The Legal 500

Within Banking and finance, Allen & Overy LLP is a second tier firm,

Allen & Overy – Studio Legale Associato is ‘well versed in both the Italian legal framework and the international markets, which results in relevant and appropriate advice on transactions’. The practice attracted important mandates in new-money deals, and was involved in various innovative and large-scale refinancings for borrowers and banks. It also continues to advise on project finance deals despite Catia Tomasetti’s departure to Bonelli Erede Pappalardo. Highlights included advising the arrangers of the €3.9bn senior facilities for Wind Telecomunicazioni, which was the largest refinancing in Italy and Europe since 2007. The group also represented the syndicate of banks on providing a €4bn credit facility to Fiat to finance the demerger of its truck and heavy equipment operations from its car unit into a new listed company called Fiat Industrial Group. Managing partner Paul Flanagan is praised for his ‘legal knowledge and business experience’, and Stefano Sennhauser ‘gives excellent support when negotiating complex deals’.

Within Debt, Allen & Overy LLP is a first tier firm,

Allen & Overy – Studio Legale Associato advises on the full spectrum of debt instruments, and its ‘lawyers explain things in a simple way’. It also has strong structured finance and derivatives practices, and is active in the covered bonds market. The team advised UniCredit on its issue of a new ten-year lower tier 2 subordinated benchmark under a Euro medium term notes (EMTN) programme, and represented Bank of America Merrill Lynch on the direct listing on the Italian Stock Exchange of its structured callable bond, Invest/Bond, marking its return to the Italian market after three years. Massimiliano Danusso, Max Aaron, Craig Byrne, Paola Leocani, Stefano Sennhauser, and Cristiano Tommasi are the key contacts.

Within Corporate and M&A: Milan and Rome, Allen & Overy LLP is a third tier firm,

Allen & Overy – Studio Legale Associato’s ‘responsive and commercial’ team assisted BAA with the disposal of its 65% stake in Gesac, the operator of Naples Airport, and advised TowerBrook Capital Partners on the sale of its portfolio company Archimica Group. Giovanni Gazzaniga is ‘an excellent lawyer’ and Paolo Ghiglione is ‘commercial and client-driven’.

Within Dispute resolution, Allen & Overy LLP is a third tier firm,

Allen & Overy – Studio Legale Associato’s Massimo Greco heads the Italian litigation and arbitration practice, which represented Cape Natixis and Cape Natixis Private Equity Fund in a dispute regarding the exercise of a put option of shares. Experienced practitioner Pasquale Cardellicchio is also recommended.

Within EU, regulatory and competition law, Allen & Overy LLP is a third tier firm,

Allen & Overy – Studio Legale Associato’s Rome-based team leader Silvia D’Alberti is ‘a s easoned lawyer in antitrust matters, and well connected with the relevant stakeholders in her field’. The team represented Borealis Italia before the Court of Appeal of Milan in a case brought by a distributor for alleged abuse of economic dependency and unfair competition.

Within Employment Other recommended firms

Within Energy, tier 5

Allen & Overy – Studio Legale Associato recently advised Fotowatio Italia on the sale of four photovoltaic plants. Giovanni Gazzaniga and Paolo Ghiglione are recommended on the corporate side, with Stefano Sennhauser noted on banking aspects.

Within Real estate, tier 4

Allen & Overy – Studio Legale Associato ‘understands industry practice’. The team advised Prelios and Morgan Stanley Real Estate Fund on restructuring €270m of real estate financing provided to Lupicaia Sarl, secured by a pool of over 100 Italian commercial and residential properties.

Within Restructuring and insolvency, Allen & Overy LLP is a third tier firm,

Allen & Overy – Studio Legale Associato ‘provides appropriate advice in a commercial framework’. It advised the banks on negotiations relating to the restructuring and rescheduling of the €3.1bn bank debt held by Carlo Tassara and Carlo Tassara International.

Within Tax, tier 5

Clients appreciate Allen & Overy – Studio Legale Associato’s ‘prompt replies’. The team advised Andromeda on tax aspects of Italy’s first rated project bond. Rome-based Francesco Bonichi’s ‘knowledge is thorough’, and Francesco Guelfi in Milan is well regarded.