Retelit, an Italian data services and infrastructure operator, announced that its wholly-controlled subsidiary Retelit Digital Services has signed an agreement for the acquisition of Partner Associates (PA Group), Italian group specializing in ICT and owner of InAsset, a company specialising in the management of data centre services and infrastructures.

The subsidiary will acquire the 100% of the shares held by the current shareholders of PA Group (Ennio Baracetti, founder, RiverRock, Fvs and Roberto Cella) for 60 million Euros, plus 13 million earn-outs spread over three years to achieve objectives during this time frame.

Banca Imi (agent bank), Ubi, Intesa Sanpaolo and MPS will finance the operation up to a maximum of 103 million euro.

Closing set for 10 January 2020, a date subjected to certain conditions precedent related to the agreement.

Retelit appointed several legal advisors: Nctm acted with a team coordinated by Daniele Tani and Alice Bucolo, supported by Giuliana Capillo, while Michele Bignami dealt with labour law aspects and Eugenio Siracusa with banking aspects. Lexia Avvocati dealt with the regulatory aspects of the transaction with Francesco Dagnino and Andrea Massimo Maroni. PwC TLS provided the tax due diligence with partners Nicola Broggi and Pietro Bertolotti. The financing agreement was drawn up, on Retelit side, with the assistance of Nctm, and with that of Simmons&Simmons on the financing banks side. PA Group was assisted by Osborne Clarke.