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Allen & Overy (A&O) has advised on the two largest transactions in the history of the European syndicated loan market in the past three weeks.
Just two weeks after the firm bagged the lead role advising Porsche's E35bn (EU163;23.69bn) bid for Volkswagen on 28 March, it scooped the role advising Mediobanca and UBS on the E35bn financing for Acciona and Enel's joint bid for Endesa. E.ON's announcement of the withdrawal of its bid for the Spanish energy company early this month (2 April) allowed Enel and Acciona, which are Italian and Spanish respectively, to make their move and launch a takeover bid.
A&O's lead partner on the deal Stephen Kensell said: "We started working on the deal just before Easter weekend. The whole Endesa situation has been going on for quite some time and it was only quite recently that the deadlock was broken by E.ON withdrawing its bid."
The 18-month saga now appears to be entering its final phase. If Enel and Acciona are successful, E.ON will buy E10bn (£6.77bn) worth of current Endesa assets from them in France, Spain, Italy, Turkey and Poland. Dominic Newcomb led the team from Latham & Watkins, which advised longstanding client Enel on the financing for the bid.
Newcomb said: "It was certainly challenging ensuring that the transaction worked for both companies as well as the banks.
"The size made the banks more conscious of the need to syndicate. Getting all of the terms agreed in a short timeframe was hard work."
Kensell said the latest two landmark deals highlight the depth and strength of the European syndicated loan market.