A&O Leads On Biggest London IPO This Year
The magic circle firm has acted for a number of £1 billion-plus floats but Network International has an anticipated value of £2.3 billion.
March 14, 2019 at 12:20 PM
3 minute read
Credit: Alex Kraus/Bloomberg
Allen & Overy (A&O) is leading on the first big London IPO this year, advising Dubai-based payment solutions company Network International, which is preparing to float on the main market for an anticipated value of £2.3 billion.
The company has brought in a raft of advisers as it prepares its listing, with A&O acting as the main legal adviser on English and U.S. law aspects of the float, while Dubai firm Al Tamimi & Co – among the Middle East's largest law firms – is advising on UAE law, and KPMG is acting as auditor.
A&O equity capital markets partner James Roe is leading for the firm, having acted on a number of major IPOs in recent years, advising Equiniti on its £317 million IPO in 2015, and Allied Irish Banks on its £2.9 billion dual Irish and London listing in 2017. Abu Dhabi partner Khalid Garousha advised on the UAE part of the deal, while U.S.-qualified partner Sachin Dave advised on the U.S. aspects.
Network International – which provides payments products and systems in more than 50 countries – would become only the second main market listing this year, following DWF's float on Monday (March 11).
The company is a longstanding client of A&O's, having established a relationship some years ago in the Middle East.
Fellow magic circle firm Clifford Chance acted for underwriters Citigroup and JP Morgan with a team comprising equity capital markets partners Iain Hunter in London, Mike Taylor in Dubai and Alex Bafi in Paris.
Freshfields Bruckhaus Deringer advised the two principle shareholders Warburg Pincus and General Atlantic – with ECM partner Mark Austin and M&A partner Patrick Ko leading – while Gibson Dunn & Crutcher partner Chris Haynes advised the third key shareholder, Emirates NBD Group.
Though investor interest has generally quietened owing largely to Brexit uncertainty, the company expects to trade a 25 percent stake on the main market in the coming weeks.
Founded in 1994, Network International generated revenues of $298 million in 2018 and primarily serves markets in the Middle East and Africa, working with a number of partners including Paypal, Visa and Google Pay.
Among Network International's non-executive directors is former Clifford Chance solicitor Victoria Hull, who is currently also a non-exec director of floated law firm Rosenblatt.
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