15 May 2018
Latham & Watkins has advised on the US$3.2 billion initial public offering of Avast, the largest ever tech IPO on the London Stock Exchange.
Avast has been admitted to the Premium Listing Segment of the Official List and the Main Market of the LSE. The Offer, priced at 250 pence per share, includes gross primary proceeds of US$200 million and secondary proceeds of US$617 million, pre-greenshoe, and represents a market capitalization at the commencement of conditional dealings of approximately US$3.2 billion.
Avast is headquartered in Prague, the Czech Republic, and is the global leader in digital security products, with more than 435 million users worldwide. Morgan Stanley and UBS Investment Bank acted as the Joint Global Coordinators in connection with the transaction. BofA Merrill Lynch, Barclays PLC, Credit Suisse, and Jefferies International Limited acted as Joint Bookrunners and KeyBanc Capital Markets acted as Co-Lead Manager. Rothschild was the Financial Adviser to the Company. It is expected that the Company will, in due course, be considered eligible for inclusion in the FTSE UK Index Series.
Latham & Watkins advised the underwriting banks on the transaction, with a team led by London corporate partners James Inness and Brett Cassidy, with associates Taylor Mullings, Koushik Prasad, and Sean Meehan. A separate Latham team advised CVC Capital Partners, as a shareholder of Avast, led by London partners Kem Ihenacho and Claire Keast-Butler with associate Linzi Thomas. Ihenacho and Thomas previously advised CVC Capital Partners on its original investment in Avast in 2014.