Linklaters advises members of the Moratti family on entering into an agreement to sell approx. 35% of Saras to Vitol

Linklaters has advised Massimo Moratti S.a.p.A. of Massimo Moratti, Angel Capital Management S.p.A., and Stella Holding S.p.A. on the Moratti family agreeing to sell their holdings in Saras S.p.A. (approximately 35% of its share capital) to Vitol, at a price per share entailing a valuation of Saras S.p.A. equal to approx. €1.7bn.

The transaction strengthens Vitol's investment portfolio to help it further supply energy demands including in Italy and the broader European region as well as the Mediterranean. Contingent on the customary regulatory approvals, the sale will be followed by a mandatory tender offer for the remaining shares of Saras S.p.A., with the aim of a subsequent delisting from the Italian Stock Exchange.

The Linklaters team was led by partner Roberto Casati, who was assisted by partner Ugo Orsini, managing associates Francesco Eugenio Pasello and Matteo Tabellini, as well as associate Marco Buffon. Antitrust matters were advised by partner Lucio D’Amario, assisted by managing associate Matteo Farneti and associate Jacopo Cislaghi.