Legal Business

‘Exciting growth journey’: White & Case advises Polish telecoms company Play on €1bn IPO

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Europe Latham & WatkinsWhite & Case

White & Case has again advised Polish telecoms group Play Communications and its shareholders, Novator and Olympia, this time on Play’s €1bn initial public offering (IPO) on the Warsaw stock exchange.

The IPO, which is the largest in the telecommunications sector in the past two years, values Poland’s second biggest mobile network operator Play at €4bn.

The company is controlled by Greek investor Olympia Development and Iceland’s Novator Partners. It has more than 14m customers.

White & Case’s team was led by private equity partner Ian Bagshaw and corporate finance partner Jill Concannon. London-based partners Jonathan Parry in capital markets, Prabhu Narasimhan in tax, Martin Forbes in private equity, Nicholas Greenacre in employment and Warsaw-based capital markets partner Marcin Studniarek also advised for Play.

Bagshaw said the firm’s lawyers in London and Warsaw had advised on a ‘complex and successful IPO that will allow the company to continue its exciting growth journey’.

Concannon told Legal Business: ‘This all about the high yield to IPO. We got this up and running in ten weeks from high yield to pricing which is extremely unusual. The only reason we were able to do that is we had a high yield prospectus that was basically 90% there which put the company in the starting block so that they could hit the ground running and hit the summer window – something we wouldn’t have been able to do without it.’

White & Case has advised Play on a number of deals since 2014. In 2014, Play returned to White & Case on its €415 million senior PIK toggle notes offering, with a team led by Concannon, capital markets partner Rob Mathews and Bagshaw.

The firm also advised Play earlier this year on term loan facilities and a revolving credit facility of up to zł7bn, led by Bagshaw and Forbes.

Latham & Watkins advised the underwriters, JP Morgan Bank of America Merrill Lynch and UBS Investment Bank, with a team led by corporate partner Brett Cassidy and capital markets partner Olof Clausson.

Madeleine.farman@legalbusiness.co.uk

Legal Business

‘Hugely complicated’: Watson Farley, White & Case, A&O line up on $14bn shipping deal

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Finance Allen & OveryWatson Farley and WilliamsWhite & Case

Watson Farley & Williams has advised a group of 27 international and local banks acting as financiers on a $14bn merger between shipping giants Hapag-Lloyd and United Arab Shipping Company (UASC).

The tie-up will create one of the five largest container shipping lines in the world, with 230 vessels and a combined turnover of around $12bn.

Legal Business

Skadden, White & Case, Freshfields, Simpson lead elite firms on Europe’s largest software buyout

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Corporate Freshfields Bruckhaus DeringerRopes & GraySimpson Thacher & BartlettSkadden, Arps, Slate, Meagher & FlomWhite & Case

Skadden, Arps, Slate, Meagher & Flom and White & Case advised HgCapital as it led a consortium of investors purchasing €4.64bn of stakes in Norwegian software company Visma, in one of Europe’s largest ever software buyouts.

US buyout firm KKR is selling its entire €1.59bn stake in Visma, while private equity firm Cinven is selling 40% of its Visma holdings.

Private equity partners Richard Youle and Katja Butler, left White & Case last month to join Skadden in anticipation of the deal’s announcement. 

White & Case remain advisers to Hg on the debt component of the deal, with a team led by London’s banking partner Colin Harley and Brussels’s antitrust partner Pontus Lindfelt.

The investor group includes Intermedia Capital Group (IGC), Montague, the Government of Singapore Investment Corporation (GIC) and Visma’s management team.

KKR is advised by Simpson Thacher & Bartlett, alongside ABG Sundal Collier, Morgan Stanley, EY and OC&C, while Freshfields Bruckhaus Deringer, in a team led by Adrian Maguire and Victoria Sigeti, advised Cinven.

Ropes & Gray advised new client ICG, led by private equity partner Helen Croke and finance partner Malcolm Hitching, who led on the debt aspects of the deal. 

Linklaters advised Montagu with a team led by financial sponsors co-head Alex Woodward.

Oslo-headquartered Visma provides mission critical accounting, resource planning and payroll software to small and medium-sized businesses in the Nordic and Benelux region.

Before the deal, Hg, Cinven and KKR each owned a third of Visma. Following the deal, Hg will hold 41% of Visma, Cinven will retain a 17% share, while Visma management will hold 7%. The rest of the consortium will hold minority stakes.

Hg initially invested €114.8 million in Visma in 2006, completing a public-to-private de-listing from the Oslo stock exchange valuing the business at £382m at that time. HgCapital subsequently continued to hold a stake in the business over the following eight years, before re-investing again in 2014, alongside both KKR and Cinven, each holding 31.3% of the company at that point.

Between 2006 and 2016, Visma’s revenues grew at a compound annual rate of 17. The company completed more than 120 bolt-on acquisitions over the same period and improved operating margins from 15% to 25%.

Schjødt is advising HgCapital on Norwegian aspects of the deal and Wiersholm for Visma and the management team.

Private equity firms have been increasingly interested in software companies in recent years.

Marco.cillario@legalbusiness.co.uk

Legal Business

News in brief – June 2017

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White & Case

WHITE & CASE’S YOULE EXITS FOR SKADDEN

In a major blow for White & Case’s City private equity practice, EMEA private equity co-head Richard Youle will join Skadden, Arps, Slate, Meagher & Flom, ending his long-running pairing with partner Ian Bagshaw. The duo has known each other since they were at Eversheds in the 1990s.

Legal Business

‘Much busier than expected’: White & Case and Freshfields advise Alfa Financial Software on IPO

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Corporate Freshfields Bruckhaus DeringerWhite & Case

White & Case’s City growth strategy is seeing results with the US firm and Freshfields Bruckhaus Deringer winning places advising Alfa Financial Software on its planned float on the London Stock Exchange. The initial public offering (IPO) is expected to value Alfa at more than £800m.

The float of the company, which specialises in software for the asset finance industry, will be the largest UK tech listing in the past two years. Alfa’s clients include Bank of America, Barclays and Mercedes-Benz.

Legal Business

Hogan Lovells hikes NQ pay by 5% in latest round of City increases

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Salaries Hogan LovellsShearman & SterlingWhite & Case

Hogan Lovells’ UK newly-qualified (NQ) lawyers pay has risen 5%, as the firm increases junior associates’ salaries.

NQ pay jumped £3,500 to £71,500, while first year trainees’ salaries rose by £1,000 to £44,000. Second year trainees have also received a £1,000 increase to £49,000.

The changes came into effect on 1 May.

Lawyers with one year’s post-qualification experience (PQE) at Hogan Lovells have their pay determined by a merit based pay model with broad salary bands.

A firm spokesperson told Legal Business the mechanism ‘ensure[s] that we are able to take into account an individual’s performance when determining salary within the relevant salary band.’

‘In addition, our lawyers have the ability to earn significant bonuses based on chargeable hours and/or a discretionary bonus.’

Earlier this month, White & Case announced its London associates would receive a significant pay increase, with the US firm awarding its NQs a £15,000 pay hike to £105,000 for 2017.

White & Case lawyers with one year-PQE received a 16% raise from £95,000 to £110,000, while two year-PQE salaries increased by the largest percentage, up 19% to £120,000.

Shearman & Sterling were the first to announce UK pay increases this year. Shearman’s NQ pay rose by 10.5% from £95,000 to £105,000, with mid-level associates receiving a 9.5% bump in their pay from £126,000 to £138,000. The start of its senior associate salary band has risen by 5.6% to £165,000, from last year’s £156,000. 

madeleine.farman@legalease.co.uk

Legal Business

‘Hugely complicated’: Watson Farley, White & Case, A&O line up on $14bn shipping deal

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Finance Allen & OveryWatson Farley and WilliamsWhite & Case

Watson Farley & Williams (WFW) has advised a group of 29 international and local banks who were acting as financiers on a $14bn merger between shipping giants Hapag-Lloyd and United Arab Shipping Company (UASC).

The merger will create one of the five largest container shipping lines in the world, with 237 vessels and a combined turnover of around $12bn.

Dubai-based finance partner Andrew Baird led for WFW with support from Dubai partner Neale Downes, Hamburg partner Maren Brandes, London partner Kavita Shah and Singapore partner Mei Lin Goh.

Allen & Overy (A&O) and Ince & Co acted for Hapag-Lloyd in the deal, while White & Case provided advice to the UASC. White & Case’s team was co-led by New York partner Chris Frampton and London partner Alison Weal, with partners Michiel Visser and Roger Kiem.

Sami Chowdhury and Jan Hungar acted for Ince & Co and Frankfurt partner Bianca Engelmann led for A&O.

Baird told Legal Business that WFW began working on the deal around eight months ago, commenting: ‘It was a hugely complicated transaction, as you can imagine.’

‘We co-ordinated a team across our Dubai, Hamburg, London and Singapore offices, so a lot of people played their part in bringing their expertise to bear,’ he said.

‘We currently have a lot of mandates of this type, but obviously this transaction is huge in its own right. We won the mandate due to a combination of our market leading position and the fact we have acted for the banks on a large number of the underlying financings in the past.’

The deal is the largest WFW has worked on this year, since landing a role on Shell’s $3.8bn sale of North Sea oil and gas assets in January.

Joe Levin led WFW in advising third party banks, as British investment firm Chrysaor Holdings bought out an initial consideration of $3bn, plus an additional potential payment of up to $600m, subject to commodity prices and $180m for future oil and gas finds.

White & Case partners Ian Bagshaw and Richard Jones advised Harbour Energy Limited, an investment vehicle managed by EIG Global Energy Partners, on its agreement to lead for Chrysaor on the acquisition of the oil and gas portfolio.

tom.baker@legalease.co.uk

Legal Business

‘Move makes sense’: Skadden breaks up White & Case City PE duo with Youle hire

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Strategic recruitment Skadden, Arps, Slate, Meagher & FlomWhite & Case

In what amounts to a break-up of one of the City’s most storied private equity partner duos, Skadden, Arps, Slate Meagher & Flom has hired White & Case’s global and EMEA PE co-head Richard Youle, along with recently promoted PE partner Katja Butler.

The move splits the long-running and successful pairing of Youle and Ian Bagshaw, who had known each other since Youle was Bagshaw’s trainee at Eversheds in the 1990s. Youle (pictured) joined White & Case with Bagshaw in 2013 after resigning from Linklaters after seven years with the Magic Circle firm.

They were then both named co-heads of PE at White & Case in 2015 and have been central to a strong run of form for the City office of the US firm. Two years after their arrival, the private equity group in London was already pulling in close to the £40m that the Linklaters team had been generating under their leadership.

A spokesperson for White & Case said: ‘We can confirm that Richard Youle and Katja Butler are leaving White & Case to join Skadden. We wish them every success in their future endeavours. Our private equity team and leadership is deep and broad on a global basis and will continue to be run by Ian Bagshaw based in London and Oliver Brahmst based in New York.’

Bagshaw told Legal Business: ‘Richard is a great partner, I’ve had the pleasure of working with him for ten years. This move makes sense for him. We have had a great run since joining up in 2013 and will continue building out White & Case’s private equity practice in London going forward with the wider team.’

Youle advises PE houses and financial sponsor clients on all forms of leveraged M&A and portfolio assistance including restructuring advice, with clients such as HgCapital, Montagu, Oaktree and Mid Europa Partners.

Butler was made up to partner at White & Case in January and her focus is on PE deals as well as providing assistance to sponsor-held portfolio companies between buyout and exit.

White & Case’s London office saw a 4% increase in turnover to $290m as the firm posted a 7% increase in global revenue for 2016 reaching $1.63bn, up on last year’s 1% increase in revenue of $1.52bn.

In 2016, Kikland & Ellis hired David Holdsworth, one of Linklaters’ last remaining private equity heavyweights in the City, as the US firm rebuilt its London office. This followed a six-partner team announced in February 2016 to depart Kirkland to set up a City PE team at Sidley Austin.

Earlier this year, a group of five Paris corporate partners – collectively responsible for a book of business worth £8m – moved from Ashurst to Freshfields Bruckhaus Deringer.

georgiana.tudor@legalease.co.uk

For more on the City private equity shark tank, see ‘ABC – the brutally simple world of a private equity lawyer’

Legal Business

‘Competitive remuneration key’: White & Case hikes associate pay with NQs seeing a 17% increase

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Salaries White & Case

White & Case‘s London associates have seen a significant increase in their pay with the US firm awarding its newly qualified (NQ) associates with a £15,000 pay hike for 2017.

NQs will see a 17% increase to their salaries taking home £105,000. Those lawyers with one years’ post-qualified experience (PQE) have seen a 16% raise from £95,000 to £110,000. Two years’ PQE take home pay has seen the largest percentage increase, up 19% to £120,000.

By the time White & Case’s lawyers reach three years’ PQE, their pay becomes discretionary, with the firm saying it expects remuneration to be as competitive as banded pay levels. The firm’s bonus arrangements for its lawyers in London are separate to their salaries, which are paid out after White & Case’s financial year end.

Trainees also saw a bump in their pay, receiving a £2,000 increase. First year trainees will take home £46,000, while second year will take home £50,000.

A statement from the firm said: ‘Student debt, increasing inflation and the high cost of living in London make competitive remuneration key for the brightest young lawyers in considering their career options. In this environment, and following discussions with partners and feedback from our London employee committee, White & Case has significantly increased its legal salary grid for 2017 in London, including an increase for our trainees. The increase in the legal salary grid is a positive change which also reflects the strong performance of the firm globally and of our people in London.’

White & Case’s London office saw a 4% increase in revenue to around $290m in 2016 with global revenues moving up 7% to $1.63bn, up significantly on last year’s 1% rise to $1.52bn. Profits per equity partner also jumped by 2% to $2.05m up on last year’s $2.02m. Revenue per lawyer saw a 5% increase to $833,000 after 2015’s dip of less than 1%.

White & Case’s NQ pay follows Shearman & Sterling’s UK pay increases, which were announced earlier this month. Shearman’s NQ pay rose by 10.5% from £95,000 to £105,000 with mid-level associates receiving a 9.5% bump in their pay from £126,000 to £138,000. The start of the senior associate salary band has risen by 5.6%, up to £165,000 on last year’s £156,000.

madeleine.farman@legalease.co.uk

Legal Business

The quality of life report: Pursuits – Ian Bagshaw, White & Case

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Profile White & Case

‘This is a hard career, but everything’s hard. Work hard, be the better you and enjoy yourself.’

 

 

In 2012 White & Case’s global private equity co-head Ian Bagshaw lost his younger brother, Dan, then aged just 27. He died suddenly on the finish line of an ITU Olympic distance triathlon in Hong Kong. That same year, while Bagshaw was a partner at Linklaters, his family set up Dan’s Trust to raise money for research and to help the local community.