Rothschild has won the race among Tiscali's advisers to find the Italian internet service provider another acquisition target.

The bank acted as sole adviser to Tiscali on the purchase of LibertySurf in a deal which values the company at €900m ($855m). This will come as a disappointment to UBS Warburg, which has been developing a relationship with the company and worked on its biggest deal so far, the €5.9bn acquisition of World Online in September.