IBERIA

A larger buyout market has shown signs of gathering momentum in Spain over the last few years. To what extent has it been derailed by the credit crunch? Toby Lewis explores.

SPANISH TARGETED FINANCIAL SPONSOR BUYOUTS 2005 – 2007 YTD

Announcement date Deal value ($m) No.
by year
2005 15,321 79
2006 5,677 87
2007 11,158 71
Total 32,157 237

MID-MARKET ROOTS
However, despite the notable amount of LBO activity in Spain in recent years, which culminated in the Altadis and Iberia bids, this part of the market has been largely the domain of foreign firms.