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Iberia

The impact of the global financial was felt significantly in both the Iberian markets and it was particularly noted due to some foreign dependence of these economies and their reliance on European Union aid. The negative impact of the crisis led to some downgrades of Portugal?s and Spain sovereign debt rating and consequently to a decrease on the investor?s confidence, particularly from the international investor?s base. The main reasons appointed were the lack of funding opportunities and a deficient economy structural flexibility.

Although some slight rebound supported by global recovery gained traction the systematic economic uncertainty has seen the region slip down the priority list for many investors who favour other nations that are more stable and may even offer cheaper assets.

The recession was felt both in the internal corporate and private equity markets, considerably reducing the number of deals made and also the amounts negotiated. During the last months both governments have already implemented financial incentives to promote inbound and outbound investment in order to make the economy growth.

An increase on the domestic market and return of cross-border deal making is slowly getting back to normal, as some stable companies are looking to gain dimension and enter in new markets, while non-iberian entities are also looking for new pipeline investments in these countries because they see good opportunities as assets are still at a discount rate.

Private equity strategies such debt renegotiation, management and operational improvements, synergies, joint ventures and internationalization could have an almost immediate positive impact on the return of investment.
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