Privatizations and
Emerging Markets

We are a world leader in counseling government-owned entities as they make the transition to public ownership. Over the past decade, our lawyers have handled more than 45 privatizations in approximately 25 countries around the world, involving transactions in the airline, automobile, banking, electric power, insurance, oil and gas, railroad, steel, mining and telecommunications industries.

Of Note

Since 1975, we have been selected to represent either an underwriter or the government in some of the largest U.K. and Spanish privatizations of a government-owned business that has involved a U.S. or global securities offering.

Recognition

  • International Financing Review – “Global IPO of the Year” and “Asia-Pacific Equity Issue of the Year” (Agricultural Bank of China’s US$22.1 billion IPO, the largest in history at the time, 2010 

  • International Financing Review  – “Deal of the Year” (Emerging European, Middle Eastern and African (EMEA) equity issue for Safaricom), 2008

Notable Matters

  • General Motors Co. ($23.1 billion). We advised the underwriters on the initial public offering of common stock and convertible junior preferred stock of General Motors Company. This is the largest IPO in history. 

  • Agricultural Bank of China ($22.1 billion). We advised Agricultural Bank of China, a leading commercial bank in China in terms of total assets, loans and deposits, on its Rule 144A/Regulation S global IPO and dual listing of H shares and A shares. This is the second-largest IPO in history and the largest-ever by an Asian issuer. 

  • Industrial and Commercial Bank of China ($21.9 billion). We advised Industrial and Commercial Bank of China (ICBC) on its global offering of H shares, consisting of an initial public offering of H shares on the Hong Kong Stock Exchange and an international offering pursuant to Rule 144A/Regulation S. Headquartered in Beijing, ICBC is the largest commercial bank in China in terms of total assets, loans and deposits. 

  • AIA Group Limited (HK$159 billion/US$20.5 billion). We advised the Federal Reserve Bank of New York (FRBNY) in connection with the global offering by AIA Group Limited, consisting of an initial public offering on the Hong Kong Stock Exchange and an international offering in reliance on Rule 144A and Regulation S. This is the largest-ever IPO on the Hong Kong Stock Exchange. 

  • British Energy Group (£2.3 billion). We advised Her Majesty’s Secretary of State for Trade and Industry as selling shareholder on the Rule 144A/Regulation S offering of British Energy Group by Nuclear Liabilities Fund as part of the privatization of British Energy Group. 

  • PICC ($3.6 billion). We advised The People’s Insurance Company (Group) of China (PICC) on its Rule 144A/Regulation S IPO of common stock and HKSE listing. PICC is a large-scale integrated insurance financial group in China. This is the largest IPO in Hong Kong and the largest IPO of a PRC company in the past two years.

  • China Merchants Bank ($3.2 billion). We advised China Merchants Bank on its global rights offering consisting of public offerings of shares listed on the Shanghai and Hong Kong Stock Exchanges and private placements to institutional investors outside the PRC and Hong Kong. This is the first global rights offering by a Chinese bank and the first rights offering by a Chinese company made available to U.S. investors. 

  • Royal Mail (£1.7 billion). We advised Royal Mail, the leading provider of postal and delivery services in the United Kingdom, on its Rule 144A/Regulation S IPO of ordinary shares and London listing. The offering is the largest privatization conducted by the U.K. government since the early 1990s, and London’s largest public offering in 2013.

  • Safaricom ($815 million). We advised the underwriter on the Rule 144A/Regulation S initial public offering of common stock of Safaricom, a Kenyan mobile telecommunications operator, as part of its privatization. This is the largest-ever equity offering in East Africa and won IFR’s 2008 award for “Emerging EMEA Equity Issue.”