Milan corporate team advises on high-profile transaction involving complex, cross-conditionality.

Latham & Watkins has advised STAR Holdings B.V. and Morgan Stanley Infrastructure on the sale of its entire indirect stake in SAVE S.p.A. (SAVE), a traveller service company listed on the Mercato Telematico Azionario of Borsa Italiana S.p.A.

Following an agreement between SAVE’s two majority shareholders - Enrico Marchi and the companies he controls, Giovanni Marchi and Aprile, and Andrea de Vido, owner of Finint - Giovanni Marchi and Aprile will acquire 50% of the share capital of Finint, with Andrea de Vido leaving the shareholding in SAVE.

Following the signing of this agreement, Enrico Marchi and his controlled companies signed a second agreement with prime European infrastructure funds – managed by Deutsche Asset Management and InfraVia Capital Partners - for the sale of the controlling stake in SAVE to a newly-constituted company controlled by the funds and Enrico Marchi. In parallel, STAR Holdings B.V., a company indirectly controlled by Morgan Stanley Infrastructure, undertook to sell its entire indirect stake into SAVE, simultaneously to and conditional upon completion of the above transaction.

Latham advised STAR Holdings B.V. and Morgan Stanley Infrastructure in the transaction with a team in Milan led by partner Stefano Sciolla, with partner Antonio Coletti and associates Giovanni Spedicato, Andrea Stincardini, Gabriele Pavanello and Cesare Milani.