Rexel in €1 Billion IPO

April 11, 2007

Cleary Gottlieb represented the underwriters (led by BNP Paribas, CALYON, J.P. Morgan, Lehman Brothers and Merrill Lynch) in the initial public offering of Rexel S.A., the world’s largest distributor of low- and ultra-low voltage electrical products (based on pro forma sales and number of branches). Rexel’s sales in 2006 amounted to €9.3 billion. The transaction priced on April 4 and closed on April 11.

The IPO marks Rexel’s return to equity markets two years after having been taken private by a group of investment funds including Clayton Dubilier & Rice, Inc., Eurazeo S.A. and Merrill Lynch Global Private Equity. The offering consisted of a primary offering by Rexel and a secondary offering by a management investment vehicle, in an aggregate amount of €1.015 billion (which may be increased to €1.167 billion in the event that the over-allotment option is exercised in full). The shares were listed on Eurolist by Euronext and were sold internationally in an offering that included a Rule 144A placement in the United States.