White & Case advises Morgan Stanley Infrastructure Partners on acquisition of Valoriza Servicios Medioambientales

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Global law firm White & Case LLP has advised Morgan Stanley Infrastructure Partners (MSIP) on the acquisition of 100 percent of the shares in Valoriza Servicios Medioambientales, S.A. (Valoriza) from Spanish construction group Sacyr S.A. (Sacyr) for a total consideration (enterprise value, including debt) of €734 million.

MSIP prevailed over several other bidders in an auction held by Sacyr, which started in February 2023. Completion of the transaction is subject to customary regulatory approvals and third-party consents.

Valoriza provides a range of services in the waste recycling chain such as collection, management and treatment of waste. It also works in cities, managing street cleaning, mobility, urban infrastructure and care of green spaces.

Founded in 2006, MSIP is a global leader in private infrastructure equity investing, targeting assets that provide essential public goods and services primarily located in OECD countries, with the potential for value creation through active asset management. MSIP’s investors include some of the largest and most sophisticated pension, sovereign wealth and insurance companies across the globe.

The White & Case team which advised on the transaction was led in London by partner George Kazakov (M&A) and in Madrid by partner Javier Monzón and local partner Álvaro Manzanos (M&A). The team in Madrid also included associates Laura del Olmo and Esther Gabilondo (M&A), partner Francisco Málaga and associates Renata Madariaga and Ainhoa Busto (Commercial Litigation), and partner Jaime Rossi and associate Guillermo Manzanares (Debt Finance). The team in London also included partner Philip Trillmich and associate Amy Detheridge (Intellectual Property), who advised on transactional services agreement matters, and partner Marc Israel and associate Joao Lacerda (Antitrust).

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