Cleary Gottlieb steers new client AEM through Edison acquisition

Cleary Gottlieb Steen & Hamilton has scooped a €7bn (£4.82bn) deal advising new client AEM on its acquisition of Italian energy company Edison.

Allen & Overy‘s former Italy chief Roberto Casati won the instructions for his new firm Cleary Gottlieb from regular adviser Chiomenti.

Casati and partner Rob-erto Bonsignore are advising AEM on the deal, which sees AEM and French energy giant Electricité de France (EDF) take joint control of Edison.

Clifford Chance Paris partner Claude Lazarus and Willkie Farr & Gallagher’s Maurizio Delfino advised EDF. Lazarus brought EDF to Clifford Chance as a client when he moved from Herbert Smith in 2002.

EDF and AEM will take joint control of Edison through an acquisition vehicle, which is initially buying Italenergia Bis’s controlling stake in Edison. A tender offer is due to be launched for all of Edison’s outstanding common stock and warrants, and the deal also has to obtain approval from the European Commission.