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

Cleary Gottlieb is representing 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 sovereign fund. At closing, Fondo Strategico Italiano will also purchase 39.55% of Ansaldo Energia from Finmeccanica, the Italian state-controlled company operating in the aerospace, defense, transport and energy industries.

The transaction values Ansaldo Energia in excess of €1.3 billion. The agreement was signed on October 4 and the transaction is expected to close by the end of 2013.

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