Shearman & Sterling advised General Electric on the transaction concluded in order to combine its Oil & Gas – Nuovo Pignone division with Baker Hughes, which led to the creation of Baker Hughes, a GE Company.
The transaction, which from an Italian tax law perspective presented some particularly complex issues, was worth approximately $32 million in total.
General Electric was advised by Shearman & Sterling Milan’s team, who also provided advice to GE on the regulatory procedures to be carried out with the Italian Government under the Golden Powers legislation. The team was led by partner Fabio Fauceglia, and also included counsel Tommaso Tosi, associate Giovanni Cirelli and trainee Umberto Milano.
Tremonti Romagnoli Piccardi e Associati advised GE on the fiscal aspects of the transaction, with their team composed of partners Lorenzo Piccardi and Cristiano Caumont Caimi, and associate Giulio Tombesi.