King & Wood Mallesons (KWM) has advised Portuguese group Sonae on the acquisition of a 50% stake in IVN – Serviços Partilhados, owner of the clothing brand Salsa.

Established in 1994, Salsa is an international jeanswear brand of Portuguese origin, known for its entrepreneurship and development of innovative denim products. With a presence in over 32 countries, Salsa has a turnover of €106 million, with over half of its sales coming from international markets.

Sonae group is a multinational corporation managing a wide portfolio of companies. This transaction, carried out through its retail business Sonae SR, is part of Sonae's strategy directed towards the strengthening of its global presence, the diversification of investment styles and the enhancement of its assets and abilities.

Pablo Diaz, Madrid Corporate partner, said, "We are delighted to have advised Sonae on the next step in their investment strategy. This transaction will strengthen Sonae's international platform, whilst leveraging its sports and fashion brands portfolio. It will also allow Salsa to expand into new markets and develop its retail activities."

The KWM team was led by Madrid Corporate partner Pablo Díaz, with associate Victoria Ruenes.

In the last few months, KWM has advised Sonae on several investments in Spain, including the acquisition of the Spanish multinational company Losan, the second largest wholesale operator in children’s fashion in Spain, and currently a top three retailer by size in Portugal and Italy.