In recent years - and particularly since its 2006 merger with top Porto outfit Osório de Castro, Verde Pinho, Vieira Peres, Lobo Xavier e Associados - this firm’s corporate and M&A offering has gone from strength to strength. Lawyers advise a significant number of companies listed on the Portuguese stock exchange, offering particular expertise in the banking, energy and telecoms sectors. Clients recommend this “one-stop shop” for the “consistently high quality of work produced by these outstanding lawyers.” Commentators were quick to highlight the excellence that pervades all levels of the team. Clients/Work Highlights: The team advised EDP on the EUR250 million sale, to each of Gestmin, SGPS, Logoenergia, Oliren and Red Eléctrica de España, of a 5% shareholding in REN. The team assisted Automatic Data Processing with the acquisitions of Inforauto (Salvador Cateano Group) and ServiSIS (Entreposto Group), and lawyers advised Sonae Distribuição on the EUR662 million acquisition of Carrefour (Portugal). Further clients include Sonaecom; Bertelsmann; OMNI and RTL.

Interviewees identify this firm as “practically unbeatable - the top outfit in Porto.” As one peer explains, “the combination of having several of the most renowned lawyers in the country and its impressive client portfolio puts the firm in a fantastic position.” It provides full-service assistance to prominent clients such as Sonae and Mota-Engil. While the Porto-based group often works in conjunction with the Lisbon team, it also has exclusively local corporate and tax practices. “It is marked out by its local work, and it is a versatile, high-quality team,” sources say. Clients/Work Highlights: Lawyers assisted Sonaecom with the structuring and submission of a EUR1.2 billion bid for the acquisition of PT Multimédia by means of public takeover. Violas engaged the team on the EUR17 million public takeover bid for Solverde, and the group represented RL in the EUR20 million public takeover bid for Tertir and Ternor.

In recent years, and particularly since its 2006 merger with top Porto outfit Osório de Castro, Verde Pinho, Vieira Peres, Lobo Xavier e Associados, this firm’s corporate and M&A offering has gone from strength to strength. Lawyers advise a significant number of companies listed on the Portuguese Stock Exchange and offer particular expertise in the banking, energy and telecoms sectors. Clients recommend this “one-stop shop” for the “consistently high-quality work produced by these outstanding lawyers.” Commentators were quick to highlight the excellence that pervades all levels of the team, from senior to junior lawyers. Clients/Work Highlights: The team advised Papeles y Cartones De Europa (Europa&C) on the EUR65 million structuring and submission of a tender offer of the shares representative of the share capital of Gescartão. Lawyers assisted Millennium bcp with the restructuring of its joint venture, with an international partner, to develop a motor vehicle rental business. The firm also advised BMO Financial Group (formerly Bank of Montreal) on its EUR28 million acquisition of bcpbank Canada. Other clients include Sonaecom; Bertelsmann; OMNI; REN and RTL.

Morais Leitão, Galvão Teles, Soares da Silva & Associados scored a coup in 2006, when it merged with Oporto corporate leader Osório de Castro, Verde Pinho, Vieira Peres, Lobo Xavier e Associados. The firm fields numerous outstanding experts in its Oporto office and is virtually unrivalled in the north of Portugal. In 2007, the firm continued to advise Sonaecom in its groundbreaking €12bn takeover bid for leading national telecoms provider PT. Local partner Carlos Osório de Castro, one of the firm’s best-known corporate heavyweights led this matter and is lauded as ‘ the finest capital markets expert you can find in Portugal’. Joaquim Vieira Peres, also based in Oporto, is considered an ‘ exceptional’ competition expert. Private client is another major strength, with local clients including some of Portugal’s best-known international football stars.

Lauded as ‘the best Portuguese firm’, Morais Leitão, Galvão Teles, Soares da Silva & Associados’ towering reputation as Portugal’s corporate and M&A champion owes much to the fact that the firm was called up to advise the bidders in the country’s two largest-ever takeover bids: Sonaecom’s failed bid for PT, and Millenium BCP’s failed attempt to takeover Banco BPI. Fielding some of the market’s most coveted M&A heavyweights, João Soares da Silva, Carlos Osório de Castro and Nuno Galvão Teles receive the most praise. Also involved in Portugal’s largest outbound corporate investments, the firm notably advised EDP in the €2.15bn acquisition of Horizon Wind Energy of the US. Traditional corporate clients include Inapa, Martifer and Mota-Engil.

This has been an exceptional year for Morais Leitão, which has benefited from its integration with Osório de Castro Verde Pinho Vieira Peres Lobo Xavier e Associados. As noted in the local newspaper Diário Económico: "The prestige of the two firms – Morais Leitão and Osório de Castro - is recognized by the market and the integration will likely result in added value." Being more specific, a big advantage for Morais Leitão from the merger is the presence of 35 lawyers in Porto and contact with several large clients in the north of Portugal, including Sonae. The firm also assisted on two deals with Sonaecom this year, the first worth €12 billion and involving the takeover offer for PT, and the second worth €1.2 billion and regarding the takeover offer for one of PT's subsidiaries. In the former, the firm acted as sole adviser to Sonaecom in the structuring and submission of a public bid for the share capital of PT, Portugal's largest communications company. In the latter, the firm advised Sonae on the bid to acquire the share capital of PT Multimédia - Serviços de Telecomunicações e Multimédia. In another of the firm's most important deal this year, it assisted Investifino on the acquisition of 26% of the total share capital of Grupo Soares da Costa, and the subsequent public tender offer for the company. Grupo Soares da Costa is one of the largest construction companies in Portugal, with a market capitalizaton of €131 million. The deal was innovative, being the first-ever use in Portugal of a mechanism which allowed the company to circumvent mandatory offer thresholds, suspending its compulsory offer for remaining shares in the company. In a €5.3 billion transaction, Morais Leitão also acted for Millennium BCP in its attempt to acquire Banco BPI, the third-largest private Portuguese bank, through a bid for shares. The firm also won the Portuguese law firm of the year award presented by International Financial Law Review. This award goes to the Portuguese firm that has contributed local law advice to the most innovative cross-border deals in the past year. The firm's capacity to do so was demonstrated by the fact that only a few weeks after the official announcement of the integration, the firm was representing the bidders in Portugal's two main deals of this year. The firm's M&A department is headed by João Soares da Silva, who has led his team in working with clients such as Sonaecom, Ibersol, and Millennium BCP. Of the 13 takeovers last year involving Portuguese companies, the firm advised buyers in 11. And peers admit that for corporate work "the best practitioners are at Morais Leitão".

Miguel Galvão Teles attracts widespread commendation from market sources: “He has a brilliant mind, and is excellent at devising strategies and explaining complex principles.”

Clients identify Carlos Osório de Castro as “a genius” in relation to corporate and capital markets work: “He is bright and has a great understanding of clients’ needs.”

João Soares da Silva has an excellent reputation as a “pragmatic and technically proficient” lawyer with a broad range of expertise, including corporate and capital markets matters.

Sources report that Nuno Galvão Teles “defends his clients’ positions vigorously and has a keen understanding of the Portuguese market.” Clients appreciate “his creative approach.”

Segismundo Pinto Basto attracts praise for his excellent relationships with local companies, in addition to his “calm and professional attitude.”

Tomás Vaz Pinto is a “bright young lawyer with great potential."

Tax lawyer António Lobo Xavier is regarded as “the most outstanding name in Porto’s legal scene.” Clients comment: “In addition to its amazing technical skills, he have excellent client service and will readily face difficult challenges. He have totally gained our confidence.

Capital markets partner Carlos Osório de Castro is regarded as “the most outstanding name in Porto’s legal scene.” Clients comment: “In addition to its amazing technical skills, he have excellent client service and will readily face difficult challenges. He have totally gained our confidence.”

Eduardo Verde Pinho impresses sources with his “business approach and focus on the big picture. He keeps in mind the client’s commercial goals.” He mainly deals with corporate matters for companies based in North Portugal.

Miguel Galvão Teles attracts widespread commendation from the market. He "has a brilliant mind and is excellent at devising strategies and explaining complex principles.”

Clients identify Carlos Osório de Castro as “a genius in corporate and capital markets work." Others add: “He is bright and has a great understanding of clients’ needs.”

João Soares da Silva has an excellent reputation in the market as a “pragmatic and technically proficient” lawyer with a broad range of expertise, including corporate and capital markets matters.

Sources report that Nuno Galvão Teles “defends each client's position vigorously and has a keen understanding of the Portuguese market.” Clients appreciate “his creative and pragmatic approach.”

Segismundo Pinto Basto attracts praise for his excellent relationships with local companies, as well as his “calm and professional attitude.”

Tomás Vaz Pinto is seen as a “bright young lawyer with great potential.”