Linklaters, Allen & Overy and HSF advising as Ireland prepares to float stake in Allied Irish Banks
UK firms line up alongside Irish counterparts on what is set to be one of London's biggest IPOs in years
May 31, 2017 at 08:04 AM
2 minute read
Linklaters, Allen & Overy (A&O) and Herbert Smith Freehills (HSF) are among a raft of firms to score key roles as the Irish government last night announced plans to float a 25% stake in Allied Irish Banks (AIB).
The planned listing in London and Dublin, which is set to be one of the biggest UK IPOs in years, comes after the bank was nationalised during the financial crisis with a government bailout.
According to the Financial Times the bank is valued at between €12bn and €13bn (£10.5bn–£11.3bn), meaning the stake could have a value of more than €3bn (£2.62).
Linklaters and Ireland's McCann FitzGerald are taking the lead roles for AIB. The Linklaters team is being led by London capital markets partner James Wootton, London corporate partner Simon Branigan and US capital markets partner Mike Bienenfeld, also based in the City.
The McCann FitzGerald team consists of capital markets partner Aidan Lawlor, banking partner Roy Parker, corporate partner David Byers and corporate partner Ronan Molony.
The Irish Department of Finance is being advised by A&O in London and William Fry in Dublin.
London capital markets partner James Roe and US securities partner Adam Wells are leading for A&O, while corporate partner Mark Talbot and corporate finance partner David Fitzgibbon are leading for William Fry.
HSF is the lead firm in London for the underwriters, with A&L Goodbody holding the equivalent role for the banks in Dublin.
HSF's head of equity capital markets Charles Howarth is leading the Anglo-Australian firm's deal team alongside head of US Securities Tom O'Neill.
A&L Goodbody's team is being co-led by corporate partners Paul White and Charles Carroll, with assistance from head of banking Ciaran Rogers.
Bank of America Merrill Lynch, Deutsche Bank and Irish capital markets adviser Davy are acting as joint global coordinators and joint bookrunners while Citigroup, Goldman Sachs, JP Morgan Cazenove and UBS are joint bookrunners. Investec is the co-lead manager.
Rothschild is acting as financial adviser to the department of finance, Morgan Stanley is the UK sponsor and Goodbody is acting as Irish sponsor.
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