A joint German and Italian Clifford Chance team advised FCA Bank S.p.A. (FCAB) on the signing of a memorandum of understanding (MoU) for FCA Bank to acquire a majority stake in Ferrari Financial Services AG (FFS AG), a wholly owned subsidiary of FFS S.p.A.

Ferrari Financial Services S.p.A. (FFS S.p.A.) is an Italian indirect subsidiary of Ferrari N.V. (“Ferrari”) (NYSE/MTA: RACE).

As a result of the transaction, FCA Bank and FFS S.p.A. will continue the operations of FFS AG as joint venture partners, supporting the sales of Ferrari cars in certain European countries by offering innovative vehicle financing solutions to Ferrari customers.

FCA Bank is a banking group, and a joint venture between Fiat Chrysler Automobiles Italy S.p.A. and Crédit Agricole Consumer Finance S.A., predominantly operating in the automotive financing sector in Europe. FFS S.p.A. is Ferrari's own financial services provider based in Maranello, Italy.

The parties agreed not to disclose any financial details about the transaction.

The MoU will be transformed into a set of definitive agreements later in the year. The consummation of the transaction is subject to approvals of competition and bank regulatory authorities.

The German Clifford Chance team comprised partners Dr. Thomas Krecek (Corporate) and Dr. Marc Benzler (Banking & Capital Markets, Regulatory) – both lead – and was coordinated by senior associate Stefan Bruder (Corporate) – all Frankfurt. It further comprised partner Marc Besen (Antitrust, Brussels, Düsseldorf), senior associate Dr. Dimitri Slobodenjuk (Kartellrecht, Düsseldorf), partner Thorsten Sauerhering, senior associate Dr. Dominik Engl (both Tax), associate Moritz Petersen, senior associate Afroditi Tsobanelis-Görgen (both Corporate) as well as associate Dr. Christian Hissnauer (Banking & Capital Markets, Regulatory) – all Frankfurt.

The Italian team consisted of partner Claudio Cerabolini (lead), associate Filippo Isacco (both Corporate) and partner Lucio Bonavitacola, Associate Luca Maria Chieffo (both Finance) – all Milan.