With the acquisition of German cloud service provider myLoc is expanding its business outside of Italy. Weitnauer has advised WIIT S.p.A. jointly with its long standing legal advisors, Pedersoli Studio Legale, on the acquisition of all shares of myLoc managed IT AG, a group company of ProSiebenSat.1 Media SE. The acquisition price amounts to c. Euro 50 million. myLoc is WIIT’s first international acquisition. Beginning with Germany WIIT is pursuing its growth strategy to develop international markets in order to extend the range of IT services provided, in particular the private and hybrid cloud services for business. The transaction is not subject to any conditions and closing is expected to occur on 30 September 2020.
A Weitnauer team led by Dr. Wolfgang Weitnauer advised WIIT S.p.A. comprehensively on all transaction related legal issues, in particular corporate, IT, IP, data protection, anti-trust and labor law. Dr. Wolfgang Weitnauer comments the successful completion of the transaction as follows: “It had been a challenge to perform all the due diligence work as well as the negotiations on the share purchase agreement and the W&I insurance within the targeted short time frame of six weeks. We owe this success to the close cooperation with our Italian colleagues and are proud that we were able to contribute as part of a great legal team to this success.”
About WIIT S.p.A.
WIIT S.p.A. is a leading Italian Cloud Computing market player, focused particularly on the Hybrid Cloud and Hosted Private Cloud for enterprises market. The company specialises in Cloud services for enterprises requiring critical application management and business continuity and manages all the main international platforms (SAP, Oracle and Microsoft), providing an end-to-end approach. WIIT manages its own data centres, with the main centre “Tier IV” certified by the Uptime Institute LLC of Seattle (United States) - the highest level of reliability possible - and is among the SAP’s best certified partners.
myLoc, specialised in the cloud business and with a proprietary data centre located in Düsseldorf, operates on the German market, providing colocation, managed hosting, private and public cloud and server hosting services.
The company’s share capital is fully-owned by Virtual Minds AG, a subsidiary of ProSiebenSat.1 Media SE. Its business model and expertise make myLoc a benchmark for colocation and hosting provider services in Germany and, for this reason, it is expected that the transaction will enable WIIT to immediately benefit from the significant development potential of the German market.
Legal Advisors WIIT S.p.A.
Dr. Wolfgang Weitnauer, M.C.L. (Lead, M&A/Munich)
Dr. Oliver Zander (Commercial/Munich)
Andreas Michael, LL.M. (Corporate/Berlin)
Dr. Alexander Raif (Labor Law/Berlin)
Dr. Jens Ginal (Labor Law/Berlin)
Tilman Mueller-Stöfen, LL.M. (IT, Commercial/Hamburg)
Alexander Tribess (IP, Data Protection/Hamburg)
Nazik Grigorian (IT, Commercial/Hamburg)
Pedersoli Studio Legale:
Marcello Magro (Lead, M&A/Turin, Milan)