At the beginning of 2007, Morais Leitão Galvão Teles Soares da Silva & Associados established a strategic partnership agreement with Brazilian firm Mattos Filho Veiga Filho Marrey JR e Quiroga. Commentators believe the agreement will enhance firm’s representation in the Portuguese-speaking country, especially in the capital markets and M&A sectors. The firm is regarded as the one to beat by market rivals, who also praise the firm’s capital markets team for its efficiency and quality of work. “They are at the top of the market” says one rival. It is a very good firm with good loyal clients such as CVP, which generates them a lot of work.” In November 2007, the firm advised EDP Energias de Portugal in its €2 billion issued of fixed-rate 144A note issues under its MTN programme. The firm also advised Millennium BCP on its €25 billion MTN programme. Morais Leitão also acted as counsel on the establishment covered-bond programmes totalling €10 billion, and advised on several issues regarding the programmes’ implementation. In the securitisation market, the firm advised Banco Millennium Investimento in a € 700 million securitisation of a portfolio of consumer loans originated by Millennium BCP. In 2008’s only IPO so far, the firm advised Energias de Portugal in the restructuring of its renewable-energy assets in preparation for the € 1.8 billion listing EDP Renováveis, for which it was retained as lead counsel. In addition, the firm advised Millennium BCP on a € 1.3 billion share offering of preferential rights to the bank’s shareholders. Luís Branco and Filipe Lowndes Marques are particularly popular among clients. “Both Branco and Lowndes are amazing Lawyers – everything seems to go smoothly while I am working with them.”

Morais Leitão Galvão Teles Soares da Silva & Associados is the most consistent team in the rankings, according to clients and rivals. Says one competitor: “They have a great team in banking – they are proactive, trustwhorthy, and have a great lawyer in Luís Branco.” Filipe Lowndes Marques also receives much praise from the market for his banking work, and is regarded by the market as an “exceptional lawyer”. In February 2008, the firm advised RBS on Portuguese law matters in the €40 million financing of the acquisition of the public Swiss company Unilabs. In one of the most important deals in Portugal this year, the team advised Energias de Portugal (EDP) in the negotiation and execution of a $3 billion credit facility for the acquisition of Horizon Wind Energy. In October 2007, the firm advised Eurohyppo in €316 million acquisition and refinancing to both Almada Fórum and Montijo Fórum. In addition, the team advised long-time client EDP in the execution of a revolving credit agreement.

Morais Leitão Galvão Teles Soares da Silva & Associados is among the leading M&A firms in Portugal according to the market commentators. The firm has had a typically strong year, with involvement on some leading mandates such as advising Sonae Distribuição in its €662 million acquisition of the share capital of Carrefour Portugal last year. In another standout deal, the firm advised Automatic Data Processing in the acquisition of high-tech subsidiaries of Salvador Caetano and Entreposto. Morais Leitão Galvão Teles Soares da Silva & Associados is frequently called on for counsel by Energias de Portugal – this year it advised the company in four different transactions this year: the €2.2 billion acquisition of Horizon Wind Energy; a strategic partnership with Algerian state oil company Sonatrach; the €38 million purchase of Pebble Hydro from Babcock & Brown; and the sale of 40% and 27% of shares in Turbogás and Portugen respectively. In addition, the firm advised Millennium BCP in its attempted €16 billion merger with Banco BPI in November 2007. The bank returned to the firm for counsel in relation to a strategic partnership with Angolan oil-and-gas company Sonangol and Banco Privado Atlântic. The negotiations include the disposal of a 49,9% stake in BCP’s subsidiary Banco Millennium Angola to Sonangol.

Morais Leitão Galvão Teles Soares da Silva & Associados’ project finance is respected by competitors for the depth of its knowledge. “It is one of the firms that if you have a deal with them, you always end up learning something”, says one rival. The partner adds: “They have Luís Branco, who is an amazing lawyer, and Filipe Lowndes Marques, also a good lawyer, and are involved in most of the project finance deals in Portugal.” The firm has a strong domestic project finance practice, advising in many of the key Portuguese project finance transactions for this year. In December 2007, the firm advised Banco Espírito Santo in the financing for the first hazardous-materials treatment centre in Portugal. In March 2008, the firm advised a bank syndicate on a €550 million project finance facility to a company held by International Power and Endesa for the construction and development of a natural-gas power plant. A month later, the team advised a bank syndicate in the financing for the Túnel do Marão road tunnel concession. “I think the firm has a deep knowledge and experience in project finance and provides an excellent service to their clients”, comments one client. “Luís Branco has extensive experience in project finance, and is very proactive in trying to solve things and reaching a successful transaction.”