Stockholm, SwedenDavis Polk Takes Lead Role on Major European Private Equity Firm Float
The elite New York firm has won a new client as Nordic giant EQT looks to raise over €500 million with a listing.
September 03, 2019 at 05:44 AM
2 minute read
Nordic private equity giant EQT has called in elite New York firm Davis Polk & Wardwell for the first time, to advise on its planned initial public offering (IPO) and a listing of its shares on Nasdaq Stockholm.
Magic Circle firm Linklaters will also be advising the financial backers for the IPO, which include banking giants JP Morgan, UBS and BNP Paribas.
In a statement published by EQT yesterday (September 2), the firm said the planned IPO would consist of an issuance of new shares worth at least €500 million, as well as the sale of shares by existing shareholders, including Investor.
The heavyweight private equity house expects that the IPO will encompass 20% of the total number of its total shares. It would be one of the largest ever by a European private equity firm.
Davis Polk London corporate partner Reuven Young is leading the team advising new client EQT, according to two people familiar with the matter. Connie Milonakis and Maxim Van de moortel are also assisting as counsel and associate respectively.
The firm will advise on the international legal implications of the proposed float, while EQT has also enlisted Swedish firm Advokatfirman Vinge to advise on domestic law.
Linklaters is advising the financiers of the IPO, which include joint global coordinators and bookrunners, JP Morgan and SEB Group; co-lead managers, ABG Sundal Collier, Merrill Lynch International and BNP Paribas; as well as other bookrunners, Goldman Sachs, Morgan Stanley & Co, Nordea and UBS.
The Linklaters team is being led by corporate partners Fredrik Lindqvist and Marco Carbonare, based in Stockholm and Frankfurt respectively.
Earlier in the year, U.S. firm Simpson Thacher & Bartlett's London office took a lead role advising EQT on its $9 billion fundraising for its Infrastructure IV fund.
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