Allen & Overy has advised Oxalis Holding S.à r.l on the settlement for the obtain by illimity Lender of Aurora Restoration Money S.p.A. (AREC).
AREC is currently owned by a few institutional buyers: Finance Roma S.p.A., GWM and Oxalis Keeping S.à r.l. and specialises in managing Not likely to Pay (UTP) loans with a emphasis on the company real estate segment.
illimity will acquire 100% of the share funds of a freshly set up company (“NewCo”), which will fall wholly in Arec organization perimeter.
The transaction, valued at EUR40 million, will be settled as follows: (i) obtain by illimity of 90% of NewCo shares, as payment for a share money improve by illimity, reserved to Arec, and (ii) buy of the remaining 10% of the shares of NewCo, to be paid in hard cash.
The completion of the transaction, which is expected to occur by the stop of 2022, is topic to the prior authorisation of the Supervisory Authority and acceptance by illimity’s Shareholders’ Assembly.
Allen & Overy encouraged with a group led by partner Paolo Nastasi, with senior associate Chiara De Luca and associate Marta Avara. Partner Stefano Sennhauser and associate Martina Gullino advised on the banking elements.
The article Allen & Overy advises Oxalis Holding on the acquisition of Aurora Restoration Money by illimity appeared first on Legal Need.
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