Italy: Debevoise & Plimpton and Bonelli Erede advise in Alitalia deal

Debevoise & Plimpton LLP is advising Air France-KLM, the Franco-Dutch airline company, on its proposed acquisition of a 25% stake from its Italian partner Alitalia for €322m.

On Monday 12 January, 2009, the board of the new company Alitalia accepted the transaction through which Air France KLM becomes Alitalia’s main shareholder and holds three seats on the Italian company’s board.

The Debevoise team is led by partner Patrick Laporte, and included partners Filippo Troisi and Andrea Fedi (Legance), International Counsel Séverine Canarelli, associates France Portmann, Pierre-Louis Cléro and Catherine Detalle.

The Debevoise team structured the transaction and drafted and negotiated the deal documentation with the help of the Italian law firm Legance for some matters relating to Italian law and for the due diligences.

The French-Dutch airline beat Lufthansa, represented by Freshfields Bruckhaus Deringer to buy a 25% stake in the Italian carrier at a much reduced price of €323m (£293m), after last spring’s failed €1.5bn (£1.4bn) bid to buy a minority stake.

Italian law firm Bonelli Erede Pappalardo advised Alitalia’s owner CAI on the sale of the stake. Lawyers from the firm included partner Sergio Erede and M&A partner Giorgio Fantacchiotti.