Shearman & Sterling advised managers Credit Suisse Securities (Europe) Limited, J.P. Morgan Securities plc, Banco Bilbao Vizcaya Argentaria, S.A. and Banco Santander, S.A., as joint global coordinators and joint bookrunners, Goldman Sachs International, Morgan Stanley & Co. International plc and UBS Limited, as joint bookrunners, in connection with the €3.1 billion sale of shares in Endesa, S.A. by Enel Energy Europe, S.L.U. (a wholly owned subsidiary of Enel S.p.A.). The offering is one of the largest equity offerings in Europe in 2014.
Endesa is the leading utility in Spain in terms of electricity generation, supply to final customers and distribution. Its diversified generation mix includes thermoelectric, nuclear, hydroelectric and renewable technologies. Endesa is also a major supplier in the natural gas market in Spain, has an increasing presence in Portugal and provides other value-added products and energy-related services.
The offering consisted of a public offering to institutional and retail investors in Spain and a private placement to certain institutional investors in various other jurisdictions, including to qualified institutional buyers in the United States pursuant to Rule 144A under the Securities Act of 1933 and to certain qualified investors outside the United States pursuant to Regulation S under the Securities Act of 1933.
The Shearman & Sterling team was led by partner David Dixter and included associates Pawel Szaja and Morgan Hill and law clerk Andy Zwecker (all London-Capital Markets), as well as partner James Duncan and associate Eric Ho (both London-Finance), counsel Simon Letherman and associate Gabriel Ng (both London-Tax) and partner Kristen Garry and associate Kammy Lai (both Washington, DC-Tax). Counsel Mehran Massih (London-Real Estate) advised on environmental matters. The team also was assisted by associates Jonathan Handyside and Yaw Asare, law clerk Saif Alaqili and legal assistant Francesca Minoretti (all London-Capital Markets).