Legal Business Blogs

Magic Circle duo act on major post-Brexit IPO as ConvaTec lists

Linklaters and Freshfields Bruckhaus Deringer are advising medical products company ConvaTec on its anticipated $1.8bn initial public offering (IPO).

Freshfields is acting as lead adviser to ConvaTec, which announced its intention to float on the London Stock Exchange (LSE) yesterday (3 October) by late October or early November this year.

London corporate partner Christopher Mort is leading the Freshfields team. He has previously advised on the IPOs of more than 30 FTSE companies including Hastings Insurance, Merlin Entertainments and Saga.

The IPO will be the largest on the LSE since the Brexit vote on 23 June. The market has been slow in the months since the vote, with waste management firm Biffa planning to raise £270m and Pure Gym aiming for a £190m float. ConvaTec’s business had revenues of $1.65bn for 2015 employing more than 9,000 people.

Linklaters is acting for the banks on the deal, with corporate partners James Wootton, Dan Schuster-Woldan and Mike Bienenfeld leading the team.

Recent major IPO mandates in the UK mostly pre-date the Brexit vote. Linklaters and Clifford Chance (CC) both took roles on the £400m float of Metro Bank in March. Linklaters capital markets partner Jason Manketo led for the bank while CC capital markets head Adrian Cartwright led for sponsor RBC Europe.

The largest IPO to push ahead this year was on the Hong Kong Stock Exchange, as Davis Polk & Wardwell advised Postal Savings Bank of China in September on its $8bn float, with CC leading for the underwriters.