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News Apr 17, 2014

Shearman & Sterling Advises Anima Holding on First Italian IPO of 2014

Shearman & Sterling represented Anima Holding S.p.A. in connection with the initial public offering and concurrent listing of its ordinary shares on the Mercato Telematico Azionario of the Italian Stock Exchange. This is the first IPO in Italy in 2014 on the Mercato Telematico Azionario of the Italian Stock Exchange.

Anima Holding is the largest independent Italian asset manager with more than €48 billion of assets under management as of the end February 2014. The Anima Group is engaged in the structuring, development, promotion and management of Italian mutual funds, open-ended umbrella funds domiciled in Ireland and in Luxembourg, and pension funds under the ‘‘Anima’’ brand. The Group also provides wealth management services, both for retail and institutional clients.

The global offering of the ordinary shares of Anima Holding included a retail offering in Italy, 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 on Rule 144A. Goldman Sachs, Banca IMI and UniCredit acted as joint global coordinators and, together with UBS, as joint book runners of the global offering.

The offering was so successful with investors that demand exceeded the number of shares offered by more than five times. The first day of trading of Anima Holding ordinary shares on the Mercato Telematico Azionario of the Italian Stock Exchange was April 16, 2014. The market capitalization of Anima Holding as of the first day of trading was €1.26 billion.

The Shearman & Sterling team was led by partner Domenico Fanuele (Rome-Capital Markets), counsel Emanuele Trucco (Milan-Capital Markets) and associate Maria A. Romeo (Rome-Capital Markets), with support from partners Tobia Croff (Milan-Capital Markets), Mei Lian (London-European Finance) and Kristen Garry (Washington, DC-Tax). Associates involved in this transaction included Judy Fisher, Mary-Jo Lang, Melissa A. Henkel (all Washington, DC-Tax), Jack Prytherch (London-Tax), Ellerina Teo (both London-European Finance), and Gregory Denis (New York-Corporate), as well as international trainees Nicolò Miglio (Milan-Capital Markets), Mattia Soldan and Regina Caldarera Villaruel (both Rome-Capital Markets).