Cleary Gottlieb Steen & Hamilton has advised electricity company Enel on its €8.0 billion rights issue, the largest in Europe this year.
Milan partner Michael Volkovitsch and Rome counsel Claudio di Falco led the firm’s advice with US tax matters being dealt with by Yaron Reich and Robin Baik in New York and Italian tax issues by Vania Petrella and Gianluca Russo in Rome.
The transaction closed on July 10 and was open to Italian retail investors and institutional investors on a Regulation S and Rule 144A basis. Banca IMI, JP Morgan Securities and Mediobanca – Banca di Credito Finanziario managed the transaction and were advised by Latham & Watkins.
Chiomenti Studio Legale represented Enel as to Italian law and the managers turned to Studio Legale Pavesi-Gitti-Verzoni for local advice.