Multiply Group Acquires Majority Stake in Tendam

Deal News | Jul 24, 2025 | Hogan Lovells

Hogan Lovells has played a pivotal role as a legal advisor to Multiply Group in its strategic acquisition of a majority stake in Tendam. The operation required a cross-border and multi-practice team from Hogan Lovells, led by M&A specialists Alex Dolmans, Enrique de Pablos, and Hugo Muñoz. The acquisition includes talents across various jurisdictions, enhanced by the presence of Multiply Group’s legal team, spearheaded by Ruchi Sharma. Additional vital contributions were made by junior associate Roco Torres, supported by Casto Gonzlez-Pramo and Raquel Fernández on antitrust and FDI matters. In a collaborative approach, Greenhill acted as the M&A advisor, KPMG provided financial and tax advisory services, and several law firms including Ura Menéndez, Latham & Watkins, and Hermosilla Abogados represented the interests of the sellers and the company. However, the acquisition will only become effective following approval from the Bosnian competition authority.

Sectors

  • Legal Services
  • Financial Advisory Services
  • Retail

Geography

  • Bosnia and Herzegovina – The acquisition of Tendam's business in Bosnia and Herzegovina is subject to local competition clearance.
  • Spain – Hogan Lovells coordinated with its Madrid office indicating the geographical relevance to the transaction.

Industry

  • Legal Services – Involvement of law firms like Hogan Lovells, Latham & Watkins, and others to facilitate the acquisition.
  • Financial Advisory Services – Involvement of financial advisors such as Greenhill and KPMG for M&A and financial matters.
  • Retail – Tendam, the target company, operates within the retail industry.

Financials

    Participants

    NameRoleTypeDescription
    Multiply GroupBuyerCompanyThe company acquiring a majority stake in Tendam.
    TendamTargetCompanyThe company whose majority stake is being acquired.
    Hogan LovellsLegal AdvisorCompanyLegal firm advising Multiply Group on the acquisition.
    GreenhillM&A AdvisorCompanyFinancial advisory firm acting as the M&A advisor.
    KPMGFinancial and Tax AdvisorCompanyProvided financial and tax advice to Multiply Group.
    Ura MenéndezLegal AdvisorCompanyAdvised the sellers in the transaction.
    Latham & WatkinsLegal AdvisorCompanyAdvised the sellers in the transaction.
    Hermosilla AbogadosLegal AdvisorCompanyAdvised the company on legal matters regarding the transaction.