Slaughters, Paul Weiss and Sullivan advise on Countrywide IPO
Slaughter and May, Sullivan & Cromwell and Paul Weiss Rifkind Wharton & Garrison have landed the lead roles on UK estate agency Countrywide Group's initial public offering (IPO). Countrywide, the UK's largest estate agency by revenue and deal volumes, has been listed on the London Stock Exchange by US private equity house Oaktree Capital, its majority owner.
February 20, 2013 at 11:53 AM
2 minute read
Slaughter and May, Sullivan & Cromwell and Paul Weiss Rifkind Wharton & Garrison have landed the lead roles on UK estate agency Countrywide Group's initial public offering (IPO).
Countrywide, the UK's largest estate agency by revenue and deal volumes, has been listed on the London Stock Exchange by US private equity house Oaktree Capital, its majority owner.
The offer is expected to raise around £200m in primary proceeds, which is intended to pay off outstanding borrowings under the group's existing financial arrangements.
Slaughters represented Countrywide, fielding corporate partners Jeff Twentyman and Richard Smith, who led the team with support from financing partner Ed Fife, financial regulation partner Ruth Fox, pensions and employment partner Roland Doughty and tax partner Graham Iversen It is understood that the firm won the mandate in a competitive pitching process.
Meanwhile, Paul Weiss has won a first-time role for Countrywide, handling US law aspects with a team led by London-based head of global capital markets Mark Bergman.
Sullivan's London office advised joint global co-ordinators and bookrunners Goldman Sachs, Jefferies and Credit Suisse with a team comprising head of European M&A Tim Emmerson (pictured), who provided UK counsel, and corporate finance partner David Rockwell on US law matters.
The role for Slaughters comes after it advised Apollo Management on its acquisition of Countrywide in 2007, as well as its subsequent restructuring of Countrywide two years later.
The news comes after UK housebuilder Crest Nicholson returned to public trading last week in the first major domestic IPO of 2013, with Norton Rose acting for Crest, while Clifford Chance advised sponsors and global co-ordinators HSBC and Barclays and underwriter Numis.
The IPO valued Crest at £553m, with the offer comprising a primary tranche raising £59m for the company and a secondary offering raising £169m through the sale by shareholders including Deutsche Bank and investment manager Varde, represented respectively by Ashurst and Bingham McCutchen.
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