Exor, the Agnelli family investment company, has acquired a 43.7 % stake in GEDI, Italy’s leading media group, for €102.4 million from CIR, a holding company belonging to the De Benedetti dynasty.
GEDI owns two of the principal national newspapers, the left-leaning Repubblica and the centrist La Stampa, as well as a dozen of local and regional titles, the weekly investigation magazine L’espresso and popular radio stations Radio Deejay and radio Capital. The agreement comes shortly after the Agnelli-controlled Fiat Chrysler agreed to merge with French carmaker Peugeot. Exor also owns 43% of the UK based magazine The Economist continuing the long tradition of the Agnelli family in the publishing industry. The Agnellis have an history of media ownership, a passion that John Elkann has inherited from his grandfather, the “avvocato” Gianni Agnelli.
On the legal side of the deal, Pedersoli acted alongside Exor in the acquisition of its stake in GEDI. Gianni Origoni Grippo Cappelli & Partners assisted CIR with a team lead by partner Antonio Segni, Andrea Aiello and Lidia Caldarola. Pedersoli was involved along with a pool of lawyers lead by partner Carlo Re and including Fabrizio Grasso and Tommaso Ricolfi. The execution of the transfer is subject to the issue of the necessary authorisations by the relevant authorities, including the European Commission and AgCom, the Italian Authority for Communications Guarantees, and, given the time it will take for authorisation procedures to conclude, it is expected that the transaction will be completed within the first four months of 2020.