Slaughter and May advised IWG as a combined team with Cravath, Swaine & Moore LLP, who advised on matters of US law, and Mourant Ozannes, who advised on matters of Jersey law. Latham & Watkins advised the joint global coordinators and joint bookrunners on the deal.
IWG plc made a cash box placing to institutional investors and an associated offer to retail investors via the PrimaryBid platform.
The Placing will raise gross proceeds of approximately £320m.
The results of the Placing, which represents c.15.4% of the existing issued ordinary share capital (excluding treasury shares) of IWG, were announced on 28 May 2020. It was conducted by an accelerated bookbuilding process for institutional investors, with Investec Bank plc, Barclays Bank PLC, and HSBC Bank plc as acting as joint global coordinators and joint bookrunners. Alongside this accelerated bookbuilding process, IWG made an offer to retail investors to participate in the Placing via the PrimaryBid platform. The net proceeds from the Placing will be used to take advantage of growth opportunities and strengthen IWG’s global leadership position.
Slaughter and May’s team included Andy Ryde (Picture), Partner, Paul Mudie, Partner, Hemita Sumanasuriya, Associate, Matthew Langton, Associate, Riva Bhalla, Associate, Ellie Nugent, Trainee, Mike Lane, Partner, Stella Kim, Associate and Jamshed Bilimoria, Associate.
Latham & Watkins advised the joint global coordinators and joint bookrunners with a team led by London corporate partner Chris Horton, with associates Sean Meehan and Frederick Gardner. London partner Ryan Benedict and associate Sarah Youssefi advised on US securities law matters.
The Cravath team representing IWG included partner Philip J. Boeckman and associate Brian T. Bodensteiner.
Involved fees earner: Brian Bodensteiner – Cravath Swaine & Moore; Philip Boeckman – Cravath Swaine & Moore; Ryan Benedict – Latham & Watkins; Chris Horton – Latham & Watkins; Frederick Arthur Langdon Gardner – Latham & Watkins; Sean Meehan – Latham & Watkins; Sarah Youssefi – Latham & Watkins; Riva Bhalla – Slaughter and May; Jamshed Bilimoria – Slaughter and May; Stella Kim – Slaughter and May; Mike Lane – Slaughter and May; Matthew Langton – Slaughter and May; Paul Mudie – Slaughter and May; Andy Ryde – Slaughter and May; Hemita Sumanasuriya – Slaughter and May;