The 2004 merger between the longestablished Portuguese law firms Morais Leitão, J. Galvão Teles & Associados and Miguel Galvão Teles, João Soares da Silva & Associados cemented the group’s reputation as one of Portugal’s market leaders for M&A and corporate law. The team advises a significant number of the main companies listed in the Lisbon Stock Market, as well as the major banks, and has experience of advising foreign clients on their business dealings in Portugal. Furthermore, “high-value, complex and cross-border transactions make up a significant portion of the group’s workload,” according to commentators. Clients spoke of a “highly experienced and dedicated team that forms part of a top-drawer, full-service firm with expertise across the board.” Clients/Work Highlights: The team advised EDP, a client who provides the firm with a substantial amount of work, on the acquisition of an additional 56.2% shareholding in the share capital of Hidrocantábrico. This manoeuvre enabled EDP to control 97.5% of Hidrocantábrico’s share capital. The transaction was valued at €1.2 billion. The team also assisted Millennium bcp in its negotiations with several bidders for the sale of its insurance companies, valued at €843 million. Portugal Telecom instructed the group on the structuring of the first share buy-back programme concerning Euronext Lisbon-listed companies, involving the acquisition of shares and the cancellation of shares connected with it. The deal was valued at approximately €790 million. Other highlights include advising Portucel on the €334 million reprivatisation of an indivisible block of nominative shares representing 30% of its share capital. Additional clients of the firm include: Abertis; Auchan; Akeler (Security Capital Group); Diageo; Cadbury Schweppes and Cadbury Adams; Globo TV; HJ Heinz; Lusoponte; Philips; Pernod Ricard; BES; BPI; BBVA; Bank of New York and Millennium bcp.

Morais Leitão, Galvão Teles, Soares da Silva & Associados scored a major coup in the market once again by merging with outstanding former second-tier firm Osório de Castro, Verde Pinho, Vieira Peres, Lobo Xavier e Associados. The move justifies this year’s promotion in first tier, given the unparalleled corporate and commercial team and the quality of clients that were brought together under the same roof. The firm owes its stellar reputation to a thoroughly impressive team of corporate partners which includes name partner João Soares da Silva, Nuno Galvão Teles, Carlos Osório de Castro, António Lobo Xavier, Joaquim Vieira Peres, Eduardo Verde Pinho, Segismundo Pinto Basto and Luísa Soares da Silva. Its expertise in top-drawer deals was confirmed in its advice to EDP (Energias de Portugal) in the negociation with REN (Rede eléctrica Nacional) for the termination of a number of power purchase agreements, an operation adding up to €3.2bn. Other highlights include advising the same client in the €81 m sale of a 60% stake in the share capital of Edinfor to LogicaCMG.

The post-merger Morais Leitão, Galvão Teles, Soares Da Silva & Associados has become a prime corporate firm in Portugal. Joao Soares da Silva, Nuno Galvao Teles, Segismundo Pinto Basto and Luísa Soares da Silva are four top-drawer partners in a star team. Highlights include advising Millennium BCPin the €843m sale of the insurance company of the Millennium BCP group. The firm also advised EDP – Electricidade de Portugal in its acquisition of an additional stake in Hidroelectrica del Cantabrico,having represented it on the largest foreign investment ever made by a Portuguese company.

According to one client, “the market leader in M&A is Morais Leitão, since it deals with the largest and most complex transactions.” Another remarked that “all the outstanding lawyers in M&A work for Morais Leitão.” While this is possibly overstating the situation slightly (PLMJ and Vieira De Almeida have equally strong practices, for example), these comments are a good indication of how highly regarded the firm is in this sector. Its consistent involvement in some of the most interesting recent transactions easily justifies its top-tier position. The firm’s M&A department comprises 16 associates and seven partners, and is led by João Soares da Silva, who “knows a lot and has the most experience in M&A transactions of any individual.” Meanwhile, Nuno Galvão Teles, the firm’s other leading partner, “knows the law, and has good business sense – which is useful in negotiating and closing out deals.” Speaking of these two lawyers in tandem, interviewees praised their capacity for “creative solutions” and “pointing out potential problems.” One of Morais Leitão’s biggest clients is Energías de Portugal (EDP), an electricity and gas supplier. In the last 12 months, Morais Leitão has advised EDP on three large M&A transactions. The first of these was EDP’s purchase of an additional 56.2% of the share capital of Hidroeléctrica del Cantábrico for €1.2 billion ($1.5 billion), which allowed EDP to assume full control of the company. Morais Leitão also represented EDP in relation to its acquisition of a 33.34% shareholding in GDP, a Portuguese gas distribution corporation, for €500 million. And the firm again acted for EDP when it sold a 60% stake in Edinfor Sistemas Informáticos to LogicaCMG Corporate Holdings (LCMG) for €81 million. The sale was executed through a share purchase agreement between EDP and LCMG, which also involved reshaping the shareholder and corporate governance rules applicable to Edinfor. Morais Leitão does not just advise EDP, of course. Among the year’s other highlights, Millennium BCP hired the firm when it sold its insurance companies to Caixa Geral de Dépositios and Group Fortis for €843 million, and Portucel also sought counsel from Morais Leitão in connection with the reprivatization of an indivisible block of shares representing 30% of the firm’s share capital, in a transaction valued at €334 million. The firm has continuously advised Portucel on its reprivatisation since its launch in 1995.

Miguel Galvão Teles is a “huge name in the Portuguese legal market,” according to commentators. He covers a broad range of practice areas but concentrates his activity on litigation, public, international, constitutional and corporate law. One key client observed that he is “outstanding for advice on near impossible deals.”

Nuno Galvão Teles was hailed by clients as a “highly motivated lawyer and extremely tough negotiator.” “His sharp business sense allows him to both identify and assess the risks inherent in any deal.”

Rivals recommended Segismundo Pinto Basto for his expertise in M&A and energy law. He heads one of the groups in the corporate department and has participated in a number of the major deals over the past year. remarked one leading competitor.

Tomás Vaz Pinto also makes his first appearance in the tables on the back of excellent recommendations. “Although still young, he has to be one of the safest pairs of hands for complex transactions,” remarked one leading competitor.