White & Case Advises BC Partners on Acquisition Aimed at Taking Private IMA

Global law firm White & Case LLP has advised BC Partners LLP on the M&A, financing, capital markets and regulatory aspects of BC Partners’ acquisition of an up to approximately 45 percent stake in SOFIMA, the holding company that controls IMA S.p.A., an Italian publicly-traded company and world leader in the design and production of automatic machines for the processing and packaging of pharmaceutical, cosmetic, food, tea, coffee and tobacco.

Following the closing of the transaction, expected to occur in November 2020 (subject to customary regulatory conditions, including antitrust clearances), SOFIMA will be launching a mandatory tender offer to acquire the remaining publicly-outstanding share capital of IMA, equal to approximately 48.4 percent of the aggregate share capital (i.e., approximately up to €1.4 billion). The goal of the mandatory tender offer is IMA’s delisting from the Milan Stock Exchange.

The transaction values the equity of IMA at approximately €2.93 billion. The financing of the transaction was arranged by J.P. Morgan, BNP Paribas, UniCredit Corporate & Investment Banking, Mediobanca - Banca di Credito Finanziario and Morgan Stanley.

Partner Michael Immordino (Milan and London) together with partner Leonardo Graffi (Milan) led the transaction and the various transaction teams: 

• M&A aspects were led directly by partners Michael Immordino (Milan and London) and Leonardo Graffi (Milan), together with partner Ferigo Foscari, local partner Alessandro Seganfreddo (both Milan), associates Andrea Pretti, Angelo Messore, Sara Scapin, Cristina Riva (all Milan), Caitlin Powell Gimpel (Milan and Chicago) and lawyers Pietro Festorazzi, Valerio Bianchi and Ioana Gaga (all Milan). 
• Financing aspects were led by a joint UK and Milan team comprising partners Martin Forbes and James Greene (both London) and Iacopo Canino and Alessandro Nolet (both Milan) and associates Nicola Chapman, Brain Dearing and Benjamin Morrison (all London) and associate Tiziana Germinario and Bianca Caruso and lawyer Beatrice Bertuzzi (both Milan). 
• Antitrust aspects were led by partner Axel Schulz and local partner Alexandra Rogers together with associate Tommaso Poli and lawyer Aron Senoner (all Brussels).

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