Cristian Lay, a luxury conglomerate, agreed to acquire Grupo Gallardo Balboa, a corrugated steel manufacturer, from KKR, a private equity firm, for $139m. Aug 11, 2020: Spanish regulators confirm that the inclusion of Gallardo Balboa into Cristian Lay will not cause anti-trust issues. Cristian Lay has no operations in the steel sector. “The operation does not result in horizontal or vertical overlaps,” the Spanish competition watchdog confirms.