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Abra Invest advises Morera&Vallejo on the purchase of "El Correo de Andalucía".


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Integral service around a transaction
BY : Diego GutiérrezDecember Mon, 2013
buying and selling companiesAfter a month of uncertainty about the viability of the project of Seville's oldest newspaper, the Group Morera&Vallejo finally acquires ownership of the media and offers guarantees for the future of the 53 employees.

 

A communication project with Andalusian signs of identity

The project of the multinational group of Sevillian origin includes for '.El Correo de Andalucía'. The company will "relaunch a larger-scale news relaunch, boosting the use of online media and immediate services, while safeguarding its hallmarks and reinforcing its Andalusian character". With the acquisition of the Sevillian newspaper, the business group consolidates its Morera & Vallejo Comunicación division, which was created a few months ago with the purchase of Canal Luz Televisión. Its current objective is to "generate quality local information through both media, offering interesting, innovative and useful services, giving a voice to all citizens".

An operation in record time: 1 month

According to the newspaper's own sources and as reported in the article published on 29 November: "The situation, which led to imminent closure, occurred when more than one payroll was already owed to the workers. But the mediation in the sale of the Basque company Abra Invest allowed the situation to be frozen while a way out was sought: the company opted to reverse the purchase, with no chance of running the newspaper because of the lack of financial backing, and to look for a solvent entrepreneur capable of taking on this challenge".

Abra Invest was in charge of looking for other potential buyers, among which was the Group chaired by Antonio Morera, and of mediating between workers, creditors and the buyer, managing to close the operation in a record time of 1 month. The Works Committee of the dean of the Sevillian press has conveyed its thanks to Abra Invest.

Morera&Vallejo growing business group

Antonio Morera began his professional career as an insurance mediator at MAPFRE. Since then, it has consolidated a business group whose main activity is focused in particular on the insurance sector, with risk underwriting agencies, reinsurance companies and consultancy firms, with an annual turnover of more than 150 million euros, around 400 employees, more than 500 collaborators and a national and international presence. In recent years, it has diversified its holdings by entering the industrial sector, mainly in the plastics and communication sectors. It also has interests in the leisure and sports sector, as well as in agriculture and livestock farming.

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