Team size:  12 people  

How do you approach managing legal aspects during periods of instability or crises, and how does your legal strategy align with the broader business strategy to ensure the organisation’s resilience?  

Dealing with legal issues during periods of instability or crisis requires the strategic support of legal management to ensure adequate protection and resilience of the organisation.  

To this end, with particular reference to the listed companies, it is necessary to carry out an in-depth activity of: i) deep-dive analysis, ii) analysis and risk management process in accordance with International standards and best practices; iii) examination of local and international regulations; iv) strengthening of contractual protections; v) identification of vulnerable areas. 

In particular, based on the specific crisis scenario and the consequent crisis management strategy, an action plan must be outlined that provides for clear and precise roles and responsibilities and enables the impact of the crisis to be mitigated. 

In strict coherence with the overall corporate strategy and corporate objectives, namely business continuity, reputation and financial equilibrium, the legal team must support the Investor Relations and Communications departments to ensure the transparency and completeness of communications to the market according to Market Abuse Regulation.  

The governance of companies is fundamental to any investment case. It’s fundamental to the information the market gets. And it is functional to solve all the new and emerging issues as well as the big systemic issues. 

It must also effectively support internal communication and communication with customers and suppliers so as not to break the trust relationship and maintain credibility. 

What are the main cases or transactions that you have been involved in recently?  

INWIT formalised an agreement that includes an option right to purchase an exclusive controlling stake of 51% of the share capital of the company Boldyn Networks Smart City Roma ., which won, at the end of last year, the tender for the concession of the Rome 5G project (the ‘Project’). The agreement includes an additional option right (call) in favour of INWIT to purchase the remaining shares of the same company, subject to certain conditions, and a put right in favour of Boldyn Networks Italia, subject to certain conditions.  The ‘call’ and ‘put’ options for the additional 49% of Boldyn Networks Smart City Roma S.p.A. may be exercised after the project has been tested. 

The agreement, which is unprecedented in terms of its legal complexity with particular regard to regulatory and antitrust, administrative and corporate profiles, is part of INWIT’s 2024-2026 business plan and is consistent with the strategy that envisages ‘neutral host’ investments to support the network plans of telecommunications operators, aimed at enabling the growing demand for integrated macro-grid and micro-grid, outdoor and indoor digital infrastructures, particularly in significant smart city projects. In the event of INWIT exercising its call option, the transaction closing is expected to take place during the third quarter of 2024 and is subject to the go-ahead of the competent authorities and to termination and suspension conditions in line with market practices. 

The Roma 5G Project represents a public-private partnership, with a 25-year concession for the construction, management, operation and maintenance of an infrastructure that will equip the metros and the main public places of Roma Capitale with a 5G, Wi-Fi and Internet of Things network, with the aim of offering the best connectivity and security to three million residents and over 15 million tourists, which will grow considerably on the occasion of the next Jubilee 2025. With Roma 5G, the digital transition of the city is accelerated, making it ‘fast, digital, safe and sustainable’. Overall, the Project envisages investments in infrastructure of more than EUR 90m  over the next five years, part of which will come from the public sector. The Project will support the enabling by operators of 5G connectivity in all the main nerve centres of the city (metros, squares and streets) and will enable a wide portfolio of digital services provided by Roma Capitale. 

Secondly INWIT, Italy’s leading tower operator, and Fiera Milano, one of the world’s leading integrated operators in the exhibition and congress sector, have approved a strategic partnership that will turn the Rho and Milan exhibition centres into a true ‘Smart City’. 

The 15-year agreement will provide INWIT with the exclusive management and technological development of all the passive infrastructures supporting mobile telecommunications at the exhibition centre in Rho and the Allianz MiCo in Milan, covering a total area of over 551,000 square metres. INWIT will enable both indoor and outdoor connectivity at the service of all mobile telecommunications operators through the integrated management of existing structures: mobile telecommunications towers, Distributed Antenna System (DAS), Small Cells and optical fibers. The agreement foresees further investments in dedicated indoor DAS coverage for the upgrade to 5G. 

Exhibitors and visitors will thus be able to benefit from optimal levels of mobile coverage and increasingly innovative services for logistics, home automation, security and environmental monitoring. The partnership, which enables the possibility of offering high-tech services, would also allow the Fiera Milano Group to seize important opportunities in view of the future Olympic Games. 

What do you see as the major legal challenges for businesses in Italy over the next five years, and how are you preparing to address them?  

The key to success is the expertise and the ability of an evolved and prepared management to handle complexity. This is particularly true in areas without entry barriers. 

Constantly evolving regulations in strategic sectors, namely in the areas of compliance, antitrust, data protection, sustainability and occupational safety will require highly integrated specialist skills and appropriate professional profiles. Only the careful monitoring of legal and regulatory dynamics can enable the continuous and constant adaptation of business processes and procedures.  

First and foremost, the expansion of digitisation brings with it new issues related to privacy and data security. Businesses will have to implement advanced protection and security measures, equip themselves with modern technologies (e.g. encryption) and ensure that data management practices are robust and compliant with current regulations. 

The labour market is also changing, and working remotely imposes new rules and atypical contracts. Consequently, companies will need to update social policies and bargaining to reflect the new ways of working, ensuring compliance with labour laws and appropriate training.