White & Case Advises De' Longhi Industrial on Sale of Majority Interest in DeLclima to Mitsubishi Electric
Global law firm White & Case LLP has advised De' Longhi Industrial S.A. on its sale of approximately 74.97 percent of the share capital in DeLclima S.p.A., the Italian air conditioning products company, to Mitsubishi Electric Corporation.
After the transaction closes, Mitsubishi Electric will launch a mandatory tender offer for the remaining shares, representing approximately 25.03 percent of share capital in DeLclima, in compliance with Italian financial laws and regulations.
The total expected purchase price for 100 percent of DeLclima's shares is around €664 million, based on a per-share price of €4.44. The acquisition by Mitsubishi Electric of the initial majority interest in DeLclima, which requires no third party financing, is subject to clearance from the relevant antitrust authorities.
The White & Case team which advised on the transaction included partners Michael Immordino (London & Milan) and Ferigo Foscari (Milan), local partner Leonardo Graffi (Milan) and Milan associates Alessandro Seganfreddo and Alessandro Picchi.
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