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Clifford Chance

Clifford Chance
Paolo Sersale

Paolo Sersale


Paolo Sersale

Paolo Sersale heads the corporate M&A practice in Italy. With more than 20 years of practice, his experience ranges from public and private M&A, to corporate restructurings, private equity and ECM.

Global M&A Toolkit

Bringing clarity to complex cross-border M&A, providing in-depth analysis of the M&A trends across the globe

  • The underwriters in connection with EUR€2.6 billion IPO of Pirelli & C. (2017)
  • Cinven and its Italian Insurance arm, ERGO Previdenza, in relation to the acquisition of Eurovita from JC Flowers (2017)
  • PSP Investments, one of Canada's largest pension investment funds, in relation to a €500 million investment in F2i's new Infrastructure Fund (2017)
  • Exprivia, the Italian listed IT group, in connection with the acquisition of control of Italtel in the context of Italte's debt restructuring and recapitalisation according to art. 182-bis of the Italian Bankruptcy law (2017)
  • Campari: in relation to the sale of its wine assets (2016)
  • Poste Italiane: in connection with its EUR€3.4 billion privatization through IPO (2015)
  • Independent members of the Board of Directors of World Duty Free: in relation to the launch of a mandatory tender offer from Dufry for 50.1% of WDF’s share capital (2015)
  • Italian Ministry of Finance: in relation to the disposal of a 5.74% stake in Enel for a value of approximately EUR€2.2 billion (2015)
  • Telefónica: in relation to its investment in Telco/Telecom Italia and the related consortia agreements with Generali, Intesa and Mediobanca (2007-2014)
  • Fondo Strategico Italiano: in connection with its EUR€2 billion J.V. with Qatar Holding(2013)
  • Assicurazioni Generali: in relation to the establishment of its pan-European real estate platform, Generali Real Estate, managing a portfolio of approximately €28 billion and in 11 countries (2012)
  • Assicurazioni Generali: in relation to the reorganisation of its asset management activities under the UCTS IV Directive (2012)
  • LIXIL Corporation: in relation to the acquisition of Permasteelisa, the world’s leading curtain wall maker, from Investindustrial and Alpha Private Equity (2011)
  • E.ON: in relation to the auction sale of its Italian gas distribution network to F2i and Axa Private Equity (2010)
  • UniCredit: in relation to its €6.6 billion recapitalisation plan, including rights issue, CASHES hybrid bond issue and scrip dividend (2009)

Contact details

Career and qualifications

  • University of Milan (LL.D) 1993
  • Trained at Schlesinger-Lombardi 1994
  • Simmons & Simmons, London 1995
  • Admitted as an avvocato in Milan, Italy 1996
  • Joined Clifford Chance 1998
  • Partner since 2002
  • Head of Corporate M&A, Italy since 2007

Awards and citations

  • #2 in Corporate/M&A
    Chambers Global and Europe 2019
  • Leading Individual in M&A; Mentioned in ECM; Private Equity
    Legal500 2019
  • Highly Regarded in M&A and Equity Capital Markets
    IFLR1000 2019
  • Interviewees appreciate his technical expertise and that he is“at the same time also very practical.”
    Chambers Global and Europe 2019