finance
monthly
Personal Finance. Money. Investing.
Contribute
Newsletter
Corporate

Società Navigazione Siciliana Spa's Acquisition of Siremar

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Sed aliquam orci eget lacus molestie, non porta nisl mattis. Sed laoreet neque ut dui maximus, vitae pretium est dictum.

Posted: 15th July 2016 by
d.marsden
Share this article

Società Navigazione Siciliana Spa has confirmed the acquisition of Siremar, a joint venture owned by the Italian shipping companies Ustica Lines and Caronte & Tourist. SNS also confirmed that Siremar will oversee the maintenance of services and activities - both the fleets of ferries and high speed vessels, as well as the maintenance of the whole staff of Siremar.
The value of the transaction amounts to approximately €55.1 million ($61 million).

Due to the acquisition, the Siremar ferries sector of the business will be run by Caronte & Tourist: Repaci Antonino and Vincenzo Franza, CEOs of Caronte & Tourist, will be respectively president and vice president, while Genghi Luigi, general manager of Caronte & Tourist, will be the company’s CEO.

The hydrofoils sector will be managed by Ustica Lines, chaired by Ettore Morace who announced that Ustica Lines will be called Libertylines and will open new routes between the ports of Puglia region and Ελλάδα.

E.Morace&Co. were from the beginning of the transaction, initially advising SNS in the due diligence process, and later on the financing with Italian banks and the preparation of the offer. The firm then assisted SNS in the litigations against the award of the tender to another company which SNS won on first instance, in Appeal and before the Supreme Court.
The transaction was led by E.Morace&Co’s Corporate & Commercial team (run by Carlo Morace along with partner Alessandro Malangone) and involved issues of EU Competition law, Bankruptcy law, Italian Public Tenders law, Banking law issues, Criminal law, Employment law, Corporate and Shipping law.

About Finance Monthly

Universal Media logo
Finance Monthly is a comprehensive website tailored for individuals seeking insights into the world of consumer finance and money management. It offers news, commentary, and in-depth analysis on topics crucial to personal financial management and decision-making. Whether you're interested in budgeting, investing, or understanding market trends, Finance Monthly provides valuable information to help you navigate the financial aspects of everyday life.
© 2024 Finance Monthly - All Rights Reserved.
News Illustration

Get our free monthly FM email

Subscribe to Finance Monthly and Get the Latest Finance News, Opinion and Insight Direct to you every month.
chevron-right-circle linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram