Allen & Overy and Clifford Chance have won roles advising as a Chinese investment group bought a majority stake in Italy’s sports media rights business MP & Silva.

Chinese financial services company Everbright Securities and internet entertainment company Beijing Baofeng Technology have bought a 65 percent stake in MP & Silva, which distributes media rights for Italy’s Serie A soccer league. The deal values the Italian company at more than $1 billion.

Clifford Chance acted for Everbright and Baofeng with a team led by London-based global head of media Daniel Sandelson. They worked closely with a corporate team in Beijing, led by China co-managing partner Terence Foo.

Allen & Overy advised MP & Silva on the transaction. Its team was led by managing partner Andrew Ballheimer.

Sandelson said: “Chinese businesses are looking to diversify out of the Chinese domestic market. The sports rights market provides a good solid revenue stream. It gives you the opportunity to move into player management and club ownership.”

Ballheimer added: “We’re seeing a lot of outbound investment by Chinese companies into Europe, especially in the technology, media and telecom sector.”

It is the latest in a series of global sports-related deals by investors from China.

In February 2015, Chinese investor Dalian Wanda Group acquired Swiss sports marketing company Infront Sports & Media from European private equity business Bridgepoint, for $1.17 billion.

Dalian Wanda was represented by Clifford Chance and Latham & Watkins, while Infront was advised by Swiss firms Blattchen & Partner and Homburger.

In December 2015, a consortium of Chinese businesses invested $400 million for a 13 percent stake in Manchester-based City Football Group, which owns the Manchester City Football Club.

Allen & Overy and Clifford Chance have won roles advising as a Chinese investment group bought a majority stake in Italy’s sports media rights business MP & Silva.

Chinese financial services company Everbright Securities and internet entertainment company Beijing Baofeng Technology have bought a 65 percent stake in MP & Silva, which distributes media rights for Italy’s Serie A soccer league. The deal values the Italian company at more than $1 billion.

Clifford Chance acted for Everbright and Baofeng with a team led by London-based global head of media Daniel Sandelson. They worked closely with a corporate team in Beijing, led by China co-managing partner Terence Foo.

Allen & Overy advised MP & Silva on the transaction. Its team was led by managing partner Andrew Ballheimer.

Sandelson said: “Chinese businesses are looking to diversify out of the Chinese domestic market. The sports rights market provides a good solid revenue stream. It gives you the opportunity to move into player management and club ownership.”

Ballheimer added: “We’re seeing a lot of outbound investment by Chinese companies into Europe, especially in the technology, media and telecom sector.”

It is the latest in a series of global sports-related deals by investors from China.

In February 2015, Chinese investor Dalian Wanda Group acquired Swiss sports marketing company Infront Sports & Media from European private equity business Bridgepoint, for $1.17 billion.

Dalian Wanda was represented by Clifford Chance and Latham & Watkins , while Infront was advised by Swiss firms Blattchen & Partner and Homburger .

In December 2015, a consortium of Chinese businesses invested $400 million for a 13 percent stake in Manchester-based City Football Group, which owns the Manchester City Football Club.