an entrance to the tables. “He is a brilliant lawyer and definitely a star of the future,” according to a satisfied client.

Clients and peers alike single out “highly experienced and sensible negotiator” Luís Branco as a “fine lawyer and undoubtedly a leader in the field.” His “deep understanding of the banks’ needs, excellent connections, and ability to work in an international context,” attract further praise from interviewees.

Although still young, Filipe Lowndes Marques enters the tables on the strength of his “outstanding intelligence and ability to remain focused on the client’s interests.”