White & Case advises doValue on acquisition of Gardant

Global law firm White & Case LLP has advised doValue S.p.A. on the acquisition of a 100 percent of the share capital of Gardant S.p.A. from, among others, an affiliate of  Elliott Management Corporation, for a cash consideration of €230 million, including Gardant’s net financial position, and newly issued shares in doValue, resulting in a 20 percent stake in doValue to Gardant shareholders.

The debt and equity financing package agreed in connection with the acquisition and a partial refinancing of doValue’s indebtedness consists of a new bank financing package of €500 million and a €150 million rights issue offered to existing doValue shareholders after closing, including the sellers, and a pro-rata underwriting commitment by Elliott, Fortress, Bain Capital Credit, other minority shareholders of Gardant and a syndicate of four banks.

With more than 20 years of experience and approximately €116 billion of gross assets under management, doValue is the main operator in Southern Europe in the management of credit portfolios and real estate assets deriving from non-performing loans.

The White & Case team which advised on certain M&A aspects of the transaction included partners Michael Immordino (London, Milan) and Leonardo Graffi (Milan, London) and associate Mariasole Maschio (Milan). The team which advised on the debt and equity financing of the transaction was led by partner Stefano Bellani and included associate Alessia Sommadossi (both Milan). The team that advised on the equity capital markets aspects of the transaction included partners Michael Immordino (London, Milan) and Ferigo Foscari and local partners Pietro Magnaghi and Alessandro Picchi (all Milan).

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