PORTUGAL Law and Practice Contributed by: Diana Ribeiro Duarte, Pedro Capitão Barbosa and Catarina Almeida Andrade, Morais Leitão, Galvão Teles, Soares da Silva & Associados
10.3 IPO In Portugal, there has never been an IPO promoted by a private equity seller (the closest to this situation was the debut of a venture capital-backed company on an alternative trading exchange). In other IPOs in the Portuguese market (not triggered by a private equity exit) where the sponsor retains a majority participation, a relationship agreement is entered into between the dominant shareholder and the listed company to ensure the two entities conduct business in an arm’s length manner.
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