Shearman & Sterling acted as US counsel to a consortium of 27 banks led by Banca IMI, Credit Suisse, Goldman Sachs International and Mediobanca as Joint Global Coordinators in connection with the initial offering by Enel, Italy’s largest electricity company, and concurrent listing of the ordinary shares of Enel Green Power. The transaction, which raised gross proceeds for approximately €2.264 billion, is the largest IPO in Europe since 2008. Enel Green Power has been included in the FTSE MIB as one of the 40 largest listed companies in Italy in terms of market capitalization.
The global offering of Enel Green Power shares by Enel included a retail offering in Italy, a retail offering in Spain, an offering outside the Unites States to certain institutional investors in reliance on Regulation S under the U.S. Securities Act of 1933, and a private placement in the United States to QIBs, as defined in and in reliance on Rule 144A under the U.S. Securities Act of 1933. The shares of Enel Green Power have been admitted to trading on the Italian Stock Exchange and four Spanish stock exchanges.
Enel Green Power is one of the world’s largest renewable energy companies, producing electricity from hydroelectric, wind, geothermal, solar and other sources with operations in 16 countries. The consortium of the banks assisted by Shearman & Sterling also included BBVA, Barclays Capital, BofA Merrill Lynch, J.P. Morgan, Morgan Stanley and UniCredit Corporate & Investment Banking.
The Shearman & Sterling team was led by partners Michael Bosco (Rome-Capital Markets) and Domenico Fanuele (Rome-Capital Markets), assisted by associates Marzio Ciani (Rome-Capital Markets), Francesco Liberatori (Rome-Capital Markets) and Maria Antonietta Romeo (Rome-Mergers & Acquisitions) and by international trainees Giulia Pecce (Rome-Capital Markets) and Giorgio Ignazzi (Rome-Capital Markets). The team also included partner Bernie Pistillo (New York-Tax) and associates Thomas Donegan (London-Asset Management) and Shiu-Kay Hung (New York-Tax).
