DLA Piper advises SmartestEnergy (Marubeni Corporation) on acquiring a majority stake in Spanish energy trading company Factor Energía S.A. for over EUR 200 million

DLA Piper has advised Marubeni Corporation, one of Japan's leading diversified companies, through its subsidiary SmartestEnergy, on the acquisition of a majority stake in Factor Energía S.A. (Factorenergia), one of Spain's leading independent energy suppliers. The acquisition was completed on April 14, 2026, after obtaining the approval of the relevant European and Spanish authorities.

The transaction reinforces Marubeni's commitment to the European energy market and its expansion strategy in the sustainable energy sector and the digitalisation of energy services.

The transaction involved implementing shareholder arrangements with Emilio Rousaud, the founder of Factorenergia, who remains a shareholder and CEO, and who will continue to be involved in delivering the further growth of the company.

The transaction involved significant multinational complexity as Factorenergía and its subsidiaries operate in multiple jurisdictions across three continents. DLA Piper provided or coordinated advice covering Spain, Portugal, the UK, Mexico, Morocco, Colombia, Brazil, Chile and Bulgaria, with multidisciplinary teams working on all regulatory, corporate and competition aspects.

Pablo Echenique, corporate partner responsible for Energy at the Madrid office, and David Beech, UK corporate partner and SmartestEnergy relationship partner, co-leaders of the transaction, highlighted: “This transaction represents a significant milestone for SmartestEnergy in its international growth strategy and confirms the attractiveness of the Iberian market in the context of energy transition. It has been a pleasure to accompany SmartestEnergy and Marubeni in a transaction of great legal sophistication across multiple jurisdictions, demonstrating our position as a leading firm in international transactions in the energy sector.”

The international team at DLA Piper that advised on the transaction consisted of David Beech, partner (UK), Pablo Echenique, partner (Madrid); Héctor Gómez, legal director (Madrid); and Marcos Gil, María Fernanda Fernández Antonuccio and Nerea López, associates (each in Madrid). They were supported by the DLA Piper offices in Lisbon (Joao Costa), Santiago de Chile (Diego Peña), Casablanca (Benoit de Monval) and Mexico (Mauricio Valdespino).