CorporateDewey secures LBO of Wind for Weather

Dewey Ballantine has advised on one of Europe’s largest ever leveraged buyouts after last month’s signing of the acquisition of Enel telecommunications group Wind by Weather Investments.

The firm, led by partners Ugo Giordano and Rome managing partner Stefano Speroni, secured the instruction to advise Weather through key members of the Weather consortium, who were former Wind executives. Speroni has a longstanding relationship with Wind.

Weather saw off a rival bid from a consortium led by Blackstone, after tabling a e12.2bn (£8.25bn) bid. Gianni Origoni Grippo & Partners and Bonelli Erede Pappalardo advised Blackstone and Goldman Sachs respectively on the failed bid.

Weather is the bid vehicle led by Egyptian telecoms guru Naguib Sawiris, chief executive and chairman of Egypt’s Orascom Telecom.

The offload of Wind, Italy’s third-largest mobile phone operator and second-largest fixed-line telecoms group, comes as Enel continues its withdrawal from telecoms to focus on its core electricity and gas businesses.

Chiomenti Studio Legale advised Enel while Allen & Overy and Latham & Watkins advised the debt providers ABN Amro, Deutsche Bank and Sanpaolo.