US private equity giant Blackstone has been given the go-ahead to acquire the headquarters of Italian publishing group RCS in Milan.
US private equity giant Blackstone has been given the go-ahead to acquire the headquarters of Italian publishing group RCS in Milan.
On 5 November RCS's board approved by majority vote the sale of the group's headquarters complex on Via San Marco and Via Solferino in the Brera district of Milan to Blackstone Group International Partners for about €120 mln.
The board authorised CEO Scott Jovane and CFO Riccardo Taranto to complete the operation, including the finalisation of new lease agreements with variable durations for the different portions of the complex. Some members of the board had opposed the sale as they felt the proposed price was on the low side due to the state of the Italian real estate market.
RCS operates mainly in Italy, Spain, Portugal, China, the US and South America. In Italy, RCS publishes the largest selling national newspaper Corriere della Sera and the top selling sports daily, La Gazzetta dello Sport. In Spain, RCS publishes El Mundo, the second national newspaper, and the sports publication Marca.
