LegisLAB and Norton Rose Fulbright advised on Lizard Renewables’ acquisition of a controlling stake in PLC S.p.A., a company listed on Euronext Milan.
Milan, September 2, 2026 – LegisLAB advised Pendant Power S.p.A.—a BidCo wholly owned by Lizard Renewables S.p.A. and designated by the latter to execute the transaction—on the acquisition from Fraes S.r.l. of a controlling stake in PLC S.p.A., representing 73.53% of the share capital of the company listed on Euronext Milan.The transaction marks a strategic milestone in the renewable energy sector and aims to create an integrated independent power producer by combining the industrial and operational expertise of both groups in the fields of energy infrastructure and renewable energy generation.Following the completion of the acquisition, Pendant Power will launch a mandatory tender offer for the remaining outstanding shares of PLC, with the aim of delisting the company.The transaction also involved Banco BPM S.p.A., which provided Pendant Power with a portion of the financial resources required to fund the acquisition of the controlling stake in PLC and to pay the consideration due under the mandatory tender offer.The LegisLAB team handling the transaction was led by Partner Daniele Iorio and included Senior Associate Gianluca Brambati.Banco BPM S.p.A. was advised by Legance on all legal aspects regarding banking and finance related to the transaction—including the drafting and negotiation of the financing agreement and related financial documentation—with a team led by Partner Guido Iannoni Sebastianini and comprising Senior Associate Alessandro Ciarmiello and Associate Claudia Rossi.Banca Akros S.p.A. (Banco BPM Group) is acting as financial advisor and as the intermediary responsible for coordinating the collection of acceptances for the tender offer.EY acted as advisor for financial and tax due diligence activities in connection with the transaction. Specifically, the financial due diligence was conducted by a team coordinated by Luciana Sist and comprising Mattia Carniato and Riccardo Tonon, while the tax due diligence was carried out by a team coordinated by Giacomo Albano and comprising Emanuele Gentile and Emiliano Sacchetti. Norton Rose Fulbright and Strada Borghetti Cavo e Associati advised Fraes, acting as legal advisor and financial advisor, respectively.In particular, Norton Rose Fulbright advised Fraes with a team led by Arturo Sferruzza—partner and head of the firm’s Energy and Infrastructure practice—assisted by associates Giulio Mariano, Mattia Musella, and Leone Sgaravatti. Antitrust matters were handled by a team comprising partners Veronica Pinotti and Martino Sforza and associate Ludovica Cesari. This latter team also managed—on behalf of both the buyer and the seller—all procedures required to obtain government authorization under "Golden Power" regulations.Founded in 2019, Lizard Renewables operates in the development and construction of renewable energy projects, focusing on photovoltaic, wind, biomethane, and green data center facilities, as well as battery energy storage systems (BESS). PLC Group operates in the high- and medium-voltage electrical infrastructure sector serving renewable energy generation plants, offering engineering, procurement, construction, and maintenance services.