Giuseppe Francesco Bonacci, Partner at Legali Riuniti Lex, was appointed, together with his colleague Lawyer Edoardo Tosetto, to the Board of Arbitrators of GIMAV, an association of Italian manufacturers and suppliers of machines, accessories, equipment and special products for the processing of glass.

Michele Giusti, President of the Association, expressed sincere appreciation for the appointment of Giuseppe Bonacci, a professional with over ten years of experience in litigation and arbitration proceedings in Commercial and Corporate Law.

Bonacci’s appointment as Member of the College of Arbitrators strengthens his relationship with the associate companies for which he is already consultant in relation to the issues regarding internalisation on the US market. This appointment will allow Bonacci to be closer to associated companies in his expertise in corporate and commercial litigation.

Investment Energy Resources Limited (IERL), a subsidiary of the Guatemalan Corporación Multi Inversiones (CMI), has obtained financing worth $1 billion. The owner of the assets of the centennial group’s energy business debuted in the international market with an issue of senior bonds guaranteed for $700 million, with a coupon rate of 6.25% and maturity in 2029. The securities were certified as green bonds and are guaranteed by almost all IERL subsidiaries that own power generation facilities. Alongside this, the company received a senior loan from a bank syndicate led by Banco Latinoamericano de Comercio Exterior for $300 million, also backed by IERL subsidiaries.

The company used the resources gained through this financing to cancel debt contracted to finance new or existing green projects. This green bond investment is the largest ever of its type for Central America and the Caribbean, stated QIL+4 Abogados team.

QIL+4 Abogados, with the participation of our partners Alejandro Cofiño, Andrés Lowenthal, and associates Ignacio Grazioso and Enrique Martinez, acted as local counsel representing Investment Energy Resources Limited (Issuer) and Renace, S.A. (Guarantor).

Medina Garrigó Abogados, BLP - Honduras, Consortium Legal - Costa Rica and QIL + 4 LAWYERS acted as legal advisers to Investment Energy Resources Ltd. Arias acted as legal adviser to CMI Energía. Graham Thompson acted as legal adviser to WCG Energy Ltd. Simpson Thacher & Bartlett, Consortium Legal - Guatemala & Honduras, BLP - Costa Rica acted as legal advisers to Citigroup Global Markets Inc.

This successful transaction has a positive impact for the environment and communities in the region.

ArlatiGhislandi (AG) supported Autostrade per l’Italia in the signing of the “Expansion Contract”, which will allow the ASPI Group to carry out a challenging industrial plan based on the modernisation and strengthening of its structures through a model of sustainable, safe and digital mobility.

AG assisted Autostrade per l’Italia in the contract’s design, drafting and approval by the Ministry of Labour. The firm described the contract as a “challenging project of evolution of professional and technological know-how through generational change, allowing facilitated access to pension income, training and upskilling of key resources as well as the entry of new professional profiles.”

The contributions of AG’s team, which included Partner Massimiliano Arlati and Advisor Luca Mariani’s specific expertise in legislation and in institutional relations, allowed the drafting of a project for the reorganisation of skills in the companies of the group and for 210 new resources to enter the world of work – also through generational turnover – as well as the enhancement of staff know-how through specialised training courses. Arlati and Mariani advised on relations with Organisations and Institutions as well as Trade Union Law, while Senior Advisor Arturo Visconti advised on Pension Law.

The AG team supported ASPI in all phases of the project, ensuring the group a reallocation and competences with particular attention paid to the human resources costs that will remain in perspective until the end of the year 2023.

The State Participations Agency was advised by Gide on the acquisition of shares in Orano from Areva and Caisse des Dépôts et des Consignations (the latter acting as fiduciary agent holding the Orano’s shares in trust) by the French State. These share capital acquisitions are part of the conclusion by Areva of a new global settlement agreement with its Finnish client TVO and of a transactional agreement with EDF.

Gide’s team comprised Partners Thomas Courtel, Jean-Gabriel Flandrois, Stéphane Hautbourg and Anne Tolila, Counsel Paul Guillemin and Associate Alexandre Rennesson.

Louis-Marie Pillebout of VGG Associés advised the Caisse des Dépôts et des Consignations. Areva was advised by Barthélémy Courteault Samuel Pariente of Bredin Prat.

Bird & Bird and Selih & partnerji advised OTP on the acquisition of Nova KBM bank in Slovenia from a company owned by Apollo and EBRD. Paul Weiss and Wolf Theiss advised the seller on the deal. The transaction, which awaits regulatory approvals, is expected to be finalised in the second quarter of 2022.

Selih & partnerji team comprised partners Natasa Pipan Nahtigal, Jera Majzelj, Spela Remec, and Mia Kalas, associates Miha Hocevar and Jana Steblaj, and the members of Selih due diligence team. The Wolf Theiss team included Ljubljana-based Managing Partner Markus Bruckmuller, Partners Klara Miletic and Klemen Radosavljevic, Counsels Tjasa Lahovnik and Petra Jermol, Senior Associates Neja Nastran and Simon Tecco, and Associates Larisa Primozic, Junej Renko, Iva Sturm and Ana Zorn. They were also joined by Vienna-based Partners Guenter Bauer and Robert Wagner, as well as Budapest-based Partner Janos Toth and Counsel Melinda Pelikan.

Kindergartens and entrepreneur Leonardo Amulfi were assisted by the PACINI – BURCHI & BORRI Associate Law Firm with a multidisciplinary team coordinated by the lawyer Giampaolo Pacini who managed the phase of legal due diligence and the negotiation of the agreements related to the operation, assisted by Dr. Valentina Maffeis. The urban, regulatory and labour law profiles were followed by the lawyers Michela Burchi, Maria Cecilia Borri and Enrico Mucci, members and partners of the PACINI – BURCHI & BORRI Associated Law Firm. There has been a pleasant fluidity of relationship with the team of DLA Piper whom assisted the buyer Cognita.

Filip & Company and Linklaters advised Banca Transilvania on its RON 213 million acquisition of Getin Holding’s shares in the Idea Bank Group Romania. The transaction remains contingent on regulatory approval by the Financial Supervisory Authority, the Competition Council, and the National Bank of Romania.

Banca Transilvania (BT) is a financial group active in South-Eastern Europe with over 3.2 million customers, 9,000 employees, and 500 retail units. Four companies operating under the Idea brand in Romania – Idea Bank, Idea Leasing, Idea Insurance Broker, and Idea Investment – are included in the deal. The companies collectively hold 46 units and RON 2.85 billion in assets. BT Chair Horia Ciorcila stated that the acquisition was a continuation of BT’s strategy of launching digital banking initiatives.

The transaction also marks a continuation of Filip & Company’s work with BT, having recently advised on the company’s acquisition of Microinvest in Moldova. The Filip & Company team was led by Partners Alina Stancu Birsan and Cristina Filip and included partner Olga Nita, Senior Associate Rebecca Georgiana Marina, and Associates Lavinia Cazacu and Alexandru Moraru.

Sayenko Kharenko and Nestor Nestor Diculescu Kingston Petersen advised the seller on the matter.

Insurance start-up Wefox has raised €533 million from investors. This financing round is estimated to be the largest ever undertaken by an insurteh company. Wefox, founded in 2014, has seen its valuation rise to €2.5 billion.

The investors taking part in the latest funding round are led by Berlin-based venture capital firm VC Target Global, which has also co-financed start-ups such as Auto1 and Delivery Hero. The investor decided not only to increase its existing stake, but to lead the financing round. Other new investors include FinTLV, Jupiter, LGT and Partners Group.

Wefox was advised on due diligence and Corporate and M&A matters by Alexander Ospelt and Judith Hasler of Liechtenstein-based law firm Ospelt & Partner. Taylor Wessing and Walder Wyss also advised Wefox. Target Global was advised by GSK Stockmann and Wenger & Vieli, and LGT and FinTLV were advised by Milbank and Gross GKH respectively.

An Interview With Judith Hasler Ospelt & Partner

What are your main concerns when advising a company on a fundraiser?

The main concern is that no funding is the same. The best template is of no use if you are not able to adapt it to the parties’ ideas and meet their concerns. As an advisor to a party, it is also essential to develop the right instinct between relentlessly representing the party’s interests and finding a compromise, since it is obviously not in the interest of the parties if the deal fails due to a small detail.

How do you work through these concerns to make sure that the financing round goes well?

This may sound old-fashioned, but nothing beats a face-to-face meeting. Even if digitalisation has opened up various possibilities in terms of electronic communication, which Ospelt & Partner of course also appreciates, there is still a need for personal meetings, because digital communication also means an increased risk of misunderstandings and ambiguities.

Do you expect to work on similar fundraisers in the future?

Ospelt & Partner advises a large number of companies of various sizes domiciled in Liechtenstein and abroad, for which fundraising is sooner or later an issue. However, Ospelt & Partner does not only offer advice to investment-seeking companies, but also to investors. Among other things, Ospelt & Partner has a partnership with a Liechtenstein VC company and regurarly advises this company on various investments.

Wikborg Rein assisted NRP Maritime Asset Management AS, one of the largest alternative investment fund managers within the maritime sector in the Nordics, with the merger of three of its alternative investment funds.

NRP Maritime Asset Management AS has recently announced the merger of Premium Maritime Fund, Premium Maritime Fund II and Premium Maritime Fund III (with a combined AUM of NOK 532,000,000). This deal represents the first successful merger of its kind between alternative investment funds in Norway.

The Wikborg Rein team comprised Snorre Nordmo, Ole Andenæs, Anders Myklebust, Cecilie Tollefsen and Henrik Biørnstad.

An Interview With Snorre Nordmo & Ole Andenæs at Wikborg Rein

What expertise did your team bring to the deal?

In addition to leading the transaction alongside the client from start to finish, the team’s financial regulatory expertise and relationship with the Norwegian regulator was key to a successful transaction. Although the transaction was mainly regulated by Norwegian corporate law, our asset management industry knowledge and experience was essential when tailoring the transaction with respect to structuring and taxation, commercial challenges, regulatory matters, etc.

Did you face any challenges? How did you overcome them?

Being the very first merger of its kind between alternative investment funds in Norway, it was uncertain how the financial regulatory aspects under Norwegian law would fit in parallel with the Norwegian corporate law, and in particular how the Norwegian regulator would approach the merger from a supervisory perspective. However, by taking the initiative to engage in dialogue with the regulator and anchor the process early on, the transaction was handled and completed rather swiftly. We think that our planning and assessments, and subsequent dialogue with the Norwegian regulator, were essential to completing the transaction.

What are the crucial details to keep in mind when advising on an investment fund merger?

We think that it is essential to understand the asset management industry and the business of the client, and how to best adapt the client’s business within the regulatory framework. When assisting our clients, we do not provide theoretical descriptions of the law; we present practical solutions within the regulatory framework that best suit the client’s needs. For the client, particularly on ground-breaking projects like this, the difference is crucial.

A lease has been agreed for the old Lloyds Bank building in Chopwell, Gateshead, allowing the next phase of its redevelopment to commence. The site on Derwent Street is set to be transformed into an enterprise and welfare centre that will be known as The Bank. Work on the project began in April and the facility is expected to be fully functional by October 2021.

Durham-based law firm Swinburne Maddison supported the lease deal following instruction from Chopwell Regeneration CIO.

Swinburne Maddison’s real estate partner, Victoria Walton, commented: “Although Swinburne Maddison has an increasingly prominent region-wide stature and reputation, we are committed to achieving the best possible outcome for every client – whatever their size or financial standing – including charitable enterprises such as this.

“We were delighted to be able to help lay the foundations for an organisation that looks set to make such a positive social contribution within this part of Gateshead, which is desperately needed.”

An Interview With Victoria Walton, Partner and Head of the Commercial Property team at Swinburne Maddison LLP

What key knowledge did Swinburne Maddison contribute to the lease agreement?

With a strong background in all types of landlord and tenant matters, including vast experience in the social housing sector, our team was very well placed to deal with the lease agreement on behalf of Chopwell Regeneration Group. Because of the client’s charitable status and associated funding structure, it was also necessary for us to draw on our experience in the charitable sector and to be particularly mindful of the specific statutory restrictions that affect charities.

What social impact do you expect this deal to have?

Like so many former mining villages in the region, Chopwell has still not recovered from the pit closure in the 1960s, with issues such as unemployment and food poverty extending far beyond ex-miners. The Bank will deliver services such as a “pay what you can” café and community fridge, as well as providing opportunities for people to learn new skills, gain qualifications and participate in a range of activities and events. The social impact of all this is going to be immense.

Do you expect to work on similar deals in the months ahead?

Yes, we actually have a number of similar deals ongoing right now, including the grant of a lease for another CIO looking to build a community centre on the outskirts of Durham city centre and a lease renewal for a local clothing bank. Whilst there are obviously questions regarding why some of these facilities are needed in the first place, we are proud to play our part in contributing towards the progress, development and wellbeing of the local community.