First Reserve in the Sale of Ansaldo Energia to Fondo Strategico Italiano

Cleary Gottlieb represented First Reserve, one of the leading private equity firms specializing in the energy sector, in its sale of 45% of Ansaldo Energia, Italy’s leader in the production and servicing of thermoelectric power plants, to Fondo Strategico Italiano, an Italian state-backed fund. Fondo Strategico Italiano also purchased 39.55% of Ansaldo Energia from Finmeccanica, the Italian state-controlled company operating in the aerospace, defense, transport and energy industries.

The transaction valued Ansaldo Energia in excess of €1.3 billion. The agreement was signed on October 4, 2013 and the transaction closed on December 23, 2013.

Cleary Gottlieb also assisted First Reserve in the acquisition of its 45% stake in Ansaldo Energia from Finmeccanica in 2011.