DENTONS, MACCHI DI CELLERE GANGEMI E MORPURGO IN THE ACQUISITION OF IT AUCTION
Dentons assisted illimity Bank in the execution of the agreement for the acquisition of a majority stake in the corporate capital of It Auction, an operator specialized in the management and marketing of real estate and assets deriving from insolvencies and property executions through a network of online platforms/auctions and a network of professionals located throughout the Italian territory. The selling partners, including the founder, Renato Ciccarelli, were assisted by Macchi di Cellere Gangemi (Bologna office). Dentons was assisted by a multidisciplinary team composed of Alessandro Dubini, Filippo Frabasile and Antonio Legrottaglie for corporate aspects and Giangiacomo Olivi, Saverio Cavalcanti and Francesco Armaroli for data protection aspects. For employment law issues, illimity Bank was assisted by Morpurgo, with a team composed of Claudio Morpurgo, Stefano Cilio and Francesca Rocco. Macchi di Cellere Gangemi’s multidisciplinary team was led by Antonio Bondesani, Laura Cavazzuti and Ilaria Vecchiarino. The closing of the transaction, expected by 2019, is subject inter alia to prior authorization from the supervisory authority as well as the positive verification of other conditions precedent, a standard provided by the agreement for this type of operation. The remaining 30% of It Auction will remain with the current partners, including their top management which will remain with the company to execute the business plan.