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Minter Ellison and Herbert Smith Freehills got the plum roles on one of the biggest domestic IPOs this year.
Firms: Minter Ellison (Asaleo Care Limited); Herbert Smith Freehills (Joint Lead Managers [JLMs]); Minter Ellison Rudd Watts (Asaleo Care on New Zealand law); Sullivan & Cromwell (Asaleo Care on US law); Skadden, Arps, Slate, Meagher & Flom LLP (JLMs on US law)
Value: $665.8 million
Area: Capital markets
Key Players: The Minters team was led by Jeremy Blackshaw (pictured), the head of the firm’s private equity and capital markets team. He was supported by partners Bart Oude-Vrielink and Daniel Scotti, with assistance also provided by special counsel Renee Doyle. The HSF team was led by partners Philippa Stone and Philip Hart, with support from executive counsel Lauren Magraith, assisted by solicitor Charlotte Cameron. HSF acted for a number of financial institutions, including Citigroup Global Markets Australia Pty Limited, Macquarie Capital (Australia) Limited and Merrill Lynch Equities (Australia) Limited. HSF also subsequently advised Asaleo Care on its $350 million new banking facilities that will refinance its existing debt facilities on completion of the IPO. International firms Minter Ellison Rudd Watts, Sullivan & Cromwell and Skadden, Arps, Slate, Meagher & Flom also advised
Deal Significance: The IPO has raised just under $656 million at an issue price of $1.65 per share. Minters lead partner Jeremy Blackshaw described the IPO as a “complex and technically demanding” transaction. Asaleo manufactures and distributes a range of consumer products across the feminine hygiene, incontinence hygiene, baby hygiene, consumer tissue and professional hygiene product categories. The company has operations throughout Australia, New Zealand and Fiji. The Asaleo IPO is one of the largest in Australia this year. Just this week HealthScope announced it would seek to raise $2.6 billion on an IPO. This would be the largest capital raising in Australia since 2010. A range of firms, including Gilbert + Tobin and HSF are acting on HealthScope’s raising.
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