Shearman & Sterling has acted for Parpública-Participações Públicas (SPGS), S.A. (“Parpública), Caixa Geral de Depósitos, S.A. (“CGD”) and REN - Redes Energéticas Nacionas, SPGS, S.A. (“REN”) in connection with the offering by Parpública and CGD of 58,740,000 Ordinary Shares, representing their remaining shares in REN, as part of the final stage of the Portuguese Government's privatization of REN. REN is the operator of the electricity transmission and natural gas networks in Portugal. The offering comprised a public offering in Portugal and a private placement to institutional investors within and outside of Portugal in reliance on Regulation S under the US Securities Act. The shares are listed on Euronext Lisbon and were delivered to subscribers on 17 June 2014.
The Shearman & Sterling team of lawyers in London was led by Capital Markets partner Richard Price and included associates Jonathan Handyside, Randy Nahle, Caitlin Ludwigsen, and Kely Pesketzi (all Capital Markets), as well as Finance partner James Duncan and Finance associate Barry Cosgrave.