June 2016 Newsletter



CLOSA Investment Bankers junto con la Escuela de Negocios CEIBS y el Banco Fidelity de Ghana ha elaborado un estudio sobre Greenfilds vs Acquisitions para analizar en qué casos es preferible optar por una estrategia o por otra.

Hay países donde los crecimientos en la economía son muy altos y por tanto la estrategia de negocio aconsejable aún no está definida. Además, este tipo de países suelen tener un entorno jurídico donde se obliga a coinvertir con socios locales como sistema para el desarrollo de la economía local y, en todo caso, es conveniente.

La experiencia en adquisiciones en estas áreas geográficas da un pobre rendimiento debido además a la falta de un entorno financiero y jurídico fiable.

No obstante, estos mercados son clave para cualquier estrategia de crecimiento y no pueden obviarse.

Los Greenfileds suponen un desembolso económico mucho menor y por tanto unos rendimientos a la inversión mucho más altos siempre y cuando el Plan de Negocio sea realista y tome en consideración la etapa inicial con sus peculiaridades locales. Posteriormente, los crecimientos son mucho mayores que en las adquisiciones por haber podido enfocar la empresa totalmente en función del inversor en el mercado.

La elección del socio, así como contar con asesores locales de confianza es el elemento diferencial de mayor éxito

Esta estrategia solo es aconsejable en mercados incipientes como es el continente africano.

Miércoles, 10 Abril 2019 00:00

CLOSA … en 2019

2018 ha sido otro año excepcional para CLOSA. Hemos podido asesorar a diversos clientes enfocados en todos nuestros sectores y en 8 transacciones. 80% de ellos involucran a compradores o nichos de mercado extranjeros, lo cual enfatiza la fuerza de nuestro alcance y cooperación con nuestros partners internacionales.

Nos es grato y relevante señalar que 2018 fue el año en que establecimos nuestra oficina en Accra (Ghana) como una primera base en Africa para atender a nuestra expansión en esta área de rápido crecimiento. Esto representa una oportunidad única de impulso y desarrollo de todas las empresas en el espacio de los próximos 10 años.

Esto es también un paso importante. Desde 1987 nos hemos esforzado por satisfacer las necesidades reales de nuestros clientes, evitando conflictos de interés, gastos redundantes, ofreciendo el aprendizaje de la curva de experiencia, economía de escala, contactos locales y know-how.

No podemos predecir el futuro pues la experiencia nos ha demostrado que pocas veces se cumple... pero ofrecemos el apoyo para la incursión en Africa, pues las inversiones son aun relativamente pequeñas, y los rendimientos son sorprendentemente bastante mucho mejores a lo previsto.

Viernes, 10 Noviembre 2017 00:00

What is a Smart Contract?

A smart contract is an autonomous computer program running on a Blockchain network. Blockchain is a digital, distributed and decentralised record keeping system on which tokens (cryptocurrencies) are stored chronologically and publicly. Given a set of instructions, a smart contract will carry out a number of tasks on the Blockchain network it is deployed on, at the appropriate time. All parties involved remain anonymous. Smart contracts and smart lawyers

Smart contracts have become synonymous with disintermediation. For many, this simply means moderators are being pushed out the equation. This could not be further from the truth. In reality, go-betweens like lawyers will be highly sought after for some time to come. In the example of a smart contract handling the rental of property to tenants, rules can be coded which state that, ‘If an apartment is vandalised, it warrants the eviction of the tenants’. This is very straightforward but it becomes less so when distinguishing between vandalism and acceptable wear and tear. This is where a lawyer’s advice would be needed. Working closely with Blockchain developers, a lawyer can make this sort of distinction clear at the time of coding. Rentberry is one such Blockchain company. This platform allows landlords to check the identity of tenants through smart contract technology and ensure rentals are fully insured, all through a decentralised system. Smart contracts and identity.

Today identity rights sit with a handful of processors. Data subjects have little or no way of making sure that their information does not get passed into the wrong hands. With Blockchain technology, a single, open repository linked by multiple data processors can be set up. Data subjects would own the rights to smart contracts which operate based on parameters that these subjects have specified. This can be described as a digital twin. The digital twin would record all requests that have been made by the likes of credit agencies, immigration, banking, employers and so on. This would not only place control in the hands of those who are being reported about but also give them an audit of where their data is currently being used as well as the purpose of these requests.

It provides self-sovereign identity. Smart contracts allow users to decide which parties have access to their records. Smart contracts and asset management

Currently, asset management is a very manual process. If an asset manager is holding some shares which they wish to sell, they have to place calls with others in their network and advertise to them. This gets even more tedious when the shares are illiquid. It becomes a very time-consuming process. Enter Blockchain, which as explained, is an open ledger system. In a perfect world, a host of Asset managers will be connected to one common Blockchain network, allowing all present parties to see which assets are available to be bought and sold. This can be done in an automated fashion using smart contracts so that if one manager’s ‘buy’ conditions match another manager’s ‘sell’ conditions, trades can be made in a very streamlined fashion. In addition, this will bring trading costs down and provide better security thanks to Blockchain’s immutability. Ripple, which is on the tip of everyone’s tongue these days, allows digital asset managers to provide liquidity through a decentralised, scalable and robust system.

Conclusion. Smart Contracts are ushering in the future of decentralised autonomous technology. These will allow more transparency, speed, security and more economic transactions. The rate of adoption is directly related to how quickly consumers are educated about their benefits.

Martes, 04 Septiembre 2018 00:00

A secret Tactic for Quick Growth:The-Roll-up


The firm aims to provide tailored and comprehensive solutions to financial institutions, wealth managers and supervisors in the country and the region. With strong expertise in the financial services industry, they can assist clients with complex cross-border issues and provide them with quality services to meet their specific needs. The principal is Tatiana Rado


On 29 November 2017, the Finance Community Gala Dinner event has been held at the remarkable location of Hotel Mandarin.

The most respected firms and professionals active in the Spanish financial community have been gathered as ever year.

Our founder has been surprised during the gala dinner at the presence of over 150 people.


Viernes, 02 Febrero 2018 00:00


2017 has been another noteworthy year for CLOSA. We advised clients in all of our focus sectors on 8 transactions. 80% involved a foreign buyer or target, which emphasizes the strength of our international reach and close cooperation with our international partners

More importantly, 2016 was the year that we framed a different strategy being only focussing in serving our client´needs. We decided to give up an international investment banking group wich we had founded to avoid conflict of interest.

While continuously increasing our international presence and industry focus, we look forward to further building on what we have established over the past 30 years: fully integrated advice encompassing M&A, debt and equity & ECM advisory.

For 2018 we expect markets to remain strong. International strategic players are well capitalized and looking to grow their global presence, private equity firms are sitting on record levels of dry powder and debt financing is widely available.

Investors are actively seeking ways to deploy their capital into growth opportunities. Especially Spanish small- and medium-sized enterprises are expected to remain in demand the year ahead, since they form excellent platform companies and a gateway to continental Europe. Survivors from the crisis have strong appetite to growth globally.

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