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.

In a second deal, CC also advised Candover on its acquisition of a majority stake in Spanish theme park operator Parques Reunidos from Advent International Corporation for €900m (£592m). A separate CC team advised Royal Bank of Scotland, which provided financing. CC Madrid corporate partner Javier Amantegui led the team.

Bagshaw commented: "Virtually all the UK-based houses are now pursuing deals on the Continent and more markets are opening up. The UK market is more mature and sophisticated and people are now becoming more open to acquiring assets in more greenfield European jurisdictions."