White & Case Advises Esselunga Majority Shareholders on €1.8 Billion Purchase of Esselunga Stake and Related €1.3 Billion Debt Financing and €435 Million Equity Funding from Sale of Minority Interest in La Villata
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Global law firm White & Case LLP has advised the majority shareholders of the leading Italian food retailer Esselunga on the €1.83 billion acquisition of a 30 percent share of Esselunga from its minority shareholders.
Esselunga is the leading supermarket chain in Northern Italy and has one of the highest sales per square meter rates compared to European competition. Esselunga is leading the supermarket supply chain in Northern Italy during the COVID-19 crisis.
The transaction was financed by a combination of equity funding by the majority shareholders of €100 million in cash and €435 million deriving from the sale of their 32.5 percent interest in the real estate company La Villata S.p.A. to a financial investor, and a senior debt facility of approximately €1.3 billion that includes a €550 million bridge component.
White & Case also advised the majority shareholders on the €435 million La Villata sale and on the €1.3 billion senior debt facility.
The White & Case team comprised partners Michael Immordino (London and Milan), Ferigo Foscari and Iacopo Canino, and associates Alessandro Picchi, Bianca Caruso, Robert Becker, Louise Ruggiero and Francesco Mozzone (all Milan).
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