Spain—Dentons, the world’s largest law firm, has advised Oaktree Capital Management on the acquisition of Solvia Desarrollos Inmobiliarios, the real estate holding entity of Banco Sabadell, Spain’s fourth biggest lender. The value of the transaction, considered by many to be the M&A deal of the year in Spain, was €880 million. The closing of the transaction is pending regulatory approvals.

Under the terms of the deal, Banco Sabadell transferred to Oaktree 100% of its share capital in Solvia Desarrollos Inmobiliarios as well as the entity’s real estate assets, consisting mostly of land for urban development.

US-based global asset management firm Oaktree Capital Management is the largest distressed securities investor in the world, and one of the largest credit investors.

A multi-disciplinary team from Dentons’ Madrid office advised Oaktree Capital Management on the corporate, financing and real estate aspects of the deal. Counsel Itxaso López and Senior Adviser Peter Deegan led the team, which also included Counsel Luis Maíz and Associates Manuel de Cueto, Ignacio Fernández and Enrique Delgado.

This operation strengthens an already established and long-lasting relationship between the two companies as ,in the past, Dentons has advised Oaktree Capital Management on a multitude of previous transactions.

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