Milan, Italy -- Paul Hastings LLP, a leading global firm, has advised Italian white goods maker Indesit on the acquisition by Whirlpool of a 60 per cent controlling stake in the company from the Merloni family for €758 million. The acquisition marks the exit from Indesit of the founding Merloni family, one of Italy’s most prominent industrial dynasties, and is the largest Italian M&A transaction to date this year.
Indesit was founded in the 1930s and has operations in Italy, Poland, the UK, Turkey and Russia. The acquisition is subject to court and antitrust approvals and is expected to close by the end of 2014, and will be followed by a mandatory tender offer for all remaining Indesit shares by Whirlpool.
Paul Hastings also advised Indesit on their search for an investment partner. The team was led by Milan partner Bruno Cova and consisted of Milan corporate partner Antonio Azzarà with associate Flavio Acerbi, Paris and Brussels competition partner Pierre Kirch, and Milan litigation partner Francesca Petronio and associate Marilena Hyeraci.