DEPARTMENTS BANKING AND FINANCE

We advise Italian and foreign companies, banks, financial institutions, and investment funds on a wide range of banking and financial transactions carried out both within Italy and cross-border.

In addition to consolidated experience in and knowledge of the traditional banking sector, we have acquired vast experience in the areas of structured finance, securitization, disposal of non performing loans and distressed assets, and issuing debt securities.

We were one of the first firms in Italy to deal with derivative products and related contracts, rendering relative legal opinions.

We regularly advise clients in acquisition financing (industrial, commercial, and financial), project finance, real estate finance and asset finance.

We provide ongoing assistance to supervised entities in the banking and finance sectors concerning all aspects of legal and regulatory compliance governing their services; their dealings with supervisory authorities; drafting and updating contracts with retail and institutional customers.

We have advised Italian banking groups on important business combinations and extraordinary finance and corporate transactions, including the structuring of transactions, negotiating and drafting the necessary documentation, and providing legal opinions.

The key sectors covered by our Banking and Finance Department are:

  • Traditional bank loans (syndicated and non-syndicated)
  • Various technical forms of acquisition finance
  • Asset finance
  • Project finance
  • Real estate finance
  • Structured finance
  • Securitization and disposal of non-performing loans and distressed assets
  • Derivatives and structured products
  • Regulatory compliance (including proceedings before the regulatory authorities).

We advise Italian and foreign companies, banks, financial institutions, and investment funds on a wide range of banking and financial transactions carried out both within Italy and cross-border.

In addition to consolidated experience in and knowledge of the traditional banking sector, we have acquired vast experience in the areas of structured finance, securitization, disposal of non performing loans and distressed assets, and issuing debt securities.

We were one of the first firms in Italy to deal with derivative products and related contracts, rendering relative legal opinions.

We regularly advise clients in acquisition financing (industrial, commercial, and financial), project finance, real estate finance and asset finance.

We provide ongoing assistance to supervised entities in the banking and finance sectors concerning all aspects of legal and regulatory compliance governing their services; their dealings with supervisory authorities; drafting and updating contracts with retail and institutional customers.

We have advised Italian banking groups on important business combinations and extraordinary finance and corporate transactions, including the structuring of transactions, negotiating and drafting the necessary documentation, and providing legal opinions.

The key sectors covered by our Banking and Finance Department are:

  • Traditional bank loans (syndicated and non-syndicated)
  • Various technical forms of acquisition finance
  • Asset finance
  • Project finance
  • Real estate finance
  • Structured finance
  • Securitization and disposal of non-performing loans and distressed assets
  • Derivatives and structured products
  • Regulatory compliance (including proceedings before the regulatory authorities).

LAWYERS

NEWS AND EVENTS

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19 Mar 21: Dal 1° gennaio 2021 in vigore le prime norme sulla criptovaluta in Russia

Dal 1° gennaio 2021 in vigore le prime norme sulla criptovaluta in Russia La legge federale n. 259-FZ del 31 luglio 2020 “Sulle attività finanziarie digitali e le valute digitali” costituisce il primo tentativo di disciplinare normativamente il fenomeno della criptovalute in Russia ed è entrata formalmente in vigore all’inizio del 2021.   Secondo le definizioni legislative, per “attività finanziarie digitali” devono intendersi taluni diritti digitali aventi ad oggetto pretese creditorie, diritti derivanti da titoli di credito o da partecipazioni al capitale di società per azioni non pubbliche.   L’emissione e la circolazione delle suddette attività sono subordinate alla preventiva…

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9 Feb 21: Se la pandemia è leva per l’innovazione: il caso dell’Africa

Se la pandemia è leva per l’innovazione: il caso dell’Africa L’Africa sta puntando sulla tecnologia per la ripresa: la pandemia da Covid-19 ha accelerato il processo di digitalizzazioni in diversi Paesi del continente, per il necessario ricorso a soluzioni smart al fine di garantire la sicurezza delle persone   Internet, telemedicina, imprese ICT: l’Africa sta soffrendo particolarmente della pandemia di coronavirus in termini di vite umane ed economici, ma sta tuttavia traendo vantaggio dall’innovazione anche durante questo periodo. Del resto, l’impatto del Covid-19 è significativo non solo sulle esistenze individuali, ma anche sugli affari, le società e le imprese, con…

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29 Jan 21: Entrano in vigore le nuove regole europee in materia di classificazione dei debitori in «default»

Entrano in vigore le nuove regole europee in materia di classificazione dei debitori in «default» Dal 1° gennaio 2021 entra in vigore la nuova definizione di default prevista dal regolamento europeo relativo ai requisiti prudenziali per gli enti creditizi e le imprese di investimento (articolo 178 del Reg. UE n. 575/2013), definizione successivamente precisata dalla Commissione europea (con un regolamento del 2018) e dall’Autorità Bancaria Europea (EBA), con linee guida del 2017, applicabili dal 1° gennaio 2021.   Il termine inglese “default” identifica genericamente coloro che non sono più in grado di onorare gli impegni presi e che sono quindi…

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25 Sep 20: Cassazione: le Sezioni Unite riconoscono l’estensibilità della disciplina antiusura agli interessi moratori

Cassazione: le Sezioni Unite riconoscono l’estensibilità della disciplina antiusura agli interessi moratori Cassazione sentenza n. 19597 del 18/9/2020: le Sezioni Unite dirimono il contrasto riconoscendo l’estensibilità della disciplina antiusura agli interessi moratori   La principale questione di diritto che ha motivato la rimessione alle Sezioni Unite è consistita nel valutare se la disciplina prevista dall’ordinamento con riguardo agli interessi usurari (art. 1815 c.c. e art. 644 c.p., nonché L. n. 108 del 1996, art. 2,D.L. n. 394 del 2000, convertito dalla L. n. 24 del 2001, e relativi decreti ministeriali, nella specie D.M. 22 marzo 2002) sia estensibile agli interessi…

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24 Jul 20: Nota a fronte del parere della Corte dei Conti sezione controllo della Regione Campania n. 96/2020 in tema di ristrutturazione dell’esposizione debitoria dell’Ente

Nota a fronte del parere della Corte dei Conti sezione controllo della Regione Campania n. 96/2020 in tema di ristrutturazione dell’esposizione debitoria dell’Ente Il principio del dovere-potere in capo agli enti pubblici di monitorare gli oneri finanziari e gestire in modo attivo l’indebitamento pendente   Premessa: il fatto. Da parte di Regioni ed enti locali, in particolare a latere della presente emergenza epidemiologica, si è affermata l’istanza prioritaria di rimodulare (mediante diversi strumenti) i termini e le condizioni dell’indebitamento pendente risalente a periodi storici ove il mercato finanziario registrava tassi di interesse sicuramente più onerosi di quelli offerti negli anni…

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3 Jul 20: La decisione dell’ACF in tema di IRS e di determinatezza del mark to market

La decisione dell’ACF in tema di IRS e di determinatezza del mark to market Il rapporto con i principi enucleati dalla recente pronuncia delle Sezioni Unite in tema di swap sottoscritti dagli Enti locali   Premessa: natura e competenza dell’Arbitro per le Controversie Finanziarie L’Arbitro per le Controversie Finanziarie (ACF), è stato istituito dalla Consob con la delibera n. 19602 del 4 maggio 2016, e costituisce uno strumento di risoluzione stragiudiziale di controversie tra clienti “retail” ed intermediari. La delibera istitutiva della Consob è stata emanata sulla base del decreto legislativo n. 130 del 2015 recante l’attuazione della direttiva comunitaria…

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30 Jun 20: La validità della fideiussione omnibus in una recente pronuncia della giurisprudenza di merito

La validità della fideiussione omnibus  La recente pronuncia della giurisprudenza di merito   Premessa in merito alla nullità della fideiussione omnibus: la Cassazione del 2017.   La fideiussione omnibus è una garanzia personale che impone al fideiussore il pagamento di tutti i debiti, presenti e futuri, che il debitore principale ha assunto o che assumerà nei confronti della banca (o altra tipologia di creditore) rispetto a qualsiasi nuovo rapporto giuridico intercorrente tra le stesse parti. Mediante la clausola omnibus la banca non è tenuta a rinnovare e/o integrare le garanzie già prestate dallo stesso fideiussore ogniqualvolta si instauri con il…

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13 Mar 20: Coronavirus ed effetti sulle scadenze bancarie

Coronavirus ed effetti sulle scadenze bancarie Milano, 13 marzo 2020 – Quale misura di sostegno alle imprese ed all’economia reale in generale danneggiata dall’emergenza epidemiologica “COVID-19”, il 6 marzo 2020 l’Associazione Bancaria Italiana e le associazioni di rappresentanza delle imprese hanno siglato un Addendum all’Accordo per il Credito 2019 del 15 novembre 2018 prevedendo una moratoria generalizzata sui finanziamenti concessi alle micro aziende ed alle PMI fino al 31 gennaio 2020. La moratoria consiste nella sospensione fino a 12 mesi del pagamento della quota capitale delle rate dei finanziamenti al 31 gennaio 2020, dietro formale istanze del debitore all’istituto. La sospensione concerne i finanziamenti a…

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10 Mar 20: Il Reato di esercizio abusivo dell’attività finanziaria ex art. 132 T.U.B.

Il Reato di esercizio abusivo dell’attività finanziaria ex art. 132 T.U.B. Roma, 10 marzo 2020 – La riserva di attività finanziaria ex art. 106 t.u.b. e la rilevanza penale dell’esercizio indiretto a fronte della Cass. Pen. Sez. V, 22 marzo 2019, n. 12777 Ricostruzione della vicenda processuale. Il Tribunale di Forlì in data 9 gennaio 2015 aveva affermato la responsabilità penale di alcuni funzionari di una banca italiana e di una banca sammarinese in relazione ai reati di esercizio abusivo di attività finanziaria di cui al decreto legislativo 1 settembre 1993, n. 385 (c.d. t.u.b.), art. 132, per avere posto in essere…

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20 Jan 20: Consob e Banca d’Italia: strategia per rafforzare la sicurezza cibernetica del settore finanziario

Consob e Banca d’Italia: strategia per rafforzare la sicurezza cibernetica del settore finanziario Lunedì, 20 gennaio 2019 – Con comunicato congiunto del 16 gennaio 2020, Consob e Banca d’Italia hanno annunciato di aver concordato una strategia comune per rafforzare la sicurezza cibernetica del settore finanziario italiano, con l’obiettivo di contrastare le minacce informatiche legate allo sviluppo delle nuove tecnologie e dell’economia digitale, di realizzare una sempre maggiore sicurezza degli operatori finanziari e dei servizi digitali offerti ai cittadini, imprese e Pubblica amministrazione, nonché di garantire l’affidabilità del sistema finanziario nel suo complesso. Tale strategia prevede misure rivolte alle infrastrutture finanziarie (quali sistemi…

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12 Dec 19: Pavia e Ansaldo and Spada Partners with IDeA Agro in the entry in Tarulli

Pavia e Ansaldo and Spada Partners with IDeA Agro in the entry in Tarulli Milan, 12 December 2019 – Law Firm Pavia e Ansaldo assisted fund “IDeA Agro”, a fund dedicated to investments in companies of the agricultural supply chain, managed by DeA Capital Alternative Funds SGR, with the support on business matters of Giuseppe Liso and Angelo Donato Berloco di Ettore Fieramosca, advisory company of the Fund. The transaction regarded the acquisition of a qualified minority shareholding in “Azienda Agricola Antonio Tarulli S.r.l.”, a company based in Puglia, leader in the cultivation and marketing of organic and biodynamic grapes….

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27 Nov 19: Lecture à la carte

Lecture à la carte 27 November 2019 From 7:30 p.m. to 9.30 pm. Rome   Lecture à la carte   Speech by Aileen A. Schultz (President at World Legal Summit) on Technology Innovation and Financial Inclusion. A concrete case on Women and financial inclusion in Kenya will be exposed by Cheptum Toroitich and Kimberly Mureithi. By Invitation Only

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26 Nov 19: Pavia e Ansaldo, the “MI-RO Four Tech Days, New Challenges in a Changing World” have started

Pavia e Ansaldo, the “MI-RO Four Tech Days, New Challenges in a Changing World” have started From 26 to 29 November 2019 four days of events organized with the support of Assoimmobiliare, The Thinking Watermill Society and the World Legal Summit to discuss about technological innovation, challenges and opportunities for the world of business and of the legal professions   Milan, 26 november 2019 – Today the opening event of the “MI-RO Four Tech Days: New Challenges in a Changing World”, took place; the first of a series of events scheduled in Milan and Rome, from 26 to 29 november 2019,…

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5 Nov 19: Pavia e Ansaldo vince in Cassazione sul rimborso delle ritenute alla fonte nelle cartolarizzazioni

Pavia e Ansaldo vince in Cassazione sul rimborso delle ritenute alla fonte nelle cartolarizzazioni Milano, 18 giugno 2019 – Lo Studio Legale Pavia e Ansaldo, con i professionisti Mario Di Giulio e Laura Cavarretta ha ottenuto una pronuncia della Corte di Cassazione che ha sancito un rilevante principio per le operazioni di cartolarizzazione in Italia su un profilo in relazione al quale la Corte di Cassazione non risulta essersi mai pronunciata. La Corte di Cassazione con l’ordinanza del 16 maggio 2019, n. 13162 ha statuito il seguente principio di diritto: ‘nelle operazioni di c.d. cartolarizzazione, i flussi di liquidità ingenerati dall’incasso dei crediti, destinati a…

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9 May 19: Applicazioni dell’Intelligenza Artificiale (IA) nel settore finanziario ed immobiliare

APPLICAZIONI DELL’INTELLIGENZA ARTIFICIALE (IA) NEL SETTORE FINANZIARIO ED IMMOBILIARE Milano, 9 maggio 2019 – Microsoft House   Programma L’Intelligenza Artificiale sta aprendo nuove opportunità e imponendo cambiamenti nei più diversi settori delle attività umane e non poteva non toccare anche il settore finanziario e quello immobiliare fornendo nuovi modelli per valutare le opportunità d’investimento, di gestione e valorizzazione degli strumenti finanziari e degli asset immobiliari. Il convegno si propone di offrire una panoramica sui servizi che possono essere offerti nei due settori, considerando anche le implicazioni giuridiche e le modalità attuative.   Interverranno: Silvia Rovere, Presidente Assoimmobiliare Stefano Stinchi, Director Financial Sector Microsoft Italia Marcello…

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19 Mar 19: Studio Legale RCCD and Pavia e Ansaldo in the financing to the Fondo Diamond Other Sectors Italia. The transaction is worth Euro 30 million

Studio Legale RCCD and Pavia e Ansaldo in the financing to the Fondo Diamond Other Sectors Italia. The transaction is worth Euro 30 million Milano, 19 March 2019 – Law firm RCCD assisted Crédit Agricole Italia S.p.A. which acted as lending bank in the financing operation of an overall amount of Euro 30 million, made available to the closed-end real estate property mutual investment fund, reserved to qualified investors, called “Fondo Diamond Other Sectors Italia”, which acted through Investire SGR, which was assisted by Pavia e Ansaldo. Law firm RCCD assisted the bank with a team led by partner Morena Bontorin,…

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18 Feb 19: Dignità giuridica a Blockchain e Smart Contract

Dignità giuridica a Blockchain e Smart Contract Roma, 18 febbraio 2019 – E’ stato convertito con legge 11 febbraio 2019, n. 12, in vigore dal 13 febbraio 2019, il DL 135/2018 (disposizioni urgenti in materia di sostegno e semplificazione per le imprese e la pubblica amministrazione).  Con tale legge è stato sancito l’ingresso a pieno titolo nel nostro ordinamento giuridico di Blockchain e Smart Contract.  Tuttavia, per valutare l’effettiva portata operativa della nuova legge sarà necessario attendere le linee guida e gli standard tecnici da emanarsi dall’Agenzia per l’Italia digitale nei 90 giorni successivi alla data di entrata in vigore della legge di conversione. Il…

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18 Jan 19: Nuova Guida alla valutazione delle domande di autorizzazione all’esercizio dell’attività bancaria, seconda edizione rivista del 9 gennaio 2019.

Nuova Guida alla valutazione delle domande di autorizzazione all’esercizio dell’attività bancaria, seconda edizione rivista del 9 gennaio 2019. Roma, 18 gennaio 2019 – A seguito della consultazione pubblica tenuta tra il settembre e l’ottobre del 2018, la BCE ha pubblicato una seconda edizione rivista della “Guida alla valutazione delle domande di autorizzazione all’esercizio dell’attività bancaria- Domande di autorizzazione all’esercizio dell’attività bancaria in generale” il 9 gennaio del 2019. La Guida rappresenta un aggiornamento rispetto a quella già pubblicata nel marzo 2018, e la consolida aggiungendovi la Parte 2, la quale “verte sui requisiti patrimoniali e sul programma di attività, inclusi i piani…

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11 Jan 19: Circular Economy

Circular Economy Rome, 11 January 2018 – On 4 July 2018, four EU directives included in the “Circular economy package” have entered into force. These directives, by modifying the six previous directives on waste, packaging and packaging waste, the landfill of waste, end-of life vehicles, batteries and accumulators and waste batteries and accumulators, and waste electrical and electronic equipment (WEEE), aim to incentivize a sharper transition to a sustainable economy with less production of waste. According to an analysis carried out by the World Bank, 1.3 billion tonnes of waste are produced every year on a global scale, while estimations…

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10 Jan 19: PeA FinTech: Comunicazione della Banca d’Italia sul Regolamento 2018/389 in tema di interfaccia dedicata online e “fall-back-solutions” degli ASPSP

PeA FinTech: Comunicazione della Banca d’Italia sul Regolamento 2018/389 in tema di interfaccia dedicata online e “fall-back-solutions” degli ASPSP Roma, 10 gennaio 2019 – Con il Regolamento delegato 2018/389 della Commissione Europea del 27 novembre 2017, la PSD2 è stata integrata con disposizioni relative a norme tecniche per l’autenticazione del cliente e a standard aperti di comunicazione (abbreviato di seguito in RTS). L’RTS è stato oggetto della Comunicazione della Banca d’Italia del 4 gennaio 2019 in materia di accesso ai conti di pagamento (previsto dalla PSD2), riguardante le istruzioni per l’esenzione dall’obbligo di realizzare la procedura di contingency (“fall-back solution“) qualora l’interfaccia dedicata…

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26 Nov 18: Glossary ‘PeA FinTech Syllabus’: Smart Contracts and Blockchain

Glossary ‘PeA FinTech Syllabus’: Smart Contracts and Blockchain Rome, 26 November 2018 – Smart Contracts expand new horizons in the manner of offering and benefiting from certain services. According to their creator Nick Szabo, Smart Contracts are “computerized transaction protocols that execute, in an efficient and transparent way, tasks pre-defined by one or more parties”. Thanks to the development of the internet, cryptocurrencies and the Blockchain, the area of application of Smart Contracts has been increasing and it is expected to increase even more. Among early prototypes of Smart Contracts, reference is made to the traditional vending machine, providing a selected quantity…

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20 Nov 18: Pavia e Ansaldo in the financing for the creation of Relife Group

Pavia e Ansaldo in the financing for the creation of Relife Group Milan, 20 November 2018 – Pavia and Ansaldo, with partner Giuseppe Besozzi and counsel Maria Chiara Puglisi, assisted ReLife in the contractual aspects for the financing necessary for the creation of the group which was made through a series of acquisitions of the group Benfante – consisting of Benfante, Benassi, Ecolfer, Usvardi, Bergadano, Valfreddana Recuperi – and Cartiera di Bosco Marengo. The financing through a bank loan of 88.5 million euro, structured into several lines and also aimed at furthering future growth, was granted by a pool of banks composed of…

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12 Nov 18: PropTech Monitor – Tecnologie, strumenti, servizi per il real estate

PROPTECH MONITOR – TECNOLOGIE, STRUMENTI, SERVIZI PER IL REAL ESTATE FinTech/Immobiliare – Mario Di Giulio sarà relatore al Seminario, organizzato dal Politecnico di Milano, ‘PropTech Monitor – Tecnologie, strumenti, servizi per il real estate’ che si terrà lunedì 12 novembre 2018, ore 14:30, presso l’Aula Rogers del Politecnico in via Ampère 2.  

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29 Oct 18: Pavia e Ansaldo and Accinni Cartolano in Ethica Global’s acquisition of a majority stake in GIA

Pavia e Ansaldo and Accinni Cartolano in Ethica Global’s acquisition of a majority stake in GIA Milan, 29 October 2018 – Ethica Global Investments S.p.A. acquired a majority stake of GIA S.p.A. from Star Capital SGR S.p.A. and further minority shareholders. GIA is an Italian company operating in the planning, production and sale of patented solutions for the thermohydraulics sector. The current managing director, Ing. Fabrizio Pasquini, will remain in the Company with a minority stake. Ethica Global is a group holding company of Ethica Holding, a company founded by Cosimo Vitola and Fausto Rinallo and partially owned by approximately…

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16 Oct 18: Glossario ‘PeA FinTech Sillabo’: UX (User Experience)

Glossario ‘PeA FinTech Sillabo’: UX (User Experience) Milan, 16 October 2018 – User experience (UX) is the totality of (rational and irrational) effects aroused in an individual as a result of its interaction with a specific product or system. With regard to the people involved, UX impacts all types of customers, irrespective of their culture, age, gender, wealth and social class. With regard to the scope, the notion of user experience includes the following aspects: usability, which includes features such as ease of use, productivity, efficiency, effectiveness, learnability, and user satisfaction; usefulness, which allows to use the product or system in…

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15 Oct 18: ESG investments

ESG investments   Rome, 15 October 2018  – International economic trends highlight a growing awareness of the various stakeholders as regards ethical topics. In particular, investors pay more and more attention to the sustainable approach shown by companies and projects where they channel their capitals. Companies no longer confine themselves to pursuing daring economic policies with the aim to maximize immediate profit, now they take into account the long-term benefits, i.e. the impact, positive or negative, which specific economic choices are likely to determine on the whole ecosystem. The basic idea is that a sustainable business policy translates into a…

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28 Sep 18: Pavia e Ansaldo with TMCI Padovan in the acquisition of Impiantinox

Pavia e Ansaldo with TMCI Padovan in the acquisition of Impiantinox Milan, 28 September 2018 – Law firm Pavia e Ansaldo assisted TMCI Padovan S.p.A., leader in the production and marketing of equipment for the production of wine, margarine, beverages and beer, controlled by the fund “Sinergia II” managed by Synergo SGR S.p.A., in the acquisition of Impiantinox S.r.l.. Impiantinox S.r.l. of Sarcedo (in the province of Vicenza) was set up in 1997 and initially operated in the dairy industry. With the brand-name EasyBräu it used the rapid expansion of the craft beer sector, to become an important producer of…

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26 Sep 18: Glossario ‘PeA FinTech Sillabo’: Smart contract

Glossario ‘PeA FinTech Sillabo’: Smart contract Milan, 24 September 2018 – A smart contract is a computerized protocol that executes the terms of a contract. Functioning like a vending machine, a smart contract is developed to assure one of the parties that the counterpart will satisfy its obligations, with certainty (pursuant to “if-then” statements). Lately, some platforms (first of all, Ethereum) have been designed with the aim of applying blockchain technology to the execution of smart contracts, based on the occurrence of simple (passing of time) or more complicated (future financial results) events. In the vision of its supporters, smart contracts would…

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24 Sep 18: Glossario ‘PeA FinTech Sillabo’: PSD2

Glossario ‘PeA FinTech Sillabo’: PSD2 Rome, 24 September 2018  – The PSD2 (Payment Service Directive 2- Directive (EU) 2015/2366), entered into force on 13th January 2018, has radically modernized the European regime on payment services, making significant amendments on Directive 2007/64/EC (i.e. the PSD). The Directive regulates the most innovative aspects pertaining to payment services, having in mind the exponentially higher usage of electronic payment systems and the radical shift to mobile technology by most users. As per the previous directive, the PSD2 aims to establish a single European market of payment services, based on principles of competition, transparency and responsibility toward…

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10 Sep 18: Glossario ‘PeA FinTech Sillabo’: Cryptocurrency Wallet

Glossario ‘PeA FinTech Sillabo’: Cryptocurrency Wallet Rome, 10 September 2018 – A “Cryptocurrency wallet” is every system used to store a pair of cryptographic keys, one public and one private, required for cryptocurrency transactions. There are many types of wallets, not all of them requiring digital supports to work; they are mainly divided in two fundamental categories: “cold wallets” and “hot wallets”. Cold wallet systems are not automatically connected to a network and they store cryptographic keys, which are usually written or printed on them (hardware storages or paper wallets); on the other hand, hot wallet are always online. Hot…

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6 Sep 18: Pavia e Ansaldo and Lombardi Segni e Associati in the debenture loan subscribed to by Equita PDF for Pibiplast

Pavia e Ansaldo and Lombardi Segni e Associati in the debenture loan subscribed to by Equita PDF for Pibiplast Milan, 6 September 2018 – Equita announces the sixth investment of the private debt fund of Pibiplast, a company leader in the planning and production of primary packaging in plastic for the cosmetics and personal care sectors. The Equita Private Debt Fund has assisted Ambienta and L Catterton in the acquisition of Pibiplast, by fully subscribing a debenture loan of Euro 10 million issued by the investment vehicle controlled by the private equity funds themselves. By means of this transaction the…

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8 Aug 18: Glossary ‘PeA FinTech Syllabus’: API (Application Programming Interface)

Glossary ‘PeA FinTech Syllabus’: API (Application Programming Interface) Rome, 8 August 2018 – The Application Programming Interface is a set of commands, protocols, functions and objects that allow a software to communicate and access an external system. This allows developers to create applications or software without having to rewrite the code from scratch but starting from operations shared with the other associated software. Some software houses publish their APIs in order to increase the distribution of their software. Other companies, on the contrary, allow only selected subjects to access their interface, in order to maintain final control over the offered service….

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3 Aug 18: Glossary ‘PeA FinTech Syllabus’: Cryptocurrencies

GLOSSARY ‘PEA FINTECH SYLLABUS’: CRYPTOCURRENCIES Milan, 3 August 2018 – Article 1, paragraph 2, qq) of Decree 231/2007, as amended by Legislative Decree 90/2017, contains a definition – largely deriving from the one already outlined by the Bank of Italy’s and the European Central Bank’s studies – of virtual currency (or cryptocurrency) as “digital representation of value […] used as a means of exchange for purchasing goods and services and transferred, filed and negotiated electronically”, emphasizing how it is not “issued by a central bank or by a public authority”, nor is “necessarily linked to a legal tender”. More recently, even…

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24 Jul 18: Pavia e Ansaldo, Giovannelli and KPMG Studio Associato in the acquisition of a majority stake in Valbormida

Pavia e Ansaldo, Giovannelli and KPMG Studio Associato in the acquisition of a majority stake in Valbormida Milan, 24 July 2018 – FR S.r.l, the holding of the Rostagno family, acquired a majority stake in Valbormida S.p.A., a company of Piedmont, Italy, and leader in metal-forging and strategic supplier of the main international groups in the sectors automotive and earthwork-machines, from Sata S.p.A.. The transaction financed through a loan by Banca Ifis which structured as mandated lead arranger and lending bank. The purchaser was assisted by Arpe Group as financial advisor, with Fabio Arpe, Davide Crippa and Piero Ramaglia, and…

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19 Jul 18: Glossary ‘PeA FinTech Syllabus’: The blockchain’s three key features

Glossary ‘PeA FinTech Syllabus’: The blockchain’s three key features Milan, 19 July 2018 – The blockchain is a type of distributed ledger technology (DLT) that enables secure Internet transactions and data storage without the need for a third-party authority to monitor and confirm validity. Particularly, the blockchain technology allows a group of unrelated people (so called “nodes”) to independently form a distributed consensus regarding the validity of a transaction. The result is the decentralized public ledger, an online list of transactions that is public, permanent and resistant to fraud, because it is not maintained by a single entity. The blockchain is the result…

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17 Jul 18: Le polizze con sottostante finanziario sono contratti di assicurazione per la Corte di Giustizia

Le polizze con sottostante finanziario sono contratti di assicurazione per la Corte di Giustizia Milano, 17 luglio 2018 – Una recente sentenza, resa lo scorso 31 maggio nella causa C-546/16, ha offerto alla Corte di Giustizia Europea l’occasione per chiarire che nella nozione comunitaria di contratto di assicurazione rientrano a buon diritto anche polizze le cui prestazioni dipendono interamente dal valore di prodotti obbligazionari ovvero di strumenti finanziari strutturati. Più nel dettaglio e per quanto qui interessa, la Corte era chiamata a dire se costituisse o meno attività di intermediazione assicurativa, soggetta alla direttiva 2002/92/CE, la consulenza finanziaria prestata al sottoscrittore di…

Dip_Bancario
11 Jul 18: Mario Di Giulio nominato General Counsel dell’International Finance and Leasing Association (IFLA)

Mario Di Giulio nominato General Counsel dell’International Finance and Leasing Association (IFLA) Milano, 11 luglio 2018 – Mario Di Giulio è stato nominato General Counsel dell’International Finance and Leasing Association (abbreviata in “IFLA”), nata nel 1965 e di recente trasformata in un’associazione senza fini di lucro di diritto belga. L’associazione raggruppa le principali società finanziarie e di leasing per scambiare informazioni e per condividere le esperienze, le procedure e le azioni più significative nell’ambito del settore. Al fine di raggiungere tali scopi, i membri accettano di collaborare all’aggiornamento delle informazioni sui risultati finanziari, sull’organizzazione, sulle operazioni ed a condividere i dati,…

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10 Jul 18: Pavia e Ansaldo assists banks in Ardian’s acquisition of Corob

Pavia e Ansaldo assists banks in Ardian’s acquisition of Corob Milan, 10 July 2018 –  Law firm Pavia e Ansaldo with partner Marina Balzano and associates Giulio Asquini and Dario Rovelli assisted a pool of banks led by Unicredit, as arranger, lender bank and agent bank, in Ardian’s acquisition of a majority stake in Corob S.p.A. from Wise SGR. Ardian is a world leading private investment bank. Corob S.p.A. is a world leader for the supply of automated solutions for dosing and dispensing of varnishes, coatings and inks in the chemical industry. Ardian will invest with Wise SGR and with Corob’s senior management team to strengthen…

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10 Jul 18: Pavia e Ansaldo with Riello Investimenti in the Panini Durini transaction

Pavia e Ansaldo with Riello Investimenti in the Panini Durini transaction Milan, 10 July 2018 – Pavia e Ansaldo, with partner Marina Balzano and associate Giulio Asquini, assisted Riello Investimenti Partners in the co-investment for the entry of private investors in Pancioc S.p.A.. Pancioc is managing the diner chain Panini Durini which was founded in 2011 with an innovative format and an Italian concept and currently has 14 points of sale in central and strategic areas in Milan and other 3 points of sale in shopping malls. Riello co-invested through a mezzanine debt instrument. The founding shareholders will remain co-investors in the new…

Dip_Mergers
21 Jun 18: Pavia e Ansaldo and Pedersoli in the sale of Mea to Tecnomeccanica

PAVIA E ANSALDO AND PEDERSOLI IN THE SALE OF MEA TO TECNOMECCANICA Milan, 21 June 2018 – Law firm Pavia e Ansaldo, with a team led by partners Alberto Bianco (corporate/M&A) and Marina Balzano (financing), and made up of Fabrizio Smiroldo and Dario Rovelli assisted Tecnomeccanica S.p.A., a subsidiary of IDeA Efficienza Energetica e Sviluppo Sostenibile, an Italian private equity fund specializing in environmental sustainability, operated by DeA Capital Alternative Funds, in the acquisition of 100% of the registered capital of Mea S.r.l. from the industrial group Olsa S.p.A.. Olsa were assisted by law firm Pedersoli with a team coordinated by partners Mario Napoli and Marcello Magro and…

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19 Jun 18: Glossary ‘PeA FinTech Syllabus’: 4 new words on our FinTech Syllabus!

Glossary ‘PeA FinTech Syllabus’: 4 new words on our FinTech Syllabus! AISP (Account Information Service Provider) AISPs offer customers an aggregate overview via an online platform of one or more payment accounts, even if they held by them with potentially multiple payment institutions and within different countries. They are commonly known as account aggregators. The Commission has made it clear that these services are intended to provide customers consolidated information of their financial situation and to analyse intuitively their spending habits, costs and financial needs. Thanks to the services offered by AISPs, the client, if its payment account is accessible via…

Dip_Bancario
13 Jun 18: Pavia e Ansaldo and Dentons in the financing for the acquisition of Atlantic Stars by Alcedo

PAVIA E ANSALDO AND DENTONS IN THE FINANCING FOR THE ACQUISITION OF ATLANTIC STARS BY ALCEDO Milan, 13 June 2018 – The acquisition transaction by Alcedo SGR – belonging to the renowned brand Atlantic Stars, sneakers of the premium segment and an icon of the Made in Italy, was completed today. Alcedo acquired the 60% share from the four founders Alessandro Squarzi, Cristiano Martelli, Gian Luca Zucchelli and Matteo Zoni, who retained a 40% share keeping their respective roles within the company as regards style, production and distribution. The transaction was performed through a structured financing granted by Mediocredito Italiano S.p.A….

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5 Jun 18: Glossario ‘PeA FinTech Sillabo’: Credit scoring (Valutazione del merito creditizio)

Glossario ‘PeA FinTech Sillabo’: Credit scoring (Valutazione del merito creditizio) Roma, 5 settembre 2018 – Il credit scoring è un sistema usato dalle banche e dagli intermediari finanziari per valutare, mediante l’attribuzione di un punteggio (score), il merito creditizio di chi richiede un finanziamento e, in definitiva, decidere se erogare il credito e, in caso affermativo, a quali condizioni. Ad esempio, un’azienda con uno score particolarmente elevato potrà vedersi applicare un tasso di interesse relativamente più basso, perché offre maggiori garanzie di solidità finanziaria e un minor rischio di insolvenza. L’attività di scoring prende in considerazione diverse informazioni: da quelle attinenti al cliente e…

Dip_Bancario
18 May 18: Glossary ‘PeA FinTech Syllabus’

GLOSSARY ‘PEA FINTECH SYLLABUS’ Milan, 18 May 2018 – FinTech is getting more and more ahead in finance and almost every day it reveals new features and applications. For this reason, we had the idea to launch the ‘PeA FinTech Syllabus’, a reasoned collection of some old and new words about FinTech, supplemented by some brief comments and comparison tables. “Syllabus” is an “old-fashioned” term that we have chosen to remember that the financial phenomena have always benefited – at a different pace and with different accelerations – from what expertise allowed at a certain time, starting from the Babylonian mathematical…

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10 May 18: Pavia e Ansaldo with the banks for the acquisition of ARBO

PAVIA E ANSALDO WITH THE BANKS FOR THE ACQUISITION OF ARBO Milan, 10 May 2018 – Law firm Pavia e Ansaldo, with partner Marina Balzano and Giulio Asquini, assisted a pool of financing banks consisting of BPER S.p.A. and MPS Capital Services Banca per le Imprese S.p.A. in the context of a structured financing used in the acquisition, by Ersel Investimenti and Bravo Capital Partner, of the entire share capital of Arbo, operating in the distribution of spare parts and accessories for heating and air conditioning equipment. The purchaser was assisted by R&P Legal for legal aspects.

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17 Apr 18: Crossing the Channel: strumenti per un confronto tra l’approccio europeo e quello britannico al FinTech

CROSSING THE CHANNEL: STRUMENTI PER UN CONFRONTO TRA L’APPROCCIO EUROPEO E QUELLO BRITANNICO AL FINTECH Con il sempre più ampio riconoscimento dell’importanza strategica del FinTech, è cresciuta esponenzialmente la concorrenza tra ordinamenti giuridici per attirare l’innovazione nei servizi finanziari, assicurativi e affini. È in questo contesto che si inserisce il provvedimento del governo britannico, che il 22 marzo 2018 ha reso pubblica – a distanza di due settimane dal FinTech Action Plan della Commissione europea – la propria strategia per mantenere ed ampliare la leadership indiscussa del Regno Unito in ambito FinTech (“Fintech Sector Strategy”, consultabile qui: https://www.gov.uk/government/publications/fintech-sector-strategy). In termini generali, rispetto al FinTech Action Plan,…

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26 Mar 18: Club deal di investitori entra in Step S.p.A., leader italiano nell’e-procurement

CLUB DEAL DI INVESTITORI ENTRA IN STEP S.P.A., LEADER ITALIANO NELL’E-PROCUREMENT Milano, 26 marzo 2018 – Un club deal di investitori privati ha acquisito il 45% di Step S.p.A., gruppo italiano attivo nell’e-procurement e nei servizi informatici per banche e assicurazioni, con un fatturato di circa 60 milioni di euro nel 2017 e circa 7 milioni di EBITDA, da Fabrizio Crespi Morbio, Paolo Faina e Gregorio Cicogna Mozzoni. Promotori dell’operazione sono stati Stefano Miccinelli, Stefano Trentino, Marco Forasassi Torresani, Renato Peroni e Cristiano Portas. L’operazione è stata realizzata tramite la costituzione della newco Jupiter, che ha acquisito il 100% di Step…

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23 Mar 18: Osborne Clarke and Pavia e Ansaldo in the financing of Natixis S.A. for the fund “Spazio Sanità” operated by Investire SGR S.p.A.

OSBORNE CLARKE AND PAVIA E ANSALDO IN THE FINANCING OF NATIXIS S.A. FOR THE FUND “SPAZIO SANITÀ” OPERATED BY INVESTIRE SGR S.P.A. Milan, 23 March 2018 – Osborne Clarke has assisted Natixis S.A., Milan branch, which acted as lender, agent, bookrunner and underwriter, in the context of the financing for 91 million Euros made available to the closed-end real estate investment fund “Spazio Sanità”. The fund is reserved for qualified investors called which acted through Investire SGR S.p.A., which was counselled by law firm Pavia e Ansaldo. The financing was granted for, among other, the purchase of Italian real property…

Dip_Bancario
9 Mar 18: Law firms in the financing of the CRM acquisition

LAW FIRMS IN THE FINANCING OF THE CRM ACQUISITION Milan, 9 March 2018 – Law firms Pavia e Ansaldo and Dentons acted as legal advisors in the financing of the acquisition of 100% of CRM of Modena by Aksìa Group SGR, an independent private equity company. CRM has been for over 40 years leader in the production of the Italian bread specialities piadine, tigelle, sfogliate and focaccine as well as pizza dough, distributed with its own trademark and for leading retail distributors. The new business plan will strengthen the Modena based group’s position on the internal market and, at the…

Dip_RealEstate_302545295_376x250
26 Feb 18: Pavia e Ansaldo in the purchase of real property in Milan, Via Gonzaga

PAVIA E ANSALDO IN THE PURCHASE OF REAL PROPERTY IN MILAN, VIA GONZAGA Milan, 26 February 2018 – Pavia e Ansaldo assisted DeA Capital Real Estate SGR for one of the real estate investment Funds for professional investors, in the purchase of real property in Milan, Via Gonzaga, from Fondo FIP – Fondo Immobili Pubblici. The property is rented out to the Agenzia del Demanio (State Property Office) and used by INPS. Pavia e Ansaldo acted with a team made up of partner Fiorenza Resta and senior associate Kathleen Bucci for real estate matters and by partners Mia Rinetti and Carlo Trucco for the financing of the transaction.

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2 Feb 18: Pavia e Ansaldo assists AMF in the banking aspects in the acquisition of Figros

PAVIA E ANSALDO ASSISTS AMF IN THE BANKING ASPECTS IN THE ACQUISITION OF FIGROS Milan, 2 February 2018 – Law firm Pavia e Ansaldo, with a team led by partner Marina Balzano, assisted by Giulio Asquini and Dario Rovelli, counselled the company AMF of Bassano del Grappa, active in the supply of accessories to the main fashion brands, in the subscription of a senior facility loan used to support the acquisition of the entire share capital of Figros S.r.l., a Tuscan company leader in the sector for the stamping of metal such as zamak and brass. The banks were assisted by Clifford Chance.

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30 Jan 18: Ulteriori considerazioni sul leasing finanziario: la nomina dei periti

ULTERIORI CONSIDERAZIONI SUL LEASING FINANZIARIO: LA NOMINA DEI PERITI PeA Banking and Finance – Ulteriori considerazioni sul leasing finanziario: la nomina dei periti La gestione delle fasi patologiche del rapporto, successive alla risoluzione del contratto di leasing, è un aspetto cruciale della nuova normativa che ha tipizzato la locazione finanziaria (legge 4 agosto 2017, n. 124). In sintonia con i principi che governano la strategia di gestione dei crediti deteriorati (non performing loans – NPLs), la collocazione del bene sul mercato deve essere sempre preceduta da un’adeguata stima del valore del bene, nel duplice interesse dell’utilizzatore e del concedente. Per la nomina dei periti,…

Dip_Mergers
12 Jan 18: Pavia e Ansaldo in Labomar’s reorganization

PAVIA E ANSALDO IN LABOMAR’S REORGANIZATION Milan, 12 January 2018 – Law firm Pavia e Ansaldo has acted as legal advisor in the reorganization of the ownership structure of Labomar. Lab Holding S.r.l., which is owned by entrepreneur Walter Bertin, carried out the acquisition from Fondo Italiano d’Investimento of 100% of the share capital of Labomar S.r.l., a company set up in 1988 and  specializing in desig, development and production of food supplements, medical devices and foods for special medical purposes. Pavia e Ansaldo, with partner Marina Balzano and associate Dario Rovelli, acted as deal counsel for the structured loan granted to Lab Holding by Crédit Agricole…

Dip_Bancario
11 Jan 18: Criptovalute: mezzo di scambio o strumento speculativo?

Criptovalute: mezzo di scambio o strumento speculativo? Milano, 11 gennaio 2018 – Il 2017 è senz’altro stato l’anno delle criptovalute. Accanto al bitcoin, esistono altre decine di monete virtuali che nell’anno appena trascorso hanno visto una crescita esponenziale del proprio valore, prime tra tutte ripple ed ethereum. La natura delle criptovalute è ampiamente dibattuta e vige incertezza rispetto alla disciplina ad esse applicabile, non solo a livello europeo. Sappiamo che si tratta di strumenti che si distinguono dalle monete aventi corso legale perché non emesse da una banca centrale e non (ancora o del tutto) riconosciute quale mezzo di pagamento…

Dip_Bancario
9 Jan 18: La tipizzazione della locazione finanziaria, alcuni spunti di riflessione

LA TIPIZZAZIONE DELLA LOCAZIONE FINANZIARIA, ALCUNI SPUNTI DI RIFLESSIONE Milano, 09 gennaio 2018 – Sebbene non sia tutt’ora rinvenibile una disciplina organica del leasing, la legge 4 agosto 2017, n. 124 costituisce un tassello fondamentale nel processo di tipizzazione di tale istituto, finalmente definito nei suoi tratti essenziali e peculiari. Il legislatore ha disciplinato la locazione finanziaria in cinque commi della legge annuale per il mercato e la concorrenza (legge 124/2017), senza dedicare a tale figura contrattuale un provvedimento ad hoc. Analogamente il leasing abitativo non gode di una disciplina sua propria, in quanto la relativa regolamentazione si disperde fra i numerosissimi…

Dip_Bancario
4 Jan 18: Cassazione, Sezione I, n. 24699/2017 – Mutuo di scopo e nullità

CASSAZIONE, SEZIONE I, N. 24699/2017 – MUTUO DI SCOPO E NULLITÀ Milano, 04 gennaio 2018 – La Corte di Cassazione è stata chiamata a pronunciarsi su interessante questione relativa al mutuo di scopo, che trae origine dal tentativo di una banca mutuante di insinuarsi al passivo di un fallimento in privilegio ipotecario. La Suprema Corte ha affermato che il mutuo di scopo convenzionale è un contratto consensuale che in parte si discosta dallo schema tipico del contratto di mutuo, ex art. 1813 c.c. Infatti, dal punto di vista strutturale e causale, nel mutuo di scopo convenzionale il mutuatario si obbliga non…

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8 Nov 17: Pavia e Ansaldo alla LUISS per un convegno sul tema dell’educazione finanziaria

PAVIA E ANSALDO ALLA LUISS PER UN CONVEGNO SUL TEMA DELL’EDUCAZIONE FINANZIARIA Roma, 7 novembre 2017 – Il 7 novembre 2017 Pavia e Ansaldo ha incontrato gli studenti degli ultimi anni del dipartimento di giurisprudenza della Luiss Guido Carli di Roma per un convegno sul tema dell’educazione finanziaria. Mario Di Giulio , Partner co-head del dipartimento di Banking and Finance dello Studio, e Lapo Guadagnuolo, Global Head of Analytics & Research dell’agenzia di rating Standard & Poor’s, si sono soffermati sul processo di rating e sulla valutazione della capacità creditizia. Il convegno si è proposto come importante momento di riflessione  su tematiche finanziarie…

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3 Aug 17: Pavia e Ansaldo with IPE in Valedo

PAVIA E ANSALDO WITH IPE IN VALEDO Milan, 3 August 2017 – Pavia e Ansaldo has assisted IPE (Investimenti in Private Equity), a holding company held by the family of Gianfilippo Cuneo, in the leveraged buy-out of a minority shareholding in Valedo S.r.l., a leader in the field of advertising barter for the distribution of pharmaceutical products OTC with a turnover of 84 million euro in 2016. The team of the Firm was led, for the legal due diligence and for all corporate and contractual aspects, by partner Alberto Bianco assisted by Dario Rovelli and Nicoletta Botta. The financing aspects were dealt with, on behalf…

Dip_Bancario
10 Jul 17: Pavia e Ansaldo with the banks for the acquisition of SAFIM

PAVIA E ANSALDO WITH THE BANKS FOR THE ACQUISITION OF SAFIM Milan, 10 July 2017 – Pavia e Ansaldo, with partner Marina Balzano and associate Giulio Asquini, assisted Banca Popolare di Milano (Banco BPM group, which acted as agent bank) and Crédit Agricole Cariparma for the structured financing for the acquisition, by funds operated by Ambienta SGR S.p.A., of the control of Safim, a company founded in 1977 which specializes in the manufacturing of important components for hydraulic circuits installed in heavy-duty vehicles for the agricultural, logistics and building sector. Ambienta was assisted by Lms for the corporate, M&A and legal aspects of…

Dip_RealEstate_302545295_376x250
28 Mar 17: Eversheds Sutherland and Pavia e Ansaldo in the debut of the Eurocare fund of Threestones capital management

EVERSHEDS SUTHERLAND AND PAVIA E ANSALDO IN THE DEBUT OF THE EUROCARE FUND OF THREESTONES CAPITAL MANAGEMENT Milan, 28 March 2017 – Eversheds Sutherland and Pavia e Ansaldo were the law firms in the transaction for the debut on the Italian market of the TSC Eurocare Real Estate Fund, a paneuropean fund with a target of 500 million euro which specializes in the purchase and development of residential care homes, retirement homes and apartments for the disabled. The Eurocare fund is managed by Threestones Capital Management, a Luxembourg asset manager, leader in Germany in the management and sale of long term…

Dip_Bancario
23 Mar 17: Gop with Vertis in the purchase of Selematic. Lending banks assisted by Pavia e Ansaldo

GOP WITH VERTIS IN THE PURCHASE OF SELEMATIC. LENDING BANKS ASSISTED BY PAVIA E ANSALDO Milan, 23 March 2017 – Vertis SGR’s purchase – through a special purpose vehicle – of the entire capital of Selematic, leader in the supply of technical solutions for secondary packaging for single use food containers was concluded today. The business, whose operations are carried out in a 58,000 sqm industrial area in Eboli (Sa), has through the years grown thanks to its know-how and the recognized quality of the solutions it offers, winning substantial market shares, also internationally, and arriving at sales of about 14…

Dip_Bancario
3 Mar 17: Pavia e Ansaldo and Legance in Financing by UBI Banca S.p.a. to SOLAR 5 S.r.l.

PAVIA E ANSALDO AND LEGANCE IN FINANCING BY UBI BANCA S.P.A. TO SOLAR 5 S.R.L. Milan, 3 March 2017 – Pavia e Ansaldo assisted UBI Banca SpA in a project financing transaction for two photovoltaic plants in Lombardy, property of Solar 5 S.r.l. a company of the Atmos II funds and Investimenti Rinnovabili and managed by Quadrivio Capital SGR. The team of Pavia e Ansaldo was coordinated by partner Francesco Satta and consisted of partner Caterina Luciani and associate Michele Brengola. Legance – Avvocati Associati assisted Quadrivio Capital SGR with a team coordinated by partner Filippo Ruffato and consisting of…

Dip_Bancario
7 Feb 17: Pavia e Ansaldo and LMS in the issue of TMCI Padovan Bonds

PAVIA E ANSALDO AND LMS IN THE ISSUE OF TMCI PADOVAN BONDS Milan, 7 February, 2017 – Pavia e Ansaldo’s Marina Balzano and Giulio Asquini assisted TMCI Padovan, a company active in the production of machinery and processing facilities for several applications for beverage and food industries, part of the portfolio of Synergo SGR, in the issuing of bonds fully subscribed by funds managed by Tenax Capital Limited. The funds obtained from the issuing will be used by TMCI Padovan for the development and implementation objectives foreseen by its Industrial Plan. Tenax was assisted by Giovanni Gomez, Francesco Serrano and Giulio…

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15 Dec 16: Pavia e Ansaldo with a pool of banks in a financing for Renawables

PAVIA E ANSALDO WITH A POOL OF BANKS IN A FINANCING FOR RENEWABLES Milan, 15 December 2016 – Pavia e Ansaldo, with the team of attorneys Mario Di Giulio and Alessandra Grandoni, assisted a pool of banks for a 20 Million Euro financing dedicated to the support of renewable energies and to biomethane. The pool was composed, aside from Iccrea Bancaimpresa and Bcc Pordenone – with which Iccrea Bancaimpresa has as leaders followed the entire operation – also by Bcc Banca Prealpi, Bcc Banca Santo Stefano Credito Cooperative Martellago Venezia and Cassa Centrale Raiffeisen. The operation falls within the area of…

Dip_Bancario
12 Dec 16: Pavia e Ansaldo with ICCREA Bancaimpresa in the financing of Istituto Mediterraneo per i Trapianti e le Terapie ad alta Specializzazione (ISMETT)

PAVIA E ANSALDO WITH ICCREA BANCAIMPRESA IN THE FINANCING OF ISTITUTO MEDITERRANEO PER I TRAPIANTI E LE TERAPIE AD ALTA SPECIALIZZAZIONE (ISMETT) Milan, 12 December 2016 – Pavia e Ansaldo with attorneys Mario Di Giulio and Caterina Luciani assisted Iccrea Bancaimpresa SpA in the financing of Istituto Mediterraneo per i Trapianti e le Terapie ad Alta Specializzazione (ISMETT) Srl, a company 55% of whose capital is held by a public shareholder, ARNAS Civico of Palermo, and 45% jointly by UPMC International Holdings Inc. and UPMC Italy Srl, for the increased efficiency of its energy plant and the realization of a three…

Dip_RealEstate_302545295_376x250
12 Dec 16: All firms involved in the issue of a 9.8 million euro bond by BV Tech

All firms involved in the issue of a 9.8 million euro bond by BV Tech Milan, 12 December 2016 – BC & Studio di Consulenza Societaria Tributaria e Legale, with a team headed by partners Silvia Mignatti and Elena Zavanella, with Franco Battaglia, Daniele Crosti and Antonella Barzanò, assisted BV Tech – the holding company of the investment group active in services in computer engineering and telecommunications – with counsel in tax, legal, corporate and governmental matters related to the issue of a non-listed bond for a total of EUR 9.8 Million. The bond was fully subscribed by Equita Private Debt…

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9 Dec 16: Pavia e Ansaldo with Pimco for the verification of Real Estate aspects of the cartolarization of 1,3 billion portfolio

PAVIA E ANSALDO WITH PIMCO FOR THE VERIFICATION OF REAL ESTATE ASPECTS OF THE CARTOLARIZATION OF A 1,3 BILLION PORTFOLIO Milan, 9 December 2016 – Pavia e Ansaldo with a team coordinated by partner Fiorenza Resta, composed by partner Claudio Cera, associate Kathleen Bucci and counsel Alessandra Grandoni assisted Pimco for the verification of the real estate aspects underlying the receivables assigned within a Unicredit cartolarization worth 1,3 Billion. The agreement between Pimco, GWM and Finance Roma provides for the investors to take over the management of the portfolio through Aurora Recovery Capital (AREC), controlled by it, to the ends of…

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2 Dec 16: Pavia e Ansaldo and Linklaters in New Eridania Bond

PAVIA E ANSALDO AND LINKLATERS IN NEW ERIDANIA BOND Milan, 2 December 2016 – Pavia e Ansaldo, in a team headed by Giuseppe Besozzi and with Maria Chiara Puglisi, Giulio Asquini and Dario Rovelli, assisted Eco Eridania SpA, held by Xenon Private Equity V Fund and Andrea Giustini, business man and funder, in all legal, corporate and administrative areas relating to the issue of the first two parts of an un-quoted bond held by Euroclear Bank S.A./N.V. and Clearstream Banking, société anonyme for a total amount of 82.5 million Euro. The bond was fully subscribed by Muzinich European Private Debt S.a.r.l….

Dip_Bancario
23 Nov 16: Pavia e Ansaldo assists ICCREA Bancaimpresa financing Fondazione IDIS – Città della Scienza

PAVIA E ANSALDO ASSISTS ICCREA BANCAIMPRESA FINANCING FONDAZIONE IDIS – CITTÀ DELLA SCIENZA Milan, 23 November 2016 – Pavia e Ansaldo with Mario Di Giulio, Caterina Luciani and Nico Moravia assisted Iccrea Bancaimpresa SpA in the financing for Fondazione IDIS – Città della Scienza, aimed at the completion of the Virtual Museum of the Human Body – Corporea, to be set up in the City of Science (Città della Scienza), based in Bagnoli (Naples). IDIS – Città della Scienza is a private entity listed as dependent of the Campania Region and recognized by the Italian Ministry of Education as a research…

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27 Oct 16: PAVIA e ANSALDO WITH IDEA CAPITAL FOR THE ACQUISITION OF A MAJORITY STAKE IN TECNOMECCANICA

PAVIA E ANSALDO WITH IDEA CAPITAL FOR THE ACQUISITION OF A MAJORITY STAKE IN TECNOMECCANICA Milan, 27 October 2016 – Pavia e Ansaldo assisted the Idea Capital Fund SGR SpA managed fund “Idea Efficienza Energetica e Sviluppo Sostenibile” in the purchase of a majority stake in Tecnomeccanica SpA of Novara, Italy, operating in the manufacture and sale of lighting components for the automotive market. Pavia e Ansaldo’s team was led by Alberto Bianco, partner, with Luca Montolivo and Fabrizio Smiroldo covering the areas of contract and banking, partner Francesco Bruno with Alessandra Biagiotti assisting on environmental aspects and by partner Filippo…

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27 Oct 16: Pavia e Ansaldo with Idea Capital for the acquisition of a majority stake in Tecnomeccanica

PAVIA e ANSALDO WITH IDEA CAPITAL FOR THE ACQUISITION OF A MAJORITY STAKE IN TECNOMECCANICA Milan, 27 October 2016 – Pavia e Ansaldo assisted the Idea Capital Fund SGR SpA managed fund “Idea Efficienza Energetica e Sviluppo Sostenibile” in the purchase of a majority stake in Tecnomeccanica SpA of Novara, Italy, operating in the manufacture and sale of lighting components for the automotive market. Pavia e Ansaldo’s team was led by Alberto Bianco, partner, with Luca Montolivo and Fabrizio Smiroldo covering the areas of contract and banking, partner Francesco Bruno with Alessandra Biagiotti assisting on environmental aspects and by partner Filippo…

Dip_Bancario
12 Aug 16: Pavia e Ansaldo with ICCREA Banking Group in 1.4 billion Euro securitization

PAVIA E ANSALDO CON IL GRUPPO BANCARIO ICCREA IN UN’OPERAZIONE DI CARTOLARIZZAZIONE DEL VALORE COMPLESSIVO DI 1,4 MILIARDI DI EURO Milan, 12 August 2016 – Iccrea Bank was the sole arranger in the operation with underlying receivables from leasing agreements of Iccrea Bancaimpresa which led to the issue of five series of ABS bonds, of which the first two (A1 and A2) with senior ranking. Class A1, of EUR 202 Million, were subscribed by Iccrea BancaImpresa and will be used as collateral in refinancing operations.  The Class A2 bonds of EUR 480 Million were instead subscribed by the European Investment Bank…

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12 Jul 16: Pavia e Ansaldo and Linklaters fort the third Eco Eridania bond

PAVIA E ANSALDO AND LINKLATERS FOR THE THIRD ECO ERIDANIA BOND Milan, 12 July 2016 – Pavia e Ansaldo, with a team headed by Giuseppe Besozzi with Maria Chiara Puglisi and Mario Diomedi, assisted Eco Eridania SpA, a company held by the Xenon Fund and entrepreneur Andrea Giustini, in all legal, corporate and administrative matters relating to the issue of unlisted bonds for an overall amount of three million Euro. The bond, whose funds will be used by Eco Eridania to finance further acquisitions, was entirely subscribed by Muzinich European Private Debt Sarl, as general partner of the Muzinich European Private Debt…

Dip_Mergers
27 Jun 16: Pavia e Ansaldo with banks for Preziosi Food

PAVIA E ANSALDO WITH BANKS FOR PREZIOSI FOOD Milano, 27 giugno 2016 – Vertis SGR finalized the acquisition of Preziosi Food, part of the Giochi Preziosi Group, through an acquisition vehicle. The purchase was financed by a banking pool headed by Banca Popolare dell’Emilia Romagna and consisting of Banca Popolare di Milano and ICCREA Bancaimpresa. The financing banks were assisted, for all aspects of the financing, by Pavia e Ansaldo with Marina Balzano and Mario Diomedi. The purchaser was assisted for both acquisition and debt by Francesco Cartolano, Chiara Cella and Enrica di Cagno of Studio Accinni Cartolano.

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16 Jun 16: Gattai, Minoli, Agostinelli & Partners and Pavia e Ansaldo legal advisors in the reorganization of the Saviola Group’s outstanding debt of medium-long term

GATTAI, MINOLI, AGOSTINELLI & PARTNERS AND PAVIA E ANSALDO LEGAL ADVISORS IN THE REORGANIZATION OF THE SAVIOLA GROUP’S OUTSTANDING DEBT OF MEDIUM-LONG TERM Milan, 16 June 2016 – The Saviola Group, the largest Italian manufacturer of particle board panels and among the international top players in this field of activity, operating through the chemical, wood and “ready to assemble” furniture business units, has carried out an important operation consisting in the reorganization of the outstanding debt of medium-long term, aimed to redefine its own financial structure through the early achievement of the goals of economic and financial balance set out in…

Dip_Mergers
28 Apr 16: Pavia e Ansaldo further grows in Corporate M&A

PAVIA E ANSALDO FURTHER GROWS IN CORPORATE M&A Francesco Satta and his team will enter Pavia e Ansaldo from May 2, 2016 Milan, 28 April 2016 – Pavia e Ansaldo continues its growth in Corporate M&A with the entry of attorney Francesco Satta, as partner. From May 2 Francesco Satta will enter Pavia e Ansaldo with a team of two associates, Leonilda Cagli (senior counsel) and Michele Brengola (associate). Mr. Satta, previously in Grimaldi e Associati and then in DLA Piper, consolidated his experience in assisting financial entities and companies in acquisition financing operations with a specific focus in the energy…

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12 Apr 16: Pavia e Ansaldo with Creval in the financing of the Filadelfia Stadium of Turin

PAVIA E ANSALDO WITH CREVAL IN THE FINANCING OF THE FILADELFIA STADIUM OF TURIN Milan, 12 April 2016 – A team of Pavia e Ansaldo consisting of Partner Alberto Bianco and Senior Counsel Marina Balzano, assisted Credito Valtellinese in the granting of a medium-long term financing to Fondazione Stadio Filadelfia covering the costs for the restructuring of the “Filadelfia” sport stadium in Turin. The financing will be counterguaranteed by the Region of Piedmont and will permit completing the restructuring works on the almost hundred year old Turin stadium by the end of the year. In the course of the press conference…

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26 Feb 16: Pedersoli and Pavia e Ansaldo in financing for the integration of four leading IT Companies

PEDERSOLI AND PAVIA E ANSALDO IN FINANCING FOR THE INTEGRATION OF FOUR LEADING IT COMPANIES Milan, 26 February 2016 – Law firm Pedersoli e Associati with partner Alessandro Fosco Fagotto and Franco Paolo Gialloreti assisted Sinergia II, the closed investment fund promoted and managed by Synergo SGR and Kirey Srl, in a financing operation with Banca Popolare di Milano in support of the integration project of four principal companies in the IT world: Insirio SpA, IKS Srl and System Evolution Srl with Kirey Srl. Banca Popolare di Milano was assisted by law firm Pavia e Ansaldo with a team led by Senior…

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8 Feb 16: Pavia e Ansaldo with ICCREA Bancaimpresa for the financing to the Palladio Group

PAVIA E ANSALDO WITH ICCREA BANCAIMPRESA FOR FINANCING TO THE PALLADIO GROUP Milan, 8 February 2016 – Pavia e Ansaldo with Partner Mario Di Giulio and Senior Counsel Alessandra Grandoni assisted Iccrea BancaImpresa (in pool with CRA Brendola) in a financing operation for Palladio Group SpA, a company specializing in secondary packaging and services to pharmaceutical and cosmetic industries. The financing is also destined to support the expansion of Palladio Group SpA in the Russian market through its subsidiary Palladio Obninsk Limited Liability Company, set up in order to establish a new factory for production in Russia.

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22 Jan 16: Pavia e Ansaldo with Credeco in the purchase of a portfolio of non-performing loans

PAVIA E ANSALDO WITH CREDECO IN THE PURCHASE OF A PORTFOLIO OF NON-PERFORMING LOANS 22 January 2016 – Pavia e Ansaldo with partner Mario Di Giulio assisted CREDECO Srl in the purchase of a portfolio of non-performing loans from Banca di Credito Cooperativo of Rome. The transaction was carried out based on the new regulations which, with some limitations, permit companies carrying out out-of-court collection of receivables to acquire non-performing loans sold by banks or other financial intermediaries which are under to Banca d’Italia supervision.

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14 Jan 16: Pavia e Ansaldo assisted ICCREA Bancaimpresa S.p.a. in financing for Risorse Ambiente Palermo S.p.a.

Pavia e Ansaldo assisted ICCREA Bancaimpresa S.p.a. in financing for Risorse Ambiente Palermo S.p.a. Milan, 14 January 2016 – Pavia e Ansaldo, with partners Mario Di Giulio and Caterina Luciani, assisted Iccrea Bancaimpresa SpA with a loan granted to Risorse Ambiente Palermo SpA, a corporation 100% controlled by the city of Palermo. The loan is to be used for the improvement of consumption and modernisation of energy facilities. The transaction, which avails itself of the European “Jessica” Funds (Joint European Support for Sustainable Investment in Urban Areas) made available by the European Bank for Investments, is designated to finance the…

Dip_Mergers
23 Dec 15: Pavia e Ansaldo assist Xenon in the entry in surfaces technological abrasives

Pavia e Ansaldo assist Xenon in the entry in surfaces technological abrasives Milan, 23 December 2015 – Pavia e Ansaldo with a team led by partner Giuseppe Besozzi and staffed by associates Chiara Puglisi and Mario Diomedi assisted Xenon Private Equity Fund in the purchase of 60% of the capital of Surfaces Technological Abrasives Srl, worldwide leader in abrasive utensils for lapping ceramics. The operation was in part financed by contribution to equity, in part by a medium/long term loan granted by Cariparma Credit Agricole and in part by the issue by an affiliate of the Fund of a bond which was…

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22 Oct 15: Pavia e Ansaldo and Linklaters in the second bond emission for Eco Eridania

Pavia e Ansaldo and Linklaters in the second bond emission for Eco Eridania Milan, 22 October 2015 – Pavia e Ansaldo with a team headed by Giuseppe Besozzi with Mario Diomedi and Silvia Cammalleri, assisted Eco Eridania S.p.A., a company connected to the Xenon Fund and the entrepreneur Andrea Giustini, in all legal, corporate and administrative matters in the context of the emission of a non-listed bond of 10 million euro, with the faculty of further emissions. The bond, the funds of which were used by Eco Eridania to finance the purchase of Eco Mistral Srl, was fully subscribed by…

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14 Oct 15: Pavia e Ansaldo with Crowe Horwath in the financing for the development of A.M.F. S.p.A.

Pavia e Ansaldo with Crowe Horwath in the financing for the development of A.M.F. S.p.A. Milan, 14 October 2015 – Pavia e Ansaldo, with a team led by Maria Balzano, senior counsel, and Mario Diomedi, associate, advised A.M.F. S.p.A., a corporation active in the areas of design, production and sale of luxury accessories, on the bilateral long term financing with UBI Banca, as lender. UBI was assisted by a team headed by Stefano Cirelli, partner, and Giulio Asquini of Crowe Horwath. The loan will be used for important investments in the company’s business.

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29 Sep 15: BiancoBesozzi & Associati joins Pavia e Ansaldo

BiancoBesozzi & Associati joins Pavia e Ansaldo Milan, 29 September 2015 – Pavia e Ansaldo announces the entry of the lawyers of BiancoBesozzi & Associati, a corporate law boutique. The Milan firm which was founded by Alberto Bianco and Giuseppe Besozzi is focused on acquisition transactions on behalf of investment funds and/or industrial companies, extraordinary company transactions (mergers, divisions, transfer, purchase/sale/lease of business concerns also in the context of settlement with creditors), debt restructurings, reorganizations of company groups, spin-offs and joint ventures in various economic and industrial sectors in Italy and abroad. Alberto Bianco and Giuseppe Besozzi join Pavia e Ansaldo…

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30 Jun 15: Six new partners for Pavia e Ansaldo

Six new partners for Pavia e Ansaldo Milan, 30 June 2015 – Pavia e Ansaldo announces that attorneys Paola Carlotti, Christian Caserini, Luca Cuomo, Marco Giustiniani, Anna Saraceno and Carlo Trucco were elected to partnership.Paola Carlotti, practices in Pavia e Ansaldo since 2003. She specializes in Mergers & Acquisitions/Private Equity, Insolvency and Restructuring and Commercial and Corporate Law. She has broad expertise in the sector of acquisitions, mergers and extraordinary corporate finance transactions, in particular business transfers, joint-ventures and distressed acquisitions, both national and international. In the sector of insolvency law she assists in composition with creditors (concordato preventivo) and…

Dip_Bancario
2 Apr 15: White & Case, Bonelli Erede Pappalardo and Pavia e Ansaldo in the growth equity investment of Dentalpro Group

White & Case, Bonelli Erede Pappalardo and Pavia e Ansaldo in the growth equity investment of Dentalpro Group Milan, 2 April 2015 – A trio of law firms has assisted in a growth equity investment transaction that involved the DentalPro Group, the company that manages more than 30 dental clinics primarily located in shopping malls. The growth equity investor Summit Partners acquired a majority stake in the group, thus realising the first investment of the fund in Italy. The White & Case team which advised Summit Partners LLP was led by partner Ian Bagshaw (London) and included partner Ferigo Foscari (Milan)…

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20 Jan 15: Pavia e Ansaldo represents the Tiziano Comparto Venere Fund, managed by Sorgente SGR, in the purchase of 4 Fotovoltaic Plants

Pavia e Ansaldo represents the Tiziano Comparto Venere Fund, managed by Sorgente SGR, in the purchase of 4 Fotovoltaic Plants Milan, 20 January 2015 – Pavia e Ansaldo, in collaboration with the law firm Caporale and associates, assisted the Real Estate Investment Fund Immobiliare Tiziano Comparto Venere, organized and managed by Sorgente SGR, in the purchase from two special purpose vehicles part of Gruppo Banca Santander, of four fotovoltaic plants set in Calabria as well as the related financing. The value of the operation was approximately 14 Million Euro. Pavia e Ansaldo’s team, headed by partner Claudio Cera, included Maria Rita…

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31 Oct 14: Pavia e Ansaldo opens the Africa desk

Pavia e Ansaldo opens the Africa desk Milan, 31 October 2014 – Pavia e Ansaldo strengthens its international practice with the foundation of its Africa Desk to provide assistance to international institutions and foreign and Italian clients interested in investment projects in the African continent. The Africa Desk is staffed by Mario Di Giulio and Daniele Carminati, who have extensive experience in relationships with African countries, particularly in the establishment and assistance to supranational funds, assistance to multilateral agencies, creation of guarantee mechanisms, international commercial contracts, procurements contracts, joint ventures, infrastructures, energy and rural electrification networks. The Desk operates in connection…

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15 Oct 14: First Uganda Rome Investment Forum

First Uganda Rome Investment Forum ROME, 15 OCTOBER 2014 Today, the first Uganda Rome Investment Forum was held in Rome, with the aim of promoting interaction, dialogue and cooperation among the leading figures of the institutions and the energy industry from Italy and Uganda, in order to foster relations between the two countries, with particular regard to investments for the development of renewable energies as well as for the extension of the transmission network. Among the various personalities who attended the event, the Undersecretary of the Ministry of Foreign Affairs, Mr. Mario Giro intervened and, while highlighting the reasons and…

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9 Jul 14: Pavia e Ansaldo with Vam Investments in the capital increase in Genny Mobility

Pavia e Ansaldo with Vam Investments in the capital increase in Genny Mobility Milan, 9 July 2014 – Pavia e Ansaldo assisted the holding of private equity firm Vam Investments SpA in the capital increase of 3 million euro in Genny Mobililty, the company producing Genny, the motorized self-balancing wheelchair for paraplegics able to move in autonomy on any terrain without use of hands, an innovative design and style far distant from the traditional disability products. The transaction, which included both the legal due diligence, structuring and negotiation of the investment agreement, was managed and coordinated by Luca Cuomo, with the…

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25 Jun 14: Pavia e Ansaldo and ICCREA Bancaimpresa for energy efficiency in Sicily

Pavia e Ansaldo and ICCREA Bancaimpresa for energy efficiency in Sicily Milan, 25 June 2014 – Pavia e Ansaldo advised Iccrea BancaImpresa in the financing of Amg Energia, a municipal company of the Palermo municipality, granted for optimization of consumption and the modernization of energy infrastructure. The transaction, which benefits from the European funding program, “Jessica” (Joint European Support for Sustainable Investment in City Areas), follows by just a few days another analogous financing for the modernization of public lighting networks for the municipalities of Trapani and Ribera (AG), which was also granted by Iccrea BancaImpresa, advised by Pavia e Ansaldo. ICCREA…

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9 Jun 14: Pavia e Ansaldo with Unicredit in a securitisation transacation with ANACAP

Pavia e Ansaldo with Unicredit in a securitisation transacation with ANACAP Milan, June 2014 – Pavia e Ansaldo has advised UniCredit Credit Management Bank (UCCMB) in a securitisation transaction whereby UniCredit S.p.A. sold a Euro 1.9 billion worth portfolio of non-performing loans to the European private equity firm AnaCap Financial Partners. A significant portion of the portfolio will continue to be serviced by UCCMB. The transaction is among the largest of its kind in Italy to date. Partners  Mario Di Giulio and Caterina Luciani assisted UniCredit Credit Management Bank (UCCMB).

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5 Mar 14: ICCREA Bancaimpresa opens its Moscow office with Pavia e Ansaldo

ICCREA Bancaimpresa opens its Moscow office with Pavia e Ansaldo Milan, 5 March 2014 – Pavia e Ansaldo advised Iccrea BancaImpresa for the opening of its representative office in Moscow, operational from the beginning of 2014. Iccrea BancaImpresa was assisted by partners Vittorio Loi, of the Milan and Moscow offices, and Mario Di Giulio, of the Rome office. With this transaction Pavia e Ansaldo further consolidates its experience in the field of legal assistance to Italian financial institutions within the Russian Federation. Currently, Pavia e Ansaldo operates in Russia with a staff of over 20 lawyers, in the Moscow and St….

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5 Feb 14: Pavia e Ansaldo with ICCREA Bancaimpresa strcuture a framework agreement to support companies

Pavia e Ansaldo with ICCREA Bancaimpresa strcuture a framework agreement to support companies Milan, 5 February 2014 – Pavia e Ansaldo advised Iccrea BancaImpresa in the negotiations with the European Investment Fund (EIF), for a framework agreement to support activities of research, development and innovation of Italian small and medium-sized enterprises, through the use of the risk sharing instrument. According to the agreement, over the next two years, Iccrea BancaImpresa will be able to provide small and medium-sized enterprises with a total sum of 120 million Euro for the above mentioned purposes, benefitting from the EIF’s support in the form of…

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11 Dec 13: Pavia e Ansaldo with Alvimedica for the acquisition of CID

Pavia e Ansaldo with Alvimedica for the acquisition of CID Milan, 11 December 2013 – Pavia e Ansaldo, together with the Turkish law firm Fora & Şanlı, assisted Alvimedica, a Turkish company active in the production of medical devices such as stents and latest generation balloons and operating in over 40 countries, for the acquisition CID S.p.A. share capital, an Italian company active in the production of cardiology medical devices. This transaction is among the largest acquisitions in Italy in the biomedical sector for the year 2013. The transaction was coordinated by partner Daniele Carminati, who was also supported by other…

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29 Mar 13: Pedersoli e Associati, Nicoletti Gariboldi di Castri e Pavia e Ansaldo in Clessidra-Buccellati Transaction

Pedersoli e Associati, Nicoletti Gariboldi di Castri e Pavia e Ansaldo in Clessidra-Buccellati Transaction Milan, 29 March 2013 – Clessidra investment fund reached an agreement to purchase a controlling shareholding of Buccellati Holding Italia, an Italian jewellery and silverware luxury brand. The legal advisors of the Buccellati family were Antonio Pedersoli, partner, and Luca Saraceni, junior partner, of Pedersoli e Associati law firm.   Clessidra was advised by Paolo Nicoletti and Sofia Nicoletti of Nicoletti Gariboldi Di Castri law firm, and by Mia Rinetti and Carlo Trucco, partners, and Antonella Camilli, associate, of Pavia e Ansaldo.