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.