Shearman & Sterling advised the Agence des Participations de l'Etat (APE) on its sale of 99.9 million shares, which represents a 4.5% stake in ENGIE. This block trade deal was carried out through a private placement by way of an accelerated book-building process limited to institutional investors.
ENGIE also acquired 11.1 million of its own shares (0.46% of the capital of ENGIE) at €13.80 per share (corresponding to the price of the accelerated institutional placement for an amount of €153 million). These shares will be allocated to employees and former employees by ENGIE within one year. The French government sold 111 million shares in ENGIE to institutional investors and the company itself for €1.53 billion.
Following this placement, the State holds, through the APE, 24.1% of the share capital and 27.6% of the voting rights of ENGIE.
The Shearman & Sterling team was led by partner Hervé Letréguilly and included partner Sami Toutounji, counsel Séverine de La Courtie, associates Amandine Souin and David St-Onge (all Paris-Capital Markets).