Michael Immordino

Partner, London, Milan

Biography

Michael is unanimously acknowledged as a star of the market, obtaining fantastic feedback across the board. Clients enthuse: “He is much more than a lawyer. He has an understanding of the business and adapts his legal work to the real essence of the corporation he is working with.”
Chambers & Partners Global

Overview

Michael Immordino is a top-rated US-qualified lawyer with 35 years of experience in corporate finance, mergers and acquisitions and private equity. His practice is based jointly in London and Milan.

He is frequently called upon to work with companies and investment banks, especially in connection with complex, international M&A and securities transactions.

Michael is an innovative lawyer with an ability to lead pioneering work on behalf of his clients. He has worked on many ”first time” deals in the international markets and in the M&A space for Italian companies.

SECURITIES TRANSACTIONS

Michael's extensive capital markets experience covers advising investment banks and issuers on both public and private equity and debt offerings (including SEC-registered, Rule 144A and Regulation S transactions). In the DCM area, he has significant experience in high yields, eurobonds, covenanted eurobonds, euro private placements and US private placements. In the ECM area, he has advised on a broad range of IPOs, secondary offerings and block trades. He has also acted as counsel in numerous offerings of Italian and Spanish companies, covering most industry and financial sectors.

Michael is ranked as a Star Individual for US Capital Markets expertise in Italy by Chambers and Partners Global 2020 and he is ranked in Band 1 for ECM and Band 2 for DCM by the same directory.. He is also recognized as a leading lawyer by The Legal 500 2020 and as a market leader in both ECM and DCM by the IFLR1000 2020. According to Chambers and Partners, clients appreciate his capacity to coordinate his team and his relationship skills, with one noting: ”He knows all the financial players in Milan.” As reported by The Legal 500, Michael has ”excellent knowledge of US capital increase transactions.” 

CORPORATE M&A AND PRIVATE EQUITY

Michael often heads up teams of the Firm’s lawyers in cross-border mergers and acquisitions transactions, including public and private negotiated acquisitions. Clients who seek his counsel in this area include companies, financial advisers and private equity funds.

He frequently acts in various cross-border M&A transactions on behalf of his clients and has assisted numerous corporates in connection with their investment activities and strategic projects. Michael is recognized as a market leader in M&A by the IFLR1000 2020 and is a recommended lawyer in both Corporate and M&A and Private Equity according to The Legal 500 2020.

Bars and Courts
New York State Bar
Education
JD (Juris Doctor)
Duke University School of Law
BA
Colgate University
Languages
English
Italian
Spanish
French

Experience

Capital markets

Società di Progetto Brebemi €1.679 billion project bond financing, 2019
Michael led the team that advised Società di Progetto Brebemi S.p.A. in connection with its €1.679 billion project bond financing. The transaction consists in a four tranched €1.679 bond issuance and approximately €307 million in credit facilities. The tranches of Notes have been issued pursuant to Regulation S and Rule 144A under the Securities Act and listed on the Official List of Euronext Dublin.

IGT’s €750 million high yield, 2019
Michael led the team that advised International Game Technology PLC in connection with the issuance of its €750 million 3.500% senior secured notes due 2026. The notes have been offered and sold pursuant to Rule 144A and Regulation S under the Securities Act and listed on Euronext Dublin.

Piovan’s IPO, 2018
Michael led the team which advised UniCredit Corporate & Investment Banking and Goldman Sachs International, as Joint Global Coordinators and Joint Bookrunners, on the initial public offering of Piovan S.p.A. on the STAR segment of the Milan Stock Exchange.

CVC Capital Partners’ €1.3 billion high yield, 2018
Michael led the team that advised CVC Capital Partners on a €1.3 billion high yield bond issuance in connection with the proposed acquisition of FIMEI S.p.A., which owns approximately 51.8 percent of the outstanding share capital of Recordati S.p.A.  

Gamenet’s €225 million high yield, 2018
Michael led the team that advised Gamenet Group S.p.A. in connection with the issuance of its €225 million senior secured guaranteed floating rate notes due 2023. The notes have been offered and sold pursuant to Rule 144A and Regulation S under the Securities Act and listed on the Luxembourg Stock Exchange. 

IGT’s US$750 million high yield, 2018
Michael led the team that advised International Game Technology PLC in connection with the issuance of its US$750 million 6.250% senior secured notes due 2027. The notes have been offered and sold pursuant to Rule 144A and Regulation S under the Securities Act and listed on Euronext Dublin.

Banco BPM’s €25 billion Euro Medium Term Note Programme update, 2018
Michael advised Banco BPM S.p.A. in connection with the update of its €25 billion Euro Medium Term Note Programme.

Piaggio & C.’s €250 million high yields, 2018
Michael advised Piaggio & C. S.p.A. in connection with the issuance of €250 million high yield 3.625% senior notes due 2025. The notes have been listed on the Luxembourg Stock Exchange and offered and sold pursuant to Rule 144A and Regulation S under the Securities Act.

Banca Carige’s €510 million liability management exercise, 2017
Michael advised Credit Suisse Securities (Europe) Limited and Deutsche Bank AG, London Branch in connection with the €510 million liability management exercise related to Banca Carige’s capital increase.

Pedemontana’s €1.221 billion project bond, 2017
Michael led the team that advised J.P. Morgan, as global coordinator, together with Banca IMI, Santander, Banca Akros and Kommunalkredit, in connection with a project bond financing for the construction of the Superstrada Pedemontana Veneta toll road. The transaction comprises the issuance of €1.221 billion variable rate senior secured amortizing notes and €350 million step-up subordinated secured notes.

Wind Tre’s €7.3 billion high yield, 2017
Michael advised Wind Tre S.p.A. in connection with its €7.3 billion issuance of high yield senior secured notes, in a combination of euro-denominated fixed and floating rate notes and dollar-denominated fixed rate notes, issued pursuant to Rule 144A and Regulation S under the Securities Act.

Esselunga’s €1 billion eurobonds, 2017
Michael advised Esselunga S.p.A. in connection with its issuance of €500 million 0.875% notes due 2023 and in connection with its issuance of €500 million 1.875% notes, due 2027, both made pursuant to Regulation S under the Securities Act.

GIMA TT’s €385 million IPO, 2017
Michael advised GIMA TT in connection with its initial public offering on the Milan Stock Exchange, in which approximately 35 percent of the company’s ordinary shares were sold for approximately €385 million.

UniCredit’s €13 billion rights issue, 2017
Michael advised the underwriters in connection with UniCredit’s €13 billion rights issue. This transaction represents the largest rights issue in Italian history.

Saipem’s €3.5 billion rights issue, 2016
Michael led the team that advised Saipem in connection with its €3.5 billion rights issue. The offer was partially guaranteed by a syndicate of bankers led by J.P. Morgan and Goldman Sachs International, as joint global coordinators, and Banca IMI, Citigroup, Deutsche Bank, Mediobanca and UniCredit Corporate and Investment Banking, as joint bookrunners.

Regular assistance to Intesa Sanpaolo
Michael regularly advises Italian banking group Intesa Sanpaolo S.p.A. in connection with its US$50 billion funding program. He also represented Intesa Sanpaolo in several Yankee bonds issued under its Medium Term Note Programme, including: US$1 billion 3.375% senior notes due 2023;  US$1 billion 3.875% senior notes due 2028; US$500 million 4.375% senior notes due 2048; a US$2 billion 5.017% tier 2 subordinated Yankee bond due 2024; a US$2.5 billion issuance of two Yankee bonds (which was awarded ”Best US dollar senior financial institution transaction in 2014“ by Global Capital); and a US$1.25 billion 3.875% issuance of Yankee bonds due 2018 (which won the Euroweek annual award for US dollar senior financial institution issuance in 2013), all issued pursuant to Rule 144A under the US Securities Act.

 

M&A and Private Equity

Esselunga majority shareholders on €1.8 billion purchase of Esselunga stake, 2020
Michael led the team which advised the controlling shareholders of the leading Italian food retailer Esselunga in connection with the €1.83 billion acquisition of a 30 percent share of Esselunga from its minority shareholders.

Esselunga majority shareholders on €435 million sale of an interest in La Villata, 2020
Michael led the team which advised the controlling shareholders of Esselunga in connection with the €435 million sale of 32.5 percent interest in the real estate company La Villata S.p.A. to a financial investor.

Takeda’s divestments, 2019 and 2020
Michael led the team which advised Takeda Pharmaceutical Company Limited in connection with the divestments of select OTC and prescription pharmaceutical products in multiple transactions, including (i) the USD278 million divestment to Celltrion in Asia Pacific (ii), the USD670 million divestment to Orifarm in Europe, including two manufacturing sites located in Denmark and Poland, (iii) the USD825 million divestment to Hypera Pharma in Brazil, Mexico and certain other Latin American countries, (iv) the USD660 million divestment to STADA in Russia, Georgia, and a number of countries from within the CIS; and (v) the USD200 million divestment to Acino in a number of EMEA countries.

CVC Capital Partners’ US$3.5 billion acquisition of Recordati, 2018
Michael led the team that 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 for approximately €3 billion (US$3.5 billion).

GS and Blackstone’s acquisition of Prima Assicurazioni, 2018
Michael advised Goldman Sachs and Blackstone Tactical Opportunities in connection with their investment in Prima Assicurazioni, an online insurance firm specializing in the distribution of automobile insurance policies.

SIA’s €375 million acquisition of First Data, 2018
Michael advised SIA S.p.A. in connection with its €375 million acquisition of First Data’s businesses in Central & Eastern Europe and Southern Europe.

Muzinich’s acquisition of Springrowth SGR, 2018
Michael 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.

FSI’s €200 million investment in Adler Group, 2018
Michael advised FSI in connection with the investment by FSI and Adler Plastic in Adler Group. Adler Plastic will own 72 percent of Adler Group, while the remaining 28 percent will be owned by FSI. According to the terms of the investment, FSI may invest up to a total of €200 million in Adler Group.

Infracapital and InfraVia’s acquisition of Gruppo Investimenti Portuali, 2017
Michael 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.

I.M.A. Industria Macchine Automatiche’s cross-border acquisition, 2016
Michael led the cross-border team that represented IMA, the listed company packaging leader, in connection with the acquisition of 100percent of Komax Systems LCF and Komax Systems Rockford and 76 percent of Komax Systems Malaysia, companies based in Switzerland, the United States and Malaysia.

Mediobanca’s cross-border acquisition of Cairn Capital, 2015
Michael led the team that represented Mediobanca in connection with its acquisition of a majority stake in Cairn Capital, a London-based investment management firm, from RBS. This transaction represents the first outbound investment in Mediobanca’s history.

Speaking Engagements

Michael regularly speaks at industry conferences and seminars. His most recent engagement was at the Euromoney Italy Conference held in Milan in September 2015.

Awards and Recognition

Star Individual: Capital Markets: US Foreign Expert - Chambers and Partners Global 2020

Banking
Recommended: The Legal 500 2020
Market Leader: IFLR1000 2020

Capital Markets: Debt
Leading Lawyer (Band 2): Chambers and Partners Europe/Global 2020
Recommended: The Legal 500 2020
Market Leader: IFLR1000 2020

Capital Markets: Equity
Leading Lawyer (Band 1): Chambers and Partners Europe/Global 2020
Recommended: The Legal 500 2020
Market Leader: IFLR1000 2020

Corporate and M&A
Foreign expert: US - Chambers and Partners Global 2020
Market Leader: IFLR1000 2020
Recommended: The Legal 500 2020

Private Equity
Recommended: The Legal 500 2020