Press Releases

Stroock Represents Investors in Acquisition of Seaports in Spain

New York, NY, Dec. 2, 2010… Stroock & Stroock & Lavan LLP represented J.P. Morgan Asset Management - Infrastructure Investments Group in the €720 million acquisition of seaport terminals and related port services companies in Spain from ACS.  The acquisition of DSPL and Marmedsa was made on behalf of institutional investors advised by J.P. Morgan Asset Management (JPMorgan Investors).

Dragados Servicios Portuarios y Logisiticos (DSPL) is the leading maritime and intermodal terminal operator in Spain with interests in container terminals in Bilbao, Valencia, Malaga and Las Palmas, as well as the largest vehicle terminal in the Mediterranean, Autoterminal in Barcelona. DSPL also operates a number of dry bulk facilities in Santander, Sagunto and Valencia and a rail terminal in Madrid.

Marítima del Mediterráneo, S.A. (Marmedsa) is the leading ship agency and forwarding business in Spain.  Its agency business represents a number of leading shipping lines in Spain and Portugal, from which it offers integrated supply chain logistics services to and from Spain to all parts of the world.

DSPL is now majority owned by the JPMorgan Investors, with the Dutch pension fund ABP holding a significant minority interest.  Marmedsa is now wholly owned by the JPMorgan Investors.  Certain of DSPL's formerly-owned businesses were spun out prior to closing and were not included in this transaction.

"We are pleased to have been able to assist J.P. Morgan Asset Management in its acquisition of port companies in Spain," said Richard Madris, head of Stroock's infrastructure practice. "This was a complex cross-border transaction and we congratulate the IIG team for a successful closing."

Corporate partners Richard Madris and Robert Guazzo, Tax partner Jeffrey Uffner, ERISA partner Mark Wintner, associates Brian Greene, Courtney Reichuber, Lacy Villanueva, and Steven Lipstein, and paralegal Tiffany Chen worked on the transaction and its structuring.
 
Stroock was integrally involved in the structuring and implementation of this cross-border transaction, working alongside several European law firms.

Stroock & Stroock & Lavan LLP is a law firm providing transactional and litigation guidance to leading multinational corporations, investment banks and private equity firms. Stroock's emphasis on client service and innovation has made it one of the leading law firms for 130 years.  Stroock's practice areas include capital markets/securities, commercial finance, mergers and acquisitions and joint ventures, private equity, private funds, derivatives and commodities, employment law and benefits, energy and project finance, entertainment, environmental law, financial restructuring, financial services litigation, insurance, intellectual property, investment management, litigation, personal client services, real estate, structured finance and tax.