Legrand in €855 Million Secondary Offering

Cleary Gottlieb acted as counsel to the underwriters, JP Morgan Securities Ltd., BNP Paribas and Goldman Sachs International, in connection with a €855 million secondary offering of shares of Legrand, a large French electric equipment manufacturer. The offering was conducted through an accelerated bookbuilding and included an offering to qualified institutional buyers in the United States, as well as to institutional investors outside the United States. The transaction priced on November 7 and is expected to close on November 10.

The selling shareholders, Goldman Sachs Capital Partners, Montagu Private Equity and West Luxcon Holdings S.A. (a subsidiary of WestLB AG), sold a total of 39,750,000 shares in the offering. As a result, the free float of Legrand increased from 20% to 35%.