Italian oil companyEni S.p.A. has successfully completed the placement of 58,051,000 ordinary shares corresponding to approximately 7% of the share capital of Portugal’s Galp Energia SGPS S.A. (“Galp”) .
The aggregate consideration of the Offering amounted to approximately € 702.4 million. The Offering, carried out through an accelerated bookbuilding procedure aimed at qualified institutional investors, was priced at € 12.10 per share. The transaction will be settled on 2 April 2014 by delivery of the shares to investors and payment of the consideration to Eni.
Following the settlement of the sale, Eni will hold approximately 9% of Galp’s share capital, of which 8% underlying the approximately € 1,028 million exchangeable bond issued on 30 November 2012 and due on 30 November 2015 and approximately 1% subject to the right of first refusal exercisable by Amorim Energia B.V..
In connection with the Offering and in line with market practice, Eni has agreed to a 30-day lock-up period with respect to sales of additional shares of Galp, subject to customary exceptions for transactions of this type. Eni has engaged Goldman Sachs and Mediobanca as Joint Bookrunners for the sale.