Francesco Novelli, Senior Partner at DLA Piper, has advised ERG S.p.A., a leading Italian energy company, in relation to the acquisition of IP Maestrale Investments Limited, a Gibraltar company directly controlled by International Power Consolidated Holdings Limited and part of GDF SUEZ Group. The value of the acquisition is €859 million.
In the first stage of the transaction, ERG will acquire an 80% equity stake of IP Maestrale Investments Limited and will enter into an option right agreement for the purchase of the remaining 20% of the shares, to be exercised starting from third anniversary of the closing.
IP Maestrale Investments Limited owns a capacity of 550MW in Italy and 86MW in Germany, through its subsidiaries.
The transaction was led by Senior Partner Francesco Novelli, partner Federico Zucconi Galli Fonsenca and senior associate Giulio Maroncelli, who coordinated a team made up of a number of professionals from DLA Piper Italy as well as lawyers from our offices in the UK and in Germany.
During the negotiation and the coordination activities this team was supported by associates Fabio Lenzini and Francesca Daniele who advised on the corporate aspects of the deal, as well as the analysis of the project agreements.
The transaction has been sustained by a limited recourse project financing contract granted by a group of leading domestic and international financial institutions. Partner Giovanni Ragnoni Bosco Lucarelli, along with senior associate Claudio D’Alia, associate Alessia Casillo and trainee Daniela Di Gennaro assisted the target in relation to the granting of the waiver from the banks.
Furthermore, a very large number of professionals from different practices have been staffed on this deal, which marks one of the most complex energy transactions carried out over the last few years.
Due Diligence activities were coordinated by partner Matteo Falcione with; a team made up of administrative and environmental specialists including associates Carmen Chierchia, Mileto Giuliani, Celeste Mellone and trainee Monia Impinna; a team of white collar crime professionals led by Partner Raffaella Quintana and composed by Antonio Carino, Senior Associate, and Benedetta Cicconi, Associate; a group of labour lawyers including Partner Giampiero Falasca along with Maria Luisa Buscaini, Trainee; and a team of litigation specialists including Professor Fabio Elefante, Senior Counsel, with Jacopo Polinari, Associate. Francesca Sutti, Partner, and Giovanni Scoccini, Associate, have advised the client in relation to the antitrust aspects.
