Almaviva Secures Bond for Iteris Acquisition
Deal News | Nov 04, 2024 | Legal Community Italy
Almaviva, an Italian group specializing in mission-critical IT services and solutions, has issued a new bond to fully finance its acquisition of Iteris, a Nasdaq-listed company that offers smart mobility infrastructure management solutions. The bond issuance also serves to refinance existing bonds and includes a newly negotiated super senior revolving credit line. Various legal teams and advisory firms, including Legance, Linklaters, King & Spalding, EY, and Latham & Watkins, played crucial roles in addressing different legal, financial, and due diligence aspects of the transaction. Advisors for Almaviva included Goldman Sachs, while Morgan Stanley advised Iteris. Additionally, PedersoliGattai and Milbank advised on the bond issuance and revolving credit line aspects, specializing in Italian, English, and New York law.
Sectors
- Information Technology
- Financial Services
- Legal Services
- Transportation and Infrastructure
Geography
- Italy – Almaviva is an Italian company and the bond issuance was part of Italian jurisdiction.
- United States – Iteris is a Nasdaq-listed company based in the U.S., and U.S. law firms were involved.
- United Kingdom – Linklaters and Milbank, with offices in London, participated in the financing and legal advising.
Industry
- Information Technology – Almaviva specializes in mission-critical IT services and solutions.
- Financial Services – The financial structuring involved bond issuance and advisory services.
- Legal Services – Numerous law firms advised on legal aspects of the acquisition.
- Transportation and Infrastructure – Iteris provides solutions for managing smart mobility infrastructure.
Financials
- – Bond issuance for the acquisition and refinancing activities, plus a revolving credit line.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Almaviva | Acquiring Company | Company | An Italian group specializing in mission-critical IT services and solutions. |
| Iteris | Target Company | Company | A Nasdaq-listed company specializing in smart mobility infrastructure solutions. |
| Goldman Sachs | Financial Advisor | Company | Acted as the sole financial advisor for Almaviva. |
| Morgan Stanley | Financial Advisor | Company | Acted as the sole financial advisor for Iteris. |
| Legance | Legal Advisor | Company | Provided legal assistance for Almaviva concerning Italian law. |
| Linklaters | Legal Advisor | Company | Assisted Almaviva with financing aspects under various jurisdictions. |
| King & Spalding | Legal Advisor | Company | Handled U.S. legal aspects for Almaviva. |
| EY | Tax and Due Diligence Advisor | Company | Provided tax and structuring advice for Almaviva. |
| Latham & Watkins | Legal Advisor | Company | Advised Iteris on the corporate and financial aspects of the transaction. |
| PedersoliGattai | Legal Advisor | Company | Assisted banks in the bond issuance concerning Italian law. |
| Milbank | Legal Advisor | Company | Assisted banks in the bond issuance concerning English and New York law. |