Garrigues Joins Spanish Duo on BMW Madrid Acquisition

Abreu Advogados, Perez-Llorca and Garrigues are leading as two companies acquire a Spanish arm of automotive major BMW.

Portuguese and French automotive companies BMcar and BYmyCAR have formed a joint venture to acquire BMW Madrid, BMW Group’s largest dealership contract in the Iberian Peninsula that raked in €201.8 million in revenue last year.

BMW Madrid covers the BMW, MINI and BMW Motorrad brands across two facilities in the Spanish capital. The parties in this deal have yet to disclose the value of the acquisition.

BMcar was advised by Portuguese law firm Abreu Advogados, with partner Maria de Deus Botelho at the helm, according to a firm statement. The company’s joint venture partner BYmyCAR was advised by Pérez-Llorca, with corporate partner Carmen Reyna leading the firm’s 14-person team, a person at the firm said.

Spanish law firm Garrigues advised BMW Madrid alongside BMW’s in-house legal team. The Garrigues team included mergers and acquisitions and corporate partner Daniel Parejo, real estate partner Teresa Arranz and tax counsel Arantxa de Luis, according to a person at the firm.

The deal marks continued growth for both actors in the joint venture. BYmyCAR, the French automotive distributor with a footprint in France, Italy, Switzerland and Spain, also acquired BMW Milano in 2021, and in that same year acquired the online driving school En Voiture Simone.

The Spanish deal market has been abuzz with activity in recent months. Earlier this month Latham & Watkins, Freshfields Bruckhaus Deringer and Jones Day led on the €18.6 billion merger between comms giant Orange and Spain’s MásMóvil, while Uría Menéndez and Linklaters advised as another telecoms major, Telefónica Group, sold off €1.02 billion worth of its network.

“We are sure of the step we have taken with the beginning of our internationalization process,” Pedro Rodrigues, CEO of BMcar said. “It is with great satisfaction that we constitute a joint venture with BYmyCAR…whose objective is to create synergies that allow a joint, solid and lasting development plan of our activities in the Iberian Peninsula, an example of which is this first acquisition operation of BMW Madrid.”

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