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.” “He is a driver for international transactions, always coordinating the offices involved.”
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 capital international markets and in the M&A space.

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 & Partners Global 2022 and he is ranked in Band 1 for both ECM and DCM by the same directory. According to Chambers & Partners, clients appreciate his capacity to co-ordinate his team and his relationship skills, with one noting: "He knows all the financial players in Milan."

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.

Michael is a recommended lawyer in both Corporate and M&A and Private Equity according to The Legal 500. Michael was ranked among the 10 most active M&A lawyers of Italy, according to Mergermarket.

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

Experience

Equity Capital Markets

Nexi's €584 million block trade, 2022
Michael led the team that advised Intesa Sanpaolo S.p.A. in connection with the approximately €584 million placement of 5.1% of the share capital in Nexi S.p.A. through an accelerated bookbuild offering to qualified investors.

Banca Monte dei Paschi di Siena's €2.5 billion rights issue, 2022
Michael led the team that advised Banca Monte dei Paschi di Siena S.p.A. in connection with the US law aspects of its €2.5 billion rights issue.

Technoprobe's €713 million IPO, 2022
Michael led the team that advised Mediobanca and Intesa Sanpaolo, as joint global coordinators and bookrunners, in connection with the Regulation S €713 million initial public offering of 20.8% of Technoprobe S.p.A.'s ordinary shares on Euronext Growth Milan.

MotorK's €75 million IPO, 2021
Michael led the team that advised MotorK Plc in connection with its Rule 144A and Regulation S €75 million initial public offering on Euronext Amsterdam of 28.7% of the company's share capital.

Intercos's €350 million IPO, 2021
Michael led the team that advised Intercos S.p.A. in connection with its Rule 144A and Regulation S €350 million initial public offering on Euronext Milan of 26.5% of the company's share capital.

Autogrill's €600 million rights issue, 2021
Michael led the team that advised Autogrill S.p.A. in connection with its €600 million rights issue.

SECO's €160 million IPO, 2021
Michael led the team that advised Goldman Sachs International and Mediobanca - Banca di Credito Finanziario S.p.A., as joint global coordinators and bookrunners, and Mediobanca - Banca di Credito Finanziario S.p.A., as sponsor, in connection with the €160 million initial public offering of approximately 40.45% of SECO S.p.A. on the STAR segment of the Milan Stock Exchange.

Moncler's €400 million block trade, 2021
Michael led the team that advised Ruffini Partecipazione S.r.l. in connection with the approximately €400 million placement of 3,2% of Moncler S.p.A.'s share capital through an accelerated bookbuild offering to institutional investors.

GVS's €570 million IPO, 2021
Michael led the team that advised GVS S.p.A. in connection with its €570 million initial public offering of 40% of the company's share capital on the Milan Stock Exchange.

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

 

Debt Capital Markets / High Yields

Enel Group's US$4 billion yankee bond, 2022
Michael led the team that advised Enel Group in connection with a US$4 billion issuance of yankee bonds. The issuance consists of (i) US$1 billion 7.100% notes due 2027, issued by Enel Finance America LLC and (ii) US$750 million 6.800% notes due 2025, (iii) US$1.250 billion 7.500% notes due 2032 and (iv) US$1 billion 7.750% notes due 2052, all issued by Enel Finance International NV, offered and sold pursuant to Rule 144A and Regulation S under the US Securities Act.

Global Infrastructure Partners' €450 million investment in Superstrada Pedemontana Veneta, 2022
Michael led the team that advised Global Infrastructure Partners in connection with a €450 million investment in secured notes of Superstrada Pedemontana Veneta S.p.A.

Fabbrica Italiana Sintetici's €350 million sustainability-linked high yield, 2022
Michael led the team that advised the joint global coordinators, physical bookrunners and bookrunners, in connection with the debut issuance of €350 million sustainability-linked 5.625% senior secured notes due 2027 by F.I.S. - Fabbrica Italiana Sintetici S.p.A. The notes were offered and sold pursuant to Rule 144A and Regulation S under the US Securities Act and listed on the Official List of the Luxembourg Stock Exchange.

Autostrade per l'Italia's €1 billion issuance, 2022
Michael led the team that advised Autostrade per l'Italia S.p.A. in connection with its €1 billion bonds under Autostrade per l'Italia's €7 billion EMTN Programme. The issuance consists of (i) €500 million 1.625% fixed rate notes due 2028 and (ii) €500 million 2.250% fixed rate notes due 2032. The notes have been offered and sold pursuant to Regulation S under the US Securities Actand listed on Euronext Dublin's regulated market.

Intesa Sanpaolo's US$2 billion yankee bond, 2022
Michael led the team that advised Italian banking group Intesa Sanpaolo S.p.A. in connection with its a US$2 billion yankee bonds issuance under its recently updated US$50 billion Medium Term Note Programme. The issuance consists of (i) US$750 million 7.000% unsubordinated preferred notes due 2025 and (ii) US$1.25 million 8.248% fixed rate resettable unsubordinated non-preferred notes due 2033, offered and sold pursuant to Rule 144A and Regulation S under the US Securities Act.

Cedacri's €650 million high yield, 2021
Michael led the team that advised J.P. Morgan AG, as global coordinator and joint bookrunner, and Goldman Sachs International and UniCredit Bank AG, as joint bookrunners, in connection with the issuance of €650 million senior secured floating rate notes due 2028 by Cedacri Mergeco S.p.A. to finance its acquisition of Cedacri S.p.A. The notes were offered and sold pursuant to Rule 144A and Regulation S under the US Securities Act and listed on the Irish Stock Exchange.

IMA's €1,280 billion high yield, 2020
Michael led the team that advised Sofima Holding S.p.A., a newly established company controlling IMA S.p.A., in connection with a €1,280 million high yield bond issuance of senior secured notes, issued in two tranches, in the context of the mandatory tender offer on all IMA S.p.A.'s outstanding shares. The notes have been offered and sold pursuant to Rule 144A and Regulation S under the US Securities Act and listed on the Luxembourg Stock Exchange.

Società di Progetto Brebemi's €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 offered and sold pursuant to Regulation S and Rule 144A under the US Securities Act and listed on the Official List of Euronext Dublin.

CVC Capital Partners' €1.3 billion high yield, 2018
Michael led the team that advised CVC Capital Partners in connection with a €1.3 billion high yield bond issuance related to the proposed acquisition of FIMEI S.p.A., which owns approximately 51.8 percent of Recordati S.p.A.'s outstanding share capital.The notes have been offered and sold pursuant to Rule 144A and Regulation S under the US Securities Act and listed on the Luxembourg Stock Exchange.

Pedemontana's €1.221 billion project bond, 2017
Michael led the team that advised JP 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. The notes have been offered and sold pursuant to Regulation S and Rule 144A under the US Securities Act and listed on the regulated market of the Irish Stock Exchange.

 

M&A and Private Equity

BC Partners and Bain Capital's €3 billion acquisition of Fedrigoni, 2022
Michael led the team that advised BC Partners in connection with its €3 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.

Esselunga's €435 million acquisition of an interest in La Villata, 2022
Michael led the team that advised Esselunga Group in connection with its €435 million acquisition from UniCredit of 32.5 percent of the share capital of La Villata S.p.A. Immobiliare di Investimento e Sviluppo, the real estate holding company of Esselunga Group which owns more than 80 buildings used by Esselunga as stores of GDO. Through this acquisition Esselunga Group acquires full control of La Villata S.p.A.

Valeas' sale, 2022
Michael led the team that advised the seller in connection with the sale of the entire share capital in Valeas S.p.A., a Milan based pharmaceutical company active in the Italian market.

BC Partners's €2.1 billion acquisition of SOFIMA and subsequent €946 million MTO on IMA's shares, 2020-21
Michael led the team that 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. and on the subsequent €946 million mandatory tender offer on all the outstanding shares of IMA S.p.A.

Takeda's divestments, 2019-20
Michael led the team that advised Takeda Pharmaceutical Company Limited in connection with its divestments of select OTC and prescription pharmaceutical products in multiple transactions, including (i) the US$322 million divestment to Hasten Biopharmaceutic Co. Ltd. in China; (ii) the US$562 million divestment to Cheplapharm in Europe and Canada; (iii) the US$278 million divestment to Celltrion in Asia Pacific; (iv) the US$670 million divestment to Orifarm in Europe; (v) the US$825 million divestment to Hypera Pharma in Brazil, Mexico and certain other Latin American countries; (vi) the US$660 million divestment to STADA in Russia, Georgia, and a number of countries from within the CIS; and (vi) the US$200 million divestment to Acino in a number of EMEA countries.

De'Longhi's US$420 million acquisition of Capital Brands Holdings, 2020
Michael led the team that advised De'Longhi Group in connection with its US$420 million acquisition of Capital Brands Holdings, LLC, the holding company of the US group Capital Brands active in the personal blender segment with the Nutribullet and Magic Bullet brands.

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

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 its approximately €3 billion (US$3.5 billion) acquisition from the Recordati family of the holding company that owns a 51.8 percent stake in the Italian pharmaceutical group Recordati.

Speaking Engagements

Michael regularly speaks at industry conferences and seminars.

Awards and Recognition

Star Individual: Capital Markets: US Foreign Expert - Chambers & Partners Global 2022

Capital Markets: Debt
Leading Lawyer (Band 1): Chambers & Partners Europe/Global 2022
Recommended: The Legal 500 2022
Market Leader: IFLR1000 2022

Capital Markets: Equity
Leading Lawyer (Band 1): Chambers & Partners Europe/Global 2022
Recommended: The Legal 500 2022
Market Leader: IFLR1000 2022

Capital Markets: High Yield
Market Leader: IFLR1000 2022

Corporate and M&A
Foreign expert: US - Chambers & Partners Global 2022
Recommended: The Legal 500 2022
Ranked among the best lawyers for M&A Large deals and among the most active lawyers for Mid-Market deals at the Milano Finanza Legal Awards 2021.

Private Equity
Recommended: The Legal 500 2022