ROME (4 February, 2016) - International law firm McDermott Will & Emery represented Pessina Costruzioni, a sponsor and main shareholder, in the transfer of 85 percent of shares in its subsidiary Garbagnate Salute to the UK-based infrastructure fund Equitix. Garbagnate Salute is a special purpose vehicle created to design, build, finance and operate the new Hospital of Garbagnate Milanese. The investment exceeds €130 million.
The McDermott team was led by partner Marco Cerritelli supported by associates Valentina Perrone and Paolo Cocchini.
The team advised on all matters concerning the divestment. This included negotiations with the existing financiers and the revision of the concession, pursuant to recent provisions enacted by the Italian Government, which are aimed at achieving savings in the healthcare sector.
“We are very pleased with the result and proud to have played a part in the success of this complex operation”, said Mr. Cerritelli. “It was one of the first transactions of this type since the introduction of new spending review provisions so there were several challenging issues we had to overcome to ensure a positive outcome. This transaction confirms a growing interest of institutional investors in the opportunities offered by PPP (Public Private Partnership) investments. We are looking forward to replicating this success with similar infrastructure and PPP opportunities.”
Earlier in 2015, the Italian team acted as legal counsel to Pessina Costruzioni and Garbagnate Salute in the first ever combined project bond – project loan transaction in the healthcare sector in Italy.
McDermott’s Italian infrastructure and project finance team provides a broad range of services to domestic and international clients on all aspects of the infrastructure sector in Italy, Europe and the Middle East. The Firm represents developers, operators and suppliers, as well as private investors and funds, financial institutions, and international brokers and dealers.
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