CVC DIF takes a majority stake in Cernaval.

The people side in Spain

• In a transfer of a business, workplace or autonomous unit, staff move to the buyer on existing terms, and seller and buyer inform staff representatives sufficiently in advance. Workers' Statute (Estatuto de los Trabajadores), article 44
• A works council (workplaces of 50 or more staff) may report within 15 days before a merger, absorption or change of legal status affecting employment is carried out. Workers' Statute (Estatuto de los Trabajadores), articles 63 and 64
• Non-EU and non-EFTA investors taking 10% or more, or control, of a Spanish company in listed sensitive sectors need prior authorisation; without it, the deal has no legal effect. Law 19/2003 on capital movements, article 7 bis
• Deals above the Spanish thresholds, such as combined turnover in Spain over EUR 240 million with two parties above EUR 60 million each, may not close before clearance. Competition Act (Ley 15/2007), articles 8 and 9
• An employer hiring staff in Spain for the first time registers with the Social Security General Treasury (TGSS) before starting activity, with a contribution account code per province. Seguridad Social: Inscripción del empresario