King & Spalding and Sullivan & Cromwell are leading one online food-delivery service Delivery Hero’s planned initial public offering (IPO) €1bn target, with Freshfields Bruckhaus Deringer advising the underwriters.
The IPO would value Delivery Hero at €4.4bn. The Berlin-headquartered company said it will sell up to 39m shares with pricing set at €22 to €25.50.
Freshfields’ team, acting for the underwriters on the deal, is led by financial institutions global co-head Christoph Gleske.
King & Spalding is advising Delivery Hero on the US law side while Sullivan & Cromwell is acting on German delivery service laws. King & Spalding is advising Delivery Hero on the US law side while Sullivan & Cromwell is acting on German delivery service laws. King & Spalding’s team includes London based-capital markets partner Markus Bauman (pictured) and tax partner John Taylor.
Sullivan & Cromwell’s Frankfurt based partners Carsten Berrar and Krystian Czerniecki are advising.
The company’s online and mobile platforms reach customers across 40 countries in Europe, the Middle East & North Africa, Latin America and the Asia-Pacific region. Its brands include Pizza.de, Foodora and Foodpanda. The company was set up in 2011.
Bauman told Legal Business: ‘It is a remarkable deal for the tech ecosystem in Europe generally, Berlin specifically. There are any number of push and pull factors that may see these companies go to market or stay private a little bit longer’, he said
‘The wealth of private money that is available to them is one thing that keeps them off the market but many of these companies will find their way over the next few years’ Bauman added.
King & Spalding has been advising Delivery Hero since 2015, when Berlin-based e-commerce group invested $586m in Delivery Hero.