Cleary Gotlieb Steen & Hamilton and Clifford Chance (CC) have bagged lead roles advising on TPG Capital’s €3.4bn (£2.3bn) takeover bid for Spanish national airline Iberia.

Cleary is understood to be advising private equity fund TPG Capital – a regular client of the Manhattan firm – with London banking and finance partner Simon Jay leading the team. Spanish leader Cuatrecasas is advising TPG Capital – formerly known as Texas Pacific Group – on local law.