Banking and finance: Borrower side in Italy


BonelliErede's 'high-level' practice ranges from acquisition finance, corporate finance, and property finance to restructuring, financial services and related regulatory issues; clients further benefit from the department's Italian banking law expertise in relation to LBOs, public bids and takeovers. It also boasts a robust project finance group. Emanuela Da Rin and Antonio La Porta are banking and finance experts, while Catia Tomasetti and Gabriele Malgeri are project finance specialists. Also key to the group are senior associate Giovanni Battaglia, and managing associates Giorgio Frasca and Alfonso Stanzione.

Practice head(s):

Antonio La Porta

Other key lawyers:

Emanuela Da Rin; Catia Tomasetti; Gabriele Malgeri; Giovanni Battaglia; Giorgio Frasca; Alfonso Stanzione


Great for entrepreneurship, innovation and care taken to solve problems – and all at a very high level.

Catia Tomasetti is always my first port of call when I need a lawyer; Catia and her team are still perceived as the best for water sector matters.

Key clients

Società di Progetto Brebemi

Salini Impregilo (now Webuild)


Terna – Rete Elettrica Nazionale

Work highlights

  • Assisted Cesi with the financing aspects surrounding the acquisition of the KEMA Laboratories from DNV GL.
  • Assisted Società di Progetto Brebemi with the structuring of a refinancing-related project bond transaction.
  • Assisted Salini Impregilo with facility agreements negotiated with Italian and international financial institutions, and which were in relation to Progetto Italia.


Chiomenti's large and 'high-quality' banking and finance department fields specialists in structured finance, financial regulations, and real estate and project finance. Gregorio Consoli  heads the finance and regulated entities department, which showcases experienced partners Giulia Battaglia, Giorgio Cappelli, Luca Bonetti and restructuring business unit head, Antonio Tavella. Also key to the group are Marco Paruzzolo and Marco Cerritelli, along with counsel Cosimo Paszkowski. Notable growth includes the recruitment of a seven-lawyer finance team from Orrick, Herrington & Sutcliffe, including its former Italy head of banking and finance, Gianrico Giannesi.

Practice head(s):

Gregorio Consoli

Other key lawyers:

Carola Antonini; Giulia Battaglia; Giorgio Cappelli; Luca Bonetti; Antonio Tavella; Marco Paruzzolo; Marco Cerritelli; Cosimo Paszkowski; Gianrico Giannesi


A high-quality team that assists even after the closure of the deal, with above- average problem-solving skills.

Great track record in complex transactions, with the ability to understand the borrower’s business when documenting documentation with lenders.

The Chiomenti team works with competence and punctuality, having understood the client’s needs.’

Gregorio Consoli has the ability to identify and resolve critical points.

Gregorio Consoli has high-level technical and negotiating skills.

Key clients


Ansaldo Energia S.p.A.

Saipem S.p.A.

Hines Italia



Unipol Sai Assicurazioni

Coima RES S.p.A. Società di Investimento Immobiliare Quotata

Coima SGR S.p.A.

Fincantieri S.p.A.

Grimaldi Euromed S.p.A.

Fonderie San Giorgio S.p.A.

EI Towers S.p.A.

SIT S.p.A.

Università Cattolica del Sacro Cuore

Pusterla 1880 S.p.A.

Nexion S.p.A.

Kervis SGR S.p.A.

Polis SGR S.p.A.

Sipcam Oxon S.p.A.

T. Mariotti S.p.A.

De Fonseca S.p.A.

Savills Investment Management SGR

BC Partners

Eurocommercial Properties Italia S.r.l.

Work highlights

  • Advised Ansaldo Energia on financial measures in support of a new business plan.
  • Advised Hines Italia on the financing of the acquisition from Snaitech of the ex Trotto and ex Training Centre areas in Milan.
  • Advised Nexion on the financing of its business, which involved the entry by private equity fund OEP into its corporate capital.

Clifford Chance

An Italian market leader, the 'always availableClifford Chance advises on headline finance transactions, including leveraged and bank and bond financing, real estate loans and bonds, and international project financing. The principal names to note are managing partner for Italy, Giuseppe De Palma; Italian and cross-border banking expert, Charles Adams; Ferdinando Poscio, who advises on complex leveraged finance, syndicated lending and restructuring transactions; and banking and financial regulation specialist, Lucio Bonavitacola. Providing notable support are counsel Francesca Cuzzocrea and senior associates Pasquale BifulcoLuca Maria ChieffoChiara CommisDavid Neu and Filippo Tassoni.

Practice head(s):

Giuseppe De Palma

Other key lawyers:

Charles Adams; Ferdinando Poscio; Lucio Bonavitacola; Francesca Cuzzocrea; Pasquale Bifulco; Luca Maria Chieffo; Chiara Commis; David Neu; Filippo Tassoni


The team was always (at any time and any day) available for clarifications, discussions and suggestions.

Known for its leadership on the market, experience, strong knowledge and international standards.

Senior associate David Neu possessed deep knowledge about the legal aspects surrounding the deal, as well as business and commercial matters. I felt that I had a real adviser and not just a lawyer.’

Key clients

Banca IMI S.p.A

Banco BPM S.p.A.

Dedalus Holding (Ardian)

Deutsche Bank and Nomura International

Eolo S.p.A

J.P. Morgan

Landi Renzo S.p.A.

Macquarie Infrastructure

Patrizia AG

Santander Consumer Bank S.p.A

UniCredit S.p.A.

Work highlights

  • Assisted Dedalus Holding S.p.A. (Ardian) in relation to the financing of the acquisition of part of the healthcare software business of Agfa-Gevaert, which develops, manufactures and distributes analogue and digital imaging systems and IT solutions.
  • Advised a pool of primary banking groups on the finance aspects of the acquisition of a 30% stake in Supermarkets Italiani, which controls Italian supermarket chain Esselunga.
  • Assisted Patrizia AG with the financing aspects of the proposed acquisition of a pan-European portfolio of 42 logistics assets from BentallGreenOak.

Legance - Avvocati Associati

Acting for public sector entities, corporations, private equity funds and real estate fund firms, Legance - Avvocati Associati covers leveraged, acquisition, mezzanine, project and real estate financing, and syndicated loans. Monica Colombera is the lead partner for the energy, project and infrastructure practice, and Andrea Giannelli heads the banking and finance and debt capital market departments. Other notable practitioners are Emanuele Espositi, Luca Autuori, Guido Iannoni Sebastianini and Filippo Ruffato, along with Giandomenico Ciaramella and Giovanni Scirocco. In 2020, Antonio Palazzolo and Tommaso Bernasconi were made partners, while Francesca Brilli was promoted to senior counsel.

Practice head(s):

Monica Colombera; Andrea Giannelli

Other key lawyers:

Emanuele Espositi; Luca Autuori; Guido Iannoni Sebastianini; Filippo Ruffato; Giandomenico Ciaramella; Giovanni Scirocco; Antonio Palazzolo; Tommaso Bernasconi; Vittorio Pozzi; Francesca Brilli; Simone Ambrogi; Marco Gagliardi


Fantastic for proactiveness and technical preparation.

Available even on short notice, with continuity even after the deal.

Key clients


Enel s.p.a.

Energie Valsabbia

EI Towers


F2i s.p.a

Generali Real Estate Sgr

Green Arrow Capital

Greentech Energy Systems

The Koelliker Group

Neuberger Berman

Nexi S.p.A.





Tonello Energie

Zouk Capital

Work highlights

  • Assisted Nexi with the acquisition financing for Intesa Sanpaolo’s merchant acquiring business.
  • Assisted EF Vega with the refinancing of part of a photovoltaic portfolio.
  • Assisted F2i Energie Rinnovabili with a financing granted for the acquisition by its subsidiary, EF Solare Italia, of Spanish solar operator Renovalia Energy Group.

Allen & Overy - Studio Legale Associato

Allen & Overy - Studio Legale Associato has strong all-round financing expertise; the Italy practice advises borrowers on general lending, acquisition, leveraged, real estate, and export credit finance, along with project finance, structured finance and non-performing loans (NPLs). Stefano Sennhauser heads up the banking team in Italy, which also includes 'very proactivePietro Scarfone, who has longstanding experience in banking and finance deals. Key support is provided by counsel Frederic Demeulenaere and senior associate Luca Maffia.

Practice head(s):

Stefano Sennhauser

Other key lawyers:

Pietro Scarfone; Frederic Demeulenaere; Luca Maffia


Always available and able to find solutions, including creative ones.

High-level skills in relation to problem-solving and proactiveness, and outstanding technical knowledge.

The assistance is always focused on finding the solution; this makes it possible to streamline negotiation processes in order to finalise the contract. There is also more clarity when you have professionals who follow the deal from start to finish.

Great availability from the beginning of a transaction, even when the outcome is unsure.

‘They identify solutions to problems rather than slow down processes and are able to advise on deals of all different types.

Pietro Scarfone is very proactive in managing the relationship between client and counterpart.’

Excellent work by the very competent senior associate Luca Maffia.

Work highlights

  • Advised on a €750m term debt facility agreement with a pool of banks.
  • Advised Cedacri on the structuring and documentation of the medium- term financing for its acquisition of CAD.IT, which supplies application software and financial services software for financial institutions, public administrations and industry.
  • Advised The Riverside Company on the financing for its acquisition of HealthTech BioActives, a Spanish manufacturer of active pharmaceutical ingredients, excipients, flavourings and sweeteners.

Gattai, Minoli, Partners

Gattai, Minoli, Partners' 'fast, practical team' advises financial sponsors and corporations on all types of financing transactions, both at domestic and cross-border level. Gaetano CarrelloLorenzo Vernetti and Andrea Taurozzi are also highly rated, while recent growth includes project finance specialist Nicola Gaglione joining as partner from Lombardi Molinari Segni and Daniele Migliarucci being promoted to counsel. Riccardo Agostinelli  left the firm in 2021.

Other key lawyers:

Gaetano Carrello; Lorenzo Vernetti; Andrea Taurozzi; Nicola Gaglione; Emanuela Campari Bernacchi; Valentina Lattanzi; Marco Leonardi; Daniele Migliarucci


Great for its ability to deal with sensitive issues, thanks to its in-depth knowledge of legal matters.

The finance team is very fast, practical and focused on objectives.

Gaetano Carrello achieves set goals with satisfaction and within a short time. He asks the right questions and has a very commercial attitude and strong, longstanding relationships in the industry.

Key clients

Bain Capital

CVC Capital Partners


Intermediate Capital Group (ICG)



Stirling Square

21 Investimenti

Arpinge S.p.A.

Work highlights

  • Assisted with the financing for the acquisition of a majority stake in Sintetica SA, a pharmaceutical company.
  • Advised ICG on the financing for the acquisition of Doc Generici, a generic pharmaceutical sector company.
  • Advised Kervis Asset Management on the financing for a real estate development.

Gianni & Origoni

Gianni & Origoni's 'highly skilled' practice covers project finance, refinancing, real estate, acquisition and investment finance, and borrowing for general corporate purposes; it also fields experts in structured finance and NPL work. Matteo Bragantini advises corporate borrowers on negotiating financing arrangements with banks and other financial institutions. Other key advisers are acquisition and real estate financing specialist, Giuseppe De Simone, energy project finance experts Ottaviano Sanseverino and Magda Serriello, and counsels Arrigo ArrigoniMaria Panetta and Ilaria Laureti.

Practice head(s):

Matteo Bragantini; Giuseppe De Simone; Ottaviano Sanseverino

Other key lawyers:

Magda Serriello; Arrigo Arrigoni; Maria Panetta; Ilaria Laureti


The banking and finance team stands out its highly skilled lawyers and extremely proactive attitude, which often anticipates clients’ requests.

Tasks are always carried out with extreme precision and punctuality, even when particularly stringent times are assigned.

Outstanding skills in relation to interpersonal relationships.

The uniqueness of the firm lies in its exceptional ability to provide integrated and versatile assistance, involving different departments and professionals as needed to provide us with the most effective solutions.

The strengths of the team include the extraordinary competence of professionals at all levels – even the most junior lawyers are extremely well prepared.’

Giuseppe De Simone is the best I’ve ever worked with. He is an excellent lawyer, with strong managerial skills, excellent interpersonal skills, and always decisive when negotiating with counterparties, guaranteeing the success of every transaction.

The partner that stands out is Giuseppe De Simone who, despite a heavy workload, is always available for clients and always updated on every aspect of the matter and the tasks entrusted to the team. This is particularly appreciated as it assures clients of quality and punctuality in the carrying out of their assignments.

Ottaviano Sanseverino is an excellent and competent professional.

Key clients

Open Fiber


Atlantia S.p.A.

Lend Lease


Plenium Partners



Ital Gas Storage S.p.A.

Saras S.p.A.

Marcegaglia S.p.A.

Fabbrica Italiana Sintetici S.p.A.

Bologna Fiere S.p.A.

Work highlights

  • Assisted Ital Gas Storage with a refinancing transaction.
  • Advised Società di Progetto Consortile per Azioni – SP M4 S.C.p.A. on amendments to the construction and management concession for Milan Underground’s Line 4.
  • Advised Astaldi on the negotiation and execution of a guarantee facility agreement with UniCredit, Intesa San Paolo, Banca Monte dei Paschi di Siena, BNP Paribas, Succursale Italia and SACE.

Latham & Watkins LLP

Acting for private equity firms and corporate borrowers, Latham & Watkins LLP's 'high-quality' Italian banking practice is widely respected for its experience in acquisition finance, corporate lending and leveraged finance. Particularly noted for private equity-related financings, Marcello Bragliani leads the Italian banking and finance department; and promoted to the partnership in 2020, Antongiulio Scialpi is particularly focused on leveraged finance, private and public acquisition finance, and syndicated loans. Counsel Mauro Saccani has broad banking law expertise.

Practice head(s):

Marcello Bragliani; Antongiulio Scialpi

Other key lawyers:

Mauro Saccani; Alessia De Coppi


Impeccable support, great availability and flexibility.

This is a team with a proactive approach; it is also always oriented to find solutions, even to the most complex problems.’

Ability to support the client in multiple jurisdictions with the same level of quality.

‘High-quality collaborators with great commitment and availability.

Marcello Bragliani has more knowledge of legal matters than any professional I have come into contact with; he also has a very commercial approach to clients and is very professional.’

Key clients



Bain Capital

F.C. Internazionale

PAI Partners


Hellman & Friedman

SK Capital


The Carlyle Group

LGT European Capital



Platinum Equity

Work highlights

  • Advised Colacem, which produces cement, on the execution of a facility agreement to strengthen its financial structure.
  • Advised Marcolin on the negotiation of a facility agreement to strengthen its financial structure.
  • Advised OVS on the negotiation of a facility agreement to strengthen its financial structure.


Linklaters' Italy practice has longstanding experience in high-profile banking and finance transactions, including leveraged deals and asset finance. Milan managing partner Andrea Arosio is highly rated for banking, acquisition, real estate and leveraged finance deals, along with structured finance, investment grade financing and restructuring; and Francesco Faldi heads the firm’s Italian restructuring and insolvency practice. Other notable contacts are banking, restructuring and insolvency specialist, Ettore Consalvi, and managing associate Lilia Maria Lani.

White & Case LLP Italy

White & Case LLP Italy's large and specialised finance practice is active in high-end and cross-border matters. Its scope of expertise includes leveraged loans, bilateral and syndicated loans, LBOs, real estate, asset and export finance, and mezzanine and hybrid debt, as well as private debt transactions. The group of experienced partners comprises Iacopo CaninoGianluca FantiAndrea Novarese and Giuseppe Barra Caracciolo, along with Francesco ScebbaBianca Caruso and Tiziana Germinario provide notable senior associate-level support.

Practice head(s):

Iacopo Canino; Gianluca Fanti; Andrea Novarese; Giuseppe Barra Caracciolo; Francesco Scebba

Other key lawyers:

Bianca Caruso; Tiziana Germinario

Key clients


Adler Pelzer




Argo Tractor


Autostrade per l’Italia





Fratelli Beretta



Grandi Navi Veloci





Libero Acquisition

Open Fiber

Piaggio & C.

Proma Group



Società di Progetto Brebemi


Tecnica Group

Work highlights

  • Advised the controlling shareholders of Esselunga on the €1.8bn financing for the acquisition of a 30% share in Supermarkets Italiani from its minority shareholders.
  • Advised Brebemi on its approximately €1.68bn project bond financing.
  • Advised BC Partners on the financing for its acquisition of an up-to approximately 45% stake in SOFIMA, the holding company that controls IMA, which designs and produces  automatic machines.


Although its practice is largely lender focused, ADVANT Nctm's banking and finance department also handles substantial amounts of borrower work, particularly on behalf of private equity funds and large corporations. London-based Matteo Gallanti heads the team, which includes Italy partners Stefano Padovani, who was recently active in NPL matters, Eugenio Siragusa, and Giovanni de’ Capitani di Vimercate. Partner Alfredo Lizio has joined the team from Chiomenti.

Practice head(s):

Matteo Gallanti

Other key lawyers:

Stefano Padovani; Eugenio Siragusa; Giovanni de’ Capitani di Vimercate; Martina Marmo; Alfredo Lizio


Rated for accuracy, efficiency, response speeds and attention to detail.

Great for dedication and punctuality.

‘Pragmatic and results oriented.

An available and young team.

Key clients

CMB Società Cooperativa

Arena Sanità S.p.A.

Synchron Nuovo San Gerardo S.p.A.

Chequers Partenaires S.A.

Generali Real Estate SGR S.p.A.

Serioplast Global Services S.p.A.


Monrif Group S.p.A.

Signa Group

Retelit S.p.A.

Opocrin S.p.A.

Arcadia S.r.l. (Dondup)


LBO France

Bayview Italia S.r.l.





Antonio Carraro S.p.A.

Auctus Capital Partners

Alfaparf Group S.p.A.

Palladio Holding S.p.A.

Work highlights

  • Advised Signa Group on the financial aspects surrounding the acquisition (through Venedig Beteiligung) of the entire share capital of Bauer (owner of Venice’s iconic Hotel Bauer).
  • Assisted General Real Estate with a €90m real estate financing with Bayerische Landesbank.
  • Assisted Serioplast Global Services and Serioplast Italy with a €77m corporate financing transaction with Crédit Agricolé Italia, Banco BPM, Cassa Depositi e Prestiti, Deutsche Bank and Mediocredito Centrale.


Ashurst's Italy practice is experienced in acquisition and leverage finance, real estate and development finance, corporate lending, trade and asset finance, and telecoms, infrastructure and project finance. Mario Lisanti heads the banking and finance department, which includes energy and infrastructure project finance experts Carloandrea Meacci and Umberto AntonelliGianluca CoggiolaGabriele Pavanello and Nicola Toscano are experienced senior associates.

Practice head(s):

Mario Lisanti; Carloandrea Meacci

Other key lawyers:

Umberto Antonelli; Gianluca Coggiola; Gabriele Pavanello; Nicola Toscano

Key clients

Davide Campari – Milano S.p.A.

Basalt Infrastructure Partners LLP


City Green Light S.r.l.


Work highlights

  • Advised on a €500m bank loan, which was provided by Banco BPM, Intesa Sanpaolo and UniCredit.
  • Advised on the €170m refinancing of a solar portfolio in Italy.
  • Advised on the structuring, arranging and negotiation of the financing for the acquisition and refinancing of the existing debt of a portfolio of solar plants and wind farms.


'Characterised by its constant availability and great for multi-disciplinary matters', Dentons' Italy banking and finance department, headed up by Alessandro Fosco Fagotto, includes specialists in leveraged, corporate, real estate, fund and project finance, as well as refinancing. Giovanni Diotallevi is project finance leader, with further support provided by experienced managing counsel Andrea De Luca Picione.

Practice head(s):

Alessandro Fosco Fagotto

Other key lawyers:

Giovanni Diotallevi; Andrea De Luca Picione


Great for multi-disciplinary matters.

The team understands the needs of both the deal and the client.

The team is characterised by its constant availability, even during the most challenging phases of the process.

Key clients




Orion Capital Managers

Merope Asset Management

Barings Real Estate

LCN Capital Partners


Work highlights

  • Assisted with a financing granted by a pool of international banks, which was in relation to the purchase of a 49%  share in ADNOC Gas Pipelines from Abu Dhabi National Oil Company.
  • Assisted Mediobanca with the financing for the acquisition of a historic building in Milan’s Via Santa Margherita.
  • Assisted Orion European Real Estate Fund V on a financing that related to a joint venture agreement with Stilo Immobiliare Finanziaria.

DLA Piper

DLA Piper's corporate finance department, led by Antonio (Nino) Lombardo, is active in leveraged and corporate lending, as well as project and real estate financing. Also highly rated are Giovanni Ragnoni Bosco Lucarelli, Federico Zucconi Galli Fonseca, Ugo Calò and Giuseppe Mele. Giampiero Priori recently made partner and Claudio D’Alia is an experienced legal director.

Practice head(s):

Antonio (Nino) Lombardo

Other key lawyers:

Giovanni Ragnoni Bosco Lucarelli; Federico Zucconi Galli Fonseca; Ugo Calò; Giuseppe Mele; Giampiero Priori; Francesco De Gennaro; Agostino Papa; Claudio D’Alia; Riccardo Pagotto



A very experienced and efficient team that is able to anticipate problems and issues.

The DLA team is very focused and reliable, and advises us about potential risks (both from a legal and tax point of view).

Very quick in drafting agreements and very proactive during negotiations with counterparties and their legal advisers.

Brilliant for competence, availability and speed of response.

‘Antonio (Nino) Lombardo has the capacity to negotiate in very tough contexts, providing complete advice that makes clients feel absolutely confident in any decision taken.’

Giuseppe Mele is a definite point of reference for the legal department of our company. Of undisputed competence in his field, he is always available in relation to any concern or request for support.

Giampiero Priori excels for practicality, speed and effectiveness.

Extremely satisfied with Giampiero Priori and Ugo Calò, who are both highly professional.

Key clients

Savills Investments Management S.p.A.

JP Morgan Asset Management

Kryalos SGR

Meyer Bergman

Patrizia Immobilien AG

Pgim Real Estate luxembourg

Serenissima SGR

Dea Capital Real Estate S.p.A.

Dea Capital Alternative Funds S.p.A.

Hitachi Rail STS S.p.A.

Rizzani de Eccher

Gruppo Feltrinelli

Atalanta Bergamasca Calcio S.p.A.

Work highlights

  • Assisted members of the O&M Consortium, and certain members of the EPC Consortium including Hitachi Rail STS, with a €2bn-plus project financing for a light rail transit.
  • Assisted Rizzani de Eccher with the refinancing of part of a financial exposure.
  • Assisted real estate investment, development and management company, COIMA SGR, with a financing whereby UniCredit, Banca IMI, Banco BPM and UBI Banca granted a facility for the acquisition and development of a building in Milan.

Norton Rose Fulbright

Norton Rose Fulbright's Milan-based Arturo Sferruzza heads the Italian banking and energy teams; in recent years he has been particularly active in advising on the financing of renewable energy and infrastructure projects, both in Italy and abroad. Gennaro Mazzuoccolo is an energy and infrastructure and shipping finance expert, and Luigi Costa was made partner in 2020.

Practice head(s):

Arturo Sferruzza

Other key lawyers:

Gennaro Mazzuoccolo; Luigi Costa


Very good preparation and availability for clients.

Pedersoli Studio Legale

Pedersoli Studio Legale's department is led by the 'always availableMaura Magioncalda, who advises private equity houses and industrial groups on acquisition, corporate and real estate finance, and structured finance. Providing further support is Consuelo Citterio, whose practice includes leveraged finance, and Alessandra De Cantellis, who has broad banking and finance expertise.

Practice head(s):

Maura Magioncalda

Other key lawyers:

Consuelo Citterio; Alessandra De Cantellis


This firm has the ability to work to the pace of our business, thereby providing a very proactive approach in accordance with the timelines of projects.

What makes the Pedersoli firm unique is its great capacity in respect of all areas of finance, which allows it to provide 360-degree support during complex operations.

Their availability and genuine focus on clients are greatly appreciated.

Maura Magioncalda is always available to provide assistance.

Key clients

Fiat Chrysler Automobiles

FCA Bank


Anima Holding


Clessidra SGR


Desma SpA

Work highlights

  • Assisted the FCA group with the negotiation of a €6.3bn financing, guaranteed by SACE (the Italian Export Credit Agency).
  • Assisted INWIT with a €3bn loan, which was granted by a syndicate of banks in relation to the merger by incorporation of Vodafone Towers into INWIT.
  • Assisted Anima Holding with a €300m medium-long term facility, granted by a syndicate of banks, in relation to the repayment of financial indebtedness.

Simmons & Simmons

Able to provide English law capabilities for Italy-related banking and finance deals, Simmons & Simmons' Milan team includes Davide D’Affronto, who has extensive banking experience, including acquisition financing, and leveraged and cross-border syndicated lending. Also key to the group is Nicholas Lasagna, who focuses on leveraged finance, acquisition finance and real estate finance matters.

Other key lawyers:

Davide D’Affronto; Nicholas Lasagna

Studio Professionale Associato a Baker & McKenzie

Studio Professionale Associato a Baker & McKenzie regularly assists Italian and international clients, as borrowers, with various finance transactions, from bilateral and syndicated bank financing, to acquisition finance, NPL deals and project finance. Alberto Fornari's practice focuses on corporate and structured finance.

Practice head(s):

Alberto Fornari

Other key lawyers:

Ludovico Rusconi; Carlo Lichino; Giorgio Telarico

Key clients




Credito Emiliano

Engel & Völkers AG

Savills Investment Management SGR


Cassa di Risparmio di Cento S.p.A

Chiesi Farmaceutici

Work highlights

  • Advised on an existing facilities agreement with European Investment Bank and Cassa Depositi and Prestiti.
  • Acted on three NPL transactions.
  • Assisted Credem with the disposal of two NPL pools to Credit Factor and Cherry 106.

Cleary Gottlieb Steen & Hamilton

Cleary Gottlieb Steen & Hamilton's Italy practice consistently handles complex financing arrangements. Dividing his time between Milan and London, Carlo de Vito Piscicelli's practice focuses on leveraged finance and restructuring matters; he recently advised Il Sole 24Ore on a SACE-guaranteed €37.5m financing.

Other key lawyers:

Carlo de Vito Piscicelli


Strong ability to interact with legal and business issues at a US level.

Almost all of them are experts in both Italian law and Anglo-Saxon/US law; we were particularly able to appreciate this ability in Carlo de Vito Piscicelli.

Key clients




Goldman Sachs

Liva Nova

Work highlights

  • Acted for Il Sole 24Ore on a €37.5m financing transaction, which is guaranteed by SACE.
  • Advised F2i on the financing aspects of its acquisition of Porto di Carrara Group from Vittorio Bogazzi & Figli, which marked one of the first private equity-led buyouts of a ports business in Italy.
  • Advised LivaNova on two financings that will replace its existing credit arrangements.

Gatti Pavesi Bianchi Ludovici

Gatti Pavesi Bianchi Ludovici's 'proactive' team regularly advises on complex financing and restructurings in Italy. Marc-Alexandre Courtejoie's practice includes special situations, NPL and Unlikely to Pay matters, private debt, and leveraged and project finance; and Andrea Limongelli is a property and acquisition finance specialist.

Practice head(s):

Andrea Limongelli; Marc-Alexandre Courtejoie

Other key lawyers:

Stefano Motta


A serious firm with great experience on the Italian market, especially in the real estate sector.

The team is made up of young professionals who are proactive in managing corporate finance operations.

The firm shows an extreme willingness to find solutions that facilitate the positive closing of deals.

Its uniqueness comes from its mix of professionals with different professional focuses, which facilitates the reaching of objectives and the adding of value to transactions.

Great for professionalism and competence.

The firm is able to serve even a medium-sized client in an absolutely professional way.

Marc Alexandre Courtejoie’s team is attentive and present during each phase of the dialogue between bank and client, identifying and resolving any critical issues from the very start.

Marc-Alexandre Courtejoie has always shown himself to be very helpful and involved in discussions. This availability has always been highly appreciated.

Work highlights

  • Advised on a facility agreement, granted by Crédit Agricole Italia, Intesa Sanpaolo and Banca IMI, in relation to the acquisition of several industrial sheds.
  • Assisted Stilo Immobiliare Finanziaria with its group reorganisation, including the refinancing of existing indebtedness.
  • Advised Finanziaria Canova on the financing of its acquisition of Borgo dei Mastri, which owns a mental health clinic.

Giliberti Triscornia e Associati

Giliberti Triscornia e Associati's team comprises Carmine Oncia, whose practice includes domestic and cross-border real estate and project finance, acquisition and leverage finance, and NPLs. Also at partner level, Federico Fischer is an expert in banking and finance law, and structured finance.

Other key lawyers:

Carmine Oncia; Federico Fischer 

Herbert Smith Freehills

Herbert Smith Freehills' Italian department is best known for its energy and infrastructure sector expertise. It was established in 2019 by energy partners Lorenzo Parola and Francesca Morra (both formerly at Paul Hastings LLP), and was later strengthened when of counsel Simone Egidi joined from Ashurst.

Practice head(s):

Lorenzo Parola; Francesca Morra; Simone Egidi


Lorenzo Parola is a leading expert in energy projects.

Lorenzo Parola has unique knowledge of the energy sector; thanks to his experience, he is able to solve the most complex issues.

Key clients



Achilles Vaccines




Green Arrow Capital



Dolomiti Energia

Work highlights

  • Assisted with the project financing for a 600 MW interconnector power line between Italy and Montenegro.
  • Advised a biotech company, which focuses on the research and development of vaccines, on obtaining funding for the research and development of a monoclonal antibody against COVID- 19.
  • Advised on the financing for the acquisition and refinancing of the existing debt of a portfolio of solar plants and wind farms.

Hogan Lovells International LLP

Hogan Lovells International LLP's borrower practice is headed by Carlo Massini, whose Italy-related financing expertise includes corporate, acquisition, asset and project finance. He is also experienced in PPP matters and infrastructure and real estate finance, as well as loan portfolio transactions.

Practice head(s):

Carlo Massini

Work highlights

  • Advised on a notional accounts pooling service that was made available by an international bank.
  • Advised on a credit extension matter.
  • Advised on the PPP scheme for the supply, operation and maintenance of medical equipment for a hospital.

Pavia e Ansaldo

Pavia e Ansaldo's banking and finance practice regularly assists with acquisition and real estate financing; it has particular experience in healthcare sector-related financings. Mario Di Giulio is a specialist in Eastern Africa-related infrastructure development financings. Roberto Zanchi and Caterina Luciani are also experienced partners.

Practice head(s):

Mario Di Giulio; Roberto Zanchi

Other key lawyers:

Caterina Luciani 

Key clients

Aedes Real Estate SGR Spa

Alcedo SGR

Cassa Depositi e Prestiti SpA


ICCREA Banca Impresa S.p.A.

Investire SGR

Surfaces Technological Abrasives S.p.A.

Xenon Private Equity

Tecno Pool

Equita Private Debt Fund

First Growth Real Estate

Fondazione IDIS – Città della Scienza

Gruppo Vallette-Finam

Work highlights

  • Advised ICCREA BancaImpresa on negotiations with the European Investment Bank (EIB) and the Regions of Sicily and Campania, in relation to the utilisation of Jessica Funds (Joint European Support for Sustainable Investment in City Areas).
  • Assisted Investire with ongoing issues concerning a €91m facility, which was provided by the Milan branch of French bank Natixis.
  • Advised ICCREA BancaImpresa on its negotiations with the EIB, in relation to the utilisation of European funds for higher education in southern Italy.

Bird & Bird

Bird & Bird has extensive banking and project finance experience, including energy and infrastructure matters. Pierpaolo Mastromarini is a banking and finance partner, with a particular focus on the energy and utilities sector, while Alberto Salvadè's broad corporate practice includes restructuring and insolvency.

Practice head(s):

Pierpaolo Mastromarini; Alberto Salvadè

Key clients

Cubico Sustainable Investments

Gruppo San Donato

Work highlights

  • Advised on the financing for the expansion of the polyclinic of Milan’s San Raffaele Hospital.
  • Advised Cubico Sustainable Investments on the acquisition of 15 photovoltaic plants, which included refinancing matters.

CBA Studio Legale e Tributario

Active in cross-border financing transactions involving Italy, CBA Studio Legale e Tributario's team has 'extensive transactional experience'. It specialises in shipping, real estate and project finance, and structured finance deals (including LBOs).  Francesco Dialti's borrower clients include shipping, energy and financial companies.

Practice head(s):

Francesco Dialti

Other key lawyers:

Vincenzo Cimmino


CBA has extensive transactional experience in the financing, NPL and trade finance sectors – it enjoys a very good name on the market.

CBA’s lawyers are always available, 24 hours a day, 7 days a week, and they are very competitive, in terms of value for money, when compared to other law firms.

The team has the ability to explain to us all the various steps of operations very clearly.’

Compared to other law firms that delegate a lot of business to junior associates, CBA’s partners and senior associates are always available and follow the transactions themselves.

CBA is a highly experienced law firm. Its lawyers possess the rare skill of being able to position the client’s interests in the best possible manner, while maintaining an amicable and constructive dialogue with the other side.

The team has excellent knowledge of the market.

Francesco Dialti has extensive experience in relation to financing, factoring, trade finance and the sale of NPLs – we fully trust him.

Francesco Dialti enjoys a very good name on the market. He is versatile and able to assist us at a 360-degree level, almost as if he were an in-house counsel.

Key clients

Falck Renewables

Caronte & Tourist

Kryalos SGR


Elvan Gida A.S.

Work highlights

  • Advised on a financing for the refinancing of financial indebtedness and the purchase of photovoltaic modules.
  • Advised on the financing for the purchase of a chocolate production plant from a receivership.
  • Advised on the Italian law aspects of a refinancing and increase to €300m of its financial indebtedness.


CMS' borrower-side practice regularly advises on acquisition finance, refinancing deals and debt restructuring. Paolo Bonolis has approximately 20 years’ experience in banking and financial transactions; and Domenico Gaudiello is responsible for the public finance department in Italy. Maria Giovanna Pisani is an experienced counsel.

Practice head(s):

Paolo Bonolis

Other key lawyers:

Domenico Gaudiello; Maria Giovanna Pisani


A loyal and trusted adviser to my firm and our portfolio companies. I have never received such support from a legal adviser in my 24-year career.

‘Great knowledge of our realities, with constant support when making strategic choices and professionalism in many areas.

They take a managerial – not just a consulting – approach to problems.

Paolo Bonolis is excellent.

Key clients



Columna Capital

Pilosio Group


Work highlights

  • Assisted Novelis with the negotiation of a loan agreement and confirmation of an existing security package.
  • Assisted CGF Costruzioni Generali with a restructuring.
  • Assisted Immobiliare Roma with the restructuring of bank debt.

Curtis, Mallet-Prevost, Colt & Mosle LLP

Curtis, Mallet-Prevost, Colt & Mosle LLP's banking and finance team comprises experienced advisers Sergio Esposito Farber and Alfonso Annibale de Marco. The Italy team specialises in advising high-profile clients on complex financing transactions, including corporate lending and acquisition, project and real estate finance.

Practice head(s):

Alfonso Annibale de Marco

Other key lawyers:

Sergio Esposito Farber; Filippo Bianchi

Key clients

DeA Capital Real Estate SGR S.p.A.

Tecnimont S.p.A.

Hotelturist S.p.A.

Fidia Farmaceutici S.p.A.

Work highlights

  • Advised DeA Capital Real Estate SGR on a financing for the purchase of two flagship properties in Milan’s Central Business District.
  • Advised Hotelturist on a facility that was granted by a pool of Italian banks.
  • Advised Tecnicmont on a factoring transaction entered into with SACE FCT, which is fully owned by SACE, the Italian Export Credit Agency.

Freshfields Bruckhaus Deringer

K&L Gates

K&L Gates' team typically works on acquisition, leveraged and asset finance, corporate lending, credit funds, debt restructuring, and distressed investing. It also assists with real estate finance, refinancing and syndicated lending. Fabrizio Dotti and Paolo Rusconi are experienced advisers.

Practice head(s):

Fabrizio Dotti; Paolo Rusconi

Other key lawyers:

Francesco Seri

Key clients


DeA Capital Real Estate SGR

Origis Group

Savills Investment Management


LaSalle Italia

Work highlights

  • Assisted a real estate fund, managed by DeA Capital, with a facility of approximately €100m, which was granted in connection with the purchase of a large office property in Rome.
  • Advised on the finance aspects of the sale of a large property in Italy, which included the repayment of debt and a release of security.
  • Assisted Savills Investment Management, as borrower, with a loan transaction involving a large property in central Milan.

McDermott Will & Emery Studio Legale Associato

McDermott Will & Emery Studio Legale Associato advises on a range of banking and finance matters in Italy, including real estate and acquisition financing, restructuring and commercial lending. Giancario Castorino is a highly regarded real estate and acquisition finance, and restructuring expert.

Practice head(s):

Giancarlo Castorino

Key clients

Bonfiglioli Riduttori S.p.A.

Kryalos SGR S.p.A.

Internation School of Europe

InvestiRE SGR S.p.A.

Apollo Global Management LLC

Principia SGR S.p.A.

Prelios SGR S.p.A.

Palamon Capital Partners

VRM S.p.A.

Work highlights

  • Advised venture capital fund Principia on the financing for the acquisition of a majority stake in Lambda, which is active in the advanced laser technologies sector.
  • Advised Palamon Capital Partners on a term loan, which was granted by Intesa Sanpaolo for the acquisition by Education Acquisitions (controlled by Palamon) of the share capital of Business School 24.
  • Advised Prelios on a term loan facility, which was granted by Banca IMI to an Italian real estate alternative investment fund that is managed by Prelios SGR.

Orrick, Herrington & Sutcliffe

Orrick, Herrington & Sutcliffe's team showcases structured finance specialist and partner in charge for Europe, Patrizio Messina, while Madeleine Horrocks' experience includes acting on finance deals in the emerging African off-grid energy sector. Also key to the group is experienced partner Marina Balzano.

Other key lawyers:

Patrizio Messina; Madeleine Horrocks; Marina Balzano

Orsingher Ortu – Avvocati Associati

Orsingher Ortu – Avvocati Associati's 'unique' banking and finance department focuses primarily on acquisition finance, real estate finance and restructuring. Manfredi Leanza assists with a variety of domestic and cross-border financing arrangements, while Stephen McCleery has broad corporate finance experience.

Practice head(s):

Manfredi Leanza

Other key lawyers:

Stephen McCleery; Federica Paniz


The team is focused on the client and fast to support with timely and complete information. I consider the practice unique in that the relationship is based on the client’s point of view without the use of typically legal language.

A linear and direct relationship is immediately established that is based on the resolution of problems rather than the definition of theoretical legal aspects.

Response times are very fast, the language itself aligned with the market and the type of client.

Key clients

F.I.L.A. – Fabbrica Italiana Lapis ed Affini

Finproject S.p.A.

Antares Vision S.p.A.

Douglas GmbH

UniCredit S.p.A.

Coima SGR S.p.A.

Prelios SGR S.p.A.

Palladio Finanziaria Holding

Iccrea BancaImpresa S.p.A.

Rigoni di Asiago S.p.A.


Royal Caribbean

Middleby Corporation

Delta Galil

M&C S.p.A.

Treofan GmbH

Avara International

Centurion Global Ltd.

Sompo Holdings

Banca IMI

Stevanato Group S.p.A.

MPS Capital Services S.p.A.

Azora S.L.

Intesa Sanpaolo S.p.A.

Work highlights

  • Advised on several investment-related facility agreements.
  • Advised on facility agreements to support its general business.
  • Assisted with the restructuring of indebtedness, which arose from a facility agreement entered into with UBI Banca and Banco BPM.

Osborne Clarke

Osborne Clarke's team regularly advises investment funds and private equity houses on the financing of real estate asset purchases; it also assists with leveraged, energy and infrastructure financing. Andrea Pinto heads the practice, which includes experienced partner Federica Greggio and the recently promoted Antonio Fugaldi.

Practice head(s):

Andrea Pinto

Other key lawyers:

Federica Greggio; Antonio Fugaldi


With a wide range of capabilities, the firm is a great choice whenever clients need sound legal advice for either domestic or cross-border transactions.

The team has excellent knowledge and is able to work quickly and pragmatically to come to an optimal outcome for clients.

‘Antonio Fugaldi has outstanding experience in negotiations, problem solving and business management; he can be relied upon for any deal situation and size.

Key clients

AKNO Group

Tricenter S.r.l

Freccia Rossa Shopping Centre S.r.l.

Work highlights

  • Assisted Italy’s AKNO Group with renegotiating short-term debt and an asset-based loan.
  • Acted for Tricenter, which owns the Bariblu Shopping Centre in Bari, on an NPL investment.
  • Advised the owner of the Freccia Rossa Shopping Centre in Brescia on a €95m-plus debt rescheduling.

Shearman & Sterling LLP

From Shearman & Sterling LLP's Milan office, Valerio Fontanesi focuses on a variety of areas, including leveraged finance, real estate finance, structured finance and distressed investments; his experience includes the devising of several previously untested lending and investment structures.

Other key lawyers:

Valerio Fontanesi

Studio Legale Associato a Watson Farley & Williams

Studio Legale Associato a Watson Farley & Williams' 'dedicated' Italy banking and finance team is well known for its sector experience in energy, transport, infrastructure and real estate. Mario D’Ovidio is a project finance expert, while Furio Samela is a shipping finance specialist.

Practice head(s):

Furio Samela; Mario D’Ovidio

Other key lawyers:

Michele Autuori; Amelia Garavaglia


It is extremely easy to work with WFW – it has been since the first meeting. The team is dedicated to its clients, with a strong propensity to listen.

‘The WFW partners are very well prepared and always helpful.

Mario D’Ovidio dedicates himself to projects, is a constant presence during discussions, shows great professionalism, and is precise with deadlines and content. It is a real pleasure to work with him.

Key clients

Alpha Trains

Rimorchiatori Mediterranei S.p.A.

Rimorchiatori Laziali – Impresa di Salvataggio e Rimorchi S.p.A.

Fratelli Neri S.p.A.

Viking Ocean Cruises

Blue Elephant Energy AG

Nordic Solar Energy A/S

RGreen Invest (RGreen Group)

Tages Capital

Work highlights

  • Advised Danish investment firm, Nordic Solar Energy, on the project financing for an Italian photovoltaic portfolio.
  • Advised RGREEN Invest on an early redemption €30m bond that was issued to finance the initial construction phase of a wind plant in Calabria.
  • Advised on the execution of a letter of intent.