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Shearman London and Linklaters Paris lead on circa $2bn Euronext float

Shearman & Sterling’s London office has taken the lead advising New York-listed global exchange and clearing house operator IntercontinentalExchange (ICE) on its initial public offering (IPO) of pan-European exchange group Euronext on Euronext Paris, Brussels and Amsterdam, for what ICE says is likely to be valued at in excess of $2bn.

Led by London capital markets partner David Dixter, the Shearman team also includes capital markets associate Jonathan Handyside, with the heavily regulated deal also being advised on by head of the financial institutions and financial regulatory group Barney Reynolds, working with counsel Azad Ali.

Linklaters is advising underwriters JP Morgan, ABN Amro and Société Générale on both French and US law out of its Paris office, led by equity and debt capital markets partner Bertrand Senechal and US securities partner Luis Roth. The Magic Circle firm has also secured the role of Dutch counsel out of its Amsterdam office led by capital markets partner Alex Harmse and associate Menno Baks.

Stibbe’s Netherlands office is advising ICE on Dutch law.

Shearman & Sterling advised ICE in 2012 on the European aspects of its acquisition of NYSE Euronext in a transaction worth $11bn.

Other deals in recent years have included the formation of ICE Clear Europe and the acquisition of The Clearing Corporation.

The IPO is expected to see ICE offer just over 42m shares with an offer price range of €19 and €25 per share. The shares constitute up to 60.15% of the issued ordinary shares in the company and the offering includes a public offering to institutional and retail investors in the Netherlands, France and Belgium and a private placement to certain institutional investors in other jurisdictions.

The IPO price and exact number of shares offered are expected to be announced on 19 June 2014 after the offer period has ended.

Euronext is the holding company of a pan-European exchange group which operates equity, fixed income and derivatives markets in Paris, Amsterdam, Brussels and Lisbon.

The float will mean a return to Continental Europe of its own stock exchange, a rival to the London Stock Exchange, and chairman and CEO of ICE, Jeffrey Sprecher said: We believe that Euronext, as a leader in Europe, should operate independently and in the interests of its customers and local economies. Today marks an important step in that direction and is the result of significant work by our team. We will continue to work closely with our market regulators to ensure a smooth transition to independence for Euronext.’