Finnova Economic Consulting


Areas of Expertise


Finnova provides expert advice in all areas of economics and finance.

Finnova Economic Consulting

Firm Valuation

Finnova has valued firms in the context of both technical and expert reports. The valuations involved sectors such as:

  • Telecommunications
  • Renewable Energy
  • Waste management
  • Infrastructures
  • Real Estate
  • Healthcare
  • Wine


Finnova has participated, as a consultant and an expert witness, in a wide range of competition cases:

  • Well-known cartels reported by the Spanish and the EU competition authorities: “trucks”, “envelopes”, “public tenders for highway construction”.
  • Cases of collusion in the energy and financial sectors.
  • Cases of bundling in the banking and media sectors.


Finnova has participated in a variety of regulation cases:

  • Analysis of margin squeezes and damage assessment in the telecommunications sector.
  • Advises on the European financial regulatory framework on Capital Markets Union, MIFID II, Fintech’s regulatory framework, Platforms and Data Sharing by financial institutions.

Corporate Governance

Finnova has provided recommendations on many different issues related to conflict of interests and expropriation of minority rights on Board of Directors. Finnova has also assessed damages caused by certain board decisions.

Some issues we have analyzed include:

  • Financing with high yield instruments
  • Approval and valuation of equity issues


Finnova has participated in several damage assessment cases related to takeovers, in sectors such as:

  • Telecommunications
  • Real Estate


Finnova has provided expert opinion on the valuation of instruments such as options, collars, and swaps.

Court experience

Finnova has acted as an expert witness in legal proceedings before Civil Courts, Penal Courts, the Spanish Supreme Court, and Spain’s “Audiencia Nacional”. As well as, many different Arbitration Courts (World Bank’s ICSID, ICC (Madrid), ICC (Paris), ICC (London), CIMA).

Below is a small sample of the most relevant cases based on the amount in dispute and the relevance of the ruling court:



Amount in dispute

Toll highway’s Shareholders vs. Kingdom of Spain Spanish Supreme Court More than 2 billion euros
MasMovil takeover Spanish Audiencia Nacional More than 1.6 billion euros
MARTINSA-FADESA Juzgado de lo Mercantil of A Coruña More than 1.5 billion euros
Union Fenosa Gas (UFG) vs. Gas Natural Fenosa (GNF) Juzgado de Primera Instancia More than 190 million euros
Spanish Banks vs. CNMC Spanish Audiencia Nacional More than 90 million euros
Abengoa vs. México ICSID (Washington, D.C.) More than 45 million euros

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Economic Consulting
An international economics and finance consulting firm that provides solutions to complex problems and situations that companies, corporations, law firms, and governmental entities face.