Certares, Air France and Delta beat the competition of MSC Group and Lufthansa for the purchase of Italian airways company ITA Airways (see here a previous post by BeBeez). If the deal is confirmed by the Italian Government, Certares will pay a first tranche of 600-650 million euros and further amount on the achievement of earn outs.Â
RedBird will acquire Italian Iconic football team AC Milan for 1.2 billion US Dollars from Elliott Management, who will retain a 30%, after taking over the club in 2017. Now this is official (see here a previous article by BeBeez). Alongside Redbird, following a Financial Times‘ indiscretion (see here a previous post by BeBeez), there are other important players in US sports such as Yankee Global Enterprises, the company that owns the New York Yankees baseball team, headed by the Steinbrenner family and with whom is co-owner of the Yankees Entertainment Sports (YES) Network, the most popular regional sports network in the United States; private equity fund Main Street Advisors, which has NBA star LeBron James, rapper Drake and music producer Jimmy Iovine (U2 producer and Steve Jobs’ right hand man when Apple launched iTunes) among its investors. Also confirmed the presence in the deal of the Italian entrepreneur Riccardo Silva, owner of the Miami FC and Globe Soccer, Milanese by birth, who invests together with his brother Saverio. Former ceo of Milan Channel, in the States Mr. Silva also founded a company, Silva International Investments, through which he holds stakes in the world of entertainment, art, real estate, and media as well as sports. It is not clear, however, whether the other investors who had been mentioned in recent days by a Milan News indiscretion are also part of the consortium, namely Kaiser Permanente, the US medical giant and the Los Angeles County Employees’ Retirement Association (LACERA), both already investors in RedBird funds; and Hugh Evans and Ramzi Musallam, managing partners of Veritas Capital.
On 15 September, Thursday, the shareholders of Monte dei Paschi di Siena will agree to launch a 2.5 billion euros capital increase (See here a previous post by BeBeez). However, it is not yet clear how the bank will implement such a decision and how the shareholders will subscribe the capital increase. The Italian Ministry of Economy and Finance, which owns 64.23%, will pour 1.6 billion. Private equity funds may subscribe the remaining 900 million.Â
Investindustrial Growth granted International Chemical Investors Group (ICIG) with a binding put option for the compound business of Benvic Group, a French chemical company that the fund acquired in 2018 (see here a previous post by BeBeez). Investindustrial will keep Benvic’s medical business. Rothschild & Co and William Blair International assisted the fund. Benvic Compounds has sales of 500 million euros.
Sonnedix, an independent producer of solar energy that belongs to JP Morgan Asset Management, acquired four photovoltaic plants in the development stage based in the Italian regions of Friuli-Venezia Giulia and Latium with a total power of 26 MW (see here a previous post by BeBeez). Psaier Energies sold the asset. RaffaelliSegreti and IPG Lex&Tax acted as legal and fiscal advisors to Sonnedix.
Lynstone Special Situations Fund II, a JP Morgan Asset Management vehicle that received commitments for 2.4 billion US Dollars, acquired Italy’s chocolate producer Pernigotti from Toksöz, a Turkish food group that purchased the company in 2013 for an enterprise value of 60-70 million euros (See here a previous post by BeBeez). BonelliErede and Wai Capital Management acted as legal and financial advisors to JPMorgan AM. Toksoz retained Nunziante Magrone.
Rome-based Luiss Business School attracted the interest of CVC Capital Partners, Nextalia and Palamon Capital (see here a previous post by BeBeez). Palamon Capital, owns Business School 24 since 2019. Nextalia acquired 80% of Digit’ed in February. CVC is the owner of Università Telematica Pegaso, Università Mercatorum and Università Telematica San Raffaele Roma
MA Group (fka Magnaghi Aeronautica), an Italian aircraft components producer who retains Bnp Paribas, Banca Imi and UniCredit as financial advisors, attracted the interest of private equity funds for a minority (See here a previous post by BeBeez). MA Group aims to carry on acquisitions in the USA ahead of a listing on NYSE. In 2018, The Three Hills Capital Partners acquired 25% of MA Group, which has sales of 130 million euros and an ebitda of 20 million.
Tikedo, an Italian labels producer, hired Mediobanca as financial advisor for finding investors (see here a previous post by BeBeez). Tikedo has sales of 20.9 million euros and an ebitda of 6.3 million. For 2022, the company expects to generate sales of 50 million with an ebitda of 10 million. The Italian search fund Maestrale Capital acquired Tikedo in 2019 from Tarì, the holding of Riccardo Zannoni,
