{"id":12294,"date":"2024-10-29T13:10:25","date_gmt":"2024-10-29T13:10:25","guid":{"rendered":"https:\/\/seegman.com\/?page_id=12294"},"modified":"2026-04-16T05:59:41","modified_gmt":"2026-04-16T05:59:41","slug":"small-market-ma","status":"publish","type":"page","link":"https:\/\/seegman.com\/en\/small-market-ma\/","title":{"rendered":"Small market M&amp;A"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"12294\" class=\"elementor elementor-12294\" data-elementor-post-type=\"page\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-16bc9f5d elementor-section-height-min-height elementor-section-content-middle elementor-section-stretched elementor-section-boxed elementor-section-height-default elementor-section-items-middle\" data-id=\"16bc9f5d\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;gradient&quot;,&quot;stretch_section&quot;:&quot;section-stretched&quot;}\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-8af898c\" data-id=\"8af898c\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3a2ecf75 elementor-widget elementor-widget-heading\" data-id=\"3a2ecf75\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">Small Market M&amp;A and Restructuring<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-58b90de elementor-align-left elementor-widget elementor-widget-button\" data-id=\"58b90de\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"#form\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-icon\">\n\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-angle-down\"><\/i>\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Let us help you<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-560bb4f0 elementor-section-stretched elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"560bb4f0\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;stretch_section&quot;:&quot;section-stretched&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-wider\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-22cf9760\" data-id=\"22cf9760\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-269d59db elementor-widget elementor-widget-heading\" data-id=\"269d59db\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">We provide legal advice on small market M&amp;A transactions, supporting industrial buyers and sellers, private equity firms, search funds, and family-owned businesses. We also offer support in larger-scale transactions, working closely with national and international law firms to ensure smooth and efficient execution and closing of deals.\n<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-97854e8 elementor-hidden-desktop elementor-hidden-tablet elementor-hidden-mobile elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"97854e8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-edec67d elementor-hidden-desktop elementor-hidden-tablet elementor-hidden-mobile elementor-widget elementor-widget-text-editor\" data-id=\"edec67d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Regardless of the overall value of an M&amp;A transaction, its proper execution usually requires great efforts in terms of time and resources. Our experience allows us to understand the stakes for our clients and support them at every step of an M&amp;A transaction: pre-offer advice, MOU, due diligence, negotiation, execution, closing and post-closing matters.<\/p><p>We help our clients navigate the deal complexity, while offering high-quality, personalized service, guiding them through every stage of your M&amp;A deal with expertise and dedication.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-49b1b863\" data-id=\"49b1b863\" data-element_type=\"column\" data-e-type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-c65ddfe elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c65ddfe\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-82e589e\" data-id=\"82e589e\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a022d40 elementor-widget elementor-widget-image\" data-id=\"a022d40\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"595\" height=\"842\" src=\"https:\/\/seegman.com\/wp-content\/uploads\/2025\/02\/Guide_Small_Market_MA-1.jpg\" class=\"attachment-large size-large wp-image-14706\" alt=\"Guide small market ma 1\" srcset=\"https:\/\/seegman.com\/wp-content\/uploads\/2025\/02\/Guide_Small_Market_MA-1.jpg 595w, https:\/\/seegman.com\/wp-content\/uploads\/2025\/02\/Guide_Small_Market_MA-1-212x300.jpg 212w\" sizes=\"(max-width: 595px) 100vw, 595px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3b32de6 elementor-widget elementor-widget-heading\" data-id=\"3b32de6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Download our guide to understand M&amp;A transactions<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d6d7454 elementor-widget elementor-widget-text-editor\" data-id=\"d6d7454\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p class=\"p1\"><span class=\"s1\">We provide a series of concise and practical guides covering the key areas in which we offer legal advice. Each guide addresses the most common questions we receive from our clients. They are available in the publications section and at the bottom of this page.\u00a0\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f31945f elementor-widget elementor-widget-button\" data-id=\"f31945f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/seegman.com\/wp-content\/uploads\/2026\/04\/Guide_Small_Market_MA.pdf\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">download<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-505cdab elementor-section-stretched elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"505cdab\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;stretch_section&quot;:&quot;section-stretched&quot;}\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-wider\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-571ea67\" data-id=\"571ea67\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a754c4f elementor-widget elementor-widget-heading\" data-id=\"a754c4f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Our tools and services:<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-2f403d6 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"2f403d6\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-custom\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-592cdf6\" data-id=\"592cdf6\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3740f2c elementor-widget-divider--view-line_text elementor-widget-divider--element-align-left elementor-widget elementor-widget-divider\" data-id=\"3740f2c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-50562eb elementor-widget elementor-widget-toggle\" data-id=\"50562eb\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"toggle.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-toggle\">\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<div id=\"elementor-tab-title-8421\" class=\"elementor-tab-title\" data-tab=\"1\" role=\"button\" aria-controls=\"elementor-tab-content-8421\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-right\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><i class=\"fas fa-plus\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><i class=\"elementor-toggle-icon-opened fas fa-minus\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">Comprehensive advisory in small market M&A transactions<\/a>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-8421\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"1\" role=\"region\" aria-labelledby=\"elementor-tab-title-8421\"><ul><li>We manage the entire legal process of business acquisitions, from initial planning to final closing, including the drafting and negotiation of NDAs, MOUs\/LOIs, Term Sheets, and transaction documents such as SPAs and SHAs.<\/li><li>We carry out and accompany clients in legal, tax, and labor due diligence processes, coordinating with other providers for financial, technical, commercial, insurance, and any other due diligence required for the deal.<\/li><li>We design tailored transactions and represent our clients throughout negotiations to minimize risks and maximize deal value.<\/li><li>We oversee every stage of the transaction, ensuring deadlines are met and strategic goals are achieved.<\/li><\/ul><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6cce787 elementor-widget-divider--view-line_text elementor-widget-divider--element-align-left elementor-widget elementor-widget-divider\" data-id=\"6cce787\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7d38250 elementor-widget elementor-widget-toggle\" data-id=\"7d38250\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"toggle.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-toggle\">\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<div id=\"elementor-tab-title-1311\" class=\"elementor-tab-title\" data-tab=\"1\" role=\"button\" aria-controls=\"elementor-tab-content-1311\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-right\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><i class=\"fas fa-plus\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><i class=\"elementor-toggle-icon-opened fas fa-minus\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">Support in large-scale M&A operations<\/a>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-1311\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"1\" role=\"region\" aria-labelledby=\"elementor-tab-title-1311\"><ul><li>We provide assistance with specific tasks in large and complex transactions, working alongside top-tier national and international firms.<\/li><li>We support the execution of the corporate structure, monitor compliance with conditions precedent (CPs), coordinate and carry out the closing, and manage post-closing and transition tasks.<\/li><li>We assist in the preparation of documentation and implementation of necessary actions to ensure the process is carried out efficiently and without surprises.<\/li><\/ul><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-6bf46ed\" data-id=\"6bf46ed\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a8644d9 elementor-widget-divider--view-line_text elementor-widget-divider--element-align-left elementor-widget elementor-widget-divider\" data-id=\"a8644d9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-aeaccf1 elementor-widget elementor-widget-toggle\" data-id=\"aeaccf1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"toggle.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-toggle\">\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<div id=\"elementor-tab-title-1831\" class=\"elementor-tab-title\" data-tab=\"1\" role=\"button\" aria-controls=\"elementor-tab-content-1831\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-right\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><i class=\"fas fa-plus\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><i class=\"elementor-toggle-icon-opened fas fa-minus\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">Corporate restructurings<\/a>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-1831\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"1\" role=\"region\" aria-labelledby=\"elementor-tab-title-1831\"><ul><li>We advise on all types of corporate restructuring operations, including mergers, spin-offs, international relocations, dissolutions, and liquidations, designing strategic solutions that optimize both the tax and legal aspects of each transaction.<\/li><li>We handle the legal implications of restructuring, helping preserve long-term business value.<\/li><li>We provide ongoing support throughout the entire process, coordinating with national and international firms to ensure each step is executed smoothly and efficiently.<\/li><\/ul><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-e0dc62f elementor-section-stretched elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"e0dc62f\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;stretch_section&quot;:&quot;section-stretched&quot;}\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-d8bd78a\" data-id=\"d8bd78a\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-8ff1392 elementor-widget elementor-widget-heading\" data-id=\"8ff1392\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">For more information, view the frequently asked questions about Small market M&amp;A.<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ce35ec1 elementor-align-center elementor-widget elementor-widget-button\" data-id=\"ce35ec1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"#faqs\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">VIEW FAQs<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-af3e5a2 elementor-section-stretched elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"af3e5a2\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;stretch_section&quot;:&quot;section-stretched&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-20156693\" data-id=\"20156693\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-9269761 elementor-widget elementor-widget-heading\" data-id=\"9269761\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Download other publications<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-368008c elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"368008c\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-ac6e599\" data-id=\"ac6e599\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3669eb0 elementor-skin-carousel elementor-arrows-yes elementor-pagination-type-bullets elementor-pagination-position-outside elementor-widget elementor-widget-media-carousel\" data-id=\"3669eb0\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;speed&quot;:1000,&quot;space_between&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:18,&quot;sizes&quot;:[]},&quot;slides_per_view&quot;:&quot;3&quot;,&quot;skin&quot;:&quot;carousel&quot;,&quot;effect&quot;:&quot;slide&quot;,&quot;show_arrows&quot;:&quot;yes&quot;,&quot;pagination&quot;:&quot;bullets&quot;,&quot;autoplay&quot;:&quot;yes&quot;,&quot;autoplay_speed&quot;:5000,&quot;loop&quot;:&quot;yes&quot;,&quot;pause_on_hover&quot;:&quot;yes&quot;,&quot;pause_on_interaction&quot;:&quot;yes&quot;,&quot;space_between_tablet&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:10,&quot;sizes&quot;:[]},&quot;space_between_mobile&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:10,&quot;sizes&quot;:[]}}\" data-widget_type=\"media-carousel.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-swiper\">\n\t\t\t\t\t<div class=\"elementor-main-swiper swiper\" role=\"region\" aria-roledescription=\"carousel\" aria-label=\"Diapositivas\">\n\t\t\t\t<div class=\"swiper-wrapper\">\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"swiper-slide\" role=\"group\" aria-roledescription=\"slide\">\n\t\t\t\t\t\t\t<a href=\"https:\/\/seegman.com\/wp-content\/uploads\/2026\/04\/Guide_Small_Market_MA.pdf\" target=\"_blank\">\t\t<div class=\"elementor-carousel-image\" role=\"img\" aria-label=\"Guide small market ma 1\" style=\"background-image: url(&#039;https:\/\/seegman.com\/wp-content\/uploads\/2025\/02\/Guide_Small_Market_MA-1.jpg&#039;)\">\n\n\t\t\t\n\t\t\t\t\t<\/div>\n\t\t<\/a>\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"swiper-slide\" role=\"group\" aria-roledescription=\"slide\">\n\t\t\t\t\t\t\t<a href=\"https:\/\/seegman.com\/wp-content\/uploads\/2025\/10\/Guide_NDA_en.pdf\" target=\"_blank\">\t\t<div class=\"elementor-carousel-image\" role=\"img\" aria-label=\"Guide_NDA_en\" style=\"background-image: url(&#039;https:\/\/seegman.com\/wp-content\/uploads\/2025\/10\/Guide_NDA_en.jpg&#039;)\">\n\n\t\t\t\n\t\t\t\t\t<\/div>\n\t\t<\/a>\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"elementor-swiper-button elementor-swiper-button-prev\" role=\"button\" tabindex=\"0\" aria-label=\"Previous\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"eicon-chevron-left\"><\/i>\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<div class=\"elementor-swiper-button elementor-swiper-button-next\" role=\"button\" tabindex=\"0\" aria-label=\"Next\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"eicon-chevron-right\"><\/i>\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"swiper-pagination\"><\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-3050475 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3050475\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-86dd3c6\" data-id=\"86dd3c6\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3722144 elementor-widget elementor-widget-menu-anchor\" data-id=\"3722144\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-menu-anchor\" id=\"form\"><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-95fd7fa elementor-section-content-middle elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"95fd7fa\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-64bd5e8\" data-id=\"64bd5e8\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5ee8751 elementor-widget elementor-widget-heading\" data-id=\"5ee8751\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Contact person<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-56002ec elementor-section-content-middle elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"56002ec\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-9be2596\" data-id=\"9be2596\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-ac9d1dd elementor-widget elementor-widget-image\" data-id=\"ac9d1dd\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/seegman.com\/en\/our-team\/marta-sanchez-blanco-gomez-gil\/\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"640\" height=\"640\" src=\"https:\/\/seegman.com\/wp-content\/uploads\/2025\/02\/Marta_Sanchez2.jpg\" class=\"attachment-large size-large wp-image-14843\" alt=\"Marta_Sanchez2\" srcset=\"https:\/\/seegman.com\/wp-content\/uploads\/2025\/02\/Marta_Sanchez2.jpg 640w, https:\/\/seegman.com\/wp-content\/uploads\/2025\/02\/Marta_Sanchez2-300x300.jpg 300w, https:\/\/seegman.com\/wp-content\/uploads\/2025\/02\/Marta_Sanchez2-150x150.jpg 150w\" sizes=\"(max-width: 640px) 100vw, 640px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-2cc3d04\" data-id=\"2cc3d04\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5a9ed2c elementor-widget elementor-widget-heading\" data-id=\"5a9ed2c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/seegman.com\/en\/our-team\/marta-sanchez-blanco-gomez-gil\/\" target=\"_blank\">Marta S\u00e1nchez-Blanco<\/a><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-93ddaad elementor-widget elementor-widget-text-editor\" data-id=\"93ddaad\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><a href=\"mailto:msanchezblanco@seegman.com\" target=\"_blank\" rel=\"noopener\">msanchezblanco@seegman.com<\/a><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-86be89e elementor-section-content-middle elementor-section-stretched elementor-section-height-min-height elementor-section-boxed elementor-section-height-default elementor-section-items-middle\" data-id=\"86be89e\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;gradient&quot;,&quot;stretch_section&quot;:&quot;section-stretched&quot;,&quot;shape_divider_top&quot;:&quot;triangle&quot;}\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t<div class=\"elementor-shape elementor-shape-top\" aria-hidden=\"true\" data-negative=\"false\">\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 1000 100\" preserveAspectRatio=\"none\">\n\t<path class=\"elementor-shape-fill\" d=\"M500,98.9L0,6.1V0h1000v6.1L500,98.9z\"\/>\n<\/svg>\t\t<\/div>\n\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5abd0798\" data-id=\"5abd0798\" data-element_type=\"column\" data-e-type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-226e1b0 elementor-widget elementor-widget-heading\" data-id=\"226e1b0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Let us help you<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0bebbbb elementor-button-align-stretch elementor-widget elementor-widget-form\" data-id=\"0bebbbb\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;button_width&quot;:&quot;25&quot;,&quot;step_next_label&quot;:&quot;Siguiente&quot;,&quot;step_previous_label&quot;:&quot;Anterior&quot;,&quot;button_width_tablet&quot;:&quot;40&quot;,&quot;step_type&quot;:&quot;number_text&quot;,&quot;step_icon_shape&quot;:&quot;circle&quot;}\" data-widget_type=\"form.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<form class=\"elementor-form\" method=\"post\" name=\"Small market M&amp;A form\" aria-label=\"Small market M&amp;A form\" novalidate=\"\">\n\t\t\t<input type=\"hidden\" name=\"post_id\" value=\"12294\"\/>\n\t\t\t<input type=\"hidden\" name=\"form_id\" value=\"0bebbbb\"\/>\n\t\t\t<input type=\"hidden\" name=\"referer_title\" value=\"Small market M&amp;A\" \/>\n\n\t\t\t\t\t\t\t<input type=\"hidden\" name=\"queried_id\" value=\"12294\"\/>\n\t\t\t\n\t\t\t<div class=\"elementor-form-fields-wrapper elementor-labels-\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-field-type-text elementor-field-group elementor-column elementor-field-group-name elementor-col-50 elementor-field-required\">\n\t\t\t\t\t\t\t\t\t\t\t\t<label for=\"form-field-name\" class=\"elementor-field-label elementor-screen-only\">\n\t\t\t\t\t\t\t\tName\t\t\t\t\t\t\t<\/label>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<input size=\"1\" type=\"text\" name=\"form_fields[name]\" id=\"form-field-name\" class=\"elementor-field elementor-size-sm  elementor-field-textual\" placeholder=\"Name\" required=\"required\">\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<div class=\"elementor-field-type-email elementor-field-group elementor-column elementor-field-group-email elementor-col-50 elementor-field-required\">\n\t\t\t\t\t\t\t\t\t\t\t\t<label for=\"form-field-email\" class=\"elementor-field-label elementor-screen-only\">\n\t\t\t\t\t\t\t\temail\t\t\t\t\t\t\t<\/label>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<input size=\"1\" type=\"email\" name=\"form_fields[email]\" id=\"form-field-email\" class=\"elementor-field elementor-size-sm  elementor-field-textual\" placeholder=\"email\" required=\"required\">\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<div class=\"elementor-field-type-select elementor-field-group elementor-column elementor-field-group-field_dccbcd8 elementor-col-100 elementor-field-required\">\n\t\t\t\t\t\t\t\t\t\t\t\t<label for=\"form-field-field_dccbcd8\" class=\"elementor-field-label elementor-screen-only\">\n\t\t\t\t\t\t\t\tCountry\t\t\t\t\t\t\t<\/label>\n\t\t\t\t\t\t\t\t<div class=\"elementor-field elementor-select-wrapper remove-before \">\n\t\t\t<div class=\"select-caret-down-wrapper\">\n\t\t\t\t<i aria-hidden=\"true\" class=\"eicon-caret-down\"><\/i>\t\t\t<\/div>\n\t\t\t<select name=\"form_fields[field_dccbcd8]\" id=\"form-field-field_dccbcd8\" class=\"elementor-field-textual elementor-size-sm\" required=\"required\">\n\t\t\t\t\t\t\t\t\t<option value=\"Spain\">Spain<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"-\">-<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Afghanistan\">Afghanistan<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Akrotiri\">Akrotiri<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Albania\">Albania<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Algeria\">Algeria<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"American Samoa\">American Samoa<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Andorra\">Andorra<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Angola\">Angola<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Anguilla\">Anguilla<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Antarctica\">Antarctica<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Antigua and Barbuda\">Antigua and Barbuda<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Argentina\">Argentina<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Armenia\">Armenia<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Aruba\">Aruba<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Ashmore and Cartier Islands\">Ashmore and Cartier Islands<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Australia\">Australia<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Austria\">Austria<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Azerbaijan\">Azerbaijan<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Bahamas, The\">Bahamas, The<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Bahrain\">Bahrain<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Bangladesh\">Bangladesh<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Barbados\">Barbados<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Bassas da India\">Bassas da India<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Belarus\">Belarus<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Belgium\">Belgium<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Belize\">Belize<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Benin\">Benin<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Bermuda\">Bermuda<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Bhutan\">Bhutan<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Bolivia\">Bolivia<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Bosnia and Herzegovina\">Bosnia and Herzegovina<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Botswana\">Botswana<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Bouvet Island\">Bouvet Island<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Brazil\">Brazil<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"British Indian Ocean Territory\">British Indian Ocean Territory<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"British Virgin Islands\">British Virgin Islands<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Brunei\">Brunei<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Bulgaria\">Bulgaria<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Burkina Faso\">Burkina Faso<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Burma\">Burma<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Burundi\">Burundi<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Cambodia\">Cambodia<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Cameroon\">Cameroon<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Canada\">Canada<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Cape Verde\">Cape Verde<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Cayman Islands\">Cayman Islands<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Central African Republic\">Central African Republic<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Chad\">Chad<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Chile\">Chile<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"China\">China<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Christmas Island\">Christmas Island<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Clipperton Island\">Clipperton Island<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Cocos (Keeling) Islands\">Cocos (Keeling) Islands<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Colombia\">Colombia<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Comoros\">Comoros<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Congo, Democratic Republic of the\">Congo, Democratic Republic of the<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Congo, Republic of the\">Congo, Republic of the<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Cook Islands\">Cook Islands<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Coral Sea Islands\">Coral Sea Islands<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Costa Rica\">Costa Rica<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Cote d&#039;Ivoire\">Cote d&#039;Ivoire<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Croatia\">Croatia<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Cuba\">Cuba<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Cyprus\">Cyprus<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Czech Republic\">Czech Republic<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Denmark\">Denmark<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Dhekelia\">Dhekelia<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Djibouti\">Djibouti<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Dominica\">Dominica<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Dominican Republic\">Dominican Republic<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Ecuador\">Ecuador<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Egypt\">Egypt<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"El Salvador\">El Salvador<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Equatorial Guinea\">Equatorial Guinea<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Eritrea\">Eritrea<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Estonia\">Estonia<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Ethiopia\">Ethiopia<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Europa Island\">Europa Island<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Falkland Islands (Islas Malvinas)\">Falkland Islands (Islas Malvinas)<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Faroe Islands\">Faroe Islands<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Fiji\">Fiji<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Finland\">Finland<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"France\">France<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"French Guiana\">French Guiana<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"French Polynesia\">French Polynesia<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"French Southern and Antarctic Lands\">French Southern and Antarctic Lands<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Gabon\">Gabon<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Gambia, The\">Gambia, The<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Gaza Strip\">Gaza Strip<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Georgia\">Georgia<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Germany\">Germany<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Ghana\">Ghana<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Gibraltar\">Gibraltar<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Glorioso Islands\">Glorioso Islands<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Greece\">Greece<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Greenland\">Greenland<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Grenada\">Grenada<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Guadeloupe\">Guadeloupe<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Guam\">Guam<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Guatemala\">Guatemala<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Guernsey\">Guernsey<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Guinea\">Guinea<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Guinea-Bissau\">Guinea-Bissau<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Guyana\">Guyana<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Haiti\">Haiti<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Heard Island and McDonald Islands\">Heard Island and McDonald Islands<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Holy See (Vatican City)\">Holy See (Vatican City)<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Honduras\">Honduras<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Hong Kong\">Hong Kong<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Hungary\">Hungary<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Iceland\">Iceland<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"India\">India<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Indonesia\">Indonesia<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Iran\">Iran<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Iraq\">Iraq<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Ireland\">Ireland<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Isle of Man\">Isle of Man<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Israel\">Israel<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Italy\">Italy<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Jamaica\">Jamaica<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Jan Mayen\">Jan Mayen<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Japan\">Japan<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Jersey\">Jersey<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Jordan\">Jordan<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Juan de Nova Island\">Juan de Nova Island<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Kazakhstan\">Kazakhstan<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Kenya\">Kenya<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Kiribati\">Kiribati<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Korea, North\">Korea, North<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Korea, South\">Korea, South<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Kuwait\">Kuwait<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Kyrgyzstan\">Kyrgyzstan<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Laos\">Laos<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Latvia\">Latvia<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Lebanon\">Lebanon<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Lesotho\">Lesotho<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Liberia\">Liberia<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Libya\">Libya<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Liechtenstein\">Liechtenstein<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Lithuania\">Lithuania<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Luxembourg\">Luxembourg<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Macau\">Macau<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Macedonia\">Macedonia<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Madagascar\">Madagascar<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Malawi\">Malawi<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Malaysia\">Malaysia<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Maldives\">Maldives<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Mali\">Mali<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Malta\">Malta<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Marshall Islands\">Marshall Islands<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Martinique\">Martinique<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Mauritania\">Mauritania<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Mauritius\">Mauritius<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Mayotte\">Mayotte<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Mexico\">Mexico<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Micronesia, Federated States of\">Micronesia, Federated States of<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Moldova\">Moldova<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Monaco\">Monaco<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Mongolia\">Mongolia<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Montserrat\">Montserrat<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Morocco\">Morocco<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Mozambique\">Mozambique<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Namibia\">Namibia<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Nauru\">Nauru<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Navassa Island\">Navassa Island<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Nepal\">Nepal<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Netherlands\">Netherlands<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Netherlands Antilles\">Netherlands Antilles<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"New Caledonia\">New Caledonia<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"New Zealand\">New Zealand<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Nicaragua\">Nicaragua<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Niger\">Niger<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Nigeria\">Nigeria<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Niue\">Niue<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Norfolk Island\">Norfolk Island<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Northern Mariana Islands\">Northern Mariana Islands<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Norway\">Norway<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Oman\">Oman<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Pakistan\">Pakistan<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Palau\">Palau<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Panama\">Panama<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Papua New Guinea\">Papua New Guinea<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Paracel Islands\">Paracel Islands<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Paraguay\">Paraguay<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Peru\">Peru<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Philippines\">Philippines<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Pitcairn Islands\">Pitcairn Islands<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Poland\">Poland<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Portugal\">Portugal<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Puerto Rico\">Puerto Rico<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Qatar\">Qatar<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Reunion\">Reunion<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Romania\">Romania<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Russia\">Russia<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Rwanda\">Rwanda<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Saint Helena\">Saint Helena<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Saint Kitts and Nevis\">Saint Kitts and Nevis<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Saint Lucia\">Saint Lucia<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Saint Pierre and Miquelon\">Saint Pierre and Miquelon<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Saint Vincent and the Grenadines\">Saint Vincent and the Grenadines<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Samoa\">Samoa<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"San Marino\">San Marino<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Sao Tome and Principe\">Sao Tome and Principe<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Saudi Arabia\">Saudi Arabia<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Senegal\">Senegal<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Serbia and Montenegro\">Serbia and Montenegro<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Seychelles\">Seychelles<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Sierra Leone\">Sierra Leone<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Singapore\">Singapore<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Slovakia\">Slovakia<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Slovenia\">Slovenia<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Solomon Islands\">Solomon Islands<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Somalia\">Somalia<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"South Africa\">South Africa<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"South Georgia and the South Sandwich Islands\">South Georgia and the South Sandwich Islands<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Spratly Islands\">Spratly Islands<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Sri Lanka\">Sri Lanka<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Sudan\">Sudan<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Suriname\">Suriname<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Svalbard\">Svalbard<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Swaziland\">Swaziland<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Sweden\">Sweden<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Switzerland\">Switzerland<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Syria\">Syria<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Taiwan\">Taiwan<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Tajikistan\">Tajikistan<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Tanzania\">Tanzania<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Thailand\">Thailand<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Timor-Leste\">Timor-Leste<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Togo\">Togo<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Tokelau\">Tokelau<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Tonga\">Tonga<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Trinidad and Tobago\">Trinidad and Tobago<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Tromelin Island\">Tromelin Island<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Tunisia\">Tunisia<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Turkey\">Turkey<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Turkmenistan\">Turkmenistan<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Turks and Caicos Islands\">Turks and Caicos Islands<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Tuvalu\">Tuvalu<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Uganda\">Uganda<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Ukraine\">Ukraine<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"United Arab Emirates\">United Arab Emirates<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"United Kingdom\">United Kingdom<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"United States\">United States<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Uruguay\">Uruguay<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Uzbekistan\">Uzbekistan<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Vanuatu\">Vanuatu<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Venezuela\">Venezuela<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Vietnam\">Vietnam<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Virgin Islands\">Virgin Islands<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Wake Island\">Wake Island<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Wallis and Futuna\">Wallis and Futuna<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"West Bank\">West Bank<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Western Sahara\">Western Sahara<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Yemen\">Yemen<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Zambia\">Zambia<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Zimbabwe\">Zimbabwe<\/option>\n\t\t\t\t\t\t\t<\/select>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<div class=\"elementor-field-type-textarea elementor-field-group elementor-column elementor-field-group-message elementor-col-100\">\n\t\t\t\t\t\t\t\t\t\t\t\t<label for=\"form-field-message\" class=\"elementor-field-label elementor-screen-only\">\n\t\t\t\t\t\t\t\tMessage\t\t\t\t\t\t\t<\/label>\n\t\t\t\t\t\t<textarea class=\"elementor-field-textual elementor-field  elementor-size-sm\" name=\"form_fields[message]\" id=\"form-field-message\" rows=\"4\" placeholder=\"Message\"><\/textarea>\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<div class=\"elementor-field-type-acceptance elementor-field-group elementor-column elementor-field-group-field_b20e360 elementor-col-100 elementor-field-required\">\n\t\t\t\t\t\t\t\t\t\t\t\t<label for=\"form-field-field_b20e360\" class=\"elementor-field-label elementor-screen-only\">\n\t\t\t\t\t\t\t\tAceptaci\u00f3n Pol\u00edtica de Privacidad\t\t\t\t\t\t\t<\/label>\n\t\t\t\t\t\t\t\t<div class=\"elementor-field-subgroup\">\n\t\t\t<span class=\"elementor-field-option\">\n\t\t\t\t<input type=\"checkbox\" name=\"form_fields[field_b20e360]\" id=\"form-field-field_b20e360\" class=\"elementor-field elementor-size-sm  elementor-acceptance-field\" required=\"required\">\n\t\t\t\t<label for=\"form-field-field_b20e360\">I have read and accept the <a href=\"https:\/\/seegman.com\/en\/privacy-policy\/\">Privacy Policy<\/a><\/label>\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<div class=\"elementor-field-type-acceptance elementor-field-group elementor-column elementor-field-group-field_48759d3 elementor-col-100\">\n\t\t\t\t\t\t\t\t\t\t\t\t<label for=\"form-field-field_48759d3\" class=\"elementor-field-label elementor-screen-only\">\n\t\t\t\t\t\t\t\tAceptaci\u00f3n recibir comunicaciones\t\t\t\t\t\t\t<\/label>\n\t\t\t\t\t\t\t\t<div class=\"elementor-field-subgroup\">\n\t\t\t<span class=\"elementor-field-option\">\n\t\t\t\t<input type=\"checkbox\" name=\"form_fields[field_48759d3]\" id=\"form-field-field_48759d3\" class=\"elementor-field elementor-size-sm  elementor-acceptance-field\">\n\t\t\t\t<label for=\"form-field-field_48759d3\"> I consent to receive commercial communications from Seegman<\/label>\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<div class=\"elementor-field-type-recaptcha_v3 elementor-field-group elementor-column elementor-field-group-field_0f2c8f8 elementor-col-100 recaptcha_v3-bottomright\">\n\t\t\t\t\t<div class=\"elementor-field\" id=\"form-field-field_0f2c8f8\"><div class=\"elementor-g-recaptcha\" data-sitekey=\"6LdDZeYpAAAAAGVbmT2K7Tctgdk5fdxX_uY0zDZL\" data-type=\"v3\" data-action=\"Form\" data-badge=\"bottomright\" data-size=\"invisible\"><\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<div class=\"elementor-field-group elementor-column elementor-field-type-submit elementor-col-25 e-form__buttons elementor-md-40\">\n\t\t\t\t\t<button class=\"elementor-button elementor-size-md\" type=\"submit\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">SEND<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/button>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/form>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-e0ec2c8 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"e0ec2c8\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-f4b1a63\" data-id=\"f4b1a63\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a517ded elementor-widget elementor-widget-menu-anchor\" data-id=\"a517ded\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-menu-anchor\" id=\"faqs\"><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-42caded elementor-section-stretched elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"42caded\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;stretch_section&quot;:&quot;section-stretched&quot;}\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-wider\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-075247c\" data-id=\"075247c\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-543592e elementor-widget elementor-widget-heading\" data-id=\"543592e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Frequently asked questions (FAQs)<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-f85d6b5 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"f85d6b5\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-custom\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-ebc4d98\" data-id=\"ebc4d98\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-8fc7a73 elementor-widget-divider--view-line_text elementor-widget-divider--element-align-left elementor-widget elementor-widget-divider\" data-id=\"8fc7a73\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-42061ec elementor-widget elementor-widget-toggle\" data-id=\"42061ec\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"toggle.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-toggle\">\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h3 id=\"elementor-tab-title-6921\" class=\"elementor-tab-title\" data-tab=\"1\" role=\"button\" aria-controls=\"elementor-tab-content-6921\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">1.\tWhat are the main differences, advantages and disadvantages of acquiring a property business through the direct purchase of assets (asset deal) as opposed to the purchase of shares (share deal)?<\/a>\n\t\t\t\t\t<\/h3>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-6921\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"1\" role=\"region\" aria-labelledby=\"elementor-tab-title-6921\"><p>The fundamental difference lies in the subject matter of the transaction: an asset deal involves acquiring the assets directly, whilst a share deal consists of purchasing the special purpose vehicle that holds ownership of those assets, allowing for the automatic subrogation of agreements.<\/p><p>Both structures are common in Spain and the choice between them depends on a strategic comparison of the following factors:<\/p><ul><li><strong>Tax implications:<\/strong> A detailed analysis is required to determine the efficiency of acquiring shares (generally exempt from VAT or capital gains tax under certain conditions) versus the purchase of physical assets, which is usually subject to indirect taxation.<\/li><li><strong>Transfer of agreements (Subrogation):<\/strong> In a share deal, agreements with suppliers, tenants and service providers remain in force by automatic subrogation, as the legal personality of the owner does not change. In an asset deal, the transfer of operations is more complex, as it requires the express consent of third parties for the individual assignment of each agreement.<\/li><li><strong>Due Diligence Process:<\/strong> In a share deal, the legal and financial audit process is significantly more extensive and costly, as it involves analysing the company\u2019s entire history rather than just the asset.<\/li><li><strong>Risk Assumption:<\/strong> In an asset deal, the buyer assumes only the risks associated with ownership of the property. Conversely, in a share deal, the investor inherits both the asset-related contingencies and all the hidden liabilities (tax, employment or commercial) of the acquired company.<\/li><\/ul><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h3 id=\"elementor-tab-title-6922\" class=\"elementor-tab-title\" data-tab=\"2\" role=\"button\" aria-controls=\"elementor-tab-content-6922\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">2.\tAlthough the sale of shares is generally exempt from indirect taxes, in which specific cases might it be subject to VAT or Property Transfer Tax (Art. 338 SMA)?<\/a>\n\t\t\t\t\t<\/h3>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-6922\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"2\" role=\"region\" aria-labelledby=\"elementor-tab-title-6922\"><p>The transfer of unlisted shares may be subject to VAT (21%) or Property Transfer Tax (ITP, with a standard rate of 7% subject to regional variations) if the transaction circumvents the taxation of a property transfer. The Securities Markets and Investment Services Act (SMA) establishes this exception as an anti-tax avoidance measure.<\/p><p>Fraudulent evasion of the law is presumed, unless proven otherwise, when control is acquired or increased over companies whose assets consist mainly of property in Spain not used for economic activities. The specific cases are:<\/p><ul><li><strong>Acquisition of direct control:<\/strong> The purchaser obtains control of an entity where more than 50% of its assets (at market value) are properties not used for economic activity.<\/li><li><strong>Acquisition of indirect control:<\/strong> The investor acquires shares that give them control over a subsidiary that meets the above condition of 50% of assets being non-operational real estate.<\/li><li><strong>Recent contributions:<\/strong> Shares subscribed to within the last three years are transferred in exchange for property not used for economic activities, contributed during the company\u2019s incorporation or capital increase.<\/li><\/ul><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h3 id=\"elementor-tab-title-6923\" class=\"elementor-tab-title\" data-tab=\"3\" role=\"button\" aria-controls=\"elementor-tab-content-6923\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">3.\tWhat strict requirements must be met for the transfer of a going concern (purchase of a set of assets and liabilities) to be VAT-exempt?<\/a>\n\t\t\t\t\t<\/h3>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-6923\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"3\" role=\"region\" aria-labelledby=\"elementor-tab-title-6923\"><p>To qualify for the VAT exemption in M&amp;A transactions, the transfer must encompass a set of tangible and intangible assets and liabilities that form an autonomous economic unit capable of carrying out a business or professional activity on its own. This provision safeguards the viability of business succession and reduces the tax burden on the purchaser.<\/p><p>To ensure this strategic exemption, the following requirements must be met:<\/p><ul><li><strong>Business integrity:<\/strong> The assets transferred must constitute a productive unit operating on a continuous basis.<\/li><li><strong>Intention of the purchaser:<\/strong> The purchaser must be able to demonstrate their intention to retain the assets linked to a business or professional activity.<\/li><li><strong>Irrelevance of the exact activity:<\/strong> It is not strictly necessary for the investor to continue carrying out exactly the same economic activity to which the assets were previously subject.<\/li><\/ul><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h3 id=\"elementor-tab-title-6924\" class=\"elementor-tab-title\" data-tab=\"4\" role=\"button\" aria-controls=\"elementor-tab-content-6924\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">4.\tUnder what specific conditions can corporate restructuring transactions qualify for the special tax deferral regime, and in which cases will the tax authorities refuse it?<\/a>\n\t\t\t\t\t<\/h3>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-6924\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"4\" role=\"region\" aria-labelledby=\"elementor-tab-title-6924\"><p>The special tax deferral regime neutralises the tax impact of gains arising from mergers, demergers, non-cash contributions or share swaps.<\/p><p>The tax authorities will deny this protection scheme if they determine that the transaction is fraudulent, seeks to evade tax, or lacks a valid business reason. The conditions for application are strict:<\/p><ul><li><strong>Eligible restructuring:<\/strong> Applies only to transactions governed by the Corporation Tax Act (e.g. mergers, demergers, transfer of the registered office of a European Company).<\/li><li><strong>Valid Economic Rationale:<\/strong> The transaction cannot be carried out for the sole purpose of obtaining a tax advantage; it must be based on sound economic and commercial grounds (improved productivity, synergies, etc.).<\/li><\/ul><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h3 id=\"elementor-tab-title-6925\" class=\"elementor-tab-title\" data-tab=\"5\" role=\"button\" aria-controls=\"elementor-tab-content-6925\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">5.\tWhat requirements (such as percentage of shareholding and holding period) must a selling company meet to qualify for the 95% tax exemption on capital gains arising from the transfer in an M&A transaction?<\/a>\n\t\t\t\t\t<\/h3>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-6925\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"5\" role=\"region\" aria-labelledby=\"elementor-tab-title-6925\"><p>To benefit from the 95% tax exemption on dividends and capital gains from the sale of shares, the investor must hold at least 5% of the capital of the transferred entity and have held that stake continuously for at least one year prior to the transfer. This rule is key to the design of efficient holding structures in Spain.<\/p><p>For foreign shareholdings, additional requirements must also be met to qualify for the exemption:<\/p><ul><li><strong>Similar taxation:<\/strong> The transferred foreign entity must be subject to a tax of an identical or similar nature to Spanish corporation tax.<\/li><li><strong>Minimum tax rate:<\/strong> The nominal foreign tax rate applicable to that entity must be at least 10%.<\/li><\/ul><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h3 id=\"elementor-tab-title-6926\" class=\"elementor-tab-title\" data-tab=\"6\" role=\"button\" aria-controls=\"elementor-tab-content-6926\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">6.\tIn the case of a foreign investor without a permanent establishment in Spain, at what tax rate are capital gains arising from the transfer of assets or shares taxed under the NRIT?<\/a>\n\t\t\t\t\t<\/h3>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-6926\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"6\" role=\"region\" aria-labelledby=\"elementor-tab-title-6926\"><p>Non-resident companies and individuals operating without a permanent establishment in Spain are subject to Non-Resident Income Tax (NRIT) at a fixed rate of 19%, applicable directly to the capital gains realised on divestment transactions.<\/p><p>The legislation specifically subjects the following corporate liquidity events to this 19% tax rate:<\/p><ul><li>Capital gains arising from the transfer or redemption of shares or units in Collective Investment Undertakings.<\/li><li>General capital gains arising from the direct transfer of assets and rights.<\/li><li>Dividends and other income derived from equity holdings.<\/li><\/ul><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h3 id=\"elementor-tab-title-6927\" class=\"elementor-tab-title\" data-tab=\"7\" role=\"button\" aria-controls=\"elementor-tab-content-6927\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">7.\tIs it legally permissible for the target company to offer financial assistance to a buyer to facilitate the acquisition of its own shares in an M&A transaction?<\/a>\n\t\t\t\t\t<\/h3>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-6927\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"7\" role=\"region\" aria-labelledby=\"elementor-tab-title-6927\"><p>Under Spanish company law, there is a general and absolute prohibition (blanket prohibition) preventing limited liability companies and public limited companies from providing funds, loans, guarantees or any form of financial assistance to enable a third party to acquire its own shares or holdings.<\/p><p>This strict capital protection rule differs significantly depending on the type of company:<\/p><table><tbody><tr><td><p>Company Type<\/p><\/td><td><p>Regulations on Financial Assistance<\/p><\/td><td><p>Legal Exceptions<\/p><\/td><\/tr><tr><td><p>Limited Liability Company (LLC)<\/p><\/td><td><p>Absolute prohibition on financing the purchase of its own shares or those of companies within its group.<\/p><\/td><td><p>There are no applicable exceptions.<\/p><\/td><\/tr><tr><td><p>Public Limited Company (SA)<\/p><\/td><td><p>Prohibition on financing the acquisition of its own shares or those of its parent company.<\/p><\/td><td><p>1. Financing for company employees. 2. Ordinary transactions carried out by banks and credit institutions.<\/p><\/td><\/tr><\/tbody><\/table><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h3 id=\"elementor-tab-title-6928\" class=\"elementor-tab-title\" data-tab=\"8\" role=\"button\" aria-controls=\"elementor-tab-content-6928\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">8.\tWhat are the main stages or milestones that make up the timeline of a standard M&A transaction, from the Letter of Intent (LOI) to completion?<\/a>\n\t\t\t\t\t<\/h3>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-6928\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"8\" role=\"region\" aria-labelledby=\"elementor-tab-title-6928\"><p>Although Spanish law does not impose a single timeline, M&amp;A transactions follow a highly structured sequence of legal milestones to mitigate risks. The process typically ranges from preliminary negotiations to the formalisation of the transfer by means of a public deed.<\/p><p>The key milestones that govern this type of transaction are:<\/p><ul><li><strong>Preparatory agreements:<\/strong> Signing of Letters of Intent (LOI), exclusivity agreements, confidentiality agreements and call option agreements.<\/li><li><strong>Due Diligence and Compliance:<\/strong> Conducting the purchase audit (particularly critical in a share deal), obtaining tax identification numbers (NIF) and foreign investor identification numbers (NIE) for foreign investors, and complying with anti-money laundering protocols (KYC\/AML).<\/li><li><strong>Investment Declarations:<\/strong> Notification of Foreign Direct Investment (FDI) to the Directorate-General for International Trade and Investment, or application for prior authorisation from the Council of Ministers, where applicable.<\/li><li><strong>Signing &amp; Closing:<\/strong> Execution of the deed before a Spanish notary and, in the case of a real estate asset deal or security interests, registration in the relevant registers.<\/li><\/ul><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h3 id=\"elementor-tab-title-6929\" class=\"elementor-tab-title\" data-tab=\"9\" role=\"button\" aria-controls=\"elementor-tab-content-6929\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">9. Is it legally mandatory to follow all the steps in the standard timeline and sign preliminary agreements before proceeding with an acquisition?<\/a>\n\t\t\t\t\t<\/h3>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-6929\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"9\" role=\"region\" aria-labelledby=\"elementor-tab-title-6929\"><p>No, the drafting of preparatory and pre-contractual documents (such as letters of intent or reservation agreements) is a very common practice, but does not constitute a binding legal requirement under Spanish law. The principle of freedom of contract allows the parties to proceed directly to the final sale and purchase agreement.<\/p><p>For the transfer of ownership to be legally effective, Spanish law requires only a valid title (the legal agreement of sale) accompanied by the physical handover of the asset or title.<\/p><p>However, having the agreement drawn up as a public deed is essential for its subsequent registration in public registers.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h3 id=\"elementor-tab-title-69210\" class=\"elementor-tab-title\" data-tab=\"10\" role=\"button\" aria-controls=\"elementor-tab-content-69210\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">10.\tApart from the buyer and seller, what other professionals and entities are typically involved in ensuring the success of an M&A transaction in Spain?<\/a>\n\t\t\t\t\t<\/h3>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-69210\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"10\" role=\"region\" aria-labelledby=\"elementor-tab-title-69210\"><p>A Spanish corporate transaction in regulated environments requires rigorous multi-party coordination. At Seegman, we take on the central role of legal counsel to the General Counsel, coordinating all parties to ensure compliance and expedite the closing of the transaction.<\/p><p>The key parties involved independently in the process are:<\/p><ul><li><strong>Notary Public:<\/strong> Authenticates the transaction, formalises the deeds of sale and identifies the beneficial owner.<\/li><li><strong>Banks and credit institutions:<\/strong> They facilitate the transfer of funds, open accounts and act as regulated entities in the detection of potential illicit flows.<\/li><li><strong>Solicitors, Tax Advisers and Auditors:<\/strong> They carry out due diligence, structure tax efficiency and assume regulatory responsibilities regarding the prevention of money laundering.<\/li><\/ul><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h3 id=\"elementor-tab-title-69211\" class=\"elementor-tab-title\" data-tab=\"11\" role=\"button\" aria-controls=\"elementor-tab-content-69211\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">11.\tIs it necessary for the foreign investor to travel physically to Spain for the signing and closing, given that the transfer must be formalised before a notary?<\/a>\n\t\t\t\t\t<\/h3>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-69211\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"11\" role=\"region\" aria-labelledby=\"elementor-tab-title-69211\"><p>It is not necessary to travel to Spain, as the foreign investor can be fully represented at the closing by means of a power of attorney formalised in their country of origin. This power of attorney must specify the precise powers to sell or acquire the company or the assets.<\/p><p>For the document to have full legal effect before a Spanish notary, two international formalities must be complied with:<\/p><ul><li>The power of attorney must be duly apostilled in accordance with the Hague Convention, or legalised by a Spanish consul.<\/li><li>If the original power of attorney is not written in Spanish, an official sworn translation into Spanish must be provided.<\/li><\/ul><p>In transactions where there is a period between signing and completion, at what exact point is ownership of the shares or holdings transferred?<\/p><p>Under Spanish law, the \u2018theory of title and mode\u2019 prevails, meaning that the signing of an agreement of sale (title) does not in itself transfer ownership. The actual transfer of ownership requires the handover of possession to the buyer (traditio or mode).<\/p><ul><li><strong>Title (Signing):<\/strong> A private agreement formalises the intention to transfer but is not sufficient to ensure full legal certainty.<\/li><li><strong>The Mode (Notarial Completion): <\/strong>For ownership to be transferred with full effect and protection against third parties, the final completion must be formalised in a public deed before a notary<\/li><\/ul><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h3 id=\"elementor-tab-title-69212\" class=\"elementor-tab-title\" data-tab=\"12\" role=\"button\" aria-controls=\"elementor-tab-content-69212\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">12.\tWhy is it highly advisable to sign a private shareholders\u2019 agreement to ensure control of the company rather than relying solely on the public articles of association?<\/a>\n\t\t\t\t\t<\/h3>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-69212\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"12\" role=\"region\" aria-labelledby=\"elementor-tab-title-69212\"><p>The articles of association provide a public and regulated framework that does not always accommodate the strategic flexibility required by corporate investors. Our combined experience in Madrid and Lisbon shows that multinational parent companies use limited liability companies and complement the legal rigidity with private shareholders\u2019 agreements to shape sophisticated control systems.<\/p><p>Signing a shareholders\u2019 agreement ensures key operational advantages that should not be exposed to public scrutiny by the Companies Register:<\/p><ul><li>It provides total corporate flexibility to agree on reinforced voting majorities, share syndication, drag-along or tag-along rights.<\/li><li>It guarantees absolute confidentiality regarding dispute resolution mechanisms, liquidity options or transfer restrictions, which only take full effect if they do not conflict with company law. It is crucial to note that, in listed companies, agreements restricting votes or transfers must be disclosed to the market to be effective.<\/li><\/ul><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h3 id=\"elementor-tab-title-69213\" class=\"elementor-tab-title\" data-tab=\"13\" role=\"button\" aria-controls=\"elementor-tab-content-69213\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">13.\tWhat happens to employment agreements, length of service and employees\u2019 rights when a foreign investor acquires a business unit (transfer of undertaking)?<\/a>\n\t\t\t\t\t<\/h3>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-69213\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"13\" role=\"region\" aria-labelledby=\"elementor-tab-title-69213\"><p>Under the Acquired Rights Directive and the Workers\u2019 Statute, the sale of an autonomous business unit does not justify dismissal or changes to working conditions. Employees within the scope of the business are automatically transferred to the new acquiring entity.<\/p><p>The purchaser is subject to compulsory subrogation with the following effects:<\/p><ul><li>All previous employment rights are fully preserved, guaranteeing pay conditions and absolute respect for accumulated length of service.<\/li><li>The new owner assumes the exact position of employer, becoming a legal and indivisible party to the existing employment agreements.<\/li><\/ul><p>In a business succession scenario, what joint liabilities do the buyer and seller assume regarding employment and social security debts prior to the transaction?<\/p><p>Spanish law imposes very strict joint and several liability to prevent the transfer of assets from being used to circumvent social obligations. The seller (transferor) and the buyer (transferee) are jointly and severally liable for any non-payment by the former management.<\/p><p>This regime of joint and several liability is governed by the following principles:<\/p><ul><li>It applies to all outstanding employment obligations (wages) and social security contributions incurred prior to the corporate transfer.<\/li><li>The period of joint liability extends for a statutory period of three years, calculated from the effective date of the transfer.<\/li><\/ul><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h3 id=\"elementor-tab-title-69214\" class=\"elementor-tab-title\" data-tab=\"14\" role=\"button\" aria-controls=\"elementor-tab-content-69214\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">14.\tWhat are the exact market share or turnover thresholds that require an investor to notify a merger to the Spanish authorities (CNMC)?<\/a>\n\t\t\t\t\t<\/h3>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-69214\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"14\" role=\"region\" aria-labelledby=\"elementor-tab-title-69214\"><p>Any M&amp;A transaction involving a takeover that does not exceed the European scope must be notified to the CNMC if it exceeds any of the turnover or market share thresholds set out in the Competition Act. At Seegman, we conduct a preliminary assessment of the antitrust impact of any corporate acquisition, mitigating the risk of fines of up to 5% of global turnover for gun-jumping.<\/p><p>Notification is mandatory if either of these two alternative scenarios applies:<\/p><ul><li><strong>Market share threshold:<\/strong> A minimum market share of 30% is acquired or increased in the relevant geographic or product market in Spain (unless the Spanish turnover of the acquired entity is less than \u20ac10 million and the combined market share does not reach 50%).<\/li><li><strong>Turnover threshold:<\/strong> The sum of the aggregate turnover in Spain of the undertakings involved exceeds \u20ac240 million in the last financial year, provided that at least two of them have individually achieved a turnover of more than \u20ac60 million within the national territory.<\/li><\/ul><p>\u00a0<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h3 id=\"elementor-tab-title-69215\" class=\"elementor-tab-title\" data-tab=\"15\" role=\"button\" aria-controls=\"elementor-tab-content-69215\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">15.\tIn which cases do Foreign Direct Investments (FDI) of at least 10% of the capital in strategic sectors require prior authorisation from the Spanish Government?<\/a>\n\t\t\t\t\t<\/h3>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-69215\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"15\" role=\"region\" aria-labelledby=\"elementor-tab-title-69215\"><p>The Foreign Direct Investment control regime suspends the liberalisation of capital and requires government authorisation (usually from the Council of Ministers) if a non-EU investor acquires 10% of the share capital or assumes administrative control of the Spanish business.<\/p><p>This regulatory barrier applies primarily for reasons of public order and public health, based on two main criteria:<\/p><ul><li><strong>Investments in strategic sectors: <\/strong>This affects critical infrastructure, dual-use technologies (artificial intelligence, semiconductors, aerospace), essential supplies (energy, food) and sectors with access to sensitive data or the media.<\/li><li><strong>Investor risk profile:<\/strong> This applies regardless of the sector if the foreign buyer is controlled by the government of a third country, has a criminal record, or has previously invested in sensitive sectors in another EU Member State. (Additionally, and as a transitional measure until 31 December 2026, EU\/EFTA residents are subject to this screening if they invest more than \u20ac500 million in strategic sectors).<\/li><\/ul><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"1.\\tWhat are the main differences, advantages and disadvantages of acquiring a property business through the direct purchase of assets (asset deal) as opposed to the purchase of shares (share deal)?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p>The fundamental difference lies in the subject matter of the transaction: an asset deal involves acquiring the assets directly, whilst a share deal consists of purchasing the special purpose vehicle that holds ownership of those assets, allowing for the automatic subrogation of agreements.<\\\/p><p>Both structures are common in Spain and the choice between them depends on a strategic comparison of the following factors:<\\\/p><ul><li><strong>Tax implications:<\\\/strong> A detailed analysis is required to determine the efficiency of acquiring shares (generally exempt from VAT or capital gains tax under certain conditions) versus the purchase of physical assets, which is usually subject to indirect taxation.<\\\/li><li><strong>Transfer of agreements (Subrogation):<\\\/strong> In a share deal, agreements with suppliers, tenants and service providers remain in force by automatic subrogation, as the legal personality of the owner does not change. In an asset deal, the transfer of operations is more complex, as it requires the express consent of third parties for the individual assignment of each agreement.<\\\/li><li><strong>Due Diligence Process:<\\\/strong> In a share deal, the legal and financial audit process is significantly more extensive and costly, as it involves analysing the company\\u2019s entire history rather than just the asset.<\\\/li><li><strong>Risk Assumption:<\\\/strong> In an asset deal, the buyer assumes only the risks associated with ownership of the property. Conversely, in a share deal, the investor inherits both the asset-related contingencies and all the hidden liabilities (tax, employment or commercial) of the acquired company.<\\\/li><\\\/ul>\"}},{\"@type\":\"Question\",\"name\":\"2.\\tAlthough the sale of shares is generally exempt from indirect taxes, in which specific cases might it be subject to VAT or Property Transfer Tax (Art. 338 SMA)?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p>The transfer of unlisted shares may be subject to VAT (21%) or Property Transfer Tax (ITP, with a standard rate of 7% subject to regional variations) if the transaction circumvents the taxation of a property transfer. The Securities Markets and Investment Services Act (SMA) establishes this exception as an anti-tax avoidance measure.<\\\/p><p>Fraudulent evasion of the law is presumed, unless proven otherwise, when control is acquired or increased over companies whose assets consist mainly of property in Spain not used for economic activities. The specific cases are:<\\\/p><ul><li><strong>Acquisition of direct control:<\\\/strong> The purchaser obtains control of an entity where more than 50% of its assets (at market value) are properties not used for economic activity.<\\\/li><li><strong>Acquisition of indirect control:<\\\/strong> The investor acquires shares that give them control over a subsidiary that meets the above condition of 50% of assets being non-operational real estate.<\\\/li><li><strong>Recent contributions:<\\\/strong> Shares subscribed to within the last three years are transferred in exchange for property not used for economic activities, contributed during the company\\u2019s incorporation or capital increase.<\\\/li><\\\/ul>\"}},{\"@type\":\"Question\",\"name\":\"3.\\tWhat strict requirements must be met for the transfer of a going concern (purchase of a set of assets and liabilities) to be VAT-exempt?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p>To qualify for the VAT exemption in M&amp;A transactions, the transfer must encompass a set of tangible and intangible assets and liabilities that form an autonomous economic unit capable of carrying out a business or professional activity on its own. This provision safeguards the viability of business succession and reduces the tax burden on the purchaser.<\\\/p><p>To ensure this strategic exemption, the following requirements must be met:<\\\/p><ul><li><strong>Business integrity:<\\\/strong> The assets transferred must constitute a productive unit operating on a continuous basis.<\\\/li><li><strong>Intention of the purchaser:<\\\/strong> The purchaser must be able to demonstrate their intention to retain the assets linked to a business or professional activity.<\\\/li><li><strong>Irrelevance of the exact activity:<\\\/strong> It is not strictly necessary for the investor to continue carrying out exactly the same economic activity to which the assets were previously subject.<\\\/li><\\\/ul>\"}},{\"@type\":\"Question\",\"name\":\"4.\\tUnder what specific conditions can corporate restructuring transactions qualify for the special tax deferral regime, and in which cases will the tax authorities refuse it?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p>The special tax deferral regime neutralises the tax impact of gains arising from mergers, demergers, non-cash contributions or share swaps.<\\\/p><p>The tax authorities will deny this protection scheme if they determine that the transaction is fraudulent, seeks to evade tax, or lacks a valid business reason. The conditions for application are strict:<\\\/p><ul><li><strong>Eligible restructuring:<\\\/strong> Applies only to transactions governed by the Corporation Tax Act (e.g. mergers, demergers, transfer of the registered office of a European Company).<\\\/li><li><strong>Valid Economic Rationale:<\\\/strong> The transaction cannot be carried out for the sole purpose of obtaining a tax advantage; it must be based on sound economic and commercial grounds (improved productivity, synergies, etc.).<\\\/li><\\\/ul>\"}},{\"@type\":\"Question\",\"name\":\"5.\\tWhat requirements (such as percentage of shareholding and holding period) must a selling company meet to qualify for the 95% tax exemption on capital gains arising from the transfer in an M&A transaction?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p>To benefit from the 95% tax exemption on dividends and capital gains from the sale of shares, the investor must hold at least 5% of the capital of the transferred entity and have held that stake continuously for at least one year prior to the transfer. This rule is key to the design of efficient holding structures in Spain.<\\\/p><p>For foreign shareholdings, additional requirements must also be met to qualify for the exemption:<\\\/p><ul><li><strong>Similar taxation:<\\\/strong> The transferred foreign entity must be subject to a tax of an identical or similar nature to Spanish corporation tax.<\\\/li><li><strong>Minimum tax rate:<\\\/strong> The nominal foreign tax rate applicable to that entity must be at least 10%.<\\\/li><\\\/ul>\"}},{\"@type\":\"Question\",\"name\":\"6.\\tIn the case of a foreign investor without a permanent establishment in Spain, at what tax rate are capital gains arising from the transfer of assets or shares taxed under the NRIT?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p>Non-resident companies and individuals operating without a permanent establishment in Spain are subject to Non-Resident Income Tax (NRIT) at a fixed rate of 19%, applicable directly to the capital gains realised on divestment transactions.<\\\/p><p>The legislation specifically subjects the following corporate liquidity events to this 19% tax rate:<\\\/p><ul><li>Capital gains arising from the transfer or redemption of shares or units in Collective Investment Undertakings.<\\\/li><li>General capital gains arising from the direct transfer of assets and rights.<\\\/li><li>Dividends and other income derived from equity holdings.<\\\/li><\\\/ul>\"}},{\"@type\":\"Question\",\"name\":\"7.\\tIs it legally permissible for the target company to offer financial assistance to a buyer to facilitate the acquisition of its own shares in an M&A transaction?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p>Under Spanish company law, there is a general and absolute prohibition (blanket prohibition) preventing limited liability companies and public limited companies from providing funds, loans, guarantees or any form of financial assistance to enable a third party to acquire its own shares or holdings.<\\\/p><p>This strict capital protection rule differs significantly depending on the type of company:<\\\/p><table><tbody><tr><td><p>Company Type<\\\/p><\\\/td><td><p>Regulations on Financial Assistance<\\\/p><\\\/td><td><p>Legal Exceptions<\\\/p><\\\/td><\\\/tr><tr><td><p>Limited Liability Company (LLC)<\\\/p><\\\/td><td><p>Absolute prohibition on financing the purchase of its own shares or those of companies within its group.<\\\/p><\\\/td><td><p>There are no applicable exceptions.<\\\/p><\\\/td><\\\/tr><tr><td><p>Public Limited Company (SA)<\\\/p><\\\/td><td><p>Prohibition on financing the acquisition of its own shares or those of its parent company.<\\\/p><\\\/td><td><p>1. Financing for company employees. 2. Ordinary transactions carried out by banks and credit institutions.<\\\/p><\\\/td><\\\/tr><\\\/tbody><\\\/table>\"}},{\"@type\":\"Question\",\"name\":\"8.\\tWhat are the main stages or milestones that make up the timeline of a standard M&A transaction, from the Letter of Intent (LOI) to completion?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p>Although Spanish law does not impose a single timeline, M&amp;A transactions follow a highly structured sequence of legal milestones to mitigate risks. The process typically ranges from preliminary negotiations to the formalisation of the transfer by means of a public deed.<\\\/p><p>The key milestones that govern this type of transaction are:<\\\/p><ul><li><strong>Preparatory agreements:<\\\/strong> Signing of Letters of Intent (LOI), exclusivity agreements, confidentiality agreements and call option agreements.<\\\/li><li><strong>Due Diligence and Compliance:<\\\/strong> Conducting the purchase audit (particularly critical in a share deal), obtaining tax identification numbers (NIF) and foreign investor identification numbers (NIE) for foreign investors, and complying with anti-money laundering protocols (KYC\\\/AML).<\\\/li><li><strong>Investment Declarations:<\\\/strong> Notification of Foreign Direct Investment (FDI) to the Directorate-General for International Trade and Investment, or application for prior authorisation from the Council of Ministers, where applicable.<\\\/li><li><strong>Signing &amp; Closing:<\\\/strong> Execution of the deed before a Spanish notary and, in the case of a real estate asset deal or security interests, registration in the relevant registers.<\\\/li><\\\/ul>\"}},{\"@type\":\"Question\",\"name\":\"9. Is it legally mandatory to follow all the steps in the standard timeline and sign preliminary agreements before proceeding with an acquisition?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p>No, the drafting of preparatory and pre-contractual documents (such as letters of intent or reservation agreements) is a very common practice, but does not constitute a binding legal requirement under Spanish law. The principle of freedom of contract allows the parties to proceed directly to the final sale and purchase agreement.<\\\/p><p>For the transfer of ownership to be legally effective, Spanish law requires only a valid title (the legal agreement of sale) accompanied by the physical handover of the asset or title.<\\\/p><p>However, having the agreement drawn up as a public deed is essential for its subsequent registration in public registers.<\\\/p>\"}},{\"@type\":\"Question\",\"name\":\"10.\\tApart from the buyer and seller, what other professionals and entities are typically involved in ensuring the success of an M&A transaction in Spain?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p>A Spanish corporate transaction in regulated environments requires rigorous multi-party coordination. At Seegman, we take on the central role of legal counsel to the General Counsel, coordinating all parties to ensure compliance and expedite the closing of the transaction.<\\\/p><p>The key parties involved independently in the process are:<\\\/p><ul><li><strong>Notary Public:<\\\/strong> Authenticates the transaction, formalises the deeds of sale and identifies the beneficial owner.<\\\/li><li><strong>Banks and credit institutions:<\\\/strong> They facilitate the transfer of funds, open accounts and act as regulated entities in the detection of potential illicit flows.<\\\/li><li><strong>Solicitors, Tax Advisers and Auditors:<\\\/strong> They carry out due diligence, structure tax efficiency and assume regulatory responsibilities regarding the prevention of money laundering.<\\\/li><\\\/ul>\"}},{\"@type\":\"Question\",\"name\":\"11.\\tIs it necessary for the foreign investor to travel physically to Spain for the signing and closing, given that the transfer must be formalised before a notary?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p>It is not necessary to travel to Spain, as the foreign investor can be fully represented at the closing by means of a power of attorney formalised in their country of origin. This power of attorney must specify the precise powers to sell or acquire the company or the assets.<\\\/p><p>For the document to have full legal effect before a Spanish notary, two international formalities must be complied with:<\\\/p><ul><li>The power of attorney must be duly apostilled in accordance with the Hague Convention, or legalised by a Spanish consul.<\\\/li><li>If the original power of attorney is not written in Spanish, an official sworn translation into Spanish must be provided.<\\\/li><\\\/ul><p>In transactions where there is a period between signing and completion, at what exact point is ownership of the shares or holdings transferred?<\\\/p><p>Under Spanish law, the \\u2018theory of title and mode\\u2019 prevails, meaning that the signing of an agreement of sale (title) does not in itself transfer ownership. The actual transfer of ownership requires the handover of possession to the buyer (traditio or mode).<\\\/p><ul><li><strong>Title (Signing):<\\\/strong> A private agreement formalises the intention to transfer but is not sufficient to ensure full legal certainty.<\\\/li><li><strong>The Mode (Notarial Completion): <\\\/strong>For ownership to be transferred with full effect and protection against third parties, the final completion must be formalised in a public deed before a notary<\\\/li><\\\/ul>\"}},{\"@type\":\"Question\",\"name\":\"12.\\tWhy is it highly advisable to sign a private shareholders\\u2019 agreement to ensure control of the company rather than relying solely on the public articles of association?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p>The articles of association provide a public and regulated framework that does not always accommodate the strategic flexibility required by corporate investors. Our combined experience in Madrid and Lisbon shows that multinational parent companies use limited liability companies and complement the legal rigidity with private shareholders\\u2019 agreements to shape sophisticated control systems.<\\\/p><p>Signing a shareholders\\u2019 agreement ensures key operational advantages that should not be exposed to public scrutiny by the Companies Register:<\\\/p><ul><li>It provides total corporate flexibility to agree on reinforced voting majorities, share syndication, drag-along or tag-along rights.<\\\/li><li>It guarantees absolute confidentiality regarding dispute resolution mechanisms, liquidity options or transfer restrictions, which only take full effect if they do not conflict with company law. It is crucial to note that, in listed companies, agreements restricting votes or transfers must be disclosed to the market to be effective.<\\\/li><\\\/ul>\"}},{\"@type\":\"Question\",\"name\":\"13.\\tWhat happens to employment agreements, length of service and employees\\u2019 rights when a foreign investor acquires a business unit (transfer of undertaking)?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p>Under the Acquired Rights Directive and the Workers\\u2019 Statute, the sale of an autonomous business unit does not justify dismissal or changes to working conditions. Employees within the scope of the business are automatically transferred to the new acquiring entity.<\\\/p><p>The purchaser is subject to compulsory subrogation with the following effects:<\\\/p><ul><li>All previous employment rights are fully preserved, guaranteeing pay conditions and absolute respect for accumulated length of service.<\\\/li><li>The new owner assumes the exact position of employer, becoming a legal and indivisible party to the existing employment agreements.<\\\/li><\\\/ul><p>In a business succession scenario, what joint liabilities do the buyer and seller assume regarding employment and social security debts prior to the transaction?<\\\/p><p>Spanish law imposes very strict joint and several liability to prevent the transfer of assets from being used to circumvent social obligations. The seller (transferor) and the buyer (transferee) are jointly and severally liable for any non-payment by the former management.<\\\/p><p>This regime of joint and several liability is governed by the following principles:<\\\/p><ul><li>It applies to all outstanding employment obligations (wages) and social security contributions incurred prior to the corporate transfer.<\\\/li><li>The period of joint liability extends for a statutory period of three years, calculated from the effective date of the transfer.<\\\/li><\\\/ul>\"}},{\"@type\":\"Question\",\"name\":\"14.\\tWhat are the exact market share or turnover thresholds that require an investor to notify a merger to the Spanish authorities (CNMC)?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p>Any M&amp;A transaction involving a takeover that does not exceed the European scope must be notified to the CNMC if it exceeds any of the turnover or market share thresholds set out in the Competition Act. At Seegman, we conduct a preliminary assessment of the antitrust impact of any corporate acquisition, mitigating the risk of fines of up to 5% of global turnover for gun-jumping.<\\\/p><p>Notification is mandatory if either of these two alternative scenarios applies:<\\\/p><ul><li><strong>Market share threshold:<\\\/strong> A minimum market share of 30% is acquired or increased in the relevant geographic or product market in Spain (unless the Spanish turnover of the acquired entity is less than \\u20ac10 million and the combined market share does not reach 50%).<\\\/li><li><strong>Turnover threshold:<\\\/strong> The sum of the aggregate turnover in Spain of the undertakings involved exceeds \\u20ac240 million in the last financial year, provided that at least two of them have individually achieved a turnover of more than \\u20ac60 million within the national territory.<\\\/li><\\\/ul><p>\\u00a0<\\\/p>\"}},{\"@type\":\"Question\",\"name\":\"15.\\tIn which cases do Foreign Direct Investments (FDI) of at least 10% of the capital in strategic sectors require prior authorisation from the Spanish Government?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p>The Foreign Direct Investment control regime suspends the liberalisation of capital and requires government authorisation (usually from the Council of Ministers) if a non-EU investor acquires 10% of the share capital or assumes administrative control of the Spanish business.<\\\/p><p>This regulatory barrier applies primarily for reasons of public order and public health, based on two main criteria:<\\\/p><ul><li><strong>Investments in strategic sectors: <\\\/strong>This affects critical infrastructure, dual-use technologies (artificial intelligence, semiconductors, aerospace), essential supplies (energy, food) and sectors with access to sensitive data or the media.<\\\/li><li><strong>Investor risk profile:<\\\/strong> This applies regardless of the sector if the foreign buyer is controlled by the government of a third country, has a criminal record, or has previously invested in sensitive sectors in another EU Member State. (Additionally, and as a transitional measure until 31 December 2026, EU\\\/EFTA residents are subject to this screening if they invest more than \\u20ac500 million in strategic sectors).<\\\/li><\\\/ul>\"}}]}<\/script>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Small Market M&amp;A and Restructuring Let us help you We provide legal advice on small market M&amp;A transactions, supporting industrial buyers and sellers, private equity firms, search funds, and family-owned businesses. We also offer support in larger-scale transactions, working closely with national and international law firms to ensure smooth and efficient execution and closing of [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"parent":0,"menu_order":4,"comment_status":"closed","ping_status":"closed","template":"elementor_header_footer","meta":{"footnotes":""},"class_list":["post-12294","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Small market M&amp;A<\/title>\n<meta name=\"description\" content=\"Seegman provides value-added solutions to clients in the legal aspects of their small market M&amp;A transactions.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/seegman.com\/en\/small-market-ma\/\" \/>\n<meta property=\"og:locale\" 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