A2A in the Acquisition of a Stake in EPCG

September 30, 2009

Cleary Gottlieb represented A2A S.p.A. in the acquisition of a 44% stake in EPCG, the state-owned Montenegrin energy company. The deal, which closed on September 30, was consummated after A2A placed the winning bid in the public auction held by the Government of Montenegro for the privatization of EPCG.

The transaction was carried out in multiple steps, including via block trade transactions executed directly on the Montenegro Stock Exchange and, after winning the auction, by purchasing part of the Montenegrin Government’s shares in EPCG, subscribing to a reserved capital increase and purchasing shares from minority shareholders. The aggregate purchase and subscription price paid by A2A in connection with the transaction was €436 million.

The agreement entered into between A2A and the Government of Montenegro (which retains a 55% stake in EPCG) includes several provisions regulating the governance and management of the company.