Pershing Square Tontine’s $4 Billion Initial Public Offering

Ropes & Gray advised the underwriters in the transaction.

Pershing Square Tontine Holdings, Ltd. announced its initial public offering of 200,000,000 units at a price of $20.00 per unit.

Citigroup Global Markets Inc., Jefferies LLC and UBS Securities LLC acted as joint book-running managers; CastleOak Securities, L.P., Loop Capital Markets LLC, Samuel A. Ramirez & Company, Inc. and Siebert Williams Shank & Co., LLC acted as co-lead managers; and Academy Securities, Inc., C.L. King & Associates, Inc. and Roberts and Ryan Investments Inc. acted as co-managers.

PSTH is sponsored by Pershing Square TH Sponsor, LLC, which is wholly owned by three investment funds: Pershing Square Holdings, Ltd., Pershing Square, L.P., and Pershing Square International, Ltd, (together “the Pershing Square Funds”), which are managed by Pershing Square Capital Management, L.P. (“PSCM”). PSCM is a registered investment advisor with more than $10 billion of assets under management whose strategy is to acquire large minority stakes in high quality growth companies.

Pershing Square Tontine Holdings, Ltd. is a Delaware incorporated newly organized blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with a private company.

The Ropes & Gray team advising the underwriters was led by capital markets partners Paul Tropp (Picture) and Chris Capuzzi (both of New York).

Involved fees earner: Christopher Capuzzi – Ropes & Gray; Paul Tropp – Ropes & Gray;

Law Firms: Ropes & Gray;

Clients: Academy Securities Inc.; C.L. King & Associates; CastleOak Securities; Citigroup Global Markets Ltd; Jefferies; Loop Capital Markets; Roberts and Ryan Investments; Samuel A. Ramirez & Company, Inc.; Siebert Williams Shank & Co. LLC; UBS Securities LLC;

Author: Ambrogio Visconti