Norton Rose Fulbright advises Fraes on the sale of its controlling stake in PLC to Lizard Renewables

Global law firm Norton Rose Fulbright has advised Fraes S.r.l. (Fraes) on the sale of its controlling stake in PLC S.p.A. (PLC), representing 73.53 per cent of the share capital of the company listed on Euronext Milan. The purchaser is Pendant Power S.p.A. - BidCo (Pendant Power), a company wholly owned by Lizard Renewables S.p.A. (Lizard) and designated by the latter to complete the transaction.

The operation represents a strategic move within the renewable energy sector, designed to create an integrated independent power producer by combining the industrial and operational expertise of both groups in energy infrastructure and green energy production.

Following completion of the acquisition, Pendant Power will launch a mandatory tender offer for PLC's remaining outstanding shares, with the aim of delisting the company.

The transaction also involved Banco BPM S.p.A., which provided Pendant Power with part of the financial resources required to fund the acquisition of the controlling stake in PLC and the payment of the consideration due under the full tender offer.

In connection with the tender offer, Banca Akros S.p.A. - Banco BPM Group is acting as financial adviser and as the intermediary responsible for coordinating the collection of acceptances.

The Milan-based Norton Rose Fulbright team was led by partner Arturo Sferruzza, head of the firm's energy and infrastructure and banking practices in Italy. He was supported by associates Giulio Mariano and Leone Sgaravatti. Partners Veronica Pinotti and Martino Sforza advised on antitrust law matters, supported by associate Ludovica Cesari. The antitrust team also handled, on behalf of both the purchaser and the seller, all filings required to obtain government clearance under Italy's "Golden Power" regulations.

Lizard Renewables, founded in 2019, specialises in the development and construction of photovoltaic, wind, biomethane, and green data centre projects, as well as energy storage systems (BESS). PLC Group provides engineering, procurement, construction, and maintenance services for high and medium voltage electrical infrastructure.