Spotify Technology S.A.’s groundbreaking direct listing on the New York Stock Exchange


Latham & Watkins has advised Spotify Technology S.A., the world’s largest global music streaming subscription service, in its groundbreaking direct listing on the New York Stock Exchange.

The shares began trading under the ticker symbol “SPOT” on April 3, 2018. Unlike in a traditional initial public offering, Spotify did not offer any new shares and there were no underwriters.

Goldman Sachs & Co. LLC, Morgan Stanley, and Allen & Company LLC acted as financial advisors to Spotify.

Partners Greg Rodgers, Marc Jaffe and Ben Cohen led the Latham team that advised Spotify, a Luxembourg company headquartered in Stockholm, Sweden, on the direct listing, with New York associates Brittany Ruiz, Naseem Faqihi Alawadhi, and Sandy Kugbei, and Washington, D.C. associates Julia Thompson, Nicole Fritz, Darren Jackson, and Jonathan Drory. Advice was also provided on securities law matters by Washington, D.C. partner Alex Cohen, Washington D.C. counsel Paul Dudek, and New York partner Dana Fleischman; on tax matters by New York partner Jiyeon Lee-Lim; and on benefits & compensation matters by New York partner Lori Goodman, with New York associate Anisha Mehta.

Involved fees earner: Gregory Rodgers – Latham & Watkins; Marc Jaffe – Latham & Watkins; Benjamin Cohen – Latham & Watkins; Brittany Ruiz – Latham & Watkins; Naseem Faqihi Alawadhi – Latham & Watkins; Sandy Kugbei – Latham & Watkins; Julia Thompson – Latham & Watkins; Nicole Fritz – Latham & Watkins; Darren Jackson – Latham & Watkins; Jonathan Drory – Latham & Watkins; Paul Dudek – Latham & Watkins; Alexander Cohen – Latham & Watkins; Dana Fleischman – Latham & Watkins; Jiyeon Lee-Lim – Latham & Watkins; Lori Goodman – Latham & Watkins; Anisha Mehta – Latham & Watkins; Alexander Cohen – Latham & Watkins;

Law Firms: Latham & Watkins;

Clients: Spotify;

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Author: Ambrogio Visconti