CMS advises Accenture on the acquisition of Value Transformation Services S.p.A. from IBM as part of its strategic partnership with UniCredit

As part of its long-term strategic partnership with UniCredit, aimed at consolidating a next-generation banking technology platform to support the Group’s growth across the 13 European markets in which it operates, Accenture acquired IBM’s majority stake in Value Transformation Services S.p.A., a joint venture in which UniCredit holds an interest and which manages a significant portion of the bank’s technology infrastructure. IBM will continue to support the Group through the provision of modernized technology platforms, software and consulting services. The transaction marks the launch of a multi-year programme designed to strengthen UniCredit’s core systems and operating model.

Accenture was advised by international law firm CMS through a multidisciplinary team led by Massimo Trentino (Partner, Corporate), Matia Campo (Partner, TMT) and Paolo Scarduelli (Partner, Antitrust).

The Corporate team, led by Massimo Trentino, advised on the transaction from the due diligence phase through to completion, including the negotiation of the transaction documentation and all corporate activities required for Closing. The work was coordinated by Valerio Giuseppe Daniele (Senior Associate), with support from Elena Papa (Senior Associate), Laura Cepollaro (Associate) and Federico Paganelli (Junior Associate).

The TMT, cybersecurity, technology and IT services aspects were handled by a team led by Matia Campo, with support from Veronica Mazzaferro (Counsel), Veronica D’Ottavio (Junior Associate) and Puqing Wang (Associate).

Foreign Direct Investment (FDI) and antitrust matters were handled by Paolo Scarduelli, with support from Lorenzo Bocedi (Counsel) and Massimo Alpigiani (Counsel), in coordination with the CMS Brussels team.

Employment matters were handled by Gian Marco Lettieri (Senior Associate).

Baker McKenzie advised Accenture on the tax due diligence and the analysis of the tax aspects of the transaction documentation, through a team comprising Michele Santocchini (Partner), Federico Franconi (Counsel), Marzio Bucciol (Counsel) and Giulia Trabattoni (Counsel). The Italian Baker McKenzie team also coordinated professionals from the Baker McKenzie network in Germany, Austria and the Czech Republic, as well as a best friend firm in Slovakia.