Italian Luxury Yacht Manufacturer in €165 Million IPO

May 29, 2007

Cleary Gottlieb acted as U.S., English and international counsel to Credit Suisse Securities (Europe) Limited and Unicredit Banca Mobiliare S.p.A. (now Bayerische Hypo- und Vereinsbank Succursale di Milano) as Joint Global Coordinators in the initial public offering of Aicon S.p.A., an Italian luxury yacht manufacturer. The offering, which generated aggregate gross proceeds of €165.0 million for the selling shareholder and the company, closed on April 4, 2007, with the over-allotment option having been exercised on April 18th.

The IPO comprised a public offering of Aicon’s common stock to retail investors in Italy and an offering to Italian and international institutional investors conducted in accordance with Rule 144A/Regulation S, including a private placement to U.S. QIBs. The shares have been listed on the STAR Segment of the Mercato Telematico Azionario managed by Borsa Italiana.

Aicon, founded by architect Pasquale Siclari (who controls the selling shareholder), and based near Messina in Sicily, has been designing, building and selling luxury motoryachts and megayachts since 1999. It is currently considered to be among the most dynamic companies in the international nautical industry, having grown significantly over the past few years.