Elias Neocleous & Co LLC provided strategic counsel to Cyprus entity Flipnation Limited, including corporate, tax and capital markets expertise, in relation to the company's acquisition of an approximate 10% stake in Ferretti S.p.A., an Italian multinational shipbuilding enterprise renowned for prestigious yacht brands Ferretti, Riva, and Pershing. With a market capitalization of around EUR1 billion, Ferretti's significance in the industry is undeniable.

Notably, Ferretti recently underwent a dual listing process, listing its shares on the Hong Kong stock exchange in 2022, followed by its debut on the Milan Euronet stock exchange in June 2023, pricing its offer in Milan at EUR3 per share, resulting in theEUR1 billion valuationfor the Italian yacht maker. This marked the first time a Hong Kong-listed company has added a dual listing in Europe.

Flipnationacquired Ferretti shareson both stock exchanges, amounting to a substantial investment exceeding EUR100 million. The intricacies of the transaction were complex in regards to negotiations with the Chinese conglomerate Weichai, Ferretti's main shareholder, and the regulatory implications pertinent to the dual listings in Hong Kong and Italy. Elias Neocleous & Co LLC also advised Flipnation on the financing required for the acquisition of the said shares. Goldman Sachs International, J.P. Morgan and UniCredit acted as joint global coordinators and joint bookrunners regarding the listing.

The firm's team, led by Managing PartnerElias Neocleousand supported by Senior Legal CounselMichael Pelosiand PartnerDemetris Roti, played a pivotal role in managing this multifaceted transaction, navigating intricate negotiations, regulatory considerations, and financing, to facilitate a successful legal outcome.