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

Though the Italian equity capital markets have been sluggish over the past year, Legance has managed a couple of decent mandates related to share capital increase and IPO listings. "Legance does some capital markets work, so I think tier three is fine," says one observer.

Partner Giorgio Vanzanelli led the team advising Fiat Industrial on its listing following the de-merger of Fiat and the mandate was closed in January 2011. Elsewhere Vanzanelli was again involved advising Cell Therapeutics who acts as issuer on its share capital increase of up to €120 million.

Legance's finance team, formed partly from a spin-off from Gianni Origoni Grippo & Partners a couple of years ago, has a strong presence in the Italian banking market. "The finance part [of Gianni Origoni] left and joined Legance," says one competitor. "Many partners are very much corporate focused and they do quite a lot of domestic work." While another one adds: "We do see them in the [banking] market."

The key partner involved in banking transactions is Alberto Giampieri who led the team advising Milano Serravalle - Milano Tangenziali on its €290 million capital injection financed by a group of lenders, including Banca Nazionale del Lavoro, MPS Capital Services Banca per le Imprese and Banca Popolare di Verona alike.

Another example saw Giampieri and Emanuele Espositi tead up acting for UniCredit Corporate Banking in relation to the €120 million financing facility granted to Immobiliare Costruzioni, with the purpose of financing, among others, the purchase price of the quotas of Società Agricola Tenuta Cesarina.

In a €398 million mandate, Guido Iannoni Sebastianini led the firm advising a consortium of banks in relation to the financing for an asset management holding. The transaction aims to boost the strategic alliance in the asset management among Clessidra SGR, Banca Monte dei Paschi di Siena and Banca Popolare di Milano.

Another pool of banks, including Intesa Sanpaolo and UniCredit Corporate Banking alike, called in Giampieri and Giandomenico Ciaramella when they led the team advising on the financing to Sesto Immobiliare; and in the subscription by the banks of equity instruments issued by Sesto as part of the acquisition of Falk from Risanamento. The total financing was about €430 million, with the equity instruments worth €48 million.

Filippo Troisi and Gian Paolo Tagariello teamed up from Legance Studio Legale Associato advised Generali Properties on the €2.1 billion acquisition of the interest held by Lamaro Appalti in Citylife; the team also advised on the negotiation of new shareholders' agreements and ancillary agreements with the shareholders Allianz and Immobiliare Milano.

In another notable transaction, a team of partners including Alberto Giampieri, Giandomenico Ciaramella and Andrea Fedi, advised a pool of banks, including UniCredit Corporate banking and Intea Sanpaolo alike, on the financings to Sesto Immobiliare and in the subscription of equity instruments issued by Sesto Immobiliare in the context of the acquisition of Falk from Risanamento.

On the infrastructure side, Legance advised a pool of lenders, consisting of prime national and international banks, on the €570.5 million project financing provided to Strada dei Parchi, a licensee of motorways A24 and A25 in Italy.

In December 2010, a team led by Monica Colombera also advised on two energy related transactions. One example saw him advise Aero Rossa on the project financing of a wind farm of approximately 84MW in the Sicily region. Another mandate saw him again involved advising Meliorbanca, who acted as the lender, on the financing of a portfolio of five photovoltaic plants in the Puglia Region, realised by Finolar, a special purpose vehicle (SPV) owned by Maccaferri Group.

In line with the market, Legance has also got a share in advising on restructuring mandates. A group of partners including Alberto Giampieri, Luca Autuori, Andrea Fedi and Stefano Parlatore advised a pool of banks led by BNP, Intesa Sanpaolo and UniCredit on the €700 million restructuring of Lucchini.

Elsewhere the firm has landed two similar mandates when Andrea Giannelli and Luca Autuori led the team advising Koelliker group on the restructuring of the financial indebtedness of the group worth €500 million; Gruppo Blu Vacanze also called in the firm when Giandomenico Ciaramella advised on the restructuring of the financial indebtedness of the group.