Italian Agency for the Promotion of Investment in Privatization of NCA

Cleary Gottlieb assisted INVITALIA - Agenzia nazionale per l’attrazione degli investimenti e lo sviluppo d’impresa SpA (the Italian agency for the promotion of investment) in the privatization of Nuovi Cantieri Apuania SpA (NCA), active in the shipbuilding business.

NCA has been acquired by the Moda Design/TYG group – owner of the Admiral and Tecnomar Mega Yacht Brands. At closing the buyer contributed €3.75 million to NCA as share capital increase and undertook to restructure and modernize NCA’s industrial site.

The agreement, approved by the Italian Ministry of Economic Development, was executed and completed on December 21 at the presence of Claudio De Vincenti, Under Secretary of the Italian Ministry of Economic Development.