Zardoya family hires Evercore to study takeover offer from Otis

Posted Tuesday, November 2nd 2021
Zardoya family hires Evercore to study takeover offer from Otis

The Zardoya family has hired Evercore as a financial advisor to study the takeover offer from Otis for the 49.9% stake in Spanish elevator company Zardoya-Otis that it does not already own, according to a report in Expansión. The Zardoya family is the second-largest shareholder in Zardoya-Otis after Otis, with a 11.3% stake held through the family’s Euro-Syns company. The Spanish company’s board of directors has also hired Bank of America to study the offer on behalf of its minority shareholders, according to the report.

Morgan Stanley is acting as Otis’s financial advisor, while Uría Menéndez, Wachtell, Lipton, and Rosen & Kats are acting as the US company’s legal advisors. Freshfields Bruckhaus Deringer is acting as the Zardoya family’s legal advisor, while Guillermo Guerra and Santiago Gómez-Acebo from Gómez Acebo y Pombo have been retained by Zardoya-Otis’s board of directors.

Otis, the US elevator giant, launched a €1.6bn offer for the listed Spanish company in September in the hopes of delisting it from the Spanish stock exchange. The offer implies a total enterprise value of €3.3bn for the Spanish company. Morgan Stanley, HSBC, JPMorgan, Citi, Goldman Sachs, and Japanese financial company SMBC are providing financing for the acquisition.