Cleary, CC, Dewey wrap up Finmeccanica divestment

Italian industrial group Finmeccanica, which also has interests in defence and aviation, sold power engineering business Ansaldo Energia to new holding company Ansaldo Electric Drives. US fund First Reserve Corporation then bought a 45 per cent stake in the holding company.

Finmeccanica said in a statement that the deal would help Ansaldo ­Energia, which makes ­components for the production of combined- and ­simple-cycle power plants and nuclear energy plants, grow internationally.

The sale valued Ansaldo Energia at e1.23bn (£1.06bn). First Reserve, one of the energy industry’s biggest private equity investors, received leveraged financing in excess of e600m from BNP Paribas, Intesa SanPaolo’s Banca IMI unit and UniCredit.

Dewey advised Finmeccanica, led by Rome managing partner Stefano Speroni.

He was helped by partners ­Giovan Battista Santangelo, Gaetano Carrello, Guido Masini, Luca Dezzani and Bruce Johnston.

Cleary advised First Reserve, with Rome ­partner Giuseppe Scassellati ­Sforzolini leading on the deal. Rome tax partner Vania Petrella also had a role, as did partners ­Kenneth Bachman and Paul Marquardt in Washington DC and Richard Sultman in London.

Clifford Chance advised the mandated lead arrangers, with Italy managing partner Charles Adams and head of banking and project finance Giuseppe De Palma leading the team.