McDermott Advises Pessina Costruzioni in Transfer of Novara Hospital to Equitix
MILAN (August 8, 2017) – International law firm McDermott Will & Emery represented Pessina Costruzioni, as sponsor and main shareholder, in the transfer of 85% shares in its subsidiary, Novara Salute e Servizi S.p.A. to the UK based infrastructure fund Equitix. Novara Salute e Servizi S.p.A. is a special purpose vehicle (SPV) entrusted as a concessionaire for the design, construction, finance and operations of the new Hospital of Novara under a Public Private Partnership scheme.
With this transaction, McDermott confirms its leading role in the Italian PPP secondary healthcare market. The Firm’s team was led by partner Marco Cerritelli supported by associates Valentina Perrone, Gianmarco Scialpi, Paolo Cocchini and Riccardo Narducci.
The team advised Pessina Costruzioni and the SPV in all matters concerning the divestment, including negotiations with existing financiers and a revision of the concession with the Grantor, pursuant to recent provisions enacted by the Italian Government and aimed at achieving savings in the healthcare sector.
Prior to that, the McDermott Italian infrastructure and project finance team acted in the primary market as legal counsel to Pessina Costruzioni, as sponsor, and Novara Salute, as borrower, in the structuring and underwriting of the project finance transaction.
“We are glad of the result we achieved and proud of being a part of the positive outcome of this interesting and complex transaction which involved several challenging issues” said Marco Cerritelli. “This deal confirms the growing interest of institutional investors towards opportunities offered by the PPP investments market. We are looking forward to replicate this success with similar infrastructure PPP opportunities.”
McDermott’s Italian project finance team provides a broad range of services to domestic and international clients on all aspects of infrastructure sectors 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. McDermott is also one of the top providers of legal services to participants in private equity transactions in the healthcare market field.
About McDermott Will & Emery McDermott Will & Emery is a premier international law firm with a diversified business practice. Numbering more than 1,000 lawyers, we have offices in Boston, Brussels, Chicago, Dallas, Düsseldorf, Frankfurt, Houston, London, Los Angeles, Miami, Milan, Munich, New York, Orange County, Paris, Rome, Seoul, Silicon Valley and Washington, DC. Further extending our reach into Asia, we have a strategic alliance with MWE China Law Offices in Shanghai.