In the biggest ever leveraged buy-out in Europe, CSFB advised a consortium formed by BC Partners, CVC Capital Partners, Investitori Associati and Permira on the purchase of Telecom Italia’s controlling stake in SEAT Directories, the yellow pages and business information service, for a total consideration of e3.03bn.
The deal was noted for its tight timetable, necessitating a fully financed binding offer in just two months; for its highly complex structure, a result of Italy’s challenging regulatory environment; for its large size, including the biggest ever syndicated loan for a European LBO and the biggest European LBO high-yield issue; and for the competitive bidding process, which involved most major European and American private equity investors.
The CSFB-advised bid won the battle by going in aggressively, with the most flexible financing, effectively avoiding the uncertainties and delays usually connected with a prolonged bidding war.
