Asset Purchase Agreement Spain (Acuerdo de Compra de Activos)

An Asset Purchase Agreement Spain (Acuerdo de Compra de Activos) is a legally binding written contract governed by the Código de Comercio (Real Decreto de 22 de agosto de 1885) Article 325 and the Código Civil Articles 1445 through 1537, under which a seller (vendedor) transfers specific business assets to a buyer (comprador) in exchange for an agreed purchase price, without necessarily transferring the entire legal entity owning those assets. The Código de Comercio Article 325 establishes that commercial sales are governed by commercial law first and civil law subsidiarily, making the Acuerdo de Compra de Activos subject to the higher standards of commercial good faith (buena fe comercial) required by Article 57 of the Código de Comercio.

The distinction between an asset purchase and a share purchase (compra de participaciones) is fundamental in Spanish commercial law. In an asset purchase under the Código de Comercio, the buyer acquires identified assets — machinery, equipment (maquinaria), intellectual property rights, customer contracts, inventory (existencias), goodwill (fondo de comercio), and trade names — while liabilities generally remain with the selling entity unless expressly assumed in the agreement. This contrasts with a share purchase, where the buyer acquires the entire legal entity including its historic liabilities. The Tribunal Supremo has consistently held in its civil and commercial chambers that the scope of an asset transfer must be defined with precision in the written agreement to be enforceable against third parties.

The Impuesto sobre el Valor Añadido (IVA) treatment of an asset purchase under Spain's Ley 37/1992 del IVA is critical — under Article 7.1 of the Ley del IVA, the transfer of a business as a going concern (unidad económica autónoma) may be exempt from IVA if all the necessary assets for the continuation of the business activity are transferred together and the buyer intends to continue that activity. If the transfer does not meet the going-concern test, individual assets attract IVA at the applicable rate (general rate 21%, reduced rates 10% and 4% for qualifying assets). The Agencia Estatal de Administración Tributaria (AEAT) monitors these classifications closely, and incorrect IVA treatment can trigger assessments with surcharges of 50% to 150% under the Ley General Tributaria (Ley 58/2003).

Real estate assets included in the asset purchase are also subject to the Impuesto sobre Transmisiones Patrimoniales y Actos Jurídicos Documentados (ITP/AJD) under the Real Decreto Legislativo 1/1993. Transfer of real property between businesses typically attracts Actos Jurídicos Documentados (AJD) at rates set by each Comunidad Autónoma — generally between 0.5% and 1.5% of the declared value. If the seller is not subject to IVA on the real estate transfer, the Impuesto sobre Transmisiones Patrimoniales (ITP) applies at rates between 6% and 10% depending on the autonomous community.

The Acuerdo de Compra de Activos must also address the continuity of employment obligations under the Estatuto de los Trabajadores (Real Decreto Legislativo 2/2015) Article 44, which governs the legal succession of companies (sucesión de empresa). Where the transferred assets constitute an economic unit (unidad productiva autónoma) and employees are associated with that unit, Article 44 ET may trigger automatic transfer of those employees to the buyer on their existing terms and conditions — the buyer cannot avoid this by structuring the transaction as an asset purchase if the economic unit test is met. The Inspección de Trabajo y Seguridad Social (ITSS) and the Juzgados de lo Social have broad jurisdiction to enforce Article 44 succession rights.

An Asset Purchase Agreement Spain is required whenever a Spanish business or entrepreneur wishes to acquire specific operational assets from another company or individual without assuming the full corporate structure, historic liabilities, and shareholder obligations of the selling entity. The Código de Comercio Article 325 and the Código Civil Article 1450 provide that the sale is perfected — and the obligation to deliver and pay arises — from the moment the parties agree on the object and the price, even before delivery.

The agreement is needed when a buyer wants to acquire machinery, production equipment (maquinaria e instalaciones), a portfolio of client contracts, a brand name registered with the Oficina Española de Patentes y Marcas (OEPM), or a combination of these assets from a business that is being wound down, restructured, or partially sold. Asset purchases are particularly common in insolvency proceedings (concursos de acreedores) governed by the Ley Concursal (Ley 22/2003, now Texto Refundido Real Decreto Legislativo 1/2020), where the administración concursal may approve the sale of productive units as a going concern under Article 215 of the Texto Refundido.

An Acuerdo de Compra de Activos is needed when a foreign investor acquires a Spanish business unit through a subsidiary, as asset purchases provide a clean break from pre-existing tax and labour liabilities compared to share acquisitions. The Inversiones Exteriores regulations under Royal Decree 571/2023 may require prior notification to the Ministerio de Economía, Comercio y Empresa for investments above threshold amounts or in strategic sectors.

The agreement is also required when a franchisee purchases the operating assets — equipment, fixtures, lease assignment rights, and inventory — from an existing franchisee with the franchisor's consent under the franchise agreement registered with the Registro de Franquiciadores under Real Decreto 201/2010.

A formal written Asset Purchase Agreement is essential when the acquired assets include intellectual property — patents (patentes) registered under Ley 24/2015 de Patentes, trademarks (marcas) under Ley 17/2001 de Marcas, or software copyrights under Real Decreto Legislativo 1/1996 de Propiedad Intelectual — as the assignment of IP rights requires a written instrument to be valid against third parties and must be recorded with the OEPM or the Registro de la Propiedad Intelectual.

Under the Ley de Sociedades de Capital (LSC) RDL 1/2010, the Registro Mercantil maintains the register of Spanish companies. The Código de Comercio 1885 governs commercial obligations. The Agencia Estatal de Administración Tributaria (AEAT) administers Impuesto sobre Sociedades (IS) under Ley 27/2014. The Comisión Nacional de los Mercados y la Competencia (CNMC) enforces competition law. The Código Civil governs general contractual obligations under Article 1255.

A valid Asset Purchase Agreement Spain under the Código de Comercio and Código Civil must include the following essential elements to be enforceable and to satisfy Spanish tax and commercial registration requirements.

Identification of Parties: Full legal name, NIF/CIF (Número de Identificación Fiscal assigned by the Agencia Tributaria), and registered address of both the seller (vendedor) and buyer (comprador). Where either party is a legal entity — sociedad limitada (S.L.) or sociedad anónima (S.A.) — the Registro Mercantil registration number, the name of the authorised representative (apoderado or administrator), and the notarial deed of powers (escritura de apoderamiento) authorising the signature must be identified.

Detailed Asset Schedule (Anexo de Activos): A thorough schedule listing every asset being transferred, with individual identification numbers where applicable — serial numbers for machinery, registration numbers for vehicles, OEPM registration numbers for trademarks and patents, ISBN or software version references for intellectual property, and inventory quantities verified by a prior physical count (inventario físico). The Código de Comercio Article 325 requires that the object of the sale be determinate or determinable.

Purchase Price and Payment Terms: The total agreed purchase price (precio de compraventa) expressed in euros, the payment schedule (aplazamientos), any escrow arrangements (depósitos en garantía), and the mechanism for price adjustments (ajustes de precio) based on net asset value at closing. Spanish commercial practice frequently uses a closing accounts mechanism or locked-box mechanism — the agreement should specify which applies.

Representations and Warranties (Manifestaciones y Garantías): The seller's representations regarding title to the assets (titularidad libre de cargas), absence of undisclosed liens (cargas ocultas), accuracy of financial information, compliance with applicable regulations, and the absence of pending litigation (litigios pendientes) affecting the assets. Limitations on liability (límites de responsabilidad) including caps (topes), baskets (franquicias), and time limits (plazos de prescripción) for warranty claims should be expressly agreed.

Assumption of Liabilities: An express statement of which liabilities, if any, the buyer assumes — trade payables (cuentas a pagar), warranty obligations to existing customers, or environmental liabilities under Ley 26/2007 de Responsabilidad Medioambiental. Liabilities not expressly assumed remain with the seller.

Employee Transfer Provisions: Where Article 44 of the Estatuto de los Trabajadores applies, the agreement must identify the employees associated with the transferred economic unit, confirm the buyer's obligation to maintain their existing terms and conditions, and address the mandatory information obligation — both seller and buyer must inform affected employees and their representatives (comité de empresa or delegados de personal) before the transfer.

IVA and Tax Treatment: The agreement must specify the agreed IVA treatment — going-concern exemption under Article 7.1 Ley 37/1992 or standard IVA — and allocate responsibility for any ITP/AJD on real property, stamp duty on notarised instruments, and the municipal plusvalía (Impuesto sobre el Incremento de Valor de los Terrenos de Naturaleza Urbana) under the Ley de Haciendas Locales.

Conditions Precedent and Closing: Any conditions precedent (condiciones suspensivas) to closing — regulatory approvals from the Comisión Nacional de los Mercados y la Competencia (CNMC) where merger control thresholds under Ley 15/2007 de Defensa de la Competencia are triggered, landlord consents for lease assignments, or third-party consents for contract novations.

Governing Law and Dispute Resolution: Spanish law as the governing law, with disputes submitted to the Juzgados de lo Mercantil (for commercial matters) or to arbitration under the Ley de Arbitraje (Ley 60/2003) before an institution such as the Corte de Arbitraje de la Cámara de Comercio de Madrid or the Tribunal Arbitral de Barcelona.

Forms-legal.com provides this Asset Purchase Agreement Spain template as a practical starting point. Asset transactions of significant value should always be reviewed by a qualified abogado mercantilista and a tax adviser (asesor fiscal) registered with the Registro de Economistas Asesores Fiscales (REAF) to address the specific tax and liability implications of the transaction.

Under the Ley de Sociedades de Capital (LSC) RDL 1/2010, the Registro Mercantil maintains the register of Spanish companies. The Código de Comercio 1885 governs commercial obligations. The Agencia Estatal de Administración Tributaria (AEAT) administers Impuesto sobre Sociedades (IS) under Ley 27/2014. The Comisión Nacional de los Mercados y la Competencia (CNMC) enforces competition law. The Código Civil governs general contractual obligations under Article 1255.