Italian law firm Carnelutti scooped the role of adviser to Israel's Dai Telecom on its first transaction in Europe
Under the deal, Dai Telecom, a subsidiary of Israel-based Polar Investments, will lease the operational network of Italy's Finmek Telit. Dai Telecom will also have the option of acquiring Telit, which manufactures telephones for operatorsincluding Telecom Italia.
Carnelutti chose to structure the deal using a 'lease of going concern'. Lead partner Oliviero Pessi explained: "We strategically chose the lease of going concern, peculiar to the Italian legal system, to enable us to significantly limit the undertaking of liabilities connected to the leased assets and, at the same time, to preserve the existing employment relationships."
He added: "We are particularly proud about having assisted this Israeli group in its first transaction in the mobile phones market in Europe."