Freshfields, Linklaters, Clifford Chance, Gleiss Lutz, White & Case and Sullivan & Cromwell included in line up
An array of top firms have advised on Porsche’s initial public offering that valued the German car company at around 78bn—one of Europe’s largest ever listings.
Freshfields Bruckhaus Deringer, Linklaters, Clifford Chance, Sullivan & Cromwell, Gleiss Lutz and White & Case are among the firms that enjoyed key roles in the complex transaction.
Freshfields advised Porsche, Linklaters advised its parent company Volkswagen and Clifford Chance advised the 15 banks on the deal, which included Bank of America, Citi, Goldman Sachs and JP Morgan as joint global coordinators.
Sullivan & Cromwell advised Porsche SE - the controlling shareholder of Volkswagen - on its 10.1bn investment in listed company Porsche AG in what the firm said was one of the largest M&A deals in Europe to date.
Gleiss Lutz, meantime, advised Volkswagen’s supervisory board, while White & Case advised Qatar Holding as cornerstone investor on the initial public offering.
Volkswagen sold almost 114 million shares in its sports car brand at 82.50 a share, raising around 9.4bn. The shares are listed on the Frankfurt Stock Exchange. Porsche said the IPO was the largest ever in Europe by market cap. The car maker also said the IPO opens up greater entrepreneurial freedom for Porsche as it seeks to ensure more than 80% of new vehicles delivered by 2030 are battery-electric vehicles....
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