Global law firm White & Case LLP has advised a syndicate of banks led by J.P. Morgan and Morgan Stanley on the initial public offering (IPO) of Antin Infrastructure Partners (Antin) on the regulated market of Euronext Paris.
The prospectus was approved by the French financial markets authority (Autorité des marchés financiers) on September 14, 2021 and the first trading occurred on September 24, 2021. The offering consisted of a total amount of around €550 million, with a capital increase of around €350 million and around €200 million in shares sold by Antin's founding partners. The size of the offering may be increased to a maximum of around €632.5 million in the event of full exercise of the over-allotment option. It included a retail offering in France and an international private placement.
The offering was a success among major French and international institutional investors. The offer price was set at €24 per share, the top end of the proposed offer price range; the market capitalization of Antin thus amounts to around €4.1 billion.
Antin is a leading independent private equity firm focused on infrastructure investments. Based in Paris, London and New York, and fully owned by its partners, it employs more than 140 professionals. Antin targets majority stakes in infrastructure businesses in the energy and environment, telecom, transport and social infrastructure sectors. Since its founding, Antin has €19.9 billion in assets under management and has made investments in 28 companies.
The White & Case team in Paris which advised on the transaction was led by partners Thomas Le Vert and Max Turner and included partners Emilie Rogey and Alexandre Ippolito, counsel Jean Paszkudzki and associates Tatiana Uskova, Paul-Grégoire Longrois and Sarah Kouchad.
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