This substantial team has a “terrific knowledge of tax legislation, excellent international experience and a tremendous turnover.” Over the past twelve months, the group has been particularly active assisting its blue-chip clients on a significant number of tax reorganisations and a range of other tax issues. Judicial and administrative litigation are other key areas of development of this practice, whose lawyers also regularly assist on the firm’s M&A, project finance and privatisation transactions. Clients/Work Highlights: The team advised the Portuguese government in the sale of non-performing tax and social security claims for securitisation, involving an initial purchase price of approximately €1.8 billion of claims, with a nominal amount of €11.5 billion. This operation was the first of its kind carried out by a European state. The practice also assisted Pestana Group on the reorganisation of structures related to the taxation of its intellectual and industrial property, cash pooling and other tourist-related activities, and represented EDP Group in relation to several corporate transactions as well as in international operations in Spain and Brazil. Highlights of the year include the team’s assistance to Banco Espírito Santo, as the Portuguese mandated lead arranger of a USD2.25 billion jumbo loan for financing debts of the Angolan state and Angolan entities owed to the Portuguese state and a group of Portuguese banks and financial institutions. Other clients on the roster include: Portucel; Chevron Texaco; Santander Group; UniCredit; Nutrexpa; McKinsey; HP; Lusoponte; Impresa Group; BCP and Makro.

The sheer experience and highly distinguished reputation of partner Francisco de Sousa da Câmara in the market secures Morais Leitão, Galvão Teles, Soares da Silva & Associados’ position as a leading practice in the field. In addition, having merged with Osório de Castro, Verde Pinho, Vieira Peres, Lobo Xavier e Associados, the firm saw one of the country’s most cherished tax experts, António Lobo Xavier, integrate into its astounding team of partners. The firm’s capabilities in complex matters were noted in its advice to EDP group, namely in the privatisation of 11% of its share capital. This was a ground-breaking transaction and the largest-ever in Portugal, which was intended to finance the acquisition of a 56.2% stake in Spanish energy company Hidroeléctrica del Cantábrico. Particular tax work was performed in order to have new shareholders benefit from specific tax incentives.

Market connoisseurs agree that Francisco de Sousa da Câmara is “one of the top tax lawyers the country has to offer.” Sources admired his “remarkable litigation skills and ability to deal with complex international transactions,” while one key client commented: “He relishes a challenge.”

António Lobo Xavier joined the firm as part of the merger and heads the team in Porto. Commentators sing his praises, describing him as a “highly intelligent and terrifically knowledgeable lawyer.”