The impact of current subsidies on M&A transactions in the energy sector
30/04/2026
The impact of current subsidies on M&A transactions in the energy sector
En los medios
When a venture capital fund acquires a stake in a start-up, a legal question of enormous practical significance arises: could such an investment cause the company to lose its SME status and, as a result, oblige it to repay any public subsidies it has received?
David Blanco, a lawyer, and Gerardo Baena, an associate lawyer, both from Lener’s M&A and Corporate Department, analyse in *El Economista* the impact of current subsidies on M&A transactions in the energy sector.
In the current context of the energy transition, many start-ups are accessing public funding linked to the Next Generation EU funds, which require them to maintain their SME status for specific periods. But how might the entry of an investment fund affect the public subsidies obtained?
Our experts cover:
▸ The impact of Regulation (EU) No 651/2014 on SME classification in M&A transactions
▸The categories of independent, associated and linked undertakings, and their effect on the calculation of thresholds
▸Structural alternatives enabling investors and start-ups to reconcile raising capital with retaining public aid
The convergence of private capital and public funding requires careful legal planning before any transaction is finalised.
Read article ➡️Capital Privado de El Economista
