13 October 2020
Clifford Chance advised Intesa Sanpaolo as strategic investor of Euronext in the context of the binding agreement aimed at the EUR 4 billion purchase of Borsa Italiana by Euronext
International law firm Clifford Chance advised Intesa Sanpaolo as strategic investor of Euronext, together with CDP Equity, in the context of the binding agreement aimed at the EUR 4 billion sale of Borsa Italiana Group from the London Stock Exchange Group to Euronext.
Intesa Sanpaolo and CDP Equity will act as strategic investors with long term investment horizon, joining Euronext’s long-term Reference Shareholders through the subscription of a reserved capital increase, taking place in connection with the completion of the transaction, and the participation to the following right issue, obtaining a set of corporate governance rights. Post reserved capital increase, Intesa Sanpaolo will own around 1.3% stake of Euronext. The acquisition of Borsa Italiana will result in the creation of the leading player in European capital-markets infrastructure.
Clifford Chance assisted Intesa Sanpaolo in all the aspects of the transaction with a multidisciplinary and cross-border team led by partner Alberta Figari with senior associate Jacopo Garonna, assisted by trainee Lorena Sarah Loos (all Corporate, Milan); Dutch law aspects were covered by partner Hans Beerlage, senior counsel Han Teerink and senior associate Evert van der Kaa (all Corporate, Amsterdam).