Global law firm White & Case LLP has advised doValue, a leading provider of strategic financial services in Southern Europe, on the equity and debt financing for the acquisition of 100 percent of the share capital of Italian credit management company Gardant S.p.A. (Gardant).
The acquisition, initially announced in July 2024, has been successfully completed.
The total consideration for the acquisition of Gardant comprises €230 million, including a cash consideration of approximately €181 million and €50.4 million related to the recognition of net financial debt, and the issuance of new shares corresponding to a 20 percent stake in doValue.
The acquisition was financed through a debt financing and equity rights offering. The debt financing consisted of a €240 million term loan facility provided by an international pool of 14 banks as part of a broader financing package under a loan agreement for a maximum amount of €526 million, divided into three facilities: two term loans with five-year amortization and a three-year €80 million revolving facility. The transaction also includes the full early redemption of the high-yield bond maturing in August 2025.
The equity rights offering consisted of a capital increase for a maximum amount of approximately €150 million. Anchor shareholders Fortress, Bain, Elliott and certain Gardant managers have committed to subscribe the capital increase for a total amount of approximately €82.5 million. The remaining portion, approximately €67.5 million, is backed by an underwriting agreement supported by a pool of banks committed to subscribing to any unsubscribed shares at the end of the public offering.
The White & Case team which advised on the transaction was led by partner Michael Immordino (London & Milan). The team which advised on its equity capital markets aspects included Immordino and partners Ferigo Foscari (Milan) and Evgeny Scirtò Ostrovskiy (Milan & London), local partners Alessandro Picchi and Pietro Magnaghi (both Milan), associates Lorenza Fici and Roberta Monasterolo (both Milan) and lawyer Artem Arzumanov (Milan). The team that advised on its debt financing aspects included partner Stefano Bellani (Milan) and associate Alessia Sommadossi (Milan).
During July 2024, White & Case advised doValue on the acquisition of 100 percent of the share capital in Gardant. The team that advised on the M&A aspects of the transaction included partners Michael Immordino (London & Milan) and Leonardo Graffi (Milan & London), associates Mariasole Maschio (London) and Stefania Maracich (Milan) and lawyer Laura Bozzini (Milan).
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