Cleary Gottlieb assisted A2A, Italy’s largest local utility and second-largest power company, in the non-proportional demerger of Edipower, a large Italian power company controlled by A2A. The demerger entails assigning to one of Edipower’s minority shareholders, local utility Iren, the Turbigo thermoelectric plant (800 MW) and the Tusciano hydroelectric complex (96 MW) as well as the exit of Iren from Edipower’s shareholding. The non-proportional demerger of Edipower was approved by shareholders on June 28, 2013.
Cleary Gottlieb previously assisted A2A in connection with the reorganization of Edison in 2012, which entailed the sale of a co-controlling stake in Edison to Electricité de France and the purchase of a controlling stake in Edipower from Edison and Alpiq. The demerger of Edipower is the latest step of the Edison reorganization.
