Clifford Chance (CC) has advised Candover on the private equity giant's first acquisitions in Italy and Spain.

CC advised regular client Candover on its acquisition of luxury yacht manufacturer Ferretti in a deal thought to be worth more than €1.5bn (£987m). The deal, which closed last week, saw Candover acquire Ferretti from Permira and the company's chairman, Noberto Ferretti. The sellers were advised by Italian firm Grimaldi. Permira and Noberto Ferretti re-invested to take a 40% stake.

CC advised Candover primarily on the equity and competition aspects of the deal, with London-based partner Ian Bagshaw leading the team. Bonelli Erede Pappalardo acted for the bidco vehicle, along with tax counsel Camozzi & Bonissoni. Allen & Overy gave financing advice. CC also advised the financing bank, Royal Bank of Scotland.