The European economy is entering a phase marked by profound industrial transformations. The energy transition, the rollout of digital infrastructure and the reconfiguration of key sectors are driving a new wave of investment and corporate activity, in which investment banking is once again at the centre of some of the most relevant decisions for corporate growth.
This momentum is also reflected in Spain. BBVA CIB has posted two consecutive years of double-digit growth and has supported investments of close to €20 billion in our country. According to José Ramón Vizmanos, these figures reflect the current position of a significant part of the corporate landscape. “We are entering a phase in which many enterprises are no longer focused solely on financing their activity, but on gaining scale, accelerating their transformation and positioning themselves more effectively for the next decade. And that requires much more sophisticated financial solutions,” he explains.
This new investment cycle is also redefining the role of investment banking. The shift is not limited to the volume of investment, but also to the nature of decisions. “Behind many transactions there are industrial plans, expansion ambitions, consolidation processes or technology investments that require a combination of strategic advisory, execution capabilities and access to capital,” says Vizmanos.
Corporate transactions in a more demanding environment
One of the areas where this evolution is most visible is the mergers and acquisitions market. Over the past twelve months, the BBVA CIB team in Spain has advised on 18 transactions with a Spanish component, in a global environment where economic uncertainty has increased the level of scrutiny applied to many deals.
According to Vizmanos, activity has not come to a halt, but its nature has changed. “Today, transactions do not respond solely to a growth rationale. They are driven by positioning. Companies are seeking to strengthen their position in sectors that are changing at great speed, secure critical capabilities or anticipate the next wave of transformation.”
“Companies are seeking to strengthen their position in sectors that are changing at great speed, secure critical capabilities or anticipate the next wave of transformation”
These types of processes require a combination of sector expertise, global presence and financial structuring capabilities. In areas such as energy, telecommunications, technology or digital infrastructure, this need for anticipation is driving some of the most relevant corporate moves in the Spanish market. “In many cases we are talking about complex processes where strategic advisory is combined with financing or with access to different capital markets,” explains Vizmanos.
This role is reflected in several recent transactions in the Spanish market. This year, BBVA has supported end-to-end corporate processes acting as financial advisor, such as in the sale of a 40% stake in FiberPass by Telefónica and Vodafone to AXA IM Alts, or as exclusive advisor in the sale of a majority stake in Juan Navarro to Tikehau Capital. Among the most relevant examples are Grupo Catalana Occidente, where BBVA acted as M&A advisor and played a key role in bank financing, and CIRSA, where it acted as Joint Bookrunner and agent bank in its IPO.
Companies, value chains and the energy transition
In this context, the energy transition has become one of the main drivers of investment for the next decade. In the last financial year, BBVA channelled €134 billion in sustainable finance globally, of which close to €50 billion was mobilised in Spain. “The energy transition is not only an environmental challenge; it is also a process of industrial transformation that will require large volumes of capital,” says Vizmanos.