Latham & Watkins Advises on Largest European IPO of 2012

High profile €1.5 billion Telefónica IPO seen as potential bellwether for European IPO market.

November 01, 2012

A cross-border Latham & Watkins capital markets team advised the underwriters, led by J.P. Morgan and UBS Investment Bank as joint global coordinators, on the IPO of Telefónica Deutschland Holding AG (O2D). The public offering is the largest IPO in Europe in 2012 and the largest in Germany since 2007. The Latham corporate team was led by London partner Olof Clausson and counsel Markus Bauman, with Frankfurt partner Roland Maass and associate Gregory Walker.

Telefónica Deutschland is Germany’s third largest telecoms operator, and a subsidiary of Spanish telecommunications group Telefónica S.A, one of the world’s largest global telecommunications companies.

Gross proceeds of the offering of 258,750,000 shares, including the exercise of the over-allotment option, are approximately €1.5 billion.

Clausson commented: “We are pleased to have advised the underwriters on this very significant deal, which will serve as a bellwether for the European IPO market longer term. This deal stands out for its size, complexity and ambitious timetable, and for the great team effort all-round to deliver a highly successful IPO. We are proud to have been involved in this ground-breaking listing.”

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