Hudson Ltd.’s $749 million Initial Public Offering


Cravath represented the underwriters, led by Credit Suisse, Morgan Stanley and UBS Investment Bank, in connection with the $749 million initial public offering of Class A common shares of Hudson Ltd., a duty?paid and duty?free travel retail company

Dufry AG’s wholly-owned subsidiary: Hudson Ltd., has closed its previously announced initial public offering (IPO) of 39,417,765 Class A common shares at a public offering price of $19.00 per share on February 5, 2018.

The shares began trading on the New York Stock Exchange on February 1, 2018, under the ticker symbol “HUD.” All of the Class A common shares were sold by Dufry International AG, a wholly-owned subsidiary of Dufry, and Hudson Group did not receive any proceeds from the offering. Dufry International AG has granted the underwriters a 30-day option to purchase up to an additional 5,912,664 Class A common shares at the initial offering price, less the underwriting discount.

The Cravath team included partner Craig F. Arcella (Picture) and associates Eric M. Wasserstrum, Anthony J. Ramirez and Michael Zhang on securities matters, and associates Dmitry Zelik and Damien J. Rose on tax matters.

Involved fees earner: Craig Arcella – Cravath Swaine & Moore; Eric Wasserstrum – Cravath Swaine & Moore; Michael Zhang – Cravath Swaine & Moore; Dmitry Zelik – Cravath Swaine & Moore; Damien Rose – Cravath Swaine & Moore;

Law Firms: Cravath Swaine & Moore;

Clients: Credit Suisse; Morgan Stanley; UBS Investment Bank;

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Author: Ambrogio Visconti