A competitor describes the merger between MLGTS and CPPX as “the perfect match; Osório de Castro brought his outstanding capital markets expertise to a firm more specialised in banking and finance, but with superior resources and structure.” Commentators are in no doubt that the combined force is a top-tier player, with several singling it out as “the best firm in Portugal for capital markets.” The team handles the gamut of work in the area, with representation of the bidders in the PT and BPI takeovers taking up considerable time of late. Ongoing advice to key clients such as EDP, and a series of securitisations also kept the firm busy. Clients/Work Highlights: The team advised Investifino on the acquisition of the total share capital of Grupo Soares da Costa, one of Portugal’s largest construction companies. Other highlights include assisting 093X - Telecomunicações Celulares with the EUR350 million roll-up into Sonaecom, involving a share capital increase in Sonaecom to be subscribed in kind by 093X with a 25.72% shareholding in Optimus. In the securitisations field, the firm advised Millennium bcp as originator on the sale and securitisation of a EUR1.5 billion portfolio of mortgage-backed receivables. It also assisted the European Investment Fund as guarantor in the sale and securitisation of a EUR500 million portfolio of SME loan receivables by BES, and Société Générale in the LG Electronics trans-European securitisation programme of trade receivables.