Prosus. Photo: Jasper Juinen/BloombergMagic Circle Firms In Line For Multimillion-Pound Payout on European IPO
The listing of technology provider Prosus is the biggest European IPO of 2019 so far.
September 16, 2019 at 08:00 AM
2 minute read
Allen & Overy and Linklaters are due to receive almost £5 million for their advisory roles on the largest European listing so far this year.
The firms, as well as Linklaters' South African alliance firm Webber Wentzel, acted for the financial advisers to technology investor company Prosus and its owner, Naspers Limited, on Prosus' primary listing on Euronext Amsterdam and a secondary listing on the Johannesburg Stock Exchange. The flotation of 26% of the company gave it a market capitalisation of €120 billion.
The listing makes Prosus one of the three largest listed companies on Euronext Amsterdam by market capitalisation, together with Royal Dutch Shell and Unilever.
Allen & Overy, which is advising Prosus and Naspers in relation to Dutch and U.S. law, is set to pick up about £3.8 million in legal fees, according to estimates in a prospectus published by Naspers.
Linklaters – which acted for financial advisers including Goldman Sachs, JP Morgan and Morgan Stanley – is expected to receive £925,000, while Webber Wentzel is in line to pick up £3.3 million for its advice on South African law, the document said.
Linklaters' Amsterdam partner Alexander Harmse and London-based partner Mike Bienenfeld led on the transaction, alongside Webber Wentzel partner Jesse Watson. A&O partner Tim Stevens led for Naspers on the transaction.
It is the latest equity capital markets transaction for the firms.
Linklaters recently took a role for the financial backers on the IPO of Nordic private equity giant EQT, which sought to raise more than €500 million via its listing, alongside U.S. firm Davis Polk & Wardwell. It also worked alongside Freshfields Bruckhaus Deringer on the £600 million London listing of telecoms company Airtel Africa, which also listed on the Nigerian Stock Exchange.
A&O, meanwhile, took a role in March for Dubai-based payment solutions company Network International as it prepared to float on the London main market for £2.3 billion.
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