Golden power

The firm has a highly qualified team of professionals for M&A transactions, with a special focus on activities related to Golden Power for the transfer of strategic assets and in sectors deemed sensitive by the Italian Government.

It is a special power of the State that can be exercised to block or impose restrictions on transactions involving assets considered strategic when there are threats of serious harm to the essential interests of defense or national security – including with reference to broadband electronic communication services based on 5G technology – as well as energy, transportation, communications, and high-tech sectors. The intervention powers granted to the Government, which vary depending on the case and are to be exercised based on objective and non-discriminatory criteria, are essentially as follows:

Opposition to the acquisition of shareholdings;
Veto to the adoption of corporate resolutions;
Imposition of specific requirements and conditions.

The stages of the procedures

Notification

The interested company is required to submit a prior notification to the Prime Minister’s Office, giving full details about the proposed transaction.

Government assessment

Upon receipt of the notification, the Italian government initiates a detailed assessment of the transaction. This assessment aims to determine whether the operation could compromise national security or other strategic interests.

Possible corrective measures

Based on the assessment, the Government may decide to approve the transaction without conditions, to approve it with specific conditions, or, in extreme cases, to prohibit it. Conditions may concern aspects such as protecting certain sensitive technologies, ensuring continuity of services, or taking measures to avoid a potential monopoly.

Timing of the procedure

The timing of the notification procedure may vary depending on the complexity of the transaction and the need for more in-depth investigations.

WHY RELY ON US

Thanks to our in-depth knowledge of regulations and consolidated experience in this field, our firm assists clients at all stages of the Golden Power procedure. We guarantee strategic support in complying with regulations and safeguarding business operations.