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EdF Acquires Interest in Italian Energy Companies
Practices
Paul, Weiss advised Electricite de France, S.A. (EdF) in connection with its agreement with A2A S.p.A. and Delmi S.p.A. to acquire the 50% interest in Transalpina di Energia S.r.l, a company holding 61.3% of Edison S.p.A.'s voting shares not already owned by EdF, for €704 million plus the pro rata assumption of approximately €512 million in debt.
We also acted in connection with EdF's agreement with Edison, Alpiq S.A., A2A and Delmi relating to the acquisition by Delmi of a 70% stake in Edipower from Edison and Alpiq for €804 million and the repayment of shareholder loans to Edison and Alpiq totaling an additional €770 million. As a result of the change in control of Edison, EdF commenced a mandatory tender offer for the 19.3% of Edison's shares that EdF does not own at €0.84 per share.
EdF is the second-largest electric utility company in the world, and Edison is Europe's oldest energy company and the second largest energy company in Italy.
The Paul, Weiss team advising EdF included corporate partner David K. Lakhdhir and counsel Patrick C. Scott.