Leopoldo Reaño

Leopoldo Reaño

Senior Associate

Leopoldo has a solid experience in regulatory approvals and requirements related to investments in strategic sectors for Spain, such as critical infrastructure, critical technology and dual-use items, fundamental inputs, sensitive data, media national defence. 

By way of example, he has been involved in more than forty notifications of investments since the new foreign direct investment (FDI) screening mechanism was passed in Spain (March 2020).

Leopoldo’s expertise comprises a wide range of administrative law and regulatory matters including FDI, public procurement, environmental, water, zoning and planning, trade and commerce, telecommunications, transportation, energy, and other regulated sectors in Spain. He advises national and international companies and investment funds on all kinds of administrative proceedings (regulatory approvals, administrative appeals, sanctioning proceedings, etc.) and judicial review proceedings (contentious-administrative appeals, cassation appeals, etc.). He acts for clients before judges and courts (including the Supreme Court) in administrative and regulatory matters.

Leopoldo has developed his career in several positions in both law firms and public administrations. He is also a lecturer on administrative and contentious-administrative Law and publishes articles on administrative law news in the specialized press on a regular basis.


Representative matters

American Tower Corporation on the EUR 7.7bn project to acquire the towers division of Telxius Towers business in Europe and Latam from Telefónica (Telefónica), Spain. This project involved more than 11,000 telecommunication towers located across Spain.

A global energy company on the 5 bn project to sale a stake of its upstream business, worldwide. This project involved several jurisdictions in a heavily regulated sector (hydrocarbons).

ICG on the EUR 2bn project to create a global giant CX and BPO, through the acquisition of Comdata by Konecta, worldwide. This project required regulatory and, specially, FDI advice in almost 30 jurisdictions.

A leading technology company on the EUR 131 million project to challenge the administrative decision to close a public procurement procedure for the award of a contract for the renewal of railway technology and facilities, Spain. This project let the company to be awarded with the mentioned contract.

Altadis on a cassation appeal before the Supreme Court in relation to an inspection carried out by the Comisión Nacional de los Mercados y la Competencia (CNMC), Spain. The Supreme Court dismissed CNMC’s cassation appeal, and it was confirmed that said inspection violated fundamental constitutional rights.

A global leading telephone and telecommunications provider on the EUR 161 million project to challenge certain zoning and planning decision, Spain. This decision affected crucial telecommunication facilities for the client.

A major Telecommunications provider on the EUR 60 million project to challenge the claims for reimbursement of the price of certain administrative contracts issued by several regional governments, Spain. These claims brought significant legal controversy and disputes.

Pro bono

Advising a non-governmental organization (NGO) focused on helping young people at risk of exclusion to access the labour market on the denial of a public subsidy.

Advising an international institution committed to reducing poverty, increasing shared prosperity, and promoting sustainable development on the research of certain global indicators.

Mentoring university students through the IE Law School’s Mentoring Program. Mentoring school students through the school Nuestra Señora del Pilar’s mentoring program (Programa Consultor).

Published Work

  • Martinez, A. and Reaño, L. (2023) “La CNMC y las prohibiciones a directivos”, Madrid: Expansión.
  • Reaño, L. (2020) “Semanas decisivas para la regulación de las inversiones extranjeras”, Madrid: Expansión.
  • Reaño, L. (2020) “El recurso especial en materia de contratación: una herramienta necesaria frente al Covid-19”, Madrid: CincoDías.
  • Collective work (2007) "Manual de Administración y Legislación Ambiental en la Comunidad de Madrid”, Madrid: Editorial Montecorvo S.A.

Leadership Positions And Professional Affiliations

  • Attorney, Madrid Bar



Spain, 2013


LL.M. in International Transactions, Centro de Estudios Garrigues in collaboration with Fordham University, 2017

LL.M. in Business Legal Advice Part-time (LL.M.), IE Law School, 2011

Law degree, Universidad Complutense de Madrid, 2005


English, Spanish
A&O Shearman was formed on May 1, 2024 by the combination of Shearman & Sterling LLP and Allen & Overy LLP and their respective affiliates (the legacy firms). Any matters referred to above may include matters undertaken by one or more of the legacy firms rather than A&O Shearman.