White & Case advises doValue on acquisition of Gardant

The global law firm White & Case LLP advised doValue SpA on the acquisition of 100 percent of the share capital of Gardant SpA, among others, from a subsidiary of Elliott Management Corporation for the amount of EUR 230 million, including the net financial position of Gardant and the newly issued shares of doValue. As a result, Gardant shareholders acquired a 20 percent stake in doValue.

The debt and equity financing package agreed in connection with the acquisition and partial debt refinancing of doValue consists of a new bank financing package of EUR 500 million and a rights issue of EUR 150 million offered to existing doValue shareholders post-closing, including the sellers, and a pro rata an underwriting commitment by Elliott, Fortress, Bain Capital Credit, other minority shareholders of Gardant and a consortium of four banks.

With over 20 years of experience and gross assets under management of approximately EUR 116 billion, doValue is a leading operator in Southern Europe in the management of credit and real estate portfolios originating from non-performing loans.

The White & Case team advising on aspects of the M&A transaction consisted of partners Michael Immordino (London, Milan) and Leonardo Graffi (Milan, London) and associate Mariasole Maschio (Milan). The team advising on debt and equity financing of the transaction was led by partner Stefano Bellani and included associate Alessia Sommadossi (both Milan). The team advising on equity capital markets consisted of partners Michael Immordino (London, Milan) and Ferigo Foscari and local partners Pietro Magnaghi and Alessandro Picchi (all Milan).

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