Gide picks up EdF IPO for French government

Gide Loyrette Nouel is set to carry out its second IPO for the French government this year in the long-awaited partial privatisation of Electricité de France (EdF).

Partners Antoine Bonnasse, Arnaud Duhamel and Jean-Emmanuel Skovron are acting for the state on the IPO, which was announced last week (24 October) by finance minister Thierry Breton.

The privatisation will see the sale of a 15 per cent stake in EdF, raising between €6bn (£4.06bn) and €bn (£5.41bn).

For Gide, the work comes just months after Skovron and fellow partner Jean-Marc Desaché acted for the government on Gaz de France’s June IPO. The firm is also acting on the proposed privatisation of the French government-owned motorway system as part of a swiftly expanding portfolio of work for the state.

Shearman & Sterling Paris M&A partner Hervé Letréguilly is acting for EdF. Sullivan & Cromwell’s Nikolaos Andronikos and Richard Vilanova are representing the banks: ABN Amro, BNP Paribas, Calyon and Morgan Stanley.