Honeywell International concluded the takeover bid for the shares of Civitanavi Systems aimed at delisting
Posted on Sep 5, 2024
With the delisting last last Aug. 26, the takeover bid promoted by Honeywell International Inc. (through its subsidiary Honeywell II S.r.l.) on all the shares of Civitanavi Systems S.p.A. - a company listed on Euronext Milan and active in the research, design and production of inertial systems and sensors - was successfully concluded following the joint squeeze-out and sell-out procedure.
Honeywell, a NASDAQ-listed U.S. conglomerate operating globally in several high-tech industries, including Aerospace, was assisted by Bird & Bird, with a team coordinated by partners Stefano Silvestri and Federico Valle, for M&A, corporate and equity capital markets profiles, and composed of senior associate Linda Pietrostefani and associates Laura Pallanza, Paride Bordoni and Giorgio Cesari.
Partner Simone Cadeddu and counsel Jacopo Nardelli dealt with aspects related to “golden power” regulations, while partner Federico Marini Balestra and associate Chiara Horgan handled antitrust profiles. Bird & Bird, again with a team composed of partner Pierpaolo Mastromarini, counsel Michele Arruzzolo and associates Francesco Bianco and Rosita Magno, also assisted Honeywell in the negotiation of financial documentation and other aspects related to the financing of the transaction by UniCredit.
Civitanavi's majority shareholder and the broadcaster were assisted for legal aspects by PedersoliGattai with a team led by partner Nicola Brunetti, assisted for corporate and equity capital markets profiles by counsel Enrico Candotti and associate Tommaso Soragni, while senior counsel Fabiana Campopiano followed antitrust aspects under Italian law.
Legance advised UniCredit on financing aspects with a team led by senior partner Andrea Giannelli and composed of senior counsel Beatrice Zilio and senior associate Federico Liberali.
The countervalue of the takeover bid was more than 200 million, and UniCredit and Rothschild acted as financial advisors to the transaction.
