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Chambers Europe

Peers agree that this experienced group should remain at the top of the rankings because it is one of the largest firms in Portugal and because of its repeated involvement in headline deals. For example, the team recently assisted Sonaecom with the financing of the hostile public bids for the entire share capital acquisition of Portugal Telecom and of PT Multimédia. Its lawyers received enthusiastic praise for the “terrific quality of their work, business-oriented approach and ethical attitude.” While clients highlighted the “strong bench of associates behind the leading lawyers” competitors underlined that the merger with Porto-based firm Osório de Castro, Verde Pinho, Vieira Peres, Lobo Xavier e Associados enhanced the firm’s banking team as well as its “impressive client portfolio of national and international clients." Clients/Work Highlights: The group advised an international syndicate of banks on the Portuguese law aspects of the financing and creation of a security package for the EUR520 million acquisition of Amorim Imobiliária by Inmobiliaria Chamartin. The team also assisted a bank syndicate headed by Eurohypo Aktiengesellschaft on the Portuguese law aspects of a global financing made available to British Land for the purchase of properties in Europe, including the EUR39 million acquisitions of two Portuguese retail parks in Portimão and Aveiro. The outfit also represented Portuguese banks in the EUR400 million financial rebalance agreement entered into between the Concessionaire of the North Motorway and the Portuguese Republic. Other key clients include CaixaBI; BES Investimento; Millennium bcp investimento and EDP - Energias de Portugal.
Peers unanimously identify this group as one of the leading forces in the Portuguese securities market, covering the whole spectrum of capital markets matters, including securitisation. In the words of one peer who recently acted opposite the team: “Its performance was faultless and the lawyers showed great professionalism all the way through - they perfectly understand the market and know how to react in each situation.” Clients share this view and add that the group possesses “astonishing levels of resources and know-how.” These were recently put to use when advising on takeover bids for PT and BPI. Clients/Work Highlights: Lawyers assisted EDP - Energias de Portugal on the USD2 billion issuance of medium term notes listed on the LSE. The team advised Inapa on a EUR122 million rights issue on several operations in European countries within the paper and paper pulp markets. Other notable clients include Millennium BCP; REN; Mota-Engil and Banco Santander.
Peers unanimously identify this group as one of the leading forces in the Portuguese securities market, covering the whole spectrum of capital markets matters, including securitisation. In the words of one peer who recently acted opposite the team: “Its performance was faultless and the lawyers showed great professionalism all the way through - they perfectly understand the market and know how to react in each situation.” Clients share this view and add that the group possesses “astonishing levels of resources and know-how.” These were recently put to use when advising on takeover bids for PT and BPI. Clients/Work Highlights: Lawyers assisted EDP - Energias de Portugal on the USD2 billion issuance of medium term notes listed on the LSE. The team advised Inapa on a EUR122 million rights issue on several operations in European countries within the paper and paper pulp markets. Other notable clients include Millennium BCP; REN; Mota-Engil and Banco Santander.
Split between the Lisbon and Porto offices, this experienced team works jointly on traditional competition matters and a number of other fronts, from litigation to compliance programmes. It also boasts noteworthy experience in key sectors such as telecoms, energy, pharmaceutical, distribution and construction, among others. Moreover, it maintains an international profile reinforced by its membership of the Lex Mundi alliance, and its lawyers are commended for being “technically strong yet understated practitioners.” Clients/Work Highlights: Lawyers successfully advised Sonaecom on filing its projected acquisition of sole control over Portugal Telecom SGPS and PT Multimédia before the Portuguese Competition Authority. They also assisted Sonaecom with the acquisition of TELE2 and of ONI’s assets. The team further advised TAP Portugal on its acquisition of PGA - Portugália Airlines. Other leading clients include Optimus; Mota Engil; Jerónimo Martins; REN and Ernova.
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.
This major Portuguese firm has maintained its usual high level of litigation activity, and is a “top-quality group with the ability to respond efficiently and rigorously to the clients’ needs.” The team’s typical workload includes cutting-edge cases in the IP and pharmaceutical sectors in particular. Clients highlighted the lawyers’’ sound experience, business-oriented approach and reliable and ethical attitude,” and added: “We truly feel the lead partners have a strong team backing them.” Clients/Work Highlights: REN; TV Globo; Pfizer; Optimus and Inapa.
Described as “one of the best employment teams in the country,” this national group splits its employment practice between the Lisbon and Porto offices. The nine-member outfit is “client-focused and very quick to respond,” and noted for always being “on top of matters.” It also enjoys “excellent assistance from the junior lawyers.” The team covers the whole array of employment matters, with labour litigation and collective dismissals forming a sizeable proportion of the workload over the past year. Clients/Work Highlights: The team advised Alcoa Fujikura on the closure of its Portuguese factory and the collective dismissal and litigation that followed. Other clients include BP; Pfizer; Santander Group; Abbott and Banco BPI.
Lauded for its “fantastic energy expertise,” this firm maintains its strong position in the market thanks largely to its relationship with chief national energy client EDP. Indeed, it is through working for this key client that the firm has been able to develop its energy experience outside Portugal. For example, the practice represented EDP in the EUR2 billion acquisition of Horizon Wind Energy, the third major renewable energy operator in the USA. Sources commented: “This firm is totally deserving of a place in the top tier - it has accumulated significant knowledge working with EDP and also a strong presence in renewable projects.” The firm is a member of the Energy Law Group. Clients/Work Highlights: The lawyers advised EDP on the negotiation of a strategic partnership with Sonatrach, an Algerian gas supply company, relating to gas and power-generation businesses. The firm acted for REN and the Portuguese government on REN’s IPO and the first phase of its privatisation. The firm also assisted EDP Produção-Bioeléctrica with the implementation of a strategic partnership with Caima Energia.
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.
The IP team at this full-service firm operates within the litigation and corporate department and is selective in the work it accepts, limiting its activity to highly complex and high-value copyright, patent and trade mark violation and litigation cases. Clients/Work Highlights: The firm represented two multinational pharmaceutical companies in a complex dispute involving the protection of their patents. It also successfully prevented the import of optical recording and reading systems infringing a client’s patents by applying for a border detention order.
Two partners and nine associates make up the administrative, real estate and urban planning department at this large firm. Working with both public and private clients, the team enjoys a solid reputation among peers and is praised by clients for its “deep knowledge and timely response.” Clients/Work Highlights: The team continues to advise Spanish group Abertis Infrastructures on the construction of a 150-hectare logistics platform near Lisbon. It is also active in the tourist sector, where it is advising SAIP on the planning and construction of a EUR900 million venture in the Alentejo region. Other notable clients include international shopping centre specialist Sonae Sierra and the famous hotel chain Hilton International.
After a busy year advising Sonaecom and Millennium bcp on their groundbreaking takeover bids for Portugal Telecom and Banco BPI respectively, the firm has convinced many commentators that it is a force to be reckoned with in the corporate and private equity markets. Sources commented: “The group possesses plenty of resources and masses of potential to be one of the main national players.” Recently the team advised ECS Capitals on the incorporation of the largest private equity fund in Portugal, valued at over EUR90 million. Clients/Work Highlights: Lawyers represented EDP in the on the sale of 5% of the Portuguese energy TSO (transmission system operator) to a private equity fund.
Drawing upon its skills in both the energy and finance sectors, this practice is one of the leading names for projects work. It has experience in infrastructure and construction matters and is also taking on more environmental projects, sources report. On the renewable energy front, for instance, the team represented a syndicate of Portuguese and foreign banks in the EUR985 million refinancing of wind farms and hydropower plants. Clients are full of praise for the “outstanding quality of both the work and the lawyers,” with one competitor concluding: “This is an extremely good team.” Clients/Work Highlights: The firm advised a Portuguese syndicate of banks on EUR50 million project finance facilities granted to a Maltese parent company of a group that owns wind farms. Lawyers assisted the grantor with setting up the framework for the privatisation of ANA (the concessionaire for the Portuguese airport network) and the tender for design, financing, construction and operation of the new Lisbon airport. The group also advised a Portuguese banking syndicate on a EUR28 million project finance facilities to an entity licensed to construct and run the first hazardous waste disposal plant in Portugal. Other notable clients are RBS; Bes Investimento; Millennium bcp; EDP and Banco Português de Investimento.
This full-service law firm is one of the biggest in Portugal, and boasts a “skilled and knowledgeable public law team.” It is very active in public contracts and PPPs, as well as litigation and regulatory work, particularly in the energy and pharmaceutical sectors. Its work in the telecoms sector is also on the increase. Clients/Work Highlights: The team advised Naer on the drafting of regulatory models for the new Lisbon airport. Further clients include Laboratórios Pfizer, Augusta Westland Group and the Ministry of Economy, who it is advising on a lawsuit concerning the licensing of a tourism real estate venture.
“Swift responses, proactive attitude, and clear and concise reports” are reasons why clients choose this team. Both the Lisbon and Porto offices enjoy an enviable client portfolio that includes local and international companies investing across the whole country, particularly in tourism projects. Clients/Work Highlights: The firm advised Abertis on the EUR400 million acquisition and development of a logistics park in central Portugal. It also represented Acordo in the incorporation of a real estate investment fund management company and real estate funds for the acquisition and development of tourism projects, a deal valued at EUR400 million. The team continues to advise Lusoponte on the concession agreement related to the 25 de Abril Bridge, Vasco da Gama Bridge and the third crossing over the river Tagus in Lisbon. Other major clients include APL; Eurohypo; HJ Heinz; ING Real Estate and Pontegadea.
This 20-member team enjoys a well-earned reputation as “one of the best tax groups in the country; it is technically flawless and amazingly solid,” market sources confirmed. The lawyers played a key role in last year’s ground-breaking hostile takeover bids, representing Sonae and Millennium BCP. As well as its strong Lisbon-based group, the firm fields noteworthy tax outfits in Porto and Madeira. It covers the whole spectrum of tax matters, advising public and private companies from the pharmaceutical, financial, tourism, energy and telecoms industries. Clients reported: “The quality of the work is outstanding - this is the perfect choice if you have a complicated case.” Clients/Work Highlights: The team advised Abbott on structuring the acquisition of Guidant’s business in Portugal, and represented Chevron in matters relating to its Madeira companies and investment structures. The group also provided tax advice to Grupo Jerónimo Martins relating to major restructuring and litigation issues. Other leading clients are Caixa Geral De Depósitos; Deustche Bank; Inforauto; Tap and Mercapital.
This national group covers TMT matters across several departments, as clients’ needs dictate, with the administrative, competition, corporate and litigation groups being particularly prominent. This has proven a successful formula, as clients’ state: “Lawyers co-ordinate flawlessly between teams - the results are always exceptional.” Clients/Work Highlights: The team represented TVTEL in a complaint to the national competition authority against Portugal Telecom for abuse of dominant position. The lawyers advised Media Capital Telecomunicações on contract negotiation procedures and regulatory issues connected with ISP, Voice over Internet Protocol and mobile virtual network operator businesses. The firm provided legal assistance to several IMPRESA group companies regarding their Internet-based business activities and the acquisition of companies operating mostly through the Internet. Other key clients are SONAECOM; Novis Telecom; Optimus Telecomunicações; TV Globo International and Onitelecom.

Chambers Global

Peers agree that this experienced group should remain at the top of the rankings for its sheer size - it is one of the largest firms in Portugal - and its repeated involvement in headline deals. For example, the team recently assisted Sonaecom with the financing of the hostile public bids for the entire share capital acquisition of Portugal Telecom and of PT Multimedia. While clients remarked on the “strong bench of associates behind the leading lawyers,” competitors underlined that the merger with Oporto-based firm Osório de Castro, Verde Pinho, Vieira Peres, Lobo Xavier e Associados enhanced the firm’s banking team, as does its “impressive portfolio of national and international clients”. Clients/Work Highlights: The group advised an international syndicate of banks on the Portuguese law aspects of the financing and creation of a security package for the EUR520 million acquisition of Amorim Imobiliária by Inmobiliaria Chamartin. The team also assisted the bank syndicate headed by Eurohypo on the Portuguese law aspects of a global financing made available to British Land for the purchase of properties in Europe, including the EUR39 million acquisitions of two Portuguese retail parks in Portimão and Aveiro. The outfit also represented Portuguese banks in the EUR400 million financial rebalance agreement entered into between the concessionaire of the North Motorway and the Portuguese Republic. Caixa - Banco de Investimento; Bes Investimento; Millennium BCP Investimento and EDP - Energia de Portugal are other key clients of the group.
Peers unanimously identify this group as one of the leading forces in the Portuguese securities market, covering the whole spectrum of capital markets matters, including securitisation. In the words of a rival who recently acted opposite the team: “Its performance was faultless and lawyers showed great professionalism all the way through - they understand the market perfectly and know just how to react in each situation.” Clients agree, adding that the group possesses “astonishing levels of resources and know-how.” These were recently put to use when advising on takeover bids for PT and BPI. Clients/Work Highlights: The group advised Portucel on the Secondary Public Offering of the 25.7% stake held in the company by Parpública SGPS. Sonaecom instructed the group to advise on the preparation and submission of a takeover bid for the acquisition of the share capital of PT - Multimédia. The group represented Millennium bcp in the EUR28.4 million acquisition of 100% of the share capital of bcpBank Canada by BMO Financial Group. Other notable clients of the group include EDP; REN; Mota-Engil; Banco Santander and Inapa.
Peers unanimously identify this group as one of the leading forces in the Portuguese securities market, covering the whole spectrum of capital markets matters, including securitisation. In the words of a rival who recently acted opposite the team: “Its performance was faultless and lawyers showed great professionalism all the way through - they understand the market perfectly and know just how to react in each situation.” Clients agree, adding that the group possesses “astonishing levels of resources and know-how.” These were recently put to use when advising on takeover bids for PT and BPI. Clients/Work Highlights: The group advised Portucel on the Secondary Public Offering of the 25.7% stake held in the company by Parpública SGPS. Sonaecom instructed the group to advise on the preparation and submission of a takeover bid for the acquisition of the share capital of PT - Multimédia. The group represented Millennium bcp in the EUR28.4 million acquisition of 100% of the share capital of bcpBank Canada by BMO Financial Group. Other notable clients of the group include EDP; REN; Mota-Engil; Banco Santander and Inapa.
Split between the firm's Lisbon and Porto offices, this experienced team works jointly on traditional competition matters and a number of other fronts, from litigation to compliance programmes. It also boasts noteworthy experience in key sectors such as telecoms, energy, pharmaceutical, distribution and construction. The firm maintains an international profile reinforced by its membership of the Lex Mundi alliance, and its lawyers are commended for being “technically strong yet understated practitioners.” Clients/Work Highlights: Lawyers successfully advised Sonaecom on filing its projected acquisition of sole control over Portugal Telecom SGPS and PT MULTIMEDIA before the Portuguese Competition Authority. The group also recently claimed a victory for Optimus before the ECJ in a lawsuit against the Portuguese tax authorities regarding the payment of stamp duty. Other leading clients include TAP Portugal; Mota Engil; Jerónimo Martins; REN and Ernova.
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.
Market sources agree that this major Portuguese firm has maintained its usual high level of litigation activity and that it clearly belongs to the top tier. One interviewee declared: “This is a top-quality group with the ability to respond efficiently and rigorously to the clients’ needs.” The team’s typical workload includes cutting-edge cases in the IP and pharmaceutical sectors in particular. Clients commented: “Sound experience, business oriented approach, reliability and an ethical attitude are some of these lawyers' qualities.” Clients/Work Highlights: Clients of the group include REN; TV Globo; Pfizer; Optimus and Inapa.
After a busy year advising Sonaecom and Millennium bcp on their ground-breaking takeovers bids for Portugal Telecom and Banco BPI respectively, the firm has convinced many commentators that it is a force to be reckoned with in the corporate and private equity markets. Sources commented: “The group possesses plenty of resources and masses of potential to be one of the main national players.” Recently the team advised ECS Capital on the incorporation of the largest private equity fund in Portugal, valued at over EUR90 million. Clients/Work Highlights: Lawyers represented EDP in the sale of 5% of the Portuguese energy transmission system operator to a private equity fund.
Drawing upon its skills in the energy and finance sectors, this practice is one of the leading names for projects work. It has experience in infrastructure and construction matters and is also taking on more environmental projects, sources report. On the renewable energy front, for instance, the team represented a syndicate of Portuguese and foreign banks in the EUR985 million refinancing of wind farms and hydropower plants. Clients are full of praise for the “outstanding quality of both the work and the lawyers,” with one competitor concluding: “This is an extremely good team.” Clients/Work Highlights: The lawyers advised an international syndicate of banks on a EUR647 million project refinancing for Tejo Energia, and advised another banking syndicate on financing facilities for a police and emergency services communications system. The team also advised on a EUR175 million financing for the developer of the Grande Lisboa motorway. Other notable clients are RBS; Bes Investimento; Millennium bcp Investimento; EDP - Energia de Portugal and Banco Português de Investimento.
This 20-member team enjoys a well-earned reputation as “one of the best tax groups in the country - it is technically flawless and amazingly solid,” market sources confirmed. Over the past year the lawyers played a key role in ground-breaking hostile takeover bids, representing Sonae and Millennium BCP. As well as its strong Lisbon-based group, the firm fields noteworthy tax outfits in Porto and Madeira. The practice covers the whole spectrum of tax matters, advising public and private companies from the pharmaceutical, financial, tourism, energy and telecoms industries. Clients reported: “The quality of the work is outstanding - this is the perfect choice if you have a complicated case.” Clients/Work Highlights: The team advised Abbott on structuring the acquisition of Guidant’s business in Portugal, and represented Chevron in matters relating to its Madeira companies and its investment structures. The group also provided tax advice to Grupo Jerónimo Martins relating to major restructuring and litigation issues. Other leading clients include Caixa Geral De Depósitos; Deustche Bank; Inforauto; Tap and Mercapital.

Legal 500

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.
‘If you’re looking for London standards, Morais Leitão, Galvão Teles, Soares da Silva & Associados is what you want.’ The firm’s outstanding reputation owes much to the ‘simply unchallenged’ Luís Branco and his team. The firm advised an international syndicate of banks in connection with security for the €520m acquisition of Amorim Imobiliária, by Spanish real estate company Inmobiliaria Chamartín. Recently promoted to partnership, Filipe Lowndes Marques has established a reputation as one of the market’s best-respected experts. Millenium BCP also instructed the firm regarding the negotiation and launch of $1.5bn extendible floating rate notes, issued by BCP Finance Bank. Up-and-coming Luísa Soares da Silva and Pedro Gorjão Henriques are also recommended.
Morais Leitão, Galvão Teles, Soares da Silva & Associados’ expertise in equity capital markets is simply outstanding. Fielding two of the finest capital markets partners in Portugal, João Soares da Silva and Carlos Osório de Castro, its track record is unmatched. The firm was involved in several of Portugal’s highest-profile transactions last year, including Sonaecom’s failed attempt to take over PT. Millenium BCP also instructed the firm on its unsuccessful €4.3bn bid for Banco BPI, and on its negotiation and launch of a $1.5bn extendible floating rate notes issued by BCP Finance Bank.
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.
Morais Leitão, Galvão Teles, Soares da Silva & Associados boasts a longstanding tradition in dispute resolution. Arguably the country’s most-acclaimed dispute resolution experts, senior partners José Manuel Galvão Teles and Miguel Galvão Teles boast an unparalleled track record in this sector. The dispute resolution team fields 22 fee-earners, including nine partners, and is one of the firm’s largest departments. The firm is strong across the board, from commercial litigation, to domestic and international arbitration, fraud and white-collar crime. Co-managing partner António Pinto Leite is ‘a very good litigator’. Rising stars Rui Patrício and Francisco Cortez are two to watch.
Morais Leitão, Galvão Teles, Soares da Silva & Associados is widely reputed for fielding two of the market’s outstanding experts in EU and competition. Head of department Carlos Botelho Moniz is ‘clearly one of the best in Portugal’, strongly supported by the ‘exceptional’ Oporto-based partner Joaquim Vieira Peres. With a team of 11 fee-earners, the firm recently acted for Sonaecom in the filing before the Portuguese Competition Authority of its planned €12bn acquisition of PT. In the banking sector, the firm was also involved in one of the market’s major issues, advising BCP in the filing before the Portuguese Competition Authority of its planned acquisition of BPI. Other major issues involved clients such as TAP Portugal, REN – Rede Electrica Nacional and Sonae Distribuição.
Morais Leitão, Galvão Teles, Soares da Silva & Associados’ pre-eminent employment team benefits from the firm’s outstanding corporate department, having advised some of the country’s largest companies on a wide range of employment-related issues. NAER recently instructed the firm regarding employment due diligence on ANA – Aeroportos de Portugal in view of the company’s privatisation and the construction of the new Lisbon airport. The firm also acted for Marcelle Bouhon on the termination of a distribution agreement of Parfums Christian Dior and subsequent collective dismissal. Senior associate Luís Miguel Monteiro heads the firm’s highly regarded four-fee-earners team.
Morais Leitão, Galvão Teles, Soares Da Silva & Associados has been advising Pfizer on advertising law, as well as on a number of patent-related issues, particularly patent litigation. Pernod Ricard and Heinz have also sought the firm’s expert advice on trade mark issues, namely management and litigation. While senior associate Tomás Vaz Pinto heads up the firm’s experienced team, partners António Pinto Leite, Carlos Osório de Castro and José Botelho Moniz also offer IP expertise.
Also a major force in project finance, Morais Leitão, Galvão Teles, Soares da Silva & Associados has recently advised an international syndicate of banks on a €175.2m project financing connected with the Grande Lisboa motorway concession. The firm also acted for a Portuguese syndicate of banks regarding a complex €50m project finance structure involving a holding company in Malta in the wind farms sector. The department is led by highly regarded finance partner Luís Branco.
Public procurement highlights at Morais Leitão, Galvão Teles, Soares da Silva & Associados include representing EDP on the public tenders for the award of the grid connection for setting up wind farms. Head of department, Fernanda Matoso, is praised. The firm boasts expertise in expropriations, having recently acted for Lusoponte in connection with a new bridge over the river Tagus in Lisbon. On the contentious side, regulatory expert Margarida Olazabal Cabral led the advice to the Portuguese Ministry of Economy in a €500m claim regarding the licensing of a tourism real estate venture in Alentejo.
Morais Leitão, Galvão Teles, Soares da Silva & Associados’ first-class real estate team advised Abertis Logistica on the €400m structure, acquisition and development of a logistics park in Portugal. Filipa Arantes Pedroso spearheads the six-fee-earner team. Eurohypo Aktiengesellschaft instructed the firm last year regarding a €500m mortgage credit for real estate developments. ‘They are very strong in getting the deal through,’ one client said.
Tier 2

Shipping and Transport

2008
At Morais Leitão, Galvão Teles, Soares da Silva & Associados , Filipa Arantes Pedroso heads a solid team of four lawyers, which regularly acts for a number of leading players in the sector. Sonaecom and EDP are two key clients.
Widely acknowledged as one of the most prominent tax teams in the market, Morais Leitão, Galvão Teles, Soares da Silva & Associados boasts Lisbon-based Francisco DE Sousa da Câmara and Oporto-based António Lobo Xavier, both visible on several high-profile tax structures for major corporates and entities. One client commented: ‘Sousa da Camara stands out for his striking technical abilities, he is a real gentleman in the way he manages his team, an excellent professional’. The firm was recently advising the Portuguese Central Bank, Banco de Portugal, in connection with the dissolution and liquidation of a financial institution that entered bankruptcy. Other major clients include Chevron Texaco, Deutsche Bank (UK) and the Sonae.com group.

IFLR 1000

Morais Leitão has a strong equity capital markets practice which has proved its pre-eminence over the last year. It has done a variety of significant deals with high-profile clients, which have afforded it a place in tier one of the capital markets rankings. One international bank commented that Morais Leitao has been its firm of choice in Portugal for a long time: "We have always been very satisfied with the work." The client added: "João Soares da Silva, Nuno Galvão Teles and Carlos Osório de Castro make an outstanding team with a long tradition in banking and capital market transactions." In January 2007, a team led by partners João Soares da Silva and Luísa Soares da Silva assisted Investifino Investimentos e Participações in a €131 million transaction. This advice related to the process of an acquisition of shares corresponding to 26.46% of the total share capital of Grupo Soares da Costa (one of Portugal's largest construction companies), and the subsequent submission of a public tender offer for the acquisition of all ordinary shares and preference shares of the group. The deal was highly innovative, as it was the first use in Portugal of a mechanism allowing for the suspension of the duty to launch an offer immediately after the mandatory bid thresholds were crossed. In one of the biggest deals in Portugal last year, worth approximately €1.2 billion, Morais Leitão advised Sonaecom in the structuring and submission of a bid for the acquisition of the shares representing the share capital of Portugal Telecom (PT) Multimédia, by means of a public takeover. The tender offer was announced in February 2006, and approved by the competition authority in December of the same year. But on March 2, PT's shareholders rejected the removal of the limitation voting rights contained in the company's bylaws, the approval of which was also a condition of the takeover offer. This transaction, along with the unsuccessful takeover offer by Sonaecom of Portugal Telecom (worth €13 billion, and by far the biggest deal in Portugal) caused a considerable impact on the Portuguese media and information technology market. The firm also advised Millennium BCP in May 2007 on a €5.3 billion transaction. The team, which also comprised finance and competition expertise, assisted in the structuring and submission of a public bid to acquire of the shares of Banco BPI, the third-largest bank in Portugal. In June 2006 Banco de Portugal announced its non-opposition to the takeover and the insurance regulator, Instituto de Seguros de Portugal, followed suit shortly after. Following a lengthy process, the Portuguese competition authority finally decided in favour of the deal, but imposed several conditions that were in the end not met. The firm also worked on rights issues and the negotiation of an underwriting agreement with leading international banks.
Morais Leitão Galvão Teles Soares da Silva & Associados is rightly considered one of the leading firms in Portugal for banking work, both relating to acquisition finance and usual syndicated lending. It is described by peers as "the obvious choice given its general reputation and also its work this year". Luis Branco is described as both technical and commercial – "two qualities that don't often come together in the same package”. One of the most significant deals in banking this year was Morais Leitão's work for Sonaecom in March 2007. The €16 billion deal was led by Luís Branco, supported by Pedro Gorjão Henriques, João Honorato and Ricardo Andrade Amaro. The team advised Sonaecom in the financing of the hostile public bids for the entire share capital of Portugal Telecom (PT) and of PT Multimédia. The offers for PT included one in the US for shares and American depositary receipts issued by Portugal Telecom which traded on the New York Stock Exchange. Morais Leitão developed the entire international financing structure, which included an innovative undertaking to pay instruments to secure the registration of the offers, the negotiation of loan agreements, related security and refinancing facilities for the target company. The transaction was regarded by all participants as one of the most complex ever in Portugal, and was fully underwritten by an international syndicate of banks. In September 2006, the firm worked on a deal worth €40 million with Eurohypo. The team, led once again by Luís Branco, and backed up by Rita Ferreira Vicente and João Honorato, advised a sydicate of banks headed by Eurohypo on aspects of Portuguese law related to the international financing of British Land for the acquisition of retail parks in Portimão and Aveiro. For the first time Eurohypo used a highly tax effective Portuguese commercial-paper structure. A Portuguese syndicate of banks including BES, BCP and CGDS used the firm in its €400 million deal in July 2006. The team advised the consortium on the financing of a financial rebalance agreement with the concessionaire of the North Motorway and the Portuguese public. The financing included facilities with recourse rights against the grantor, coupled with project finance-type facilities. In addition, Morais Leitão worked on a €520 million deal for Banesto, with Luís Branco leading and Filipe Lowndes Marques assisting. This deal saw the firm advising the client, an international syndicate of banks headed by Banesto, on aspects of Portuguese law related to financing and the creation of security in the acquisition of Amorim Imobiliária (one of the largest Portuguese real-estate companies) by Inmobiliaria Chamartin.
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".
One banking client rates Morais Leitão as a dependable firm for project finance, highlighting the lawyers Luís Branco and Filipa Arantes Pedroso as "extremely competent". In October 2006, the firm closed a €986 million deal relating to the refinancing of a portfolio of wind farms and hydroelectric plants held by Enersis, a Portuguese renewable energy company, recently purchased by the Australian group Babcock & Brown. The transaction's lead arrangers were BBVA, BPI, BESI, CaixaBI and Millennium BCP Investimento. The deal involved the refinancing of the Enersis group on a portfolio basis, structured in two major pools of assets, making up the largest renewable-energy portfolio financing in the world to date. One pool incorporated 21 operating wind farms and four under construction with a total 635MW generating capacity, and the other encompassed 10 operating mini-hydro stations with an additional one under construction, with a total 89.1MW generating capacity. This large-scale transaction was challenging because of the twofold nature of the structures, the high number of vehicles and securities, and the need to refinance existing debt and simultaneously restructure the borrower's group. Furthermore, although the documentation was drafted in English, it was done so under Portuguese law, and was advised on solely by local counsel. The deal received much exposure and was considered one of the best, as well as being the largest, renewable deals of the year. In another deal, worth €175 million, Luís Branco and Tomás Vaz Pinto led a team advising an international syndicate of banks on project finance facilities to the concessionaire of the Grande Lisboa motorway. This transaction was particularly challenging for the banks as it was closed pending an injunction filed by the losing bidder, which meant putting in place, in a very short period of time, risk allocation mechanisms to secure the successful closure of the deal.

Advogados

Chambers Europe

Undoubtedly a high-profile name in the area, Luís Branco is dubbed “the best-known lawyer in the Portuguese banking sector.” Observers commented on how “his friendly approach makes negotiations much smoother,” and added: “He is terribly efficient and gets directly involved in all aspects of the deal.” Branco is also renowned for his top performances in the projects sphere.
Filipe Lowndes Marques was recently elevated to the partnership and is considered to be “among the brightest lawyers in Lisbon.” He is involved in banking and finance transactions, and also advises on projects and investment fund matters.
Carlos Osório de Castro received enthusiastic praise from his peers for being “one of the brightest minds in the country.” He also impresses with his “tough but fair approach and genuine efforts to understand his clients’ business.”
João Soares da Silva’s “precise and effective advice, as well as his professionalism and dedication” are major draws for clients, who also enjoy his ability to deal with “extremely complex corporate and capital market issues.
Market sources identify Filipe Lowndes Marques as the “best asset” of the firm’s securitisation practice.
Carlos Botelho Moniz is highly praised for his firm grasp of competition matters, particularly EU law, and he is widely respected as a “leading figure in the team.”
Joaquim Vieira Peres is “results-oriented and a solid, tenacious lawyer who excels at providing ad hoc and well-structured solutions.”
Interviewees highlighted Margarida Rosado da Fonseca’s rich experience in the market and describe her as “one of the future stars of the group.”
Gonçalo Machado Borges has attracted attention for his “strong advice on regulatory and competition matters within the telecoms sector.”
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."
Seasoned lawyer José Manuel Galvão Teles focuses his attention on carefully selected high-profile litigation and arbitration cases. He is a widely respected figure among peers for his “unmatched experience and immense knowledge,” and remains a “reference in the country."
Observers describe Miguel Galvão Teles as an “outstanding and bright lawyer who commands the respect of all parties in the courtroom.”
Clients described: “António Pinto Leite as a "true fighter who keeps innovating in his approach and always finds a solution.” Recently he has been increasingly involved in arbitration proceedings and in the firm’s management.
Young partner Rui Patrício “already enjoys an impressive reputation” sources acknowledge. Working in civil and increasingly in criminal litigation, he is considered “a very worthy adversary” by his peers.

Rui Patrício

Band 1 Dispute Resolution: Corporate Crime
2008
Head of department Luís Miguel Monteiro, a professor and author of several books on labour law, “is highly efficient, pragmatic and very knowledgeable.”
Rising star Joana Almeida is seen as “clear-thinking and objective” as well as “quick in understanding clients’ needs.”
Partner in charge of the firm’s energy group, Nuno Galvão Teles is a “magnificent corporate lawyer with great negotiating skills.” Peers also singled out his “excellent track record in the energy sector advising star client EDP.”
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.
Head of department is partner João Pereira Reis. His former position as secretary of state for local administration and land use planning ensures his high profile, as well as his status as a reference, in the field.
Head of the banking and project finance group, Luís Branco is lauded as “one of the best lawyers in the field, thanks to his creativity and straightforward attitude that makes transactions move smoothly.”
Interviewees also reserve praise for “thoughtful and efficient” Filipe Lowndes Marques, describing him as an “excellent team player.”
Margarida Olazabal Cabral is a “talented lawyer” whose experience in public law is widely recognised.
Pedro Gonçalves, who joined the firm in 2007, is also admired by peers: “He’s pragmatic, efficient, and has good communication skills.”
Partner Filipa Arantes Pedroso is “greatly efficient and a brilliant negotiator,” according to her clients.
Filipe Freitas da Costa, who is praised for approaching the real estate sector from a corporate angle; clients say he is “a solutions-driven lawyer who’s always available to us.”
Clients admire Francisco de Sousa da Câmara for his great local and international tax knowledge. “We always feel safe in his hands,” one client commented.
António Lobo Xavier is “amazing technically,” and impresses clients with his consistently “proactive, reliable and competent” advice.
Although probably best known for his corporate and capital markets practice, Carlos Osório de Castro also enjoys a fine telecoms reputation, mainly due to his successful relationship with chief client Sonae. Commentators note: “He’s an outstandingly prolific lawyer, who knows absolutely everything his client needs to know.”

Chambers Global

Undoubtedly a high-profile name in the area, Luís Branco is dubbed “the best-known lawyer in the Portuguese banking sector.” Observers commented how “his friendly approach makes negotiations much smoother.” Branco is also renowned for his top-notch performances in the projects sphere.
Filipe Lowndes Marques was recently elevated to partner and is considered to be among the “brightest lawyers in Lisbon.” Involved in many banking and finance transactions, he also advises on projects and investment fund matters.
Carlos Osório de Castro received enthusiastic praise from peers, with one declaring: “He is one of the brightest minds in the country.”
João Soares da Silva’s “precise and effective advice, coupled with professionalism and dedication” are major draws for clients.
Market sources identify Filipe Lowndes Marques as the “best asset” of the firm’s securitisation practice.
Carlos Botelho Moniz is highly praised for his firm grasp of competition matters, particularly EU law, and is widely respected as a “leading figure in the team.”
According to admiring market sources, Joaquim Vieira Peres “is results-oriented.” Interviewees described him as “a solid and tenacious lawyer who excels at providing ad hoc and well-structured solutions.”
Interviewees agreed on Margarida Rosado da Fonseca’s rich experience in the market and describe her as “one of the future stars of the group.”
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.”
Seasoned José Manuel Galvão Teles focuses his attention on carefully selected high-profile litigation and arbitration cases. He is a widely respected figure among peers for his “unmatched experience and immense knowledge.”
Observers describe Miguel Galvão Teles as an “outstanding and bright lawyer who commands the respect of all parties in the courtroom.”
Clients reported that: “António Pinto Leite is a true fighter who keeps innovating in his approach and always finds a solution.” Recently he has been increasingly involved in arbitration proceedings, as well as in the firm’s management.
Young partner Rui Patrício “already enjoys an impressive reputation” sources acknowledge. Working in civil and criminal litigation, he is considered “a very worthy adversary” by his peers.
Tomás Vaz Pinto from the corporate is one main partner dealing with private equity matters.
Filipe Lowndes Marques from the finance department is one main partner dealing with private equity matters.
Head of the banking and project finance group, Luís Branco is lauded as “one of the best lawyers in the field, thanks to his creativeness and straightforward attitude that makes transactions move smoothly.”
Interviewees also reserve praise for “thoughtful and efficient” Filipe Lowndes Marques, describing him as an “excellent team player.”
Clients admire Francisco de Sousa da Câmara for his great local and international tax knowledge. “We always feel safe in his hands,” one client commented.
António Lobo Xavier is “amazing technically,” and impresses clients with his consistently “proactive, reliable and competent” advice.

IFLR 1000

Carlos Osório de Castro

Leading Lawyer Capital Markets
2008

João Soares da Silva

Leading Lawyer Capital Markets
2008

Luís Branco

Leading Lawyer Banking
2008

Nuno Galvão Teles

Leading Lawyer Mergers and Acquisitions
2008

Carlos Osório de Castro

Leading Lawyer Mergers and Acquisitions
2008

João Soares da Silva

Leading Lawyer Mergers and Acquisitions
2008

Luís Branco

Leading Lawyer Project Finance
2008

Filipe Lowndes Marques

Leading Lawyer Project Finance
2008