In a boost for Ashurst Morris Crisps finance practice after the collapse of merger talks with Fried Frank Harris Shriver & Jacobson, the UK firm has scooped the banking mandate for the winning consortium in the Italian yellow pages auction. Clifford Chance was among the advisers brought in for lenders supporting three other bids, but it was Ashursts that backed the winning horse in the race to buy Seat Pagine Gialle from Telecom Italia for Euros 5.65bn (£4bn). This is Europe's largest ever buy-out, beating last year's private equity-funded Euros 5bn leveraged buy-out of Legrand, on which Ashursts also advised the banks. BNP Paribas, Barclays Capital, CSFB and The Royal Bank of Scotland have arranged and underwritten the debt for the yellow pages deal. Leading the Ashursts team are partners Daniele Raynaud, Riccardo Agostinelli and Stefano Serbini in Milan and partners Nigel Ward, Helen Burton and Mark Vickers in London. The consortium acquiring Seat Pagine Gialle comprises BC Partners, CVC Capital Partners, Permira and Investitori Associati, advised by Giliberti e Associata and Dickson Minto. Gianni Origoni Grippo & Partners is advising Telecom Italia.