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Dealwatch: Rich pickings for A&O and Linklaters on €120bn tech listing as Addleshaws wins Battersea redevelopment

The European teams of Allen & Overy (A&O) and Linklaters are set to bring in a total of more than €4m in legal fees after acting on the largest European listing of the year.

Meanwhile in London, Addleshaw Goddard and Norton Rose Fulbright acted on the £600m financing of the latest phase in the redevelopment of Battersea Power Station.

Last week (11 September) South African internet group Naspers floated its internet group and technology investment business Prosus on Euronext Amsterdam, with a secondary listing on the Johannesburg Stock Exchange, giving the company a market capitalisation of €120bn.

A&O’s Amsterdam partner Tim Stevens led the team advising Prosus and Naspers on Dutch and US law and the firm is expected to receive €3.8m in fees according to the listing prospectus.

Linklaters’ Amsterdam partner Alexander Harmse and London partner Mike Bienenfeld acted for the financial advisers, bringing an estimated €925,000 to their firm. Linklaters’ South African alliance firm Webber Wentzel advised on South African law and is expected to receive €3.3m.

The listing, that sees Naspers retain control of about 73% of Prosus, made the company the third largest listed group in Amsterdam behind British-Dutch giants Royal Dutch Shell and Unilever.

In the City, Addleshaw’s real estate partner Luke Harvey led the team advising Battersea Phase 3 Holding Company on the financing of the third phase of the 42-acre development. NRF worked alongside Addleshaw on the deal.

The financing will be used to help create a new pedestrian high street called Electric Boulevard, and a mixed-use development including shops and homes.

Addleshaw also advised on the previous phases of the £9bn development, which is set to be completed in 2021.

Last year the firm advised as Malaysia’s asset manager Permodalan Nasional Berhad and state pension fund The Employees Provident Fund took a £1.6bn stake in the project. Battersea Power Station Development sold the commercial assets of phase two of the project, including a six-acre site hosting the former coal power station on the south bank of the river.