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First European IPO of 2011: CMS Hasche Sigle advises Italian SPAC Italy1 Investment S.A.


Frankfurt/Main – Italy1 Investment S.A., a newly established special purpose acquisition company (SPAC) registered in Luxembourg, has obtained gross proceeds of EUR 150 million in the first European IPO of 2011. This was preceded by an offer of 15 million shares (market shares) to institutional providers. The shares are combined with 15 million options (market warrants) to subscribe to further shares. 
Trading in the market shares is scheduled to commence on 27 January 2011 on the corresponding regulated market of Milan Stock Exchange, the Mercato Telematico degli Investment Vehicles (MIV) of Borsa Italiana. Trading in the market warrants is expected to start on 14 March 2011. 
An international team from CMS Hasche Sigle, CMS Adonnino Ascoli & Cavasola Scamoni, Chiomenti Studio Legale and Loyens & Loeff led by Dr Andreas Zanner and Philipp Melzer acted as issuer's counsel. The team advised Italy1 Investment S.A. as well as the founding shareholders led by Vito A. Gamberale, Prof. Roland Berger, Carlo Mammola, Florian Lahnstein, Gero A. Wendenburg and Giovanni Revoltella on all aspects of admittance to the MIV. The lead role was taken by the capital markets team at CMS Hasche Sigle. The M&A-team led by Dr Udo Simmat previously advised the first German SPAC, Germany1 Acquisition Limited, on all aspects of a business combination with AEG Power Solutions. 
Italy1 Investment S.A., the first listed Italian SPAC, intends to enter into a business combination within 24 months by acquiring or merging with one or more mid-size Italian companies with an equity value of between EUR 300 and 600 million. 
Banca IMI S.p.A. and J.P. Morgan Securities Ltd. acted as joint global coordinators and joint bookrunners for the IPO.

Advisers CMS Hasche Sigle:

Dr Andreas Zanner, Capital Markets (Lead Partner) 
Philipp Melzer, Capital Markets (Lead Partner) 
Vanessa Harms, Capital Markets 
Holger Hirschberg, Capital Markets 
Till Benjamin Liebau, Gesellschaftsrecht 
Stephan Parrandier, Capital Markets 
Laurence Schultz, U.S. and Corporate 
Dr Jakob Siebert, Corporate 
Dr. Udo Simmat, M&A, Client Relationship Partner 
Dr Stefan Ueding, Capital Markets

Advisers CMS Adonnino Ascoli & Cavasola Scamoni:

Paolo Bonolis, Capital Markets 
Pietro Cavasola, Capital Markets 
Emanuela di Muzio, Capital Markets 
Paolo Scarduelli, Corporate

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