David Aliaga

David Aliaga is Senior Managing Director in the Economic & Financial Consulting segment in Madrid. David began his career in 1998, bringing more than 24 years of professional experience in accounting and financial consulting.

David has worked in the Audit, Transaction Services and Corporate Finance departments of PricewaterhouseCoopers and Ernst & Young, where he conducted many financial due diligences, operative and debt restructuring, valuations, business plan reviews and forensic investigations.

Since 2004, David has been fully dedicated to dispute analysis and forensic investigations, including matters related to damages valuation in the context of foreign investments; mergers and acquisitions; breach of contracts; patent infringements; and preparation and subsequent ratification of expert opinions before the competent court.

David has participated on more than 100 occasions as an expert witness in arbitration and legal proceedings of various kinds (civil, criminal, commercial, labor) for both companies and states. He also carries out operational restructuring work for companies.

In addition, David has led more than 70 financial due diligences and debt restructuring engagements in a variety of sectors, including automotive, IT, pharma, renewables, retail, services, manufacturing, utilities and banking. His work encompasses carve-out issues, normalization of non-GAAP indicators, recommendations on Sales and Purchase Agreement (“SPA”) clauses (price adjustment mechanisms, guarantees) and post-deal integration services.

Relevant Experience:

• Independent expert before the ICC for the determination of consequential damages (more than $300 million) claimed by a private equity company as a result of a breach in the sale of assets part of a portfolio acquired from a financial institution
• Independent expert in an out-of-court ICC arbitration for the analysis of losses incurred by a private company as a result of not selling certain assets acquired from a financial institution due to the impacts of COVID-19 on the Spanish real estate sector; postponed payment of the earn-out through a reduction of the internal rate of return (“IRR”) from 15% to 5% (approximately $550 million)
• Independent expert before the Chicago Federal Court; quantified lost profits and consequential damages totaling more than $350 million for a solar park developer impacted by delays related to permits
• Independent expert to prepare a report for one of the leading oil companies in South America regarding damages and losses of more than €20 million due to the breach of eight biodiesel supply contracts; spanned eight ICC arbitrations
• Independent expert to prepare a counter-report for the State of Ecuador regarding more than €12 million in damages, losses and financial interests claimed by the main contractor of one of the most important construction projects in the city of Quito; spanned three ICC arbitrations