International law firm Clifford Chance advised BofA Securities Europe, CrĂ©dit Agricole Corporate and Investment Bank, HSBC Continental Europe and JP Morgan as Joint Global Coordinators on Euronext’s share capital increase by way of a rights offer raising proceeds of EUR 1.8 billion as part of the financing of the acquisition of Borsa Italiana Group. The syndicate of underwriting banks further comprised ABN AMRO Bank, BNP Paribas, Intesa Sanpaolo, Mediobanca, Banca di Credito Finanziario, SociĂ©tĂ© GĂ©nĂ©rale, UniCredit Bank and ING Bank as Joint Bookrunners and CrĂ©dit Industriel et Commercial as Joint Lead Manager.
With approximately 98% of the rights exercised and the remainder of the offer largely oversubscribed, the final gross proceeds of the Offer amount to EUR 1,820 million. The net proceeds of the issue will be used to partially refinance the acquisition of the Borsa Italiana Group, completed by Euronext on 29 April 2021 for a final consideration of approximately EUR 4.4 billion. For more information, click here.
The Clifford Chance cross-border team was led out of Amsterdam by Han Teerink and in Paris by Alex Bafi and Olivier Plessis and further included Hans Beerlage, Thijs Legters, Laura Dolstra, Sabine van den Heuvel, Magdalena KuÄŤko and Michiel Sunderman (in Amsterdam), Thomas Hobbs Martin (US team in Paris), Chris Roe and James Spencer (London) and Aline Cardin (Paris) and further support from the Milan and Brussels offices.
This transaction builds on Clifford Chance’s leading EMEA capital markets practice, having advised on many of the most recent largest and high-profile European equity listings, including the IPOs of InPost (Europe’s largest ever Tech IPO and the largest European IPO in the last decade), CTP (Europe’s largest Real Estate IPO since 2014), SYNLAB, The Hut Group (the largest IPO on the LSE in 2020), Allegro (Warsaw Stock Exchange’s largest IPO and EMEA IPO of the year at IFR Awards 2020), JDE Peet (Europe’s largest IPO in 2020 and IFLR Equity Deal of the Year 2020) and Adyen (IFLR Equity Deal of the Year 2019).
