Kirkland & Ellis LLP in Washington, DC REUTERS / Andrew Kelly
- Sullivan & Cromwell controls $ 3.2 billion deal for Ermenegildo Zegna Group
- Italy’s Chiomenti, Kirkland & Ellis represent SPAC. of a long-term customer
- Shearman & Sterling is advising the brokerage agents on the deal
(Reuters) – Four law firms, including Kirkland & Ellis, Sullivan & Cromwell, and Italy-based Chiomenti, are handling the legal processing of the $ 3.2 billion merger between Italian luxury fashion company Ermenegildo Zegna Group and commercial purpose company Investindustrial Acquisition Corp.
The deal, announced on Monday, would result in the first public listing of a major luxury brand through a merger with a SPAC, a Chiomenti press representative said in a statement.
Zegna hired Sullivan & Cromwell to advise on the transaction, while Kirkland and Chiomenti took the lead on the SPAC side.
Chiomenti advises Investindustrial on all corporate and tax aspects of the transaction, said a company representative on Monday. The firm’s team is led by corporate partners Carlo Croff and Luigi Vaccaro, including tax partner Massimo Antonini.
The collaboration between the Italian company and the blank check company is a continuation of its longstanding relationship with the major client and investment firm Investindustrial, said a representative from Chiomenti.
Investindustrial Acquisition Corp’s IPO in November 2020 was sponsored by the investment firm’s Investindustrial VII LP fund, according to a press release on Monday. SPACs or blank check companies raise funds through IPOs to merge with privately held companies and bring them public.
Kirkland’s Investindustrial team is led by corporate partners David Perechocky and Jonathan Davis, capital markets partners Cedric Van den Borren and Christian Nagler, and debt finance partner Neel Sachdev.
In addition to advising Investindustrial on the merger, Nagler also led the team that worked on SPAC’s initial public offering, which was filed with the US Securities and Exchange Commission.
According to an April press release, Investindustrial VII also assisted in the sale of design company Knoll Inc to Herman Miller Inc as part of an approximately $ 1.8 billion deal.
The deal between Zegna and the Investindustrial VII-backed blank check company is expected to close in the fourth quarter of 2021.
The SPAC’s financial advisors are Deutsche Bank AG, Goldman Sachs Bank Europe SE, SE – Succursale Italiana, JP Morgan Securities Plc and Mediobanca Banca Di Credito Fnnzr SpA.
The placement agents for an affiliated private investment in public equity are Deutsche Bank, Goldman Sachs & Co LLC and JP Morgan Securities Plc. You will be advised by Shearman & Sterling.
Zegna was founded as a textile company in 1910 and is now a leader in luxury men’s fashion. Zegna expects to use the proceeds from the transaction to support its expansion in Asia and the United States. The fashion group also owns the Thom Browne brand, which produces women’s, men’s and accessories.
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Italy’s Zegna is listed in the US with a $ 3.2 billion SPAC deal
Sierra Jackson
Sierra Jackson reports on legal matters relating to major mergers and acquisitions, including deal work, litigation, and regulatory changes. You can reach them at sierra.jackson@thomsonreuters.com