Latham & Watkins, Linklaters and Weil, Gotshal & Manges have scored lead roles as security company Verisure announces plans to raise over €3.1bn in an IPO on Nasdaq Stockholm, a move which signifies growing confidence in the European listings market.
Verisure, which provides home alarm systems, is owned by US private equity firm Hellman & Friedman, a longstanding client of Latham’s.
Latham advised Verisure and Hellman & Friedman, with a London team including UK equity capital markets co-head James Inness, corporate partner Mark Austin, and London corporate co-chair Mathew Schneider. Also involved were PE partners David Walker, Katie Peeks, and Huw Thomas, who co-chairs London corporate alongside Schneider.
Weil is acting as an independent adviser to management at the private equity-backed company, with a London team led by corporate partners Max Oppenheimer and Sarah Flaherty.
Linklaters is advising the banks, which include JP Morgan, Barclays, BNP Paribas, and Bank of America, with a team led by global equity capital markets co-head Pam Shores, who splits her time between New York and London, Stockholm corporate partner Charlotte Levin, and London corporate partner James Wootton.
Swedish firm Vinge is acting as Swedish counsel to Verisure.
Swiss-headquartered Verisure, first backed by Hellman & Friedman in 2011, could reportedly receive an enterprise valuation of €20bn, making it one of the largest European IPOs in recent years.
Latham has acted for Hellman since at least 2013 when it advised on the acquisition of technology company Scout24, and continues to act for the PE house, advising it on its investment in Italian AI company TeamSystem in July. Weil also advised Verisure during its acquisition by Hellman.
The planned listing is the latest sign of a resurgence in the European listings market. Last year, IPO proceeds on the continent more than doubled from $7.79bn to $16.63, according to a report from White & Case.
Several other companies are reportedly preparing European listings, including Deutsche Borse governance and data analyics unit ISS Stoxx. Meanwhile, classifieds business Swiss Marketplace Group will launch on the SIX Swiss Exchange, with trading set to begin on Friday.
Capital raised from the listing will help refinance Verisure’s outstanding debt, as well as to fund its acquisition of Mexican security services company ADT Mexico.
