Shearman & Sterling advised the Agence des Participations de l'Etat (APE) on the sale of 4.1% of ENGIE's capital, i.e., 100 million shares. APE is the agency of the French Treasury that manages the State's holdings in private companies. This block trade deal was carried out through a private placement by way of an accelerated book-building process limited to institutional investors. The net proceeds from the sale amounted to €1.14 billion.
Following this placement, the State holds 28.7% of the share capital and 32.6% of the voting rights of ENGIE, through the APE. The State will thus remain the largest shareholder of ENGIE and will continue to accompany the group in its strategic transformation plan, presented to the market in February 2016.
The placement was managed by Goldman Sachs International and Société Générale acting as global coordinators.