Shearman & Sterling acted as international counsel to Salini Impregilo S.p.A. (Salini Impregilo) in connection with its €600 million global offering of new ordinary shares completed on November 12, 2019.
The global offering by Salini Impregilo of 400 million new ordinary shares, with the exclusion of existing shareholders’ pre-emptive subscription rights, included an offering outside the United States to certain institutional investors in reliance on Regulation S, and a private placement in the United States to QIBs, as defined in and in reliance of Rule 144A.
As part of the global offering, Salini Costruttori S.p.A. (Salini Impregilo’s controlling shareholder), CDP Equity S.p.A. (a company controlled by Cassa Depositi e Prestiti S.p.A.), and Banco BPM S.p.A., Intesa Sanpaolo S.p.A. and UniCredit S.p.A. have subscribed for, respectively, €50 million, €250 million and €150 million in new ordinary shares, pursuant to the terms and conditions set forth in their respective investment agreements. The remaining €150 million was successfully allocated with institutional investors.
Salini Impregilo intends to use the net proceeds from the global offering to support the project aimed at strengthening the national large works and construction sectors (the so-called “Progetto Italia”) that will be part of the broader business plan of Salini Impregilo for the three-year-period 2019-2021.
The Shearman & Sterling team below included trainee Federica Alici Biondi.