White & Case capital markets duo Thomas Le Vert and Philippe Herbelin, alongside corporate partner François Leloup, have resurrected the listing of electrical engineering group SPIE after an eight-month postponement.
The Euronext Paris Stock Exchange initial public offering sees White & Case’s client issue €700m worth of new shares and sell 6.3 million of existing shares owned by management. Trading is expected to begin on 12 June.
Clifford Chance was instructed by SPIE’s consortium of owners, private equity houses Clayton, Dubilier & Rice and Ardian, as well as the state-backed investment fund of Québec, with a team comprising Gilles Lebreton, Alexandre Lagarrigue, Thibaut Cambuzat, Katia Gruzdova, Stéphanie Giuliani and Marion Finzi.
Meanwhile, Mayer Brown’s Paris-based corporate and securities partner Jean-François Louit is advising SPIE’s management, which own a minority stake in the company. Allen & Overy is representing the underwriters on the deal.
Longstanding adviser Debevoise & Plimpton also secured a senior role on the deal, advising SPIE on the €1.53bn worth of new senior loans. The seven-lawyer Debevoise team was headed up by London-based partners Alan Davies and Raman Bet-Mansour, who executed a €2.16bn refinancing of SPIE’s debt earlier this year, with City partner Matthew Saronson providing tax advice. Latham & Watkins has been instructed by the banks.
Debevoise has advised SPIE since handling the Clayton, Dubilier & Rice-led consortium’s €2.1bn acquisition of SPIE in 2011 from PAI Partners.
Founded 115 years ago to engineer parts of the Paris Metro, SPIE’s revenue climbed by 15% to €5.22bn last year, boosted by a string of acquisitions and international growth.