M&A handbook iberian market 2013

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2 M&A handbook iberian market 2013 An analysis of transactions in 2012, including M&A, private equiy and venture capital

3 M&A handbook iberian market 2013 Note from the Authors: The M&A HANDBOOK is a result of local research and market analysis by TTR s Research and Business Intelligence team. Our team follows the transactional markets analysed in this Handbook at a local level, in local language, and on a daily basis researching transactional and financial data by contacting market players, collecting their input and crosschecking and analysing the data throughout the year. For full access to all of the transactional data on Latin America and the Iberian market (spanning Mergers and Acquisitions, Equity Capital Markets, Acquisition Finance and Project Finance) visit TTR at

4 CONTENTS INTRODUCTION DEFINITIONS TRANSACTIONS HIGH-END MARKET Spain MID-MARKET Spain SMALLER MARKET Spain PRIVATIZATIONS Portugal HIGH-END MARKET Portugal MID-MARKET Portugal SMALLER MARKET Portugal ENTITIES 127 BANKS AND SAVINGS BANKS Spain PRIVATE EQUITY / VENTURE CAPITAL Spain LEGAL ADVISERS Spain CONSULTANCY FIRMS / FINANCIAL ADVISERS Spain BANKS Portugal PRIVATE EQUITY / VENTURE CAPITAL Portugal LEGAL ADVISER Portugal CONSULTANCY FIRMS / FINANCIAL ADVISERS Portugal SECTORS AND SUBSECTORS 183 ENERGY AND RENEWABLE ENERGIES Spain INDUSTRY Spain INFRASTRUCTURE Spain REAL STATE AND CONSTRUCTION Spain MILITARY AND STATE DEFENSE Spain NATURAL RESOURCES Spain SERVICES AND DISTRIBUTION Spain TECHNOLOGY AND TELECOMS Spain ENERGY AND RENEWABLE ENERGIES Portugal INDUSTRY Portugal INFRASTRUCTURE Portugal REAL ESTATE AND CONSTRUCTION Portugal MILITARY AND STATE DEFENSE Portugal NATURAL RESOURCES Portugal SERVICES AND DISTRIBUTION Portugal TECHNOLOGY AND TELECOMS Portugal IBERIAN TRANSACTIONS 231 Spain Portugal CORPORATE PROFILES ACKNOWLEGEMENTS INDEX OF ENTITIES

5 CONTENTS BY COUNTRY SPAIN PORTUGAL TRANSACTIONS TRANSACTIONS HIGH-END MARKET (> EUR 500M) HIGHLIGHTED DEALS OTHER HIGHLIGHTED DEALS PRIVATE EQUITY INVESTMENTS EXITS MID-MARKET (> EUR 100M) HIGHLIGHTED DEALS OTHER HIGHLIGHTED DEALS PRIVATE EQUITY INVESTMENTS EXITS SMALLER MARKET (< EUR 100M) HIGHLIGHTED DEALS OTHER HIGHLIGHTED DEALS PRIVATE EQUITY / VENTURE CAPITAL INVESTMENTS EXITS ENTITIES BANKS AND SAVINGS BANKS PRIVATE EQUITY / VENTURE CAPITAL LEGAL ADVISERS CONSULTANCY FIRMS / FINANCIAL ADVISERS SECTORS AND SUBSECTORS ENERGY AND RENEWABLE ENERGIES INDUSTRY INFRASTRUCTURE REAL ESTATE AND CONSTRUCTION MILITARY AND STATE DEFENSE NATURAL RESOURCES SERVICES AND DISTRIBUTION TECHNOLOGY AND TELECOMS IBERIAN TRANSACTIONS SPANISH TARGET PRIVATIZATIONS PRIVATIZATIONS IN 2012 OTHER PRIVATIZATIONS IN 2012 HIGH-END MARKET (> EUR 250M) HIGHLIGHTED DEAL PRIVATE EQUITY INVESTMENTS EXITS MID-MARKET (> EUR 15M) HIGHLIGHTED DEALS OTHER HIGHLIGHTED DEALS PRIVATE EQUITY INVESTMENTS EXITS SMALLER MARKET (< EUR 15M) HIGHLIGHTED DEALS PRIVATE EQUITY / VENTURE CAPITAL INVESTMENTS EXITS ENTITIES BANKS PRIVATE EQUITY / VENTURE CAPITAL LEGAL ADVISERS CONSULTANCY FIRMS / FINANCIAL ADVISERS SECTORS AND SUBSECTORS ENERGY AND RENEWABLE ENERGIES INDUSTRY INFRASTRUCTURE REAL ESTATE AND CONSTRUCTION MILITARY AND STATE DEFENSE NATURAL RESOURCES SERVICES AND DISTRIBUTION TECHNOLOGY AND TELECOMS IBERIAN TRANSACTIONS PORTUGUESE TARGET

6 INTRODUCTION TTR -Transactional Track Record presents the second edition of its M&A HANDBOOK 2013, which organizes and analyses all M&A data, involving the Iberian market, in The M&A HANDBOOK and its contents have been graphically laid out in a way that enables the reader to quickly access all the necessary details of a specific transaction, as well as the year s most active industry sectors, companies, financial entities, consultancy firms, financial advisers and legal advisers. Highlights in the Iberian M&A market in 2012 include: The Iberian M&A market sector recorded a decrease both in investment volume in number of closed deals, compared to In fact, the total number of deals decreased by 10% and the investment dropped by approximately 15%. The main obstacles in the M&A sector: the financing conditions, with a limited access to credit, and company s delicate economic situation. Highlighted M&A sectors: financial, food, consultancy, and technology. Private equity in Spain and Portugal, throughout the year, suffered a 20% decrease, with respect to The total number of deals also decreased between 5% - 10%. The high-end marked suffered the most, whereas the mid-market remained stable. Private equity funds, venture capital and Business angels showed an increasing activity in the technology-related areas, which represents an increasing investment in start-ups. Cross-border deals were particularly relevant. Highlights include divestments by Spanish groups abroad to balance their financial statements. Also noteworthy were the Spanish companies investments in Latin America and some players in Spain. In 2012, the number of deals involving legal and/or financial advisers decreased slightly compared to previous year. Deals involving company s internal teams increased. TTR - Transactional Track Record - ( 11

7 Transactions Spain High-end Market (> EUR 500m) Largest deals Additional deals in this segment Private equity / Venture capital Investments Exits Mid-Market (> EUR 100m) Largest deals Additional deals in this segment Private equity / Venture capital Investments Exits Smaller Market (< EUR 100m) Largest deals Additional deals in this segment Private equity / Venture capital Investments Exits

8 TRANSACTIONS SPAIN M&A HANDBOOK 2013 HIGH-END MARKET > EUR 500m Largest deals in 2012 TARGET COUNTRY SUBSECTOR BUYER SELLER Cono Sur Participaciones Bankia (fusión Caja Madrid y Bancaja); Banco Financiero y de Ahorros Spain Spain Financial and insurances Financial and insurances Largest deals in 2011 AMOUNT (EUR m) Enersis Chile Endesa 4.501,74 Fondo de Reestructuración Ordenada Bancaria (FROB) Brisa Portugal Roads and Highways Tagus Holdings Banco Pastor Spain Financial and insurances China Unicom China Telecoms Heathrow Airport Holdings (BAA) UK Transports, Aviation and Logistics Abertis Private shareholders 1.404,54 Banco Popular China United Network Communications Qatar Holding Telefónica International 1.154,35 Ferrovial; Britannia Airport Partners GIC (Government of Singapore Investment Corporation) 1.105,38 Atento Spain Telecoms Bain Capital Telefónica Banco Santander Colombia Banca Cívica Colombia Spain Financial and insurances Financial and insurances CorpBanca Banco Santander 984,14 CaixaBank (Criteria CaixaCorp) Abertis Spain Roads and Highways OHL Admirabilia 875,3 Source: TARGET COUNTRY SUBSECTOR BUYER SELLER Bank Zachodni Garanti Bankasi Poland Turkey Financial and insurances Financial and insurances Banco Santander BBVA Cepsa Spain Oil and Gas IPIC British Airways Iberia Talecris UK USA Transports, Aviation and Logistics Farmacéutico, Parafarmacia y Cosmética Private shareholders AIB Group General Electric Company Dogus Group Private shareholders; Total AMOUNT (EUR m) Grifols Repsol YPF Spain Oil and Gas Repsol YPF Elektro Brazil Electric Vidacaixa - Adeslas Seguros Generales Capio España Mivisa Spain Spain Spain Financial and insurances Healthcare, Hygiene and Medical Aesthetics Industrial Machinery, Metals Iberdrola; Energia do Brasil EPC - Empresa Paranaense Mutua Madrileña Automovilista CVC Capital Partners Private shareholders; Blackstone; N+1 Private Equity Fund I Private shareholders Cerberus Citibank España; ING Bank; Natixis; Société Générale Group; Crédit Agricole; Banco Santander; Sacyr Vallehermoso; Bankia (merger Caja Madrid y Bancaja) Ashmore Energy International CaixaBank (Criteria CaixaCorp) Capio; Nordic Capital; Apax Partners CVC Capital Partners 900 Source: 16 TTR - Transactional Track Record - (

9 M&A HANDBOOK 2013 TRANSACTIONS SPAIN High-end Market In 2012, the high-end transactional market was slightly less active than in the previous year. The number of deals decreased. In fact, seven deals were closed with values superior to EUR 1.000m, compared to nine in Furthermore, we registered eight deals with values superior to EUR 500m, while in 2011, thirteen had been closed. Similar to 2011, most deals in this segment had a cross-border component. Highlights include the divestment conducted by Endesa, a Spain-based electricity multinational, of Cono Sur Participaciones, a company that groups Endesa s assets and stakes in Latin America, to Enersis (Chile), a company held by Endesa (60,62%). The deal value was USD 5.963m, some EUR 4.501,74m. Furthermore, Telefónica, through Telefónica International, sold a 4,56% stake in China Unicom to China United Network Communications, the group s controlling company. The deal value was HKD m, some EUR 1.128,9m. Previously, Telefónica held a 9,6% stake in China Unicom, and with this sale this percentage will decrease to 5,01%. The most active sector in this segment was the financial and insurance. Banco Financiero y de Ahorros, a merger of seven savings banks headed by Caja Madrid and Bancaja, submitted a conversion request to the Spanish Government for EUR 4.460m in preference shares of FROB (Fondo de Reestructuración Ordenada) a bank restructuring fund, into equity. With this deal, FROB enters, directly, Banco Financiero y de Ahorros s share capital, and indirectly its subsidiary Bankia (fusión Caja Madrid y Bancaja) with 45% of the capital. As a result, the ministry of Economy recognizes the Government s control over the bank. On the other hand, Banco Popular launched a public takeover offer to acquire Banco Pastor, and merge the two banks. The deal value was EUR 1.362m. Banco Popular will pay through new issued shares to all Banco Pastor s shareholders that participated in the takeover. In fact, Banco Popular offered 1,11 new shares for each share of Banco Pastor, and 30,9 shares for each of Banco Pastor's mandatory convertible bonds. HIGH-END MARKET > EUR 500m TTR - Transactional Track Record - ( 17

10 TRANSACTIONS SPAIN M&A HANDBOOK 2013 Cono Sur Participaciones COUNTRY: Spain HIGH-END MARKET > EUR 500m Endesa, a Spain-based electricity multinational, sold Cono Sur Participaciones, a company that groups Endesa s assets and stakes in Latin America, to Enersis (Chile), held by Endesa (60,62%). The deal value was USD 5.963m, approximately EUR 4.501,74m. This transaction was part of a capital increase conducted by Enersis (Chile) for USD 8.020m. With this deal, Endesa aims to improve its shareholding structure and change Enersis (Chile) into a company that operates in all Latin American countries. This year, Endesa also sold Endesa Ireland to UK-based Scottish & Southern Energy (SSE). The deal value was EUR 286m. Founded in 1944, Endesa is a Spain-based company that operates in the electric and gas sector. Since 2009, and after a lengthy public offering, Enel, an Italy-based power company holds a 92% stake in Endesa s share capital. Endesa is the largest utility company in Spain and a leading multinational energy company in Latin America. The company also operates in Portugal and is present in Morocco, with a thermal plant in Tahaddart. Endesa began its expansion as a producer and carrier of electricity in Latin America during 1990 s, focusing mainly in Argentina, Chile and Venezuela. Later the utility company entered Brazil, Colombia and Peru, where it is one of the major electricity carriers in number of customers. Endesa has in excess of 25 million customers worldwide, with an installed capacity of MW and a production of GWh, by 31 December Its net profits were EUR 2.12m, this same year. Enersis is one of the largest private electricity multinationals in Latin America. Currently, the company has direct and indirect control over the generation, transmission and distribution of electric energy and related areas. Enersis operates in Argentina, Brazil, Chile, Colombia and Peru. Its installed capacity exceeds MW, and through its distributors the company supplies electricity to some 14,2 million customers. Advisers In this deal, Endesa appointed Mediobanca, J.P. Morgan and Celfin Capital as financial advisers, and used its internal team as legal adviser. 18 TTR - Transactional Track Record - (

11 M&A HANDBOOK 2013 TRANSACTIONS SPAIN PARTIES FINANCIAL DATA ADVISERS & DUE DILIGENCE TARGET: Cono Sur Participaciones DESCRIPTION: Company that groups Endesa s assets and stakes in Latin America. SELLER % Endesa 100 Total sold 100 BUYER % Enersis Chile 100 Total acquired 100 HIGH-END MARKET > EUR 500m PARTIES FINANCIAL DATA ADVISERS & DUE DILIGENCE DEAL VALUE Payment EUR 4.501,74m (Cash) EUR 4.501,74m MULTIPLES Enterprise value Equity value Revenues - - EBITDA 8,60 x 8,60 x TARGET (EUR million) Revenues EBITDA ,59 Enterprise value 4.501,74 Equity value 4.501,74 PARTIES FINANCIAL DATA ADVISERS & DUE DILIGENCE PARTY ADVISED Endesa FINANCIAL ADVISERS Mediobanca J.P. Morgan Celfin Capital LEGAL ADVISERS DUE DILIGENCE In-house - Source: TTR - Transactional Track Record - ( 19

12 Transactions Portugal Privatizations 80 Privatizations 2012 Other privatizations 2012 High-end market (> EUR 250m) Largest deals Private equity / Venture Capital Investments Exits Mid-market (> EUR 15m) Largest deals Private equity / Venture Capital Investments Exits Smaller market (< EUR 15m) 116 Largest deals Private equity / Venture Capital Investments Exits

13 TRANSACTIONS PORTUGAL M&A HANDBOOK 2013 HIGH-END PRIVATIZATIONS MARKET > EUR 250 M Privatizations 2012 TARGET SUBSECTOR BUYER SELLER ANA - Aeroportos de Portugal REN - Redes Energéticas Nacionais HCB - Hidroeléctrica de Cahora Bassa Transports, Aviation and Logistics Electric Electric VINCI Concessions State Grid Corporation of China - SGCC, Oman Oil Company REN - Redes Energéticas Nacionais, Estado Mozambiqueño Parpública (Portuguese Government) Parpública (Portuguese Government) Parpública (Portuguese Government) AMOUNT (EUR m) ,21 74 BPN Gestão de Activos Financial and Insurance Patris Investimentos Parpública (Portuguese Government) 3,2 Source: Other announced privatizations in 2012 TARGET SUBSECTOR BIDDER COUNTRY BIDDER AMOUNT (EUR m) Banco Efisa Financial and Insurance Grupo Orey Antunes Portugal (Approx.) Banco Efisa Financial and Insurance SIMUM Portugal (Approx.) Banco Efisa Financial and Insurance Banco Internacional Fiduciário - BFI Cape Verde (Approx.) Silopor Silopor Transports, Aviation and Logistics Transports, Aviation and Logistics ETE Group Portugal 162 Sogestão Portugal 62 Estaleiros Navais de Viana do Castelo - ENVC Shipbuilding JSC River Sea Industrial Trading Portugal 29,90 (Approx.) Estaleiros Navais de Viana do Castelo - ENVC Waste Management, Pollution and Recycling Aquapor Serviços Grupo Egeo Mota-Engil Ambiente e Serviços Portugal - Source: 80 TTR - Transactional Track Record - (

14 M&A HANDBOOK 2013 TRANSACTIONS PORTUGAL Privatizations One of the most relevant aspects of the Portuguese transactional market, in 2012, was the intense privatization activity. This is associated with troika s impositions given the serious financial and budgetary situation of the country, which has influenced dramatically the Portuguese corporate structure. Highlights, this year, include ANA - Aeroportos de Portugal, which was sold to VINCI Concessions, a France-based company, for EUR 3.080m; Eliminated from ANA s privatization race were consortium Atlantic (constituted by Fraport, a Germany-based company that manages Frankfurt airport, and Industry Funds Management - IFM, an Australia-based investment fund); consortium EAMA (constituted by Corporación América, an Argentina-based airport investment company, Sonae Sierra, group Auto-Sueco, Uruguayan company Credicor, Mexico-based Grupo Tradeco and Empark, and Brazilian company Engevix). Among other candidates were consortium Zürich Airport (constituted by Swiss airport management company Flughafen Zürich, which manages Zurich airport, US-based company Global Infrastructures Partners - GIP, Brazilian company CCR, and private shareholdes); and finally a consortium constituted by Portuguese construction group Mota-Engil, Colombian company Odinsa, CSS Constructores, Marval, Construcciones El Cóndor and Termotécnica, as well as Spanish group Isolux Corsán and Dutch company Multi Corporation. Apart from these, other privatizations occurred: REN - Redes Energéticas Nacionais, which was acquired by State Grid Corporation of China - SGCC y Oman Oil Company, for EUR 592,21m; and BPN Gestão de Activos that was acquired by Patris Investimentos, for EUR 3,20m. Several other privatizations were announced in 2012 and should be completed during 2013; EGF (Águas de Portugal), and Estaleiros Navais de Viana do Castelo - ENVC. HIGH-END PRIVATIZATIONS MARKET > EUR 250 M TTR - Transactional Track Record - ( 81

15 SECTORS & SUBSECTORS Spain Energy and renewable energies Industry Infrastructure Real estate and construction Military - State defense Natural resources Services and distribution Technology and telecom

16 M&A HANDBOOK 2013 SECTORS Y SUBSECTORS SPAIN Energy and renewable energies The economic instability and the legislation changes in renewable energies in Spain influenced this sector throughout In addition, two nationalizations in Latin America had a negative effect. The Argentinean Government nationalized 51% of Repsol held by oil company YPF. In addition, the Bolivian Government acquired a 99,94% stake in Transportadora de Energía (TDE), a Bolivia-based electricity distributor, held by Red Eléctrica. In this framework, companies chose to invest abroad in search of strategic assets to continue their growth plans, and sell foreign equity to improve their cash flow and financial statements. Repsol sold Respsol Butano Chile to a Chilean investor group headed by Larraín Vial, an equity trading company, for EUR 428,42m. In addition, Italy-based company Enel closed the acquisition of Endesa Ireland, through its subsidiary Endesa, held by Scottish & Southern Energy (SSE). The deal value was 286m. Biofuel Although this subsector s transactional activity declined over the last few years, due to the scarce biofuel demand in Spain, in 2012 several relevant deals were registered. US-based multinational Fuel Streamers Group acquired a minority stake in Bio Energética Extremeña 2020, a Spain-based biofuel company with a production capacity of tons. In April 2009, Bio Energética Extremeña filed for bankruptcy since its accumulated debt was EUR 40m. In December 2010, the company reached an agreement with several banks, EBN among others, to pay its debt in 10 years, starting in In spite of this procedure, the plant maintained its activity producing second generation biofuel using animal fat and recycled oils. Biomass ENERGY AND RENEWABLE ENERGIES This subsector was not particularly active this year, but it registered a few undisclosed amount relevant deals. Spanish group Gestán, through its subsidiary Intacta, acquired a majority stake in Biomasa Forestal, for an undisclosed amount. Furthermore, Fenice Instalaciones Ibérica, a subsidiary of EDF Fenice (EDF Group), acquired a majority stake in Valoritzacions Agroramaderes Les Garrigues, a Catalunya-based company, held by E.ON Renovables, Abantia and Comsa Emte Energías Renovables. The deal value was EUR 15m. TTR - Transactional Track Record - ( 185

17 SECTORS Y SUBSECTORS SPAIN M&A HANDBOOK 2013 Electric This subsector decreased its activity considerably compared to previous year, registering some eight deals, while last year it recorded 18. Nevertheless, several relevant transactions should be highlighted, such as the nationalization by the Bolivian Government of 99,4% of Transportadora de Energía (TDE), held by Spanish company Red Eléctrica. This subsector also registered one of the largest deals in Italian company Enel, through Spain-based company Endesa, acquired Endesa Ireland, held by UK-based company Scottish & Southern Energy (SSE). The deal value was EUR 286m. Furthermore, Cogen Energía España, a subsidiary of Norwegian group Cogen, acquired a 75% stake in ESA (Ecoenergía Sistemas Alternativos) held by Sodena and other minority shareholders. Sodena retains a minority stake in ESA s share capital, at least for three years. Wind ENERGY AND RENEWABLE ENERGIES The legislation changes in renewable energies and premium removal in this type of projects caused a considerable decrease in the wind subsector s activity. In 2012, highlights include Gamesa s divestments. The Spanish multinational sold French wind farms Quatre Vallées I (12 MW), Quatre Vallées II (20 MW), Souvigné (8 MW) and German Sarrow (16 MW) to European Sustainable Power Fund 2, held by German company KGAL. In addition, Gamesa sold wind farm Krzecin (14MW), located in Poland, to RWE Renewables Polska, the Polish subsidiary of German company RWE Innogy. Moreover, US-based company ContourGlobal (through its Colombian subsidiary ContourGlobal Latam) and Spanish company Montealto acquired Energía Eólica (EESSA), a Peru-based wind farm management company, held by Sigma Energías, Gola and entrepreneur Juan Rodolfo Wiesner Rico. Geothermal There were no registered deals in the Spanish Geothermal energy sector throughout Hidraulic As in previous years, the transactional activity was mild, in this subsector, during Highlights include the acquisition by British fund HgCapital 186 TTR - Transactional Track Record - (

18 M&A HANDBOOK 2013 SECTORS Y SUBSECTORS SPAIN of a 29,25% stake in Hidrodata (former Eissl), a Spain-based management company with 19 mini hydraulic plants in the Pyrenees, for EUR 14m. The stake was held by Catalunya Caixa, and this deal generated profits. Furthermore, Renewable Power International (RPI) made a capital increase to finance the acquisition of six hydraulic projects, with the shareholders own resources and external funding. In fact, Demeter Partners invested EUR 3,6m in exchange for a 4% stake, attaining 29% of RPI s share capital. Nuclear There were no registered deals in the Spanish Nuclear energy sector throughout Oil and gas In 2012, the oil and gas subsector maintained the trend set in previous years, with a considerable activity, mainly cross-border. The number of deals was similar for Spanish acquisitions abroad as for foreign acquisitions in Spain. Highlights include the Argentinean Government s expropriation of a 51% stake in oil company YPF, held by Repsol, after it was declared of public interest. Furthermore, Repsol made other divestments, such as Repsol Butano Chile to a group of Chilean private shareholders headed by Larraín Vial, an equity trading company. The deal value was EUR 438,42m. In addition Repsol sold its liquid petroleum gas (LPG) assets in France to Totalgaz, a subsidiary of French oil group Total, for approximately EUR 14,5m. On the other hand, Elecnor, a Spain-based infrastructures company, sold a 50% stake in Gasoducto Morelos, the public tender winner that will build and maintain the gas pipeline in Mexico, held by Enagás. In addition, Enagás acquired a 90% stake in Naturgas Energía Transporte (former Gas Euskadi), held by Portuguese multinational EDP. EVE (Ente Vasco de la Energía), a Basque-based group controlled by the autonomous government and a minority shareholder of Naturgas, acquired the remaining 10%. The total deal value was EUR 241m. ENERGY AND RENEWABLE ENERGIES Solar The solar subsector was also influenced by the legislation changes in renewable energies and the subsidies removal, causing a decrease in number of deals. Nonetheless, several cross-border deals were relevant. Pontia Capital, a venture capital firm, acquired a minority stake in Ecuador Energético, a Quito-based company TTR - Transactional Track Record - ( 187

19 Acknowlegements We would like to thank all of those who have contributed to this third M&A HANDBOOK - Iberian Market, published for the first time in The previous two editions were extremely successful, and this has enabled our research team to access increasingly comprehensive data and amply appreciated by professionals in this sector.in publishing this M&A HANDBOOK - Iberian Market, we received invaluable support from Thomson Reuters and Informa D&B, as well as from experts and professionals from the financial and legal sectors who have always trusted TTR s team, and have shared their opinions and expertise. TTR - Transactional Track Record - ( 291

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21 Index of entities Symbols 3angle Capital 82 3i España 34, 48, 50, 134, 135, 163, 165 3i Group 49, 50, 70, 132, 134, 135, 142, , 143 A AAA Advogados 176, 178, 238 Abantia 185 abaqueira Bell II 177 Abengoa 34, 204, 74, 74 Abertis 16, 189, 22, 28, 29, 34, 42, 157, 48, 178, 88, 96, 48, 48 Abertis Infraestructuras 42 Abertis telecom 34, 42, 189 Absolute Return Capital Partners 132 Accelero Capital 72, 163 Accel Partners 55, 134 Accenture 200, 209 Accenture (España) 157 Acciona 48, 70, 139 Acciona Aparcamientos 48 Acciona Infraestructuras México 70, 139 Accuracy 54, 266 Acens Technologies 56, 74 ACS 28, 29, 157, 66, 71, 72, 139, 30, 204, 156, 56, 70, 163 Actis 48 Active Venture Partners 145 Acuigroup Maremar 141 Adara 74 AddFleet 57, 145, 148 Adecq Digital 74 Adeslas 16, 48 Adicional Logistics 232 Admirabilia 16 Adtribboo 204 Advanced Digital Design 74 Advent International 54, 130, 201, 74, 134, 202 Advent International España 48, 50, 51, 191, 135, 136, 138, 156, 158, 134 Aegon 47, 131 Aegon España 47, 131 AEIF Apollo 149 Áereas Iberoamericana 35 Aernnova 173 Affinity Pet Care 29 Afina 139 Afinsa 57 Agile Finance 202 Agora Invest 74 Agravis Raiffeisen 75, 141, 205 Agrolimen 29, 155, 156, 199, 205 Agropecuaria La Florida 198 AIB Group 16 Air Liquide 34, 35, 54, 66, 134, 152, 156, 161 AJA Inversiones 158, 202 Aktua 48, 56, 57, 58, 71, 139, 70 Alcalá Farma 135 Alcasa 74 Alemany, Escalona & Escalante 75, 108, 115, 154 Aleph Capital 56, 74 Alinda Capital Partners 34 Allen & Overy 49, 152, 240 Allsun Hoteles 62 Alltours 62 Almendras del Sol 190 Alpine 190 Alta Gestión 135 Althia 145 Altice 100, 104, 110, 180, 229 Amadeus 34, 48 Amerigo Innvierte Spain Ventures 145 Amgen 33 Amobee 54, 55, 56, 134 Amorim Energia 88, 178 Amorim & Irmãos 112, 218, 232, 233 Ampla Energia e Serviços 100 Ampla Investimentos e Serviços 116 Amrest 53 ANA - Aeroportos de Portugal 88, 94, 172, 179, 180, 80, 81, 82, 228 Andasol I 30 Andasol II 30 Andrade Gutiérrez Participações 88 Anglo Balear de Servicios de Higiene 156 Animédica Group 74, 75, 141, 205 Antena 3 Televisión 204 Antin Infrastructure Partners 30, 56, 70 Aon Corporation 163 Aon España 51, 163 Apax Partners 16, 30, 33 Apollo Capital 34, 48, 133 Applus+ 200 Aqualandia 130, 201, 153, 153 Aquapor Serviços 227, 80 Aquapura Hotels Villas & Spa 116 Araclon Biotech 208 Arbora & Ausonia 29, 155, 156, 199, 205 Arcano Asesores 55 Archivel Farma 74 Arcus Infrastructure Partners 22, 96, 149, 220, 175, 178, 149 Arena Atlântica 228 Argentinean Government 38 Arps 75 Arrow 190 Arteche 158 Artenius Polímeros Portugal 116 Artiach 156, 162, 166, 189 Ascenseurs Altilift 191 Ascenseurs Luxembourg 191 ASCRI Asociación Española De Entidades De Capital- Riesgo 289 Ashmore Energy International 16 Ashurst 49, 55, 75, 152 Ashurst España 161 ASJ Services 165, 190 Associated Partners 116, 124 Asturbega 199 Atento 16, 30, 31, 132, 133, 150, 158, 160, 164, 150 Atlantic 81 Atmel Corporation 74 Atradius 40, 57, 60, 153, 56 Atuka 35 Auren 164 Auriga Global Investors 270 Autometal 190 Autopistas del Sol 193 Autopista Trados-45 70

22 B Autopista Urbana Norte 165, 193 Auto-Sueco, 81 Autotrans Express 234, 235 Autovía del Arlazón 193 Avança 157 Avantha 55 Avanza 136 AXA Private Equity 34, 48, 70 Axión 56, 70 Axis Participaciones Empresariales 34, 200, 206 Azbil 157 AZ Capital 28, 159 BAA 206, 34 Bagano 199 Bain Capital 16, 30, 31, 132, 133, 150, 158, 160, 164, 150 Bain Capital Ventures 132 Baker & McKenzie 54, 69, 152, 153 Balearic Beverages Distributors 200 BanBajío 48, 203, 134, 203 Banca Cívica 16, 28, 47, 131, 158, 159 Bancaja 16, 20, 201, 202, 36, 100, 100, 16 Banca Privada d Andorra 56 Banco ADOPEM 130 Banco Banvivienda 57, 203 Banco BPI 172, 176, 178 Banco Bradesco BBI 88 Banco BTG Pactual 90 Banco Caixa Geral Brasil 36 Banco de España 141, 201 Banco de Madrid 56, 201 Banco de Valencia 129, 130, 141, 153, 157, 201 Banco Efisa 171, 227, 80 Banco Espírito Santo - BES 88, 100, 102, 171, 173, 227 Banco Fiduciário Internacional - BFI 171, 227 Banco Financiero y de Ahorros 17, 20, 202 Banco Gerador 227 Banco Itaú BBA 90, 176, 178 Banco Mare Nostrum 130 Banco Pastor 16, 24, 17, 129, 199, 149, 149 Banco Popular 36, 17, 129, 130, 199, 150, 155, 158, 149, 159 Banco Popular de los Previsores del Porvenir 24 Banco Popular Español 24 Banco Popular Portugal 24 Banco Português de Investimento 174 Banco Sabadell 48, 130, 203, 134 Banco Santander 16, 28, 36, 50, 57, 58, 131, , 203, 16 Banco Santander Colombia 16, 28, 131, 158, 199, 203 Banco Santander Seguros de Vida 131 Banco Santander Seguros Generales 131 Banco Santander Totta 90 Banco Valencia 141 Banesto 35, 36, 48, 58, 71, 131, 139, 56, 70 Banif 58 Banif CVC 172 Bankia (fusión Caja Madrid y Bancaja) 16, 17, 36, 46, 100, 129, 130, 136, 153, 201, Bankinter Capital Riesgo 74 Bank of America 34, 48 Bank of America Merrill Lynch, 34, 48 Bank Zachodni 16 Barclays 34, 88 Barclays Bank 46, 49, 88, 90, 48, 88, 134 Barclays Investment Banking 82, 83 Barrieu & Flesch Advogados 31, 150 Basque Government 51, 137 BBK 48, 51, 129 BBVA 16, 34, 36, 44, 50, 56, 56 BBVA Corporate Finance 36, 44, 49, 54, 92, 108, 115, 160, 161, 163, 164, 75 BBVA PR Holding 34, 44 BBVA Securities of Puerto Rico 44 BCP 88 Bebidas Gaseosas del Noroeste (Begano) 157, 189, 199 Befesa 204, 74 Befesa Reciclaje de Residuos de Aluminio (extinguida Alcasa) 74 BEI 193 Bekaert 191 Bellystems Benetton 137 Beniplast Benitex 74, 142 BERD - Engenharia de Pontes 124 Bertelsmann 204 BES 102 BES África 116 BES Vida 100, 102, 171, 227 Betapack 138, 139 BFA 202 BG Group 47 Bimbo España 100 Bimbo Portugal 100 Bio Energética Extremeña 185 Biohigiene 156 Bioibérica 191 Biomasa Forestal 185 Bioplus 191 Biovegetal 174, 215 BioVex 33 Bird & Bird 242, 151, 154, 151 Blablacar.com 146 Blackstone 16, 30, 33, 49, 136 BNI - Banco Nacional de Investimento 171, 178 BNP Paribas 40, 50, 54, 160, 161 Bodegas LAN 74, 75, 76, 100, 108, 114, 138, 154, 217, 163, 173, 232, 233, 139 Bodegas Marqués de Campo Nuble 64 Boltendahl International Partners 272 Bond Air Services 34, 48 Bonomi 137 Bonsai Venture Capital 76, 146 Boost 148 BPA Banco Privado do Atlântico 118 BPI 112, 172 BPN - Banco Português de Negócios 171 BPN Gestão de Activos 80, 81, 116 Bradesco 88 Bradespar 100 BrainSINS 147 Brandsclub 74 Bravofly 69, 162, 56 Bridgepoint 49, 30 Brigard & Urrutia 31, 150 Bright Capital 145 Brisa 16, 22, 28, 171, 175, 178, 88, 96, 135, 220, 100 Britannia Airport Partners 16, 28, 206 British Airways 16, 16 British Gas Group 35, 47, 151, 155, 166

23 C British Midland International (BMI) 155 Brookfield Asset Management 179, 84 Brookside Capital Partners 132 Broseta Abogados 62, 153 BRZ Tech 173, 139, 113 Bullnet Capital 233 Bullnet Capital II 189, 232, 233 Bullnet Gestión 189 Bundlr 124 Business Media China 116, 124 Busuu.com 145 Buwog 195 Cabanellas 31 Cabiedes & Partners 57, 146, 208, 209 Cabovisão 100, 104, 110, 180, 229 Cacaolat 69, 120, 189, 153, 235, 56 Caetano de Freitas & Associados 245 CAF - Corporación Andina de Fomento 48, 188 Conduit Capital Partners 134 Cahora Bassa 101 CaixaBank (Criteria CaixaCorp) 16, 28, 34, 47, 48, 53, 70, 74, 112, 131, 141, 158, 159, 172, 176, 178, 193 Caixa BI 36, 92, 96, 104 Caixa Capital 148, 233 Caixa Capital Biomed, 146, 145 Caixa Capital Micro 208 CaixaCapital Pyme Innovación 146 Caixa Capital Risc 57, 74, 75, 132, 146, 148, 145 Caixa Capital Risk 209 Caixa Capital Semilla 146 Caixa Capital TIC 146, 232, 233 Caixacatalunya 129 Caixa Geral 49, 136 Caixa Geral de Depósitos 89 Caixa Innvierte Industria 145, 146 Caixa Laietana 20 Caixa Penedès 130 Caixa Seguros e Saúde 179 Caja Ávila 20 Caja Burgos Vida 47, 131 Caja Canarias 28, 131, 158 Caja Cantabria 34 Caja de Burgos 129, 28, 131, 158 Caja de Extremadura 34 Caja de Fuentepelayo 129 Caja de Segovia 129 Caja Madrid 16, 17, 20, 201, 202, 36, 100 Cajamar 129 Caja Navarra 28, 131, 158 Caja Navarra Seguros 131, 47 Caja Rioja 20 Caja Segovia 20 Cajasol, 56, 70, 70 Cajas Rurales Unidas 129 Cajastur 34, 48 Caja Vital 129 Caléo 116, 229 Calyon 54, 138 CAM 130, 153, 157, 201 Cámara de Comercio de Sevilla 202 Camargo Corrêa 222, 172, 175, 176, 89, 116, 179 Campos Ferreira, Sá Carneiro 22, 96, 149, 175, 178 Canal de Isabel II 199 Cantabria Capital 282 Capio 16, 30, 33 Capio España 16, 16 Caprabo 200 Carey & Allende 31, 150 Caribe Pensiones Consultants 44 Carlyle 200, 34, 48, 48 Casas y Palacios de España 62, 207 Casbega 199 Cash Diplo 202 Catalana Occidente 40, 57, 60, 160, 203 Catalunya Caixa 187 Catchoom 147 CCH (Alien Cams) 191 CCM 173 CCMO Capital Advisors 206 CCMP Capital Advisors 70, 139 CCR 81, 82 CDTI 200, 145 CEBC Energia 226 CECU Inversiones 145 Celfin Capital 18 Cementos Artigas 195 Cementos Avellaneda 195 Cementos Balboa 36 Cementos Molins 195 Cementval Materiales de Construcción 195 Centerbridge Partners 35, 48, 57, 58, 71, 139, 163, 56, 70 Central Termosolar Andasol I 30 Central Termosolar Andasol II 30 Centro de Abate de Coelhos Joaquim Jesus Ramos 235 Centro de Abate de Coelhos- Joaquim Jesus Ramos 234 Centro Hospitalar de S. Francisco to Sanfil - Casa de Saúde de Santa Filomena 117 Century Plastics 190 Cepsa 16 Cerberus 16, 190, 16 Cescon 31, 150 CGD 171 CGD Caixa Geral de Depósitos 88, 89, 90, 100, 104, 112, 115, 171, 172, 178, 179, 180, 216, 225 CGD Capital 112, 115, 173 CG International 35, 55, 156, 166 Chilean bank CorpBanca 131 Chillida Business Group 76, 142, 206 Chillida Sistemas de Seguridad 74, 76, 77, 142, 206 China Investment Corporation 30, 31, 32, 42, 46, 133, 150, 155, 199, 225, 132, 173 China Three Gorges 179 China Unicom 16, 17, 26, 17 China United Network Communications 16, 26, 17, 149 CI Banco 203 Cidade de Deus 88 CIE Autometal 190 CIE Automotive 190 Cimento Verde do Brasil 195 Cimpor 172, 175, 176, 88, 90, 222, 175, 116, 179 CINAC - Cimentos de Nacala 116 Cintra 70 Cinven 49, 136 Cipio Partners 148 Cisco Systems 55 Citibank 16, 82, 90 Citibank España 159 Citibank Portugal 83 Citigroup 51, 54, 92 Civis 194 Claro y Cia. Abogados 38

24 Cleary Gottlieb Steen & Hamilton 44 Clece 66, 71, 72, 138, 204, 56, 139, 70 Clifford Chance 26, 32, 51, 52, 75, 108, 115, 250, 150, 154, 155, 154 CMI Chamartin Immobilien 195 CML Innovative Technologies 190 CMS Albiñana & Suárez de Lezo 51, 246 CMS Rui Pena & Arnaut Advogados 82, 83, 84, 175, 176, 178 Cobega 69, 120, 189, 153, 235, 199, 56, 153 Cobra 30 Coca-Cola Cobega 69 Codere 201 Codere México 201 Coditel 110 Cofides 164, 193 Cogeco 100, 110, 180, 229 Cogen 186 Cogen Energía España 186 Coinma 192 Colebega 199 Compagnie Eurropéenne d Assurances (CEA) 165 Compañía de Seguros de Vida 47, 131 Compañia General de Esencias 164 Compañía General de Esencias 190 Compañía Logística de Hidrocarburos (CLH) 34 Competent Business 62 Completel 110 Comsa Emte Energías Renovables 185 Concesionaria Universidad Politécnica de San Luis Potosí 70, 139 Conduit Capital Partners 48, 52, 188 Conergy 155 Conergy España 155 Confederación Española de Cajas de Ahorros 144 Confitería Carlos Gonçalves 232 Cono Sur Participaciones 16, 17, 18 Conservas El Cidacos 198 Consortium Centro América Abogados 31 Construcciones El Cóndor 81, 82 Constru Software 209 Contenur 137, 140, 142 ContourGlobal 186 ContourGlobal Latam 186 Control 74, 116 Controladora Milano 54, 56, 202, 134 Controlauto 171 Control PET 116 Copisa 194 Corbis 62 CorpBanca 16, 28, 129, 199, 203 Corpfin Capital 202, 206, 53, 53 Corpora Agrícola 100, 112, 217 Corporación América 81, 82 Corporación Financiera Caja de Madrid 46 Corporación F. Turia 195 Corporación Gestamp 48, 52, 134 Corporación IBV 143 Corporación Interamericana de Entretenimiento (CIE) 201 Corporación Masaveu 195 Corporación Mondragón 48, 51, 137, 134, 192 Corporación Noroeste 90 Corrugados Azpeitia 36 Corrugados Lasao 36 Corticeira Amorim 112, 218, 233 Cosmo Fragances 190, 164 CPFL Comercialização Brasil 34 CRB Bio II 145 Credicor 81 Crédit Agricole 16, 33, 56, 227, 171, 100, 56, 56 Crédit Agricole Private Equity 33 Crédit Mutuel 24 Credit Suisse 90 Credit Suisse Group, 82, 83 Credit Uruguay Banco 56 Cretaprint 203 CRH 88 Crompton Greaves 35, 55, 156, 165, 166 CSHG Brasil Shopping FII 116 CSN Steel 34, 36, 189, 151, 160, 161, 164, 165, 160, 189 CSS Constructores 81, 82 Cuatrecasas, Gonçalves Pereira 24, 29, 36, 40, 50, 54, 60, 62, 69, 73, 86, 87, 106, 140, 143, 149, 151, 152, 153, 154, 176, 178, 248, 249 Current 116, 124 CVC Capital Partners 16, 30, 33, 34, 48, 53 D Damm 69, 116, 120, 189, 153, 235, 207, 225, 234, 235, 56 Danona 192 Danone 64 Danone España 56, 64 DaVita 180 DC Advisory Partners 75 DDJ Capital Management 190 Dédalo Grupo Gráfico 70 Dédalo Heliocolor 203 Dédalo Offset 203 Deloitte 29, 31, 49, 51, 54, 75, 108, 114, 115, 159, 161, 162, 164, 181 DELOITTE 274 Deloitte Abogados 50, 66, 72 Deloitte España, 159, 161, 162 Demeter Partners 137, 140, 142, 187 Dentons 253 Deoleo (antigua SOS Corporación Alimentaria) 116, 233 Deskidea.com 208 Deutsche Bank 60, 84, 85, 90, 98 Dexia 24 Deyá Capital 48 Diana Capital 34 Dicio 209 Digital Assets Deployment (DaD) 204 Digital Click Media 204 Dinamia Capital Privado 35, 55, 56, , 156, 165, 226 Dinosol 158, 202 Disa 34, 48 Diverdrugs 190 DLA Piper 55, 76, 254, 156, 154 Dogus Group 16 Domecq Bodegas 198 Donghua Automotive 190 Doughty Hanson 34, 46, 48, 49, 134, 136, 152, 161, 152 Dresdner 135 Dresser-Rand 34 Dress for less 53 Dundon DFS 30 Dunia Renang 190

25 E Duro Felguera 74 e3 Systems 208 EADS 217 EAMA 81 EBN 185 EBN Banco de Negocios 173 ECS Capital 173, 174, 215, 226 Ecuador Energético 187 Eden Hoteles 62 EDF Fenice (EDF Group) 185 Edifer 174 EDP, 187, 88, 100, 100, 100, 232 EDP Brasil 88 EDP - Energias de Portugal 88, 98, 100, 116, 179, 215 EDP Renováveis 100, 232 EFI Print 203 Egeo 227 EGF (Águas de Portugal) 227, 81 EGF-GCF (Logoplaste) 98 Eissl 186 Ekarpen 192 Elecnor 187, 56 Elektro 16 Elevator 191 Elior 35 Ellomay Capital 155 El Tajarón 196 Embraer 217 Embraer Defesa e Segurança 217 Emesa 35 Empark 81, 82 Empresas Lipigas 38 Enagás 35, 46, 47, 187, 151, 154, 155, 166, 84, 151 Enagás Transporte 151, 154, 166 ENAP 47 Enbasa Laval 191 Endesa 16, 185, 186, 18, 34, 46, 48, 51, 100, 100, 116, 17, 134, 234 Endesa Chile 47 Endesa Ireland 34, 46, 185, 186 Endesa Latinoamérica 100 Enel 46, 185, 186 Energía Alterna Istmeña 70 Energía Eólica (EESSA) 186 Energy Sports Atlantic Group 201 Enersis Chile 16, 18 EnerTech Capital 124 Engevix 81, 82 Engivia 234 Eni 88, 89, 100, 171, 178, 180 Enisa 146, 189 ENVC - Estaleiros Navais de Viana do Castelo 218 Environ Iberia 51 E.ON Renovables 185 EQT 48 EQT Infrastructure 48 Equifax Perú 164 Equisat CLM 156 Ercros 191 Ergon 50, 135 ERM Iberia 75, 108, 115 Ernst & Young 36, 55, 73, 76, 159, 162, 165, 181 Ernst & Young España 162 Eroski 200 ESA 186 ESA (Ecoenergía Sistemas Alternativos) 186 Escapada Rural 74 ESIC Business & School 202 Esmalglass 34, 48, 49, 50, 189, 135, 163, 134 ESPF Espiga Capital 140, 141, 70, 70 Espiga Capital Inversión 140 Espiga Capital Inversión II 140 Espírito Santo Financial Group 100 Espírito Santo Investment - BESi 82, 83, 90, 94 Espírito Santo Investment -BESi 172 Espírito Santo Ventures 124 Espírito Santo Ventures III 124 Espírito Santo Ventures Inovação e Internacionalização 124 Estacionamientos y Servicios (Eyssa) 56, 70 Estado de Mozambique 80, 87, 100 Estaleiros Navais de Viana do Castelo - ENVC 80, 81 Estrella Damm 235 Estudio Echecopar 52 Est Videocom 110 Etchebarne 31 ETE Group 80 Eurecan Alto Rendimiento 74 Eurohold 165, 276 Europac 198, 224, 234, 235 European Sustainable Power Fund F EUSA Estudios Universitarios y Superiores de Andalucía 202 Euskaltel 48, 51, 134, 137, 152, 210, 165, 152 Eutelsat Communications 42 EVE (Ente Vasco de la Energía) 187 Everis 147 Evertis Iberica 234 Evolvespace Solutions 124 Explorer I 226 Explorer II 143 Explorer Investments 147, 174, 181, 226, 284 Extremadura Avante Inversiones (Antigua Sofiex) 74 Extresol II 155 Eyeview Digital 145 Ezten 192, 209 Fagor Mueble 192 FAIN Ascensores 165, 190 Fapobol 116, 234 Faraday Venture Partners 57, 145 Fasken Martineau Dumoulin 28 FCC 190, 206, 56, 70, 70 FC Curier 232 FCC Versia 48, 56, 70 FC Sevilla 201 FeedZai 124 Fenice Instalaciones Ibérica 185 Ferpasat 198 Ferrovial 28, 30, 33, 34, 206, 16 FESpyme 70, 139, 206 FGM Sociedad Cooperativa 192 FGP Topco 28, 34, 206 Fidotec and SIS - Sistemas Integrales Sanitarios 156 Fierro family 54 FIEX 164 FIEX, Cofides 198 Filmdrehtsich 116, 118, 228 Finanmadrid México 203 Finaves 209 Finaves III 209 Finavias 70 Finibanco Vida 116, 117 Finpro 31, 32, 88, 131, 133, 199, 150, 173, 132, 225 Fisipe 218 Fitalent 147 Fizzback 74

26 Flightcare 48, 158, 206 Floponor 215 Floresta Atlântica 198, 224, 234, 235 Flughafen Zürich, 81, 82 Fomentinvest 226 Fomentinvest Energia 215 Fomento Económico Mexicano 70 FOND-ICOpyme 145 Fondo de Infraestructura Macquarie México 70, 139 Fondo Marguerite 193 Fondo Nazca III 204 Fondo Sierra 232 FonsInnocat 74 Font Salem 120 Forexstreet 146 ForVEI 70 Fraport 81 Fraport Industry Funds Management 82 Freshfields 26, 29, 54, 149, 152, 156 FROB (Fondo de Reestructuración Ordenada Bancaria) 20, 129, 130, 141, 202 Fubilo 203 Fuel Streamers Group 185 Fundación Alex 49, 136 Fundación Microfinanzas BBVA 130 Fundació Vila Casas 208 Fundo Albuquerque 173 Fundo Recuperação 173, 174, 215, 226 FundoRecuperação 174 Funeraria Bilbaína 203 Funeraria Sarria 203 Funespaña 203 Funetxea 203 Funkwerk Enterprise Communications 166 G Gabriel Masfurroll 46 Gala Capital 33, 74 Galicia Abogados 54 Gallardo Sections 34, 35, 36, 160, 161, 164, 165, 167, 189 Gallina Blanca Star 29 Galp Energia 88, 89, 92, 100, 171, 178, 180, 215, 216 Galvão Teles 177 Gamesa 186 Garanti Bankasi 16 Garrigós, Ruiz, Beneyto y Durá 153 Garrigues 20, 29, 40, 51, 179, 76, 143, 149, 150, 151, 152, 153, 154, 156, 84 Gas Euskadi 187 Gasmedi 34, 35, 54, 66, 134, 138, 152, 156, 161 Gas Natural 48 Gas Natural Fenosa 48 Gasoducto Morelos 187 GBS Finanzas 51 GE Energy Financial Services 155 General Atlantic, 88, 88 General de Terrenos 62 General Electric Company 16 Generalitat Valenciana 157, 201 Genesa 100, 232 Genoclinics Biotech 208 Geocapital 116 Geserfor 234, 235 Gestán 185 Gestión de Capital de Riesgo del País Vasco 192 Gestión Tributaria Territorial 144 Gestmin 98 GetApp.com 234, 235 Ghenova 74, 201 GH Induction Group 142, 143 GIC (Government of Singapore Investment Corporation) 16, 28 Gigas 146 Globalia 210 Global Infrastructure Partners - GIP 82 Global Infrastructures Partners - GIP 81, 82 Globalvía Infraestructuras 193 GLS Software 154 GNL Quintero 35, 47, 151, 155, 166 Gobierno Vasco 48, 134 Gola 186 Goldman Sachs 24, 31, 38, 116, 124, 159, 160, 161, 124 Gómez-Acebo & Pombo 84, 85, 98, 256, 157, 176, 177 González Calvillo Abogados 31, 150 Goodgrower 48 Goromar XXI 50, 135, 189 Gradiator Resources 198 Grazia Equity 148 Green Perú 198 Greylock Partners 148 Grifols 16 Groupalia 148 Groupama 34, 40, 60, 203, 151, 155, 156, 160 Groupama Seguros 34, 40, 60, 155, 156, 203 Group Camargo Corrêa 175 Groupe CAT 235 Groupe Danone 56 Group José de Mello 175 Groupo Catalana Occidente 60 Grupo Alfonso Gallardo 34, 35, 36, 189, 151, 160, 161, 165, 160 Grupo Antiu Xixona 189 Grupo Antolín 190 Grupo Arbulu 208 Grupo Atento 210 Grupo Atrezzo 142 Grupo Auto-Sueco 82 Grupo Banca Privada d Andorra 201 Grupo Banif Português 172 Grupo Betapack 166 Grupo Bimbo 100 Grupo Catalana Occidente 40, 153, 155, 56 Grupo CAT Península Ibérica 234, 235 Grupo Cobra 30 Grupo Egeo 80 Grupo Gallardo 164 Grupo Geriatros 70, 72, 139 Grupo Hermi 234, 235 Grupo Hospitalario Adeslas 48 Grupo Hospitalario Quirón 48, 49, 136 Grupo Inapa 116, 122 Grupo Itarvi 209 Grupo KGAL 155 Grupo Mémora 70 Grupo MonteAdriano 174 Grupo Mundial Tenedora 57, 203 Grupo Norte 70 Grupo Nortempo 234, 235 Grupo O2 Centro Wellness 138 Grupo Odinsa 82 Grupo Orey Antunes 80 Grupo Pikolin 174 Grupo Planeta 205 Grupo Quinta das Lágrimas 180 Grupo Rubaiyat 73, 139, 70 Grupo Sanitas 56 Grupotec 199 Grupo TGT 74 Grupo Toquero 234, 235 Grupo Tradeco 81 Grupo Tradeco Cedicor 82

27 Grupo Tyspa 201 Grupo Uriach 190 Guascor 34 Guzmán Gastronomía 142, 143 H I Habitissimo 57 Hagen Construções 174, 222 Hankook R&M 204 Hansjörg Wyss 94 HCB - Hidroeléctrica de Cahora Bassa 80, 86, 87, 100, 101, 106, 177 HCV - Hoteles y Clubs de Vacaciones 56 HDM 165 Heathrow Airport Holdings (BAA) 16, 28, 46 Herbert Smith Freehills Spain 69, 265 Herrera & Ruiz Abogados 31 HgCapital 186 Hidrodata 186 Hijos de Rivera 200 Hiperdino 158, 202 Hispasat 189, 42, 56 Hits Telecom Holding 210 Hits Telecom Spain 210 Hoffman 138 Holcim 195 Holcim España 195 Holmes Place 226 HomeAway 74, 76 HootSuite 209 Hospital de Manises 69 Hospital de Torrejón de Ardoz 56 Hospital Veterinário do Porto 174, 100, 228, 173, 177, 180, 181, 113 Hotéis Alexandre de Almeida 180, 228 Hotel Eden Alcudia 62 Hotel Eden Playa 62 Hotel San Diego 62 Hotel Solimar 62 Houthoff Buruma 31 HP Health Clubs Iberia 226 HPP - Hospitais Privados de Portugal 179 HSBC Bank 31, 90, 159, 160 HSS 145 HVB 54, 138 IAG - International Airlines Group 155 Ibercaja 130 Iberdrola 16, 48, 70, 134, 70 Iberia 16 Ibérica de Bebidas no Alcohólicas 199 Iberostar 62, 153, 56 Ibersuizas 70 Icela 201 ICG (Intermediate Capital Group) 50, 135 IDC - International Dialysis Center 180 IDI Groupe 179, 180, 181, 224 IFM 94 IG Expansión 74 IKB 54, 138 Imago 234 Imaste 205 Inaer 34, 48 Inapa 219 Inbiomotion 208 Index Ventures 148 Indinvest 148 Indo 191 Indo Chile Óptica 191 Indra 56 Indra Brasil 56 Industrial Química Lasem 74 Industrias Pardo 174 Industry Funds Management - IFM 81 Infesa 194 Informa D&B 164 Informa Perú 164 Inforpress 29 Inforpress Portugal 110 ING Bank 16 Inmobiliaria Carso 158 Inmobiliaria Chamartín 195 Inocsa 40, 57, 60, 153, 56 Insight Venture Partners 148 Instituto de Marketing Directo (ICEMD) 202 Instituto Universitario Dexeus 137 Intacta 185 Intelectium 147 Intercement 88, 89, 172, 175 InterCement 222 Interconexión Eléctrica - ISA 84 InterOceânico 100 Inter-Risco 228 Inter-Risco II 113, 114, 177, 228 Inter-Risco Private Equity 113, 174, 177, 180, 181, 286 Invalencia (Inversiones Valencia Capital Riesgo) 206 J Invercaria 74, 146, 208 Inveready Biotech II 147 Inveready Capital 147 Inveready First Capital 147 Inveready Seed Capital 132, 145, 147 Inversión en Activos Urbanos 196 Inversiones Anadico 195 Inversiones Ibersuizas 51, 138 Inversiones Valencia Capital Riesgo (Invalencia) 74, 141, 142 Inversions Valor Afegit 74 Invesa 74, 75, 76, 141, 205 Investcorp 34, 48, 49, 50, 189, 135, 163, 134 Investindustrial 48, 51, 132, 137, 142, 152, 165, 134 Ion Investment 203, 134 IPIC 16 ISAI 146 ISA - Intelligent Sensing Anywhere 226 Isolux 56 Isolux Corsán 173, 139, 81, 82 Isolux Infrastructure 151 Jadeium 100, 104 Jagero Holding II 191 Jantus 34 Javelin Venture Partners 209 Jazztel 135 JC Flowers 130 Jefferies Internaltional 44 Jeremie 146, 145 Jimmy Choo 33 Jinchuan 198 John Davidson and Associates (JDA) 200 Jones Day 52 José de Mello Holding 22, 175, 178 Joyent 57, 72, 139, 70 J.P. Morgan 18, 92 JP Morgan Securities 190 JSC River Sea Industrial Trading 218, 80 JTB 165, 190 JVRisk Technologies 208 JZ International 205 K Kaltex Comercial 54, 202, 134 Kantox 146 Kaweri Telecom 74 KDPOF 232, 233

28 L Keiretsu Forum 147 Kelly & Dell oro Maini Abogados 31 Kemble Water 30, 31, 32, 88, 133, 199, 150, 173, 132, 225 Kemple Water 131 KGAL 186 Kibo Ventures 145, 209 Kirkland & Ellis 31 Kiwoko 202 KKR 193, 70, 74 KPMG 51, 58, 66, 69, 71, 72, 159, 162, 163, 165, 166 KPMG Abogados 31, 69, 150 Krzecin 186 Kutxa 48, 56, 56 Kutxabank 48, 51, 134 La Alegría Toledana 232 Labelux 33 La Caixa 132, 56 La Caja de Canarias 20 La Caldera Energía Burgos 30 La Calderona 62 Lafarge 100 La Nevera Roja 209 Lánzamen Capital 146 Larraín Rencoret Lackington & Urzúa Abogados 31 Larraín Vial 34, 38, 161, 185, 187 La Seda de Barcelona 116, 234 La Sexta 204 Latham & Watkins 69, 153, 157 Lazard 55, 90 Lazio 8 MWp 70 Lee Group 100 Lefosse 92 Lefosse Advogados 29, 151 Leirivending 116, 177 LF Tel 88 Liberbank 34, 48 Libra Group 116, 229 Lico Corporación 144 Linklaters 22, 29, 42, 51, 179, 92, 96, 98, 110, 143, 149, 151, 157, 84, 85 Lintran do Brasil 56 Lipofoods 190 Lipotec 190 Live Nation Entertainment 56 Llorente & Cuenca 234 Lubrizol 190 Lucibel 205 Lufthansa 155 Lusitâniagás 100 Lusoponte 94 Luxottica Group 56 Luxpeak 66, 72 M Machado, Meyer, Sendacz e Opice 92 Macquarie Group 32, 133 Macro Libros and Gráficas Integradas 203 Magnum Capital 72, 73, 139, 154 Magpower 116, 124 Mail Certificado 200 Mandriladora Alpesa 234 Mapfre 46, 57, 130, 203 Mapfre América 46, 130 Mapfre Familiar 203 Mapfre Mundial Holding 57, 203 Mapfre Seguros Gerais 116, 117 Marina d Or 195 Marqués de Campo Nuble 64 Marval 81, 82 Marval O Farrel & Mairal 31 Masaveu Brasil 195 Massimo Dutti Portugal 100 Maxam (antigua Unión Española de Explosivos) 48, 50, 134, 135, 138, 156, 158, 163, 191 Maxima Grupè 202 MBNA España 34, 48 MC2 201 McConnel Valdés 44 MCH Private Equity 174, 70 Meagher & Flom 75 Mediobanca 18, 29, 36, 66, 72, 159, 160, 163 Megafinance 124, 232 Megalux 191 Mémora 70 Mercadona 56 Mercapital 137, 35, 50, 54, 173, 66, 71, 75, 100, 101, 108, 114, 115, 232, 233, 132, 134, 137, 138, 139, 204, 152, 48, 56, 70, 74, 154, 154, 161 Merrill Lynch 90 Metorex 198 Metrogas 47 Metrored 210 MFO & Partners 76 MH Hotels 62, 206 Millennium BCP 172, 88, 89, 90, 100, 116, 234 Minersa 198 Minerva Capital 208 Miranda & Amado Abogados 31 Mirvi Brasil 139 Mitsubishi Corporation 56 Miura Fund I 142 Miura Private Equity 140, 142, 143 Mivisa 16, 30, 33 Mola Factory 57, 146 Moltuandújar 116, 232, 233 Mondadori 204 MonteAdriano 180, 222 Montealto 186 Montepio 116, 117 Morais Leitão, Galvão Teles, Soares da Silva Advogados 82, 84, 85, 176, 179 Morgan Stanley 24, 31, 40, 69, 159, 160, 162 Morningside Venture 33 Mota - Engil 81, 82 Mota-Engil Ambiente e Serviços 80, 227 Motive TV 74 Motorola 55 Moura Consulting 234 Moza Banco 116 Mozambique Government 86, 171, 176, 177, 178 MTI- Minas de Moncorvo 224 Mubadala 173 Multi Corporation 81, 82 Multiópticas Internacional 56 Mutua Madrileña Automovilista 16 MVM Life Science Partners 33 Mysportsgroup 148 N N+1 137, 70, 74 N+1 Capital Privado 35, 226, 74, 70, 70 N+1 Private Equity, 30, 33, 56, 181, 70, 16, 70 N+1 Private Equity Fund I 143 N+1 Private Equity Fund II, 56, 70, 70, 143 Nader Hayaux & Goebel Abogados 31 Nanjing Automobile 190 Nansa Capital 144 Naspers 74 National Grid 84 Natixis 16 Naturgas 187 Naturgas Energía Transporte 151, 154, 166, 187 Nauta Capital 132, 145, 148