Spanish firm Pérez-Llorca has secured the instruction to advise the Spanish airport operator Aena (Aeropuertos Españoles y Navegación Aérea) on its upcoming flotation for a fee of just €1.
Aena launched a tender process earlier this year with bids from several firms including Garrigues and Gonçalves Pereira. It is understood that there was no minimum amount required during the bid, which allowed Pérez-Llorca to ask for a nominal payment for its services for 12 months.
The IPO, which has been postponed to 2015 after several government delays over the past few months, is valued at €5bn (£4bn).
Last year Pérez-Llorca advised Aena on its sale of capital to private investors, alongside Lazard Asesores Financieros and N+1 Corporate Finance. The mandate included the design and execution of a private placement of 21 per cent of Aena’s shares, plus the design (but not the execution) of an IPO of 28 per cent of Aena’s shares. The job was carried out during 2013 and 2014 and has now been completed.
A second tender took place in July for the IPO execution work.
Pérez-Llorca said: “The expected value of the advice on the execution of the IPO, later confirmed by the amounts of competing bids, was around €150,000. Hence, Pérez-Llorca decided to take on this extra work for nil so as to consolidate their role as sole adviser on all aspects of the transaction. This job is currently on-going. ”
Uría Menéndez is advising the banks on the Aena IPO. The firm is also understood to have bid to advise Aena.
Cuatrecasas advised Aena on its partial privatisation three years ago for €699,000 (£621,780) (12 April 2011), but also handled a major deal for a €1 fee when it advised on the creation of the Fondo de Financiación de Pago a Proveedores in 2012 (23 July 2012).
Alongside landing one of Europe’s largest IPOs, Pérez Llorca has since been working on increasing its European presence, with plans to open a new office in London before the end of this year (15 October 2014).