Welcome to this week’s Spotlight, where we feature Iacopo Canino, a partner who practices out of our Milan office. Iacopo focuses his practice on leveraged finance and regularly assists lenders, borrowers, sponsors, and investors on a wide range of transactions including banking, high yield, and private debt financings.

Let's learn more about Iacopo, his practice, and the Italian finance market.

How did you first get involved in finance, and how has your practice evolved during your time at the firm?

I have been working in finance for more than 25 years, beginning with a background in corporate M&A and general commercial work. Throughout my career I have primarily operated in the private‑equity space, assisting sponsors and lenders on a variety of financing transactions—including customary LBOs as well as sophisticated infrastructure and special financings. As the Italian finance market has developed, my practice has evolved significantly over the years.

I started my career in a market consisting almost exclusively of bank lending. Over time, I had the opportunity to develop a broad leveraged finance practice, including high‑yield and private‑credit transactions.

The Italian finance practice, based in our Milan and Rome offices, is currently one of the country's largest and most comprehensive, covering the full spectrum of financing products—from traditional corporate financings to sophisticated leveraged and structured finance solutions.

Fund finance in Italy is underdeveloped for a number of reasons. Nevertheless, our Italian finance team is fully equipped to contribute to the development of this product, as the market is expected to evolve over the next few years.

In recent years, private credit has been the most relevant trend in the Italian finance market. While still catching up with other more mature European jurisdictions, the Italian market is now reasonably well established, and an increasing number of funds are actively exploring it.

Infrastructure and project finance are also attractive areas to focus on, and with the evolution of financing solutions on the market sourced by private capital, one should expect that a first-class fund finance practice can be of support to many operators in connection with Italian situations. As financing solutions sourced from private capital continue to evolve, a top-tier fund finance practice can support a broad range of market participants in Italy. 

Tell us about your capabilities in the region?

We have eight partners in the finance practice in Italy, supported by nearly 20 associates. We have close relationships with several private equity and private debt funds and can leverage them to support the development of a fund finance offering for the Italian market, thanks to Hogan Lovells Cadwalader's combined expertise and leadership.

We have intimate knowledge of financing products and structures, are internationally trained, and are accustomed to working—among other jurisdictions—on New York and English‑law documentation for cross‑border transactions. We are equally at home with Luxembourg‑based structures. In addition, we can rely on a top‑tier RSS team to identify the most protective investment structures for our clients

What are some of your most recent noteworthy deals?

Most recently, we have supported:

• Angelini Pharma – the leading Italian pharmaceutical group – on every aspect of its US $4.3 billion acquisition of Catalyst, a U.S.-listed company.
• EcoEridania - advised the CEO and founder on the sale of the company to CVC DIF and his subsequent reinvestment—a transaction that ranks among the largest Italian M&A/infrastructure deals.
• Open Fiber S.p.A., held by Cassa Depositi e Prestiti and Macquarie Asset Management, in renegotiating its equity and debt financing, a package that exceeds €10 billion in total capital.

What book, movie, or TV show would you most recommend to others?

For a book, I would recommend Infinite Jest by David Foster Wallace. My movie recommendation is Margin Call. And for a TV show, you can't beat Seinfeld.