Registration & breakfast
Keynote presentation: Macro-economic Outlook for Iberia
The macro-economic outlook for Iberia is set to gain further momentum in the second half of the year, according to data from the European Commission, with GDP growth set to reach 1.4% in 2023. This keynote will review the macro-economic outlook for Iberia and what this means for dealmakers in the region.
Panel: Iberia M&A Outlook
Globally, M&A is expected to pick up in second half of 2023 with financial sponsors ready to deploy capital and well-capitalised companies looking to make acquisitions to their core business. However, Iberian dealmaking faces some challenges ahead including updates to Spanish corporate law, changes to insolvency frameworks and more scrutiny on FDI regulation. This panel will discuss:
- How will new regulations affect cross-border M&A in key sectors such as TMT, financial services, and energy?
- How are private equity and venture capital investments bolstering the deal pipeline?
- Will Iberia see more public M&A in the second half of 2023?
- How are deals being financed? Private lenders or via banks?
- What are the risk appetites of acquirers deal sourcing in Europe at the moment?
Networking break
Panel: Private Equity Outlook – Fundraising and Deployment
This session will not be streamed live and will not be available to watch on-demand.
According to Mergermarket data, Spain registered 447 financial sponsor transactions in 2022, totalling EUR 33.3bn, a -26% decrease in value from the previous year, but a 17% increase in the volume of transactions. The private equity industry has proved resilient but has been slowing gradually due to global macroeconomic challenges. This panel will review:
- What is the state of Iberian fundraising?
- Is there a bifurcation in the fundraising market as institutional investors stick with existing GP relationships?
- What is the source of investment for Iberian activity? Cross-border transactions?
- Which sectors are financial sponsors focused on?
Fireside chat: Spanish FDI Screening Regulations Update
The Spanish government updated rules related to foreign direct investment (FDI) at the end of 2022 including the suspension of the liberalisation regime of FDI investments of EU or EFTA countries and the definition of FDI. This panel will review the updates and discuss the effect of these on cross-border M&A.
- How will the suspension of the liberalisation region of FDI investment of EU or EFTA countries affect FDI in Iberia?
- Which future regulations should dealmakers be aware of that might impact cross-border M&A activity?
- Which countries are reviewing Iberian assets in which sectors that might be impacted by FDI regulations?
Panel: Exit Opportunities and Alternatives
89% of exits were secondaries transactions in Spain during 2022, with just one pure exit recorded last year. This is because of the high liquidity available to funds due to years of successful capital raising. However, with worsened macro-economic conditions, liquidity may become stretched causing secondary buyouts to diminish. This panel will discuss:
- What exit opportunities are there outside of secondary transactions?
- Will there be more SPV acquistions in the second half of 2023?
- Will IPOs have a resurgence in 2023?
- Will there be more take-private transactions in 2023 as funds hunt for value amid depressed public valuations?
Networking lunch
Panel: Infrastructure and Energy
Spain has increased infrastructure investment by 7% in 2023 to improve rail, roads, ports, airports, and hydrology. A total EUR 4.5bn investment comes from European infrastructure funds. The Portuguese government has committed to EUR 43bn of infrastructure investment by 2030 to focus on energy and transportation. This session will review:
- Are there opportunities of investment in Portuguese greenfield projects?
- How is the renewable energy agenda driving activity?
- What are the cross-border opportunities in Latin America?
- Will green hydrogen investment announcements live up to the hype?
Panel: Iberian Private Debt Landscape
Replete with dry powder from the past 24 months, direct lenders have routinely stepped in to provide private debt options in Southern Europe. This panel will review:
- What is the deal pipeline in Iberia for direct lenders?
- What are the key issues for issuers and investors in the region?
- What are the differences in the direct lending deal pipelines in Portugal and Spain?
- How is the fundraising environment for direct lenders?
Networking break
Panel: Value Creation through Digital Transformation
According to research from Gartner, Iberian CIOs are lagging their European counterparts when it comes to digital transformation. However, consolidation in the tech space is actively generating advisory mandates for start-ups. 2022’s downturn in tech valuations means that investors have shifted their focus to EBITDA-positive companies exposed to digital transformation. This panel will review:
- How can Iberian financial sponsors apply digital transformation strategies to create value?
- What is the pipeline for deal mandates in the tech sector? Is consolidation driving activity?
- How can advisors adopt strategies for profitability that are EBITDA-friendly?
- How are public valuations affecting activity? Are any tech sub-sectors generating higher valuations?
Fireside chat: Sector Focus – Life Sciences
Global activity in the biopharma segment is due to rebound in 2023 as companies saw valuations dwindle, meaning that companies are now incentivised to acquire ‘cheap’ targets. According to Mergermarket data, the life sciences sector accounted for 13% of deal volume in Spain and 14% in Portugal last year. Life sciences was the most active sector for financial sponsors in Portugal last year. This session will review:
- What is driving activity in the life sciences sector in Iberia?
- Has activity rebounded in 2023 compared to 2022 due to ‘cheap’ targets?
- How are global macro-economic factors affecting activity in the sector?
- How are depressed public markets affecting the dealmaking pipeline in the sector?
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