McDermott, Will & Emery Expands into Italy with Carnelutti

LONDON — Larry Gerber, the Chairman of McDermott, Will & Emery announces today the next significant step in the Firm’s continued expansion plans in Europe. He confirms that agreement has been reached with highly respected Italian market leader Carnelutti Studio Legale Associato to combine the practices of the two firms.

The agreement means that the Firm has added Milan and Rome to its existing practices in London, Munich and Düsseldorf, adding significantly to its international network and reach. This action is consistent with the Firm’s goal of establishing a high level full service practice in each of the major European financial and commercial centres.

Founded at the end of the 19th century, Carnelutti is the oldest established independent full service law firm in Italy with 20 partners and more than 50 other fee earners. It has particularly well regarded banking, corporate, employment, litigation, M&A, media, telecoms and tax practices. The M&A market in Italy is estimated to be worth $61bn and Carnelutti is very active in that market in relation to the value and number of completed transactions. One of the firm’s most recent major deals was the high profile acquisition by SAB Miller of national brewer Birra Peroni. Other recent highlights include advising Israel’s Dai telecom on its first transaction in the mobile phones market in Europe; advising Danone on its sale of Galbani to BC Partners which was Italy’s third largest private equity transaction ever; and advising on the largest MBO in the asset management sector.

Larry Gerber comments "Given its economic strength and positioning, Italy is an important market for us, and for our clients, and we wanted to work with a market leader here." He continues "We will continue to expand our capabilities to support our clients in Europe and elsewhere in line with their business needs."

Marino Bastianini, Carnelutti’s Chairman says "Italy is the world’s sixth largest economy. We advise many large Italian companies and foreign investors interested in the rapidly expanding commercial market here. We also advise Italian clients operating abroad, so the combination with McDermott, Will & Emery and all that they stand for is a sound strategic move for all of us."

Carnelutti’s Vice Chairman Luca Arnaboldi agrees: "For some time we’ve been overhauling our management and operations to create a more Anglo-Saxon structured model. Being independent for so long, we wanted to join forces with a firm that has the same core values, models and above all approach. We have already worked with McDermott, Will & Emery on a number of matters, as it is crucial to ensure we are teaming up with a firm which shares our vision for the future domestically and internationally."

According to John Reynolds, Managing Partner of McDermott’s London office, "A top tier presence in Italy strengthens our position in Europe. The Italian M&A marketplace for example, is third only behind the US and the UK in number of deals for the first half of this year. We will be working closely with our new Italian partners to ensure our practices are integrating effectively to ensure a cohesive approach to client service."

Marino Bastianini has served as Chairman of Carnelutti since 1983. His practice includes mergers and acquisitions and corporate restructuring, with a particular emphasis on international law. Mr. Bastianini received his law degree from the University of Milan in 1957. He is a member of the International and Italian Bar Associations.