Shearman & Sterling represented Mediobanca, Morgan Stanley and UBS Investment Bank, acting as joint global coordinators and joint bookrunners, and BNP PARIBAS, Credit Suisse, Merrill Lynch International and UniCredit Group (HVB), acting as co-bookrunners, in Snam Rete Gas's Capital Increase. Snam Rete Gas closed its capital increase with the subscription of all the newly issued shares, corresponding to 45% of the new share capital, for a total value of €3,470,728,647.

The proceeds of the offering will be used to finance the €4.7 billion acquisition from Eni of 100% of shares of Italgas and Stogit. Snam Rete Gas is a leader in the transportation and dispatching of natural gas in Italy. Stogit is the leading operator in the Italian natural gas storage business. Italgas is the main natural gas distribution company in Italy.

The Shearman & Sterling team was led by partner Domenico Fanuele (Rome-Mergers & Acquisitions), assisted by senior associate Marzio Ciani (Rome-Mergers & Acquisitions) and trainee Marco Barbi (Rome-Capital Markets).