S&C’s Paris Office Advises The Banking Syndicate to Electricité de France on €3.1 Billion Capital Increase

March 24, 2022

French utility company Electricité de France (EDF) announced a €3.1 billion capital increase with preferential subscription rights through a public offering in France and a private placement to qualified investors outside France.
 
The French State, which holds approximately 84 percent of EDF's share capital, has committed €2.7 billion to subscribe to the capital increase.
 
Sullivan & Cromwell is advising the banking syndicate composed of BNP Paribas, Barclays Bank Ireland plc, Crédit Agricole Corporate and Investment Bank, Goldman Sachs Bank Europe SE, Natixis and Société Générale as joint global coordinators and joint bookrunners, and Banco Santander, S.A., BofA Securities Europe S.A., J.P. Morgan SE and Morgan Stanley Europe SE as joint bookrunners.
 
The Paris-based team includes Olivier de Vilmorin, Garth W. Bray, Arnaud Berdou, Thibault Meynier, Rachel B. Cohen and Jérémie Rochard. Nicolas de Boynes and Clémence Seichepine advised on tax matters.