Leonardo Graffi

Partner, Milan, London


"He is very talented, capable, very focused and hard-working” Chambers & Partners Global

"His ability to synthesise complex situations and simplify them for his clients is unparalleled. His attention to detail and ability to communicate effectively to the team is masterful." Chambers & Partners Global


Leonardo Graffi is a dual qualified (Italy and US) highly regarded corporate and M&A lawyer with extensive knowledge of the private equity sector. He has over 15 years of experience advising clients on the full spectrum of M&A transactions including joint ventures, cross-border and Italian public and private M&A deals.


Leonardo has advised strategic and private equity clients on several acquisitions/disposals of companies and businesses operating in a wide range of sectors, including banking, insurance, automotive, aviation, retail, pharmaceutical and high tech.
He is frequently called upon to work with companies and investment banks, especially in connection with complex, cross-border M&A transactions.

His practice also covers commercial contracts, sanctions and golden power regulations.

Leonardo is recognized as highly regarded in M&A and Private Equity by IFLR1000 2023 and is recognised as a leading Individual in Commercial Corporate and M&A and Private Equity by The Legal 500 2023. Leonardo is also ranked as a Band 6 lawyer in Corporate and M&A by Chambers Global and Europe 2023. Since 2017, Leonardo has been ranked among the 10 most active M&A lawyers of Italy by Mergermarket. He was also ranked among the most active lawyers for Mid-Market and Large deals at the 2021 Milano Finanza Legal Awards.

Bars and Courts
Italian Bar
New York State Bar
England and Wales
JD (Juris Doctor)
University of Bologna


Harvard Law School

MA (Gammon Fellow), US



Private Equity

BC Partners and Bain Capital's €3.06 billion acquisition of Fedrigoni, 2022
Leonardo advised BC Partners in connection with the €3.06 billion acquisition, together with Bain Capital, of Fedrigoni S.p.A., an Italy-based world leader in the production of value-added papers for luxury packaging and other creative solutions.

InfraCapital and InfraVia's €130 million sale of Terminal Darsena Toscana to MSC Italia Gate, 2022
Leonardo advised Gruppo Investimenti Portuali S.p.A., a holding company of certain port operators in Italy, whose share capital is held by InfraCapital, through Genny UK 2 Limited, InfraVia III Invest S.A., and I.L. Investimenti S.r.l., in connection with its €130 million sale of 100 percent of the equity interests in Terminal Darsena Toscana S.r.l. to MSC Italia Gate S.p.A., a company wholly owned by Terminal Investment Limited S.à.r.l.

White Bridge's acquisition of Delta Med, 2021
Leonardo advised White Bridge Investments II S.p.A. in connection with its acquisition, through an acquisition vehicle indirectly controlled by White Bridge, of the entire share capital of Delta Med S.p.A., a leading company in the vascular accessories sector.

Antin's acquisition of a majority stake in Hippocrates, 2020
Leonardo advised Antin Infrastructure Partners in connection with its acquisition of a majority stake in Hippocrates Holding, an Italian pharmacy group, from its co-founders and other shareholders.

BC Partners’s €2.1 billion acquisition of SOFIMA, 2020
Leonardo advised BC Partners in connection its almost €2.1 billion acquisition of an up to approximately 45 percent stake in SOFIMA, the holding company that controls IMA S.p.A.

CVC's US$3.5 billion acquisition of the Recordati, 2018
Leonardo advised an investment consortium led by CVC Capital Partners in connection with the acquisition from the Recordati family of the holding company that owns a 51.8 percent stake in the Italian pharmaceutical group Recordati and subsequent mandatory tender offer for approximately €3 billion (USD3.5 billion).

Goldman Sachs and Blackstone's investment in Prima Assicurazioni, 2018
Leonardo advised Goldman Sachs and Blackstone Tactical Opportunities in connection with their investment in Prima Assicurazioni, an online insurance firm specialized in the distribution of automobile insurance policies.

Muzinich's acquisition of Springrowth SGR, 2018
Leonardo advised Muzinich & Co Limited in connection with the purchase of 100 percent of the share capital of Springrowth SGR S.p.A. from its current shareholders.

Summit Partners' on the acquisition of DentalPro by BC Partners, 2017
Leonardo advised private equity fund Summit Partners and its portfolio company DentalPro in connection with the agreement for the acquisition of DentalPro by private equity fund BC Partners.

Infracapital and InfraVia's acquisition of Gruppo Investimenti Portuali, 2017
Leonardo advised Infracapital and InfraVia Capital Partners in connection with the acquisition of Gruppo Investimenti Portuali S.p.A., a leading container port operator in northern Italy holding majority and minority stakes in several container terminal concessions in major Italian ports.


Biomet's €46.6 million sale to PATRIZIA European Infrastructure Fund II, 2022
Leonardo advised Ankorgaz, an industrial holding company specializing in infrastructure investments in the bioenergy and biofuels sector, and Walter Lagorio, an entrepreneur active in the Italian gas sector, in connection with the €46.6 million sale of Biomet S.p.A. to PATRIZIA European Infrastructure Fund II and the subsequent reinvestment by Ankorgaz.

Libero's acquisition of an interest in Italiaonline, 2022
Leonardo advised Libero Acquisition S.à.rl., a company of the Orascom Group, in connection with the acquisition from Avenue Capital Group and GoldenTree Asset Management Lux of 27.5 percent of Italiaonline S.p.A., of which Libero Acquisition S.à.rl. already held 72.5 percent.

I.M.A.'s increase in its stake in IMA Dairy & Food, 2022
Leonardo advised I.M.A. Industria Macchine Automatiche S.p.A., one of the leading companies in the automated solutions for packaging industry, in connection with increasing its stake in IMA Dairy & Food Holding GmbH, a diversified packaging company based in Ranstadt, Germany.

GVS's €230 million acquisition of Haemotronic, 2022
Leonardo advised GVS S.p.A., a leading provider of advanced filtration solutions, in connection with the €230 million acquisition from M.E.R.A. Holding S.r.l. of Haemotronic S.p.A., which specialises in the production of components and products for the medical sector, with plants in Italy and Mexico.

De'Longhi Industrial's acquisition of an additional stake in La Marzocco, 2021
Leonardo advised De'Longhi Industrial S.A., the Luxembourg-based home appliances company, in connection with the acquisition of an additional 33.34 percent stake in La Marzocco International, a Seattle-based espresso and coffee machine maker, increasing its stake to over 50 percent.

Angelini Pharma's US$960 million acquisition of Arvelle Therapeutics, 2021
Leonardo advised Angelini Pharma in connection with the acquisition of Arvelle Therapeutics, a biopharmaceutical group headquartered in Switzerland focused on developing innovative treatments for patients with central nervous system disorders, for up to US$960 million.

Verlinvest US$100 million investment in Everli, 2021
Leonardo advised Verlinvest S.A., a privately-owned investment group headquartered in Brussels, in connection with its US$100 million investment in Everli, Europe's leading marketplace for online grocery shopping.

International Game Technology's sale of Lottomatica to Gamenet, 2020
Leonardo advised International Game Technology PLC in connection with the agreement by its wholly-owned subsidiary Lottomatica Holding S.r.l. to sell 100 percent of the share capital of Lottomatica Videolot Rete S.p.A. and Lottomatica Scommesse S.r.l., to Gamenet Group S.p.A., a subsidiary of funds managed by an affiliate of Apollo Global Management Inc.

Takeda's divestments, 2019-20
Leonardo advised Takeda Pharmaceutical Company Limited in connection with the divestments of select OTC and prescription pharmaceutical products in multiple transactions, including the US$322 million divestment to Hasten Biopharmaceutic Co. Ltd. In China;

  • the US$562 million divestment to Cheplapharm in Europe and Canada;
  • the US$278 million divestment to Celltrion in Asia Pacific;
  • the US$670 million divestment to Orifarm in Europe;
  • the US$825 million divestment to Hypera Pharma in Brazil, Mexico and certain other Latin American countries;
  • the US$660 million divestment to STADA in Russia, Georgia, and a number of countries from within the CIS; and&
  • the US$200 million divestment to Acino in a number of EMEA countries.

Gruppo Investimenti Portuali's merger with PSA Italy, 2020
Leonardo advised Gruppo Investimenti Portuali S.p.A., a portfolio company of the private equity funds Infracapital and InfraVia, in connection with its merger with PSA Italy, the Italian subsidiary of the Port Authority of Singapore, which has created the largest terminal container operation managed by foreign investors in the Italian market.


Inadempimenti e vizi di conformità nel diritto della vendita internazionale, Contratto e Impresa/ Europa, p. 345., 2013

La Special Purpose Acquisition Company, Giurisprudenza commerciale, vol. III, pp. 445-463., 2010

Spunti in tema di costituzione di fondi di private equity e attività di fund raising nell'ordinamento giuridico statunitense, Contratto e impresa/ Europa, p. 1041 ss., 2008

Securing Harmonized Effects of Arbitration Agreements Under the New York Convention, in Houston Journal of International Law 2006, Houston Journal of International Law, p. 663 ss.

Case Law on the Concept of "Fundamental Breach" in the Vienna Sales Convention, Revue de droit des affaires internationales / International Business Law Journal, pp. 338-349., 2003

Awards and Recognition

Corporate and M&A
Leading Individual: The Legal 500 2023
Band 6: Chambers & Partners Global/Europe 2023
Highly Regarded: IFLR1000 2023
Ranked among the 10 most active M&A lawyers in Italy, Mergermarket 2017-2022
Ranked among the most active lawyers for Mid-Market and Large deals at the Milano Finanza Legal Awards 2021

Private Equity
Leading Individual: The Legal 500 2023
Highly Regarded: IFLR1000 2023