Italy blocks Russian-backed investment in cloud services provider: Filippo Mazza interviewed by GCR

The case is relevant and is holding the headlines in national and international newspapers.

Global Competition Review as well featured an article on the ‘golden power’ exercised by the Italian government to block the acquisition of the company Tecnologia Intelligente by Nebius, a Dutch-based cloud services provider that seems to be supported by the Russian giant Yandex, Russia’s main online services provider.This is the first case of ‘golden power’ exercised by the Meloni government to block undesirable bids in sectors deemed to be of strategic importance.

Our Partner Filippo Mazza, interviewed on the point by GCR, said “this decision largely aligns with the government’s amendment of its golden power law to cover 5G and cloud services last (2022) March. While this is the first time Italy has blocked a deal since Meloni became prime minister, the government has largely been applying the golden power in the same way as it did under Draghi. It is not likely that her government’s approach will be drastically different. The government has been actively using its powers to intervene in foreign investment, including by imposing conditions on KKR and Global Investment Partners’ joint investment in Inwit, a leading 5G technology provider. It is also due to issue a final decision on the sale of Lukoil’s oil refining plant in Sicily to Cypriot private equity fi rm GOI Energy by30 June”.

The full article is available for subscribers at this link.