Firms To Watch: Banking and finance: Borrower side

Giovannelli e Associati Studio Legale‘s borrower practice covers corporate financing, acquisition finance, establishing securities and guarantees, and debt restructuring; it is notably active on behalf of private equity funds and investment companies in relation to their portfolio companies’ debt.
Jointly headed by Corrado Angelelli and Alessio Gerhart RuvoloGreenberg Traurig Santa Maria‘s broad borrower practice covers real estate, structured, acquisition and corporate finance, along with private equity matters; the team is able to leverage specialist expertise from across the firm’s large, global office network.
Led by banking and finance specialist Davide Valli in Milan, LCA Studio Legale‘s borrower practice assists investment funds, sponsors and industrial and commercial companies with the structuring, negotiation and execution of financing transactions.

Banking and finance: Borrower side in Italy


BonelliErede‘s expertise encompasses acquisition, project, corporate, property and structured finance, along with restructuring, financial services and related regulatory issues. The firm can also boast a leading Italian banking law practice in relation to LBOs, public bid financings and takeovers. Emanuela Da Rin and Antonio La Porta are highly rated banking and finance specialists; Catia Tomasetti and Gabriele Malgeri are the project finance experts to note. The second strong line of finance practitioners includes highly regarded managing associates Giovanni Battaglia and Giorgio Frasca, along with senior counsel Alfonso Stanzione.

Practice head(s):

Antonio La Porta


The absolute ability and flexibility to find the solution that meets the client’s needs.

All the lawyers we deal with have full command of the subject and deliver innovative solutions to the various and numerous problems that arise during negotiations.

Key clients


Autostrada Pedemontana Lombarda


Enel X

Milano Serravalle

PLT Energia

Società di Progetto Brebemi




Toto Holding

Viva Servizi


Work highlights

  • Advised Arvedi on a multi-borrower financing granted by a pool of lenders (with Intesa Sanpaolo as facility agent) in favour of certain companies of the Arvedi Group and partially assisted by a SACE guarantee.
  • Advised Aleatica/IFM Investor on a senior facilities agreement to finance the acquisition from Intesa Sanpaolo of its controlling stake in Società di Progetto Brebemi.
  • Advised Tod’s on a credit agreement with a pool of banks.


Chiomenti‘s sizeable banking and finance department fields market-leading specialists in project and real estate finance, restructuring and insolvency, and private wealth, trusts and estates. It is also one of the few Italian law firms that has English law capacity. Gregorio Consoli heads the finance and regulated entities department, which includes highly regarded partners Giulia BattagliaGiorgio Cappelli, Antonio TavellaLuca Bonetti, Carola Antonini and Marco Cerritelli. Gianrico Giannesi joined in 2020 from Orrick, Herrington & Sutcliffe, where he was Italy banking and finance head.

Practice head(s):

Gregorio Consoli

Key clients

Ansaldo Energia

BC Partners



Coima RES

Coima SGR

De Fonseca

Deutsche Bank

EI Towers


Eurocommercial Properties Italia



Hines Italia



Lio Capital

Kervis SGR

KPS Capital Partners


Pusterla 1880


Savills Investment Management SGR

Sipcam Oxon


Unipol Sai Assicurazioni

Università Cattolica del Sacro Cuore

Work highlights

  • Advised F2i – Fondi Italiani per le infrastrutture (in partnership with Asterion Industrial Partner) on structuring and implementing an acquisition financing and refinancing transaction.
  • Advised Cedacri Mergeco on the acquisition of Cedacri by ION Group, which included the execution of a super senior revolving credit facility agreement.
  • Advised KPS Capital Partners on the financing of the acquisition of a majority stake in Metra.

Clifford Chance

Clifford Chance‘s practice consistently advises on groundbreaking transactions, and it is at the forefront of leveraged and corporate finance, along with real estate loans and project financing. Italy managing partner Giuseppe De Palma heads the practice, which showcases Italian and cross-border banking specialist Charles AdamsFerdinando Poscio, who specialises in general and syndicated lending, acquisition finance and restructuring; and banking and financial regulation expert Lucio Bonavitacola. The counsels to note are Francesca Cuzzocrea and recently promoted Pasquale Bifulco and Filippo Tassoni, while Chiara Commis is an experienced senior associate.

Practice head(s):

Giuseppe De Palma


Strengths are a lean and flexible team that pays attention to the clients and has great business knowledge.

Great innovation and highly organised practice.

Competence and simplicity in the approach.

Key clients

Macquarie Infrastructure

BNP Paribas

Deutsche Bank

Nomura International

Patrizia AG

Dedalus Holding

Santander Consumer Bank

Banca IMI

Banco BPM



Landi Renzo

Work highlights

  • Advised Dedalus Holding (75% majority-owned by Ardian) on a finance package to finance the acquisition of part of the healthcare software business of Agfa-Gevaert, and on the financing aspects of the acquisition of DXC Technology.
  • Advised Cementir Holding on the €190m financing made by a pool of primary banks (with BNP Paribas as global co-ordinator).
  • Advised Grandi Navi Veloci on the implementation of waivers under a €245m senior facilities agreement.

Legance - Avvocati Associati

Legance – Avvocati Associati‘s department advises on leveraged, acquisition, mezzanine and real estate financings, along with syndicated loans, debt restructuring and securities lending transactions. Monica Colombera is the energy, project and infrastructure practice’s lead partner, while Andrea Giannelli is banking and finance head. Also integral to the group are Emanuele EspositiLuca Autuori and Guido Iannoni Sebastianini, along with Filippo Ruffato, Giovanni Scirocco, Giandomenico Ciaramella, Antonio Palazzolo and Tommaso Bernasconi. Other key names are senior counsels Francesca Brilli and Simone Ambrogi (who was recently promoted), and managing associate Marco Gagliardi.


Flexibility, competence and ease of dialogue with counterparties and banks.

Stays close to its clients and is competent in every aspect of a deal, even ancillary issues.

Fast in the analysis and feedback phases. Unlike other firms, their ability to analyse clients’ needs brings added value to the deal.

An available, multidisciplinary team that is able to understand clients’ priorities and deliver with above-average results.

We are very happy to use the Legance banking and financing team, alongside its private equity practice, as they deliver an excellent all-round service.

Commercial acumen, well-rounded approach, and the ability to be problem solvers.

Giovanni Scirocco has the excellent ability to accompany the client during every phase of the deal, bringing significant added value thanks to his excellent negotiating skills.

Tommaso Bernasconi understands our needs, and he is very commercial and to the point.

Key clients


Bluefield Partners

Castello SGR

EF Solare


F2i – Fondi Italiani per le Infrastrutture

Green Arrow Capital








Tonello Energie

Zouk Capital

Work highlights

  • Assisted Nexi with the structuring and negotiation of an acquisition bridge financing, which related to the acquisition by way of merger of Nets into Nexi.
  • Assisting REAM SGR with the negotiation of the financial documents concerning the acquisition, through an alternative investment fund managed by REAM SGR, of two office buildings (Spark 1 and Spark 2) that are under construction.
  • Assisted EF Solare Italia with a €160m financing provided by Crédit Agricole CIB, ING and Intesa Sanpaolo.

Allen & Overy - Studio Legale Associato

Allen & Overy – Studio Legale Associato acts across the full range of financial products. Typical work ranges from general lending and acquisition, leveraged, real estate, export credit and project finance, to debt restructuring, structured finance deals and non-performing loans (NPLs). Italy banking team head Stefano Sennhauser has over 20 years’ experience as a banking partner, and Pietro Scarfone has a broad finance practice. At counsel level Frederic Demeulenaere leads the UK banking team in Milan, and Nunzio Biccheri heads the Italy project finance practice. Senior associate Luca Maffia is also ‘highly appreciated‘.

Practice head(s):

Stefano Sennhauser


We have received an excellent, professional and pragmatic service, with the right legal advice and flexibility.

The whole negotiation was managed remotely without any complications and/or inefficiencies – the result was excellent.

Senior associate Luca Maffia is highly appreciated for his professionalism and knowledge of the sector, and at the same time his ability to explain complex legal concepts in a simple way, making it easy to manage the negotiation and draft legal documents.

Work highlights

  • Advised Deutsche Beteiligungs (on behalf of its fund DBAG Fund VIII) on the financing for the acquisition of all the share capital in PM Plastic Materials.
  • Advising funds managed by Apollo Global Management (through newco Rimini Bidco) on the financing for the acquisition of a majority stake in Reno De Medici.

Gianni & Origoni

Gianni & Origoni‘s team is highly active in refinancing and restructuring; real estate, acquisition and structured finance; and general corporate operations. It also has a robust energy and infrastructure-related project finance practice. Co-heading the group are Matteo Bragantini, who advises corporate borrowers on financings; Giuseppe De Simone, a specialist in acquisition, real estate and IPO financing, and restructuring; and energy and infrastructure expert Ottaviano Sanseverino. Other experienced advisers are Eduardo Fiordiliso, along with counsels Claudia Lami, Ilaria LauretiMaria Panetta and Piergiorgio Picardi. Arrigo Arrigoni was recently elected non-equity partner.


Great multidisciplinary expertise.

Counsel Arrigo Arrigoni is appreciated for project financing aspects.

Key clients







Ital Gas Storage

Metric Capital Partners

Oaktree Capital


TPG Sixth Street Partners

Whysol Investments

Work highlights

  • Advised Swiss group Selecta on the Italian law aspects of the group’s recapitalisation.
  • Assisted Astaldi (as borrower) on the negotiation, execution, amendment and ordinary management of all the credit lines envisaged under its composition with creditors (for a total amount of outstanding liabilities up to approximately €3.6bn).
  • Assisted a real estate debt fund, which is managed by Generali Real Estate, with a €370m refinancing transaction with a pool of lenders, including Banco BPM, BNP Paribas, Intesa Sanpaolo, UniCredit and a securitisation vehicle.

Latham & Watkins LLP

Latham & Watkins LLP‘s Italian practice routinely advises private equity firms and corporate borrowers on acquisition finance, corporate lending, leveraged finance, debt capital markets and debt restructuring. It also benefits from the firm’s enviable European and global platform. Leading the Italian banking and finance department, Marcello Bragliani has a strong private equity focus, and Antongiulio Scialpi advises clients throughout all stages of a financing, from the initial structuring stages to the negotiation of financing agreements and closing. Alessia De Coppi became partner in 2021, while Mauro Saccani is a key counsel.

Practice head(s):

Marcello Bragliani

Key clients





Bain Capital

F C Internationale

PAI Partners


Hellman & Friedman

TA Associates


The Carlyle Group


Platinum Equity



White & Case LLP Italy

White & Case LLP Italy‘s practice covers the entire lifecycle of financing mandates, and it is able to combine its banking and finance expertise with the firm’s debt capital markets, structured finance and financial restructuring capabilities. Giuseppe Barra Caracciolo has longstanding experience in banking, asset and acquisition financing deals; Iacopo Canino is a leveraged finance expert; and Gianluca Fanti is a banking and finance transactions specialist. Also integral to the group are Andrea Novarese and local partner Francesco Scebba, along with senior associates Bianca CarusoTiziana Germinario and Stefano Bellani.


Very high levels of competence, professionalism and knowledge of the market.

Gianluca Fanti – maximum competence and dedication with maximum knowledge of the reference market, including all the most recent news.

Key clients


Adler Pelzer

Ali Group

Allegrini Vini



Argo Tractor


Autostrade per l’Italia



CPL Concordia

10 Datalogic


Edizione Real Estate



Fratelli Beretta


Grandi Navi Veloci

Hippocrates Holding

Impresa Medica

Infrastrutture Wireless Italiane




Libero Acquisition


Open Fiber

Piaggio & C

Proma Group



Società di Progetto Brebemi


Tecnica Group

Toscana Aeroporti

Work highlights

  • Advised Open Fiber on the upsize of its existing 2018 financing from €3.5bn to approximately €4.15bn, and an amendment and restatement of the same.
  • Advised Industria Macchine Automatiche (IMA) on the financing aspects of its take-private deal.
  • Advised Autogrill on both a €300m SACE-guaranteed financing (made available by UniCredit, Intesa Sanpaolo, Banco BPM, BNP Paribas, Crédit Agricole, Mediobanca and UBI) and a €100m term financing made available by Intesa Sanpaolo.


ADVANT Nctm‘s department focuses predominantly on acquisition, leveraged, project, real estate and shipping finance, along with debt restructuring. Stefano Padovani is an Islamic finance specialist; Alfredo Lizio is a shipping and aviation finance expert; Eugenio Siragusa advises on project finance; and Giovanni de’ Capitani di Vimercate is ‘always up to date on every aspect of the deal‘.  Banking and financial law expert Matteo Gallanti leads the team from London.

Practice head(s):

Matteo Gallanti


Teamwork, focus on the client, proactivity in managing the timing of the deal, pragmatism in the drafting of contracts, and the identification of solutions that are suitable for every situation.

Strengths: reliability, competence, prompt responses and effective interaction with counterparties.

Fair relationship between service quality and relative remuneration.

Key skills: understanding our needs and transferring them into contractual schemes.

The team is always available, and knows how to grasp the needs and requirements of clients with precision and accuracy.

Giovanni de’ Capitani di Vimercate is always up to date on every aspect of the deal, even outside his specific competences – great ability to manage even the most complex and tense situations calmly.

Giovanni de’ Capitani di Vimercate is appreciated for the effectiveness of his actions.

During discussion stages, Giovanni de’ Capitani di Vimercate is a very active partner, who has the ability to find commercial solutions.

Key clients

IDeA Taste of Italy

Equinox AIFM

Danish Ship Finance A/S

Ream SGR


FLE Italia Sicaf

Arcadia SGR



Alcedo SGR

Ambienta SGR

Gradiente SGR

L Catterton

Chequers Capital

Metrika SGR

Fratelli D’Amico Armatori



Ashurst‘s Italy team routinely acts on acquisition, leverage, real estate, trade, export and development finance. Other key areas include telecoms, infrastructure and project financings, along with corporate lending, and asset and receivables finance. Heading the Italy banking department, Mario Lisanti has over 20 years’ experience in banking and finance transactions, and Carloandrea Meacci and Umberto Antonelli are project finance specialists. Also highly regarded are counsels Annalisa Santini and Gianluca Coggiola.

Practice head(s):

Mario Lisanti


Availability and preparation for very complex issues, with a 360 degree view.

Ashurst has shown itself to have very well-developed networks, which means its cross-jurisdictional work is seamless.

Mario Lisanti is a supremely competent and personable lawyer, who is able to marshal his team perfectly to produce optimum client outcomes, and he consistently goes above and beyond.

Senior associate Federica Periale has excellent banking sector preparation and an excellent ability to analyse, along with logical reasoning.

Key clients

Liberty Magona

Quinta Capital

Work highlights

  • Acted for borrower Liberty Magona on a corporate loan that was advanced by international lender Greensill.
  • Advised Quinta Capital on the financing for the splitting into residential units and renovation of a property in Rome’s Via di Villa Ricotti.
  • Advised a fund managed by Basalt Infra Partners on the €170m refinancing of a solar portfolio in Italy.


Dentons‘ department houses specialists in leveraged, real estate and corporate finance, along with refinancing, fund financing, and project and structured finance. In addition to leading the Italy banking and finance practice, Alessandro Fosco Fagotto was appointed Europe banking and finance head in 2021; Giovanni Diotallevi is responsible for project finance and cash-flow based transactions in Italy. Managing counsel Andrea De Luca Picione has transportation, energy, telecoms and water sector expertise. Luigi Costa was a new arrival in November 2022.

Practice head(s):

Alessandro Fosco Fagotto

Other key lawyers:

Giovanni Diotallevi; Andrea De Luca Picione; Luigi Costa; Ginevra Biadico


One of the best teams with whom I had the pleasure of collaborating in the financing sector.

Fast, problem solvers with a super constructive approach.

The team is very commercial and likes to bring deals to us to consider for potential investment – this is something that makes them unique.

The team is very flexible with regards to billing.

Problem solving abilities are definitely a strong point.

We have been working with the same team for years, and continue to appreciate their work and their ability to close deals.

Ability to negotiate and find solutions.

Giovanni Diotallevi is an outstanding lawyer in the Italian market.

Key clients



Orion Capital Managers


Pygmalion Capital Advisers



C M C Group



Work highlights

  • Assisted IKAV with the banking and finance aspects of its investment into the €500m gas peaker projects of Metaenergia.
  • Assisted Psc with a €75m financing, which was granted by a pool of Italian banks and financial institutions comprising UniCredit, Mps Capital Services, Cassa Depositi e Prestiti and Banco BPM.
  • Assisted C M C Group with the banking and finance aspects of its sale to KKR.

DLA Piper

DLA Piper‘s banking and finance department is led by Antonio Lombardo, whose recent experience includes primary roles in large borrower-side operations. Other key practitioners are debt sector expert Chiara Anceschi; Federico Zucconi Galli Fonseca, whose practice includes project and acquisition finance; Ugo Calò who assists borrowers with financings; and next generation partner Giuseppe MeleGiampiero Priori recently made partner, while Claudio D’Alia is the legal director to note.

Practice head(s):

Antonio Lombardo


Offers added value to every deal.

Great availability, preparation and innovation.

Professionalism, competence and availability.’

A formidable team with incredible lawyers, in terms of professionalism, understanding of business, and willingness to satisfy clients’ various needs.

Antonio (Nino) Lombardo is a real team leader!!!!

Giuseppe Mele’s team delivers a punctual service as well as mentoring. It goes without saying that the technical quality of this service is the highest on the market.

Giampiero Priori is very competent, but at the same time a practical and pragmatic lawyer.

By any market benchmark. Giampiero Priori is an emerging star of the finance market.

Key clients

Hines Italy RE

Rizzani de Eccher

Bain Capital

Savills Investments Management

JP Morgan Asset Management

DeA Capital Alternative Funds SGR

DeA Capital Real Estate SGR

Cromwell Property Group

MARK (Meyer Bergman)



Swiss Life Asset Managers France

Atalanta Bergamasca Calcio

Gruppo Feltrinelli

Kryalos SGR

Patrizia Immobilien

PGIM Real Estate Luxembourg

Serenissima SGR

Hitachi Rail STS

Work highlights

  • Advised BVK Highstreet Retail Cordusio on a €130m green loan granted by UniCredit and ING Bank (Milan Branch).
  • Assisted Novellini and Novellini Industries with the granting of two medium-long term loans, which were issued by a pool of banks for a total of €54m.
  • Advised Kiko on a €30m credit facility, which was granted by a pool of banks and backed by a SACE guarantee.

Gattai, Minoli, Partners

Acting for both financial sponsors and corporations, Gattai, Minoli, Partners‘ finance practice includes both domestic and cross-border matters. Gaetano Carrello‘s workload covers finance and restructuring; Lorenzo Vernetti is a banking, acquisition and leveraged finance and debt restructuring expert; and Valentina Lattanzi focuses on NPL transactions, fintech and inventory financing deals.

Other key lawyers:

Valentina Lattanzi


Highly experienced with a great commercial approach.

Flawless execution.

Proactive approach, very commercial, and well connected.

Key clients

Bain Capital

CVC Capital Partners


Intermediate Capital Group




21 Investimenti


Tikehau Capital


Molinari Agostinelli

Molinari e Associati is now known as Molinari Agostinelli, following its July 2021 recruitment of banking law expert Riccardo Agostinelli and salary partners Andrea TaurozziMarco Leonardi and Daniele Migliarucci from Gattai, Minoli, Partners. The team advises on acquisition, property, corporate and structured finance, and has niche expertise in sport finance deals. Ugo Molinari‘s practice covers LBO and structured finance, while Alessandro Fontana was promoted to equity partner in June 2021.

Key clients

Solido Property

Coop Alleanza 3.0


Finanziaria Internazionale

Burgo Group

Stirling Square


Intermediate Capital Group

VGO Capital Partner



P&M Partners

Work highlights

  • Advised Coop Alleanza 3.0 on the negotiation of amendments to the financial documents for two loans, which were granted by two pools of banks.
  • Advised Burgo Group on the negotiations with a pool of banks for a financing agreement (backed by SACE’s guarantee).
  • Advised Clessidra on the financing for the acquisition of a majority stake in Casa Vinicola Botter (a major exporter of Italian wine).

Norton Rose Fulbright

Norton Rose Fulbright‘s Italy team is best known for its advice to Italian clients on global financing transactions, and it is particularly noted for financings involving the energy, shipping, infrastructure, telecoms and real estate sectors. Leading the Italy banking and finance practice, Arturo Sferruzza‘s key areas are energy and infrastructure financings and export credit-backed finance. Gennaro Mazzuoccolo is a banking and finance specialist. Since publication, Luigi Costa left the firm.

Practice head(s):

Arturo Sferruzza

Key clients

Carnival Corporation

Costa Crociere



Work highlights

  • Advised Carnival Corporation and Costa Crociere on a financing package valued at approximately €12bn, which involved numerous jurisdictions, including the UK, Germany and Italy.

Pedersoli Studio Legale

Pedersoli Studio Legale‘s ten-strong department is best known for its acquisition and corporate finance expertise; in recent years, it has also ramped up its real estate finance credentials. Maura Magioncalda routinely advises private equity houses and industrial groups on a range of financing transactions; Consuelo Citterio assists borrowers with leveraged, corporate and real estate finance, and debt restructuring; and Alessandra De Cantellis is a banking and finance transactions specialist.

Practice head(s):

Maura Magioncalda

Key clients

FCA Group





Gyrus Capital


Viridis Energia

Alpha Private Equity


China National Chemical Corporation

Prometeon Tyre Group

Work highlights

  • Assisted FCA Group with the negotiation of a €6.3bn financing (guaranteed by SACE).
  • Assisted DiaSorin with a facilities agreement for the acquisition of Luminex.
  • Assisted WIIT with the negotiation of a €50m facility granted by a syndicate of banks for the purpose of financing the purchase of myLoc managed IT, which is incorporated under German law.

Simmons & Simmons

Simmons & Simmons‘ Milan practice is particularly noted for leveraged and acquisition financings; its client base includes private equity funds, investors and corporations. Co-leading the department, Davide D’Affronto‘s borrower practice covers acquisition financings, real estate finance, and complex structures with senior lenders and private debt and mezzanine providers; and Nicholas Lasagna advises borrower clients on a range of banking and finance transactions. Alessandro Elisio is an experienced of counsel.


Great availability of partners and managers.

Key clients

SEA (Società Esercizi Aereoportuali)

Wise Equity

Unifrutti Group



Pricoa (Laboratori Fiorentini)

IGI Private Equity

RiverRock European Capital Partners

Work highlights

  • Acted for Bomi Italia on the finance aspects of its acquisition of the Vercesi Group.
  • Advised Wise Equity SGR on the finance aspects of the acquisition of from IGI Private Equity, which manages funds Igi Investimenti Cinque and Cinque Parallel.
  • Assisted SEA (Società Esercizi Aeroportuali), the Milan airports concessionaire, on several financings with (among others) UniCredit, Intesa Sanpaolo, CDP and BNL to support its financial needs.

Cleary Gottlieb Steen & Hamilton

In addition to Italian law-governed transactions, Cleary Gottlieb Steen & Hamilton‘s ‘creative‘ Italian team is regularly instructed as lead counsel on English and New York law-governed financings. Providing ‘great leadership‘, Carlo de Vito Piscicelli, who works across the firm’s Milan and London offices, focuses on leveraged finance and restructuring matters.

Practice head(s):

Carlo de Vito Piscicelli


The assistance received has always been of the highest quality, and with quick and focused answers.

Competence, quick answers, precision and attention to detail certainly make the difference.

I was very pleased with the advice and work product we received from Cleary’s Milan based team. They understood the market, our requirements, and were very timely and thorough in advising us.

We used Cleary for their knowledge of Italian law, and they delivered brilliantly on this. They were very much up to date on all of the legislation issued by the Italian government that related to the pandemic, subsidies and aid.

The Cleary team were great at finding solutions, creative, and never discouraged by the obstacles we met.

Great leadership from Carlo de Vito Piscicelli.

Carlo de Vito Piscicelli is extremely competent and calm.

Carlo de Vito Piscicelli is extremely responsive, an excellent negotiator, and helped our business teams understand the nuances of the product we were seeking.

Key clients






Il Sole24Ore

Work highlights

  • Advised a consortium of private equity firms on the financing for the bid for the acquisition of a 49% stake in Telepass.
  • Advised LivaNova on two financings that replaced its existing credit arrangements.
  • Advised F2i (infrastructure fund) on the financing aspects of the acquisition of the MarterNeri group (operator of port terminals in Monfalcone and Livorno) from VEI Log.

Gatti Pavesi Bianchi Ludovici

Gatti Pavesi Bianchi Ludovici regularly structures complex private debt and credit investment transactions. Lending and structured finance expert Marc-Alexandre Courtejoie acts for intermediaries, sponsors and alternative players, and Andrea Limongelli specialises in banking and finance and debt restructuring, particularly property and acquisition finance. Stefano Motta  is a key senior associate.

Other key lawyers:

Stefano Motta


Professionals who are very helpful and attentive to clients’ needs, and they know how to build teams of experts that are suited to the requests made.

Great responsiveness.

The team supported us in a very effective and flexible way.

They applied very effective mediation techniques, managing potential conflicts very well.

The firm demonstrates professionalism that is superior to the firm previously used by our company, as it is characterised by an approach that is, on the one hand multidisciplinary, and on the other highly specialised.

The support of Marc-Alexandre Courtejoie was fundamental during delicate negotiations with a leading banking institution, as he highlighted a problem of international law that, at first, was underestimated even by the counterpart’s lawyers.

A specialised banking team that is well connected to counterparts – we successfully closed a complex transaction and the firm had a major role in making it happen.

Excellent work by Andrea Limongelli and senior associate Stefano Motta.

Key clients

Alessi (Società Benefit)


Gruppo Percassi

Real Estate Services


Oakley Capital Partners

NB Renaissance

Supply@ME Capital

Fondazione Fiera Milano

GCX Holding

Keensight Capital

Cooperativa Muratori & Cementisti – C M C di Ravenna Società Cooperativa

Work highlights

  • Advised Alessi (Società Benefit) on the refinancing of its medium-long term debt.
  • Advised Alpitour on credit facilities granted by a pool of banks and guaranteed by SACE.
  • Advised Sagitta SGR, as management company of the closed-real estate fund reserved to professional investors named SGT CPI 2 Italy Real Estate Fund, on a credit facility granted by BPER in relation to the acquisition of a real estate asset.

Giliberti Triscornia e Associati

Giliberti Triscornia e Associati‘s group is co-led by Milan partners Carmine Oncia, who has extensive experience in structured, real estate, project and acquisition finance; and leveraged finance and restructuring transactions specialist Federico Fischer. Providing additional support is Matteo Acerbi, who advises borrowers and sponsors on acquisition and leveraged finance.

Practice head(s):

Carmine OnciaFederico Fischer

Other key lawyers:

Matteo Acerbi; Laura Piribi


Always available and able to respond quickly to clients’ needs.

High levels of professionalism and preparation.

Able to find solutions that allow profitable conclusions of operations.

Tailor-made service that focuses on satisfying clients’ needs with great flexibility, competence and 24/7 availability.

Availability and added value from a team of the highest quality.

High-level experience combined with the ability to establish a relationship of trust and an excellent combination of professionalism/human relations.

Carmine Oncia is a professional who is very present during operations.

Federico Fischer has a very high standing compared to the competition – dynamic, proactive, effective and creative.

Key clients

Société Générale

Intesa Sanpaolo

UBI Banca

Banco BPM



Illimity Bank

Banca Monte dei Paschi di Siena

Aksìa Group SGR

Green Arrow Capital SGR

Work highlights

  • Assisting a KKR real estate fund (managed by COIMA SGR) with a mortgage loan granted by Unicredit.
  • Assisted Burgo Group with the refinancing of its financial indebtedness with a pool of lenders, including Mediobanca – Banca di Credito Finanziario, Intesa Sanpaolo, Unicredit and Banco BPM.
  • Assisted Morato Pane, a specialist family bakery business and portfolio company of Aliante Equity Tre, with the financing of the acquisition of bakery business Roberto Industria Alimentare (through a newly incorporated vehicle named Progetto Roberto).

Hogan Lovells International LLP

Acting for major Italian and international corporations, Hogan Lovells International LLP‘s borrower practice is able to leverage the firm’s robust banking regulatory practice. Qualified to practise in both Italy and New York, team head Carlo Massini has longstanding experience in real estate, project, acquisition, asset and international trade finance.

Practice head(s):

Carlo Massini


The Hogan Lovells team provides excellent advice.

They are reliable, swift to respond and available 24/7 (when necessary).

The team co-ordinates internally without friction, and is 100% client focused.

The legal assessments are well balanced and focus on the client’s key issues.

Carlo Massini is definitively one of the most distinguished lawyers in the Italian banking sector, thanks to his profound knowledge and experience.

Carlo Massini’s evaluations are always well balanced, crisp and clear, and they are very helpful when tackling very complex problems. He is also very focused on  clients’ needs and very service oriented.

Orrick, Herrington & Sutcliffe

Orrick, Herrington & Sutcliffe‘s sizeable team has a strong track record in borrowing and structured finance transactions. Patrizio Messina‘s practice includes borrower-side mandates; Marina Balzano and Alessandro Accrocca are structured finance specialists; and Raul Ricozzi advises on project, asset and leveraged finance. Madeleine Horrocks is an English law specialist.

Practice head(s):

Patrizio Messina

Key clients

Telecom Italia




Toto Group


Commissioners of Banca Popolare di Bari

Infrastrutture Wireless Italiane


H I G Europe Capital Partners II

Antares AZ 1 (Azimut Libera Impresa SGR)

Gabrielli Holding

River Group



LB Officine Meccaniche

Work highlights

  • In interbank borrowing work, the team assisted the Commissioners of Banca Popolare di Bari under Extraordinary Administration with the €1.6bn recapitalisation and relaunch of the bank.
  • Assisted A2A with obtaining an ESG-linked €500m revolving credit facility, which was granted by a pool of banks (in which Intesa Sanpaolo and Société Générale were mandated lead arrangers).
  • Assisted TIM with obtaining a €1.7bn financing, which was granted by a pool of banks.

Pavia e Ansaldo

Pavia e Ansaldo‘s banking and finance practice is co-led by structured finance expert Mario Di Giulio and banking and financing specialist Roberto ZanchiCaterina Luciani‘s practice includes shipping and transportation law, and in May 2021, borrower-side finance expert Carlo Emanuele Rossi joined as partner from Carnelutti Studio Legale Associato.

Key clients

ICCREA Banca Impresa

Investire SGR

Assiteca Broker Internacional de Seguros

Xenon Private Equity

Tecno Pool

First Growth Real Estate

Conforama Holding

Conforama Italia

Work highlights

  • Advising ICCREA BancaImpresa on the borrower aspects of its negotiations with the European Investment Bank and the Regions of Sicily and Campania for the utilisation of the EU’s so-called Jessica Funds.
  • Assisting Investire with ongoing issues related to its €91m facility, provided by the Milan branch of French bank Natixis.
  • Advising ICCREA Banca Impresa on the borrower aspects of its negotiations with the European Investment Bank for the utilisation of European Funds for the financing of higher education for students in southern Italy.

Studio Professionale Associato a Baker & McKenzie

Headed by Alberto Fornari, Studio Professionale Associato a Baker & McKenzie assists both Italian and international borrower clients on bilateral and syndicated bank financings, along with acquisition and project finance. The team’s scope of work covers structuring and implementation stages, debt restructuring, and the exercise of contractual remedies and enforcement actions.

Practice head(s):

Alberto Fornari

Key clients

BPER Banca



Credito Emiliano

Engel & Völkers

Savills Investment Management SGR


Cassa di Risparmio di Cento

BPER Leasing


Chiesi Farmaceutici

Work highlights

  • Advised Engel & Völkers on loan agreements and the granting of security interests.

Bird & Bird

Bird & Bird‘s finance practice is particularly active in the Italian energy market, particularly the renewables sector. Clients additionally benefit from the group’s InfraTech expertise. Banking and finance partner Pierpaolo Mastromarini is an energy and utilities sector specialist, while Alberto Salvadè‘s broad corporate experience includes turnaround and restructuring deals.


Knowledge of the sector, speed, flexibility and competitive fees.

Pierpaolo Mastromarini has in-depth knowledge of issues and problem solving.

Counsel Michele Arruzzolo is a professional with great flexibility and ability.

Key clients

Ares (part of Macchia Group)

Falck Renewables


Canadian Solar

Ospedale San Raffaele

Work highlights

  • Assisted Ares (part of Macchia Group) with a large wind farm project finance deal.
  • Assisted ForVEI II with the €120m refinancing of a portfolio comprising 43 solar plants.

CBA Studio Legale e Tributario

CBA Studio Legale e Tributario houses specialists in shipping, real estate, project and structured finance (including LBOs). The practice also has strong relationships with major Italian borrowers in the energy sector. Francesco Dialti has an impressive cross-border practice, through which he advises on the Italian law aspects of Pan-European transactions.

Practice head(s):

Francesco Dialti


Great ability to meet clients’ needs with continuous assistance.

Responsiveness and competence.

Francesco Dialti is technically very competent, prepared and always available, even during out-of-office hours and on holidays. Constant attention to the client, taking care of even the smallest details.

Exceptional service from Francesco Dialti.

Key clients

Kryalos SGR

Savills Investment Management SGR

Caronte & Tourist

Falck Renewables

Eiffel Industrie Materie Plastiche


Madrigale SPV

Work highlights

  • Advised Kryalos (as asset manager of real estate fund Pantheon) on the amendments to a financing agreement.
  • Advised Savills Investment Management SGR (as manager of real estate fund Mercury Nuovo Tirreno) on a financing for the purchase of real estate assets that are leased to large distributors.
  • Advised Caronte & Tourist on a financing granted by Intesa Sanpaolo (backed by a SACE guarantee).

Curtis, Mallet-Prevost, Colt & Mosle LLP

Curtis, Mallet-Prevost, Colt & Mosle LLP‘s banking and finance team is headed up by Alfonso de Marco, who assists with the interests of international investors and sovereign wealth funds in the Italian banking markets. Sergio Esposito Farber‘s practice covers structured finance transactions, project financing, and real and personal guarantees.

Practice head(s):

Alfonso de Marco

Key clients

DeA Capital Real Estate SGR



Fidia Farmaceutici


Work highlights

  • Advised DeA Capital Real Estate SGR on the revision and negotiation of the finance documentation for the purchase of two flagship properties in the Central Business District of Milan.
  • Advised the Hotelturist group on the negotiation, revision and finalisation of the finance documents for a term loan facility granted by a pool of Italian banks.

K&L Gates

K&L Gates‘ banking and finance practice consistently advises on complex cross-border transactions, and it is able to leverage the assistance of the Milan office’s investment funds, corporate, M&A, real estate and tax groups. Fabrizio Dotti has over 25 years’ banking and finance sector experience, while Paolo Rusconi focuses on debt restructuring.

Practice head(s):

Fabrizio DottiPaolo Rusconi

Other key lawyers:

Francesco Seri

Key clients

Stonehill Group

Barings Real Estate Advisors Europe

LaSalle Italia

Savills Investment Management SGR

Industrie Saleri Italo

Work highlights

  • Assisted Industrie Italo Saleri (as borrower) on term loan facilities granted by a pool of banks and supported by state-backed SACE guarantees, and a term loan facility granted by Banco BPM, UniCredit, BPER, Banca Popolare di Sondrio, Credito Lombardo Veneto, Banca Valsabbina and Banco Desio.
  • Assisted investment fund Value Add II Italy, which is managed by Savills Investment Management SGR, on the financing for the acquisition of a building area in Milan’s Viale Sarca.

Orsingher Ortu – Avvocati Associati

Orsingher Ortu – Avvocati Associati‘s department focuses primarily on acquisition and real estate finance, along with LBO finance and restructurings. Manfredi Leanza advises on a range of domestic and cross-border financings, while the practices of Stephen McCleery and Giovanni Nicchiniello include corporate finance. Federica Paniz is an experienced senior associate. Cosimo Paszkowski recently joined from Chiomenti.

Practice head(s):

Manfredi Leanza


Great assistance and all-round professionalism on deals.

Complete confidence in Manfredi Leanza for availability, competence and professionalism.

A young, dynamic, prepared and always available team.

Finds valid and effective solutions.

High-quality professionals who are capable of creating serene atmospheres in which it is pleasant to work.

Key clients

Antares Vision

Tenax Capital

Coima SGR


MPS Capital Services

Intesa Sanpaolo

Stevanato Group

InvestiRE SGR


Black Diamond Capital Management

Antares Vision

Farfetch UK


Prelios SGR

SKY Studios


Palladio Finanziaria Holding

Quest Fund Placement

Work highlights

  • Advised Antares Vision on the financial aspects of the acquisition of the entire share capital of rfXcel Corporation.
  • Advised COIMA SGR (as managing company of the real estate investment fund named Fondo Feltrinelli Porta Volta) on a facility agreement entered into with Intesa Sanpaolo.
  • Advised Black Diamond Capital Management on a facility agreement for the acquisition of part of the Hexion group.

Osborne Clarke

Osborne Clarke‘s Italy group is best known as a lender-side practice, but it also has strong borrower work credentials. Team head Andrea Pinto focuses on real estate, project and acquisition finance, and restructuring, and Federica Greggio is a debt finance and restructuring expert. Antonio Fugaldi was recently made partner.

Practice head(s):

Andrea Pinto

Other key lawyers:

Federica GreggioAntonio Fugaldi


Osborne Clarke’s high-level practice ranges from acquisition finance to corporate finance, financial services and related regulatory issues.

Clients benefit from the department’s Italian banking law expertise in relation to LBOs, public bids and takeovers.

Boasts a robust project finance group.

Young and prepared team that is able to adapt its professionalism to different situations, thus grasping the needs of its clients.

Great approach and great flexibility. It not only covers Italian law, but thanks to its offices in Germany it also advises on German law, which is important for us as a German company that is active in Italy.

Andrea Pinto is a highly experienced professional with great ability to communicate and negotiate.

Antonio Fugaldi is a respected banking and finance expert.

Antonio Fugaldi: competence, dedication and professionalism.

Key clients

AKNO Group


Lapi Group


Work highlights

  • Assisting Italy’s AKNO Group with short-term debt renegotiations.
  • Advised Lapi Group on the grant of a loan to refinance part of its existing debt, as well as to provide short-term working capital and cash for investments.
  • Advising Nodus on a range of financing issues in relation to the transfer of its overall financial debt from UBI Banca to Illimity Bank.

Studio Legale Associato a Watson Farley & Williams

Studio Legale Associato a Watson Farley & Williams‘ ‘highly competent‘ banking and finance team is centred around the firm’s core industry sectors, namely energy, transport, infrastructure and real estate. Project finance specialist Mario D’Ovidio ‘distinguishes himself with excellent interpersonal skills‘, and Furio Samela and Michele Autuori are both shipping finance experts.

Practice head(s):

Mario D’OvidioFurio Samela


Highly competent, and client and results oriented.

Mario D’Ovidio distinguishes himself with excellent interpersonal skills that represent the basis of fruitful collaborations. To these are added his excellent ability to focus on the legal issues, sector expertise and a strong focus on outcomes.

Work highlights

  • Advising Clere, as sponsor and borrower, on a project financing that was granted by two Italian banks to refinance an Italian photovoltaic portfolio.