Tirrenia, Och-Ziff Is Advising Onorato

Naples - The American Hedge Fund Och-Ziff, which was involved in Monte dei Paschi di Siena’s latest capital increase, has obtained the exclusive deal to structure the €100 million loan that will allow Vincenzo Onorato to obtain a controlling share of Tirrenia. Och-Ziff, as Il Sole 24 Ore wrote, which is being assisted by advisors from Blueball Partners, won out over its competitors, Oaktree, Palladio, Apollo and Elliott. UniCredit is advising Onorato. Fabrizio Vettosi’s holding company Venice Shipping and Logistic is also taking part in the operation.

Onorato will use the loan to buy out the shareholders: 80 million to Francesco Sposito’s Clessidra private equity fund, and 20 million to minority shareholders Luigi Negri and Francesco Izzo. This will be the last transfer in the renewed relationship between MOBY’s chief and Sposito. Strained relations between them almost led to a court battle at the end of last year. Clessidra (in which MOBY is also a shareholder) will sell its share in the company and break even, and will double its initial investment in Tirrenia.