Italy

LawaL Legal & Tax Advisory assisted Arca Defence Italy SpA in the transaction Milan, October 7 – Arca Defence Italy SPA, the Italian subsidiary of the Turkish Arca Defence group, has completed the purchase of the business unit of Esplodenti Sabino SpA in a negotiated settlement of the crisis. Founded in Ankara in 2020, the ARCA Group operates in the defense sector, engaged in a wide range of activities such as military defense systems, arms and ammunition trade, management, production, training, and consulting in the defense sector. Based in Casalbordino in the province of Chieti, Esplodenti Sabino is a historic Italian company founded in 1972, specializing in the demilitarization of conventional ammunition and the recovery of materials from weapons. Esplodenti Sabino SPA, assisted by lawyer Sergio Della Rocca, began a process of negotiated settlement of the crisis, which led to the sale of the company to the Arca Defence group under the supervision of the settlement procedure expert Diego Bracciale and with the approval of the Court of Vasto presided over by Dr. Monteleone. Following the transaction, the approximately 65 employees of Esplodenti Sabino, after several periods of temporary layoffs, including under special provisions, will gradually return to their jobs thanks to the support of local institutions, particularly the Abruzzo region, as part of an overall operation that includes further investments in production sites planned by the Arca Defence group. LawaL Legal & Tax Advisory assisted Arca Defence with a team led by Managing Partner Piergiorgio Mancone and composed of Partner Giuseppe Massaro for the negotiation of the crisis aspects, Partner Alberto Picariello for tax aspects, and Partner Andrea Marziale for labor law aspects. The corporate and golden power aspects were handled by Piergiorgio Mancone with Senior Associate Luca Gobbi and Associate Emanuele Rizzuti. Sergio della Rocca and his team assisted Esplodenti Sabino S.p.A.. The President of Esplodenti Sabino Spa, Gianluca Salvatore, stated, "On behalf of myself and the entire company, I would like to express our deepest gratitude to all the workers who, during these difficult years, have always maintained a responsible and trusting attitude, and above all, our thoughts go out to those colleagues who are no longer with us. Transferring so many years of dedication and sense of duty to a solid group such as Arca is a source of great satisfaction, and we are confident that it will be a precursor to a relaunch of activities that is important both for the region and, with the importation into Italy of the culture of a prominent European entity, for the creation of a culture of safety in a complex sector such as explosives." The CEO of ARCA DEFENSE ITALY SpA, General Ciro Milano, also stated on behalf of the Arca Defence group that "fully aware of the great commitment required of myself and the entire Arca Defence Group, we will do everything necessary to continue the great tradition of Esplodenti Sabino S.p.A. in the area, doing everything possible to preserve and further implement the know-how of the workforce, which is the real added value of the acquisition. ARCA will make significant investments to start the new production activities as soon as possible in conditions of maximum safety for personnel. The hope is to have the workers and all the authorities involved at our side to minimize the time needed to resume activities."

Rome, 19 September 2025 – White Italia - a reserved Alternative Investment Fund (AIF) investing in majority stakes in companies providing social and healthcare assistance services as well as outpatient clinics and diagnostic laboratories - has completed the acquisition of the entire share capital of Unimed Group S.r.l. from Orizzonti Luminosi S.p.A. Unimed Group S.r.l. operates in the field of outpatient healthcare services and diagnostic imaging. LawaL Lergal & Tax advisory advised White Italy S.r.l., on the deal with a team led by Marco Pallucchini Wrede and including Emanuele Rizzuti. Legance advised Orizzonti Luminosi S.p.A. in negotiating the contractual documentation with a team led by partner Giandomenico Ciaramella, supported, for M&A matters, by senior counsel Giovanna Russo, senior associate Davide De Franco, and associate Nicola La Cesa. Enteleia, represented by Eng. Paolo Cacurri, took part in the transaction as sell-side M&A Advisor.

Belluzzo International Partners is pleased to announce the arrival of Avvocato Rodolfo Gherardo La Rosa as Equity Partner and Head of the newly established Legal Corporate and M&A practice, further expanding the firm’s integrated, multi-jurisdictional, and multidisciplinary professional offering. The firm strengthens its positioning in serving businesses, investors, and entrepreneurial families, in line with its long-standing tailor-made approach. The new practice complements the existing Wealth, Law, Tax, and Finance practices, which are supported by over 100 professionals across seven offices in Italy, the UK, Singapore, Switzerland, and the United Arab Emirates. Rodolfo La Rosa, who graduated with honours in Law from La Sapienza University of Rome, spent over twenty years at the international law firm Baker & McKenzie, where he served as Partner until 2019. He brings extensive experience in corporate law, M&A transactions, private equity, and extraordinary finance, with a solid track record in advising both Italian and international clients across various industrial sectors. “I am delighted,” says Rodolfo Gherardo La Rosa, “to join, together with my team, a group of over one hundred professionals, including lawyers, tax advisors and accountants, with complementary skills and a shared vision based on creativity, efficiency, and bespoke quality.” “The arrival of Rodolfo and his team marks an important step for our firm,” commented Luigi Belluzzo, Founding Partner “We are enhancing our ability to offer a comprehensive and integrated service, also in support of Private Capital and the Corporate world, generating high value-added synergies with our Tax Advisory, Wealth Planning, Legal-Tax Advisory & litigation and Compliance services, in an increasingly international context while maintaining strong roots in the entrepreneurial environment.” With offices in five countries and a global outlook, Belluzzo International Partners continues to invest in talent and expertise to meet the challenges of an ever-evolving market. Belluzzo International Partners is a professional firm providing advisory services through its Wealth, Law, Tax, and Finance practices to businesses, entrepreneurial families, institutions, and corporate clients. International, independent, and multidisciplinary, with qualified professionals across multiple jurisdictions and offices in Milan, Verona, London, Singapore, Lugano, Rome, and Abu Dhabi, the firm operates under a “one-firm” model. With over 100 in-house qualified professionals and international correspondents in major financial and commercial centers worldwide, the firm is particularly active in Wealth Planning & Governance, Extraordinary Transactions & M&A, Legal Advisory, Tax Advisory & Litigation, Internationalization, and also delivers professional services in Business & Compliance, Accounting, and Assurance.   Contacts: Belluzzo International Partners Maritana Rinaldi – Marketing Director – [email protected] Milan – Via Andegari 4 – Tel. +39 02 365 69657 www.belluzzo.net

The principle of result has been codified for the first time in article one of the current Public Procurement Code, published in 2023. However, the administrative jurisprudence has unquestionably stated that said principle is already part of the Italian legal system, and therefore it is applicable to cases subjected to previous laws regulating this matter. An accurate analysis of the most recent case law suggests that the principle of result sometimes contributes to the resolution of disputes, jointly with other principles and juridic institutions, which may be sufficient on their own. For example, when a tenderer lacks a participation requirement, the principle of result, the closed number of reasons for exclusion, and an interpretation that favours the widest participation in the tender are all instrumental in allowing the Judge to admit them to the bidding process. The Administrative Court for the Tuscany Region reached similar conclusions in T.A.R. Toscana, Sez. III, 7 febbraio 2025, n. 230, when, while considering the case of a company that was eventually awarded the tender, whose submitted documents were illegible, ruled that the prospect of finding the same information elsewhere had rectified the mistake. In fact, not only had the result of the document submission been reached, albeit through other materials, but moreover had the contractor been excluded, the principle of favouring the widest participation would have been thwarted. However, it is clear that a strong leaning towards the widening of the concept of legality is extensive in the administrative courts and it is often the main reason behind the judge’s decision. The offers are interpreted in accordance with the objectives they are aiming to achieve (i.e. public interest), even when such a reading goes against the literal meaning of the rule, leading to an alteration of the tender law which was accepted by all participants at the time of their application. For example, Cons. Stato, Sez. V, 27 novembre 2024, n. 9510 undoubtedly states that interpreting the rules of the bidding process in line with the objective they were written to achieve relieves the tender regulations from a strict reading. In that particular case, such an interpretation essentially changed the score calculation method and led the Public Administration to annul the tender process. This reasoning was justified by the “irrational outcomes” in terms of result that a traditional interpretation would have generated (i.e. the exclusion of 7 out of the 11 participants, including the winning operator whose offer had been deemed appropriate in a cross-examination), even though the tender itself had not been appealed. Therefore, the principle of result has become an overriding criterion in the exertion of discretionary power by the public administration, which is asked to adapt the rule to each specific case, thereby interpreting the economic operator’s will. The result–oriented reading of the bidding rules overcomes the limitations imposed by the traditional strict application of the tender notice provisions, now viewed as excessive formalities (see Cons. Stato, Sez. V, 5 febbraio 2025 n. 1620). Moreover, said jurisdictional tendency is adhered to by a majority of legal scholarship. Nevertheless, there are more “cautious” applications of the principle of result which specify that it should neither violate the protection of competition nor the principle of equal opportunity among the bidders. According to this less common case law, the achievement of the result should not be at odds with the principles of legality, transparency, and professionalism as regards the business operator. An example of this more rigid interpretation can be found in Cons. Stato, Sez. V, 25 settembre 2024, n. 7798, where the theory of a clerical error was not accepted when the environmental status of a selection of buses was misclassified, in violation of the evaluative criteria pertaining to the offer. Said theory was rejected because it would have coincided with not only an unlawful and belated alteration of the terms of the offer, but also a violation of the rules regulating the matter, which should always remain an essential point of reference. In conclusion, an offer that lacks participation requirements or disregards one of the evaluation criteria set out in the tender notice is unlikely to be excluded from the bidding process, provided the result of the public procurement procedure is achieved. Thus, the principle of legality is widened and both the exertion of the public administration’s discretionary power and the judicial review become more extensive, reducing what has traditionally been considered an unalterable defect to mere irregularities that are insufficient to exclude private operators from the tender process.