IFLR 1000
The Guide to the World's Leading Financial Law Firms

Gianni Origoni Grippo Cappelli & Partners' capital markets team has lost a string of lawyers specialised in equity capital markets, "They lost all of their equity capital markets partners, they went to Labruna Mazziotti Segni and Legance," says one peer. "Those are spin-offs of Gianni, plus their equity capital markets partners went to Latham & Watkins."

In equity, partner Andrea Marani acted as legal advisor to UniCredit Real Estate and its holding company UniCredit holding in relation to the contribution of a portfolio of 13 heritage properties worth €574 million.

Partner Marco Zaccagnini was involved in a debt transaction when he led the team advising Atlantia on the issue of €1 billion 3.375% fixed rate senior notes due September 2017 and €500 million of 4.375% fixed rate senior notes due September 2025. The mandate was part of a wider EMTN programme valued at €10 billion.

Heads of Gianni Origoni Grippo Cappelli & Partners' banking practice Giuseppe De Simone and Matteo Bragantini advised on most of the firm's banking mandates last year. De Simone was involved advising CDP on the framework agreement reached with ABI in relation to the granting by CDP to the Italian Banks of loans for an aggregate amount of €8 billion.

On the debt side, Bragantini led the team advising GE capital on the debt restructuring of Italtel priced at €400 million. Another highlight saw GE Capital and Banca Popolare di Milano called in the team in relation to its releverage financing in Moleskine.

Gianni Origoni Grippo Cappelli & Partners holds its high ranking firmly in this edition due to the markets' recognition of its "volume of professionals", "the number of deals and the type of transactions".

Over the last 12 months, partner Alessandro Giuliani was the key figure at the firm acting in the Italian M&A market. One notable deal saw Giuliani work alongside Eugenio Grippo advising Vimpelcom in relation to its merger with Weather Investments. The mandate, worth €20 billion, will create the fifth largest mobile telecommunications carrier worldwide.

Elsewhere Giuliani advised acquirer Unilever on the €1.275 billion acquisition of the body care business of Sara Lee Household and Body Care Italy.

A €300 million mandate again involved Giuliani when he led the team advising General Electric finance company's corporate reorganisation in Italy, with the creation of a banking group controlled by Interbanca.

Partner Francesco Gianni also took on work advising the bidder Lion Capital on the €800 million acquisition of Findus Italia, an Italian frozen food and seafood company.

One joint venture transaction, worth €440 million, saw partner Rosario Zaccà advise Corio's acquisition of 50% stake from the Allianz Group's Porta di Roma shopping centre, the largest shopping mall in Europe. The centre is now owned in a 50/50 joint venture structure by Allianz Group and Corio.

Gianni Origoni Grippo Cappelli & Partners' high-ranking position has been approved by rivals unanimously with one saying: "It should be in tier two" while another one says: "The firm's position is fair".

According to rivals, its main advantage is size. "The firm has a large team and they invest a lot in project finance. It's definitely strong in renewable projects."

The firm's project finance transactions are often driven by Ottaviano Sanseverino and Eugenio Grippo, who are both the lead partners of the department. One of the biggest deals, valued at €593.8 million, saw Sanseverino advise a group of banks as project lenders in relation to the financing of a photovoltaic (PV) plant with a capacity of approximately 160 MW. The deal is the largest portfolio and staple PV financing in Italy.

A €276 million transaction also saw the team, led by Sanseverino, advising a consortium of banks on the financing of a photovoltaic park in Rovigo. It was the largest investment in a single photovoltaic plant ever provided in Europe.

On the infrastructure side, Sanseverino was involved again when he advised Banca Infrastrutture Innovazione e Sviluppo, UniCredit, and BBVA e Banca Popolare di Milano on the financing of the realisation of the Maxi Lot No 1 on the road system within the Marche and Umbria regions.

Another infrastructure highlight saw Grippo lead the team acting for Cassa depositi e prestiti and WestLB, Milan with respect to the financing of A3 toll road between Salerno and Reggio Calabria. The mandate, worth approximately €126 million, involved a receivables purchase agreement, a revolving facility, and a medium/long term credit facility. Again a €73.5 million mandate saw Grippo led the team advising a group of banks in relation to the financing of an integrated water service related project in Livorno, and a gas distribution plant in the same region.