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White & Case and Latham & Watkins Advise on Avast IPO

White & Case and Latham & Watkins Advise on Avast IPO

Czech Republic

White & Case has advised cybersecurity provider Avast on its USD 816.6 million initial public offering. The joint bookrunners — UBS, MS, BAML, Jeffries, Credit Suisse, Key Banc, and Barclays —were represented by Latham & Watkins.

Avast was admitted to the Premium Listing Segment of the Official List and the Main Market of the LSE. The USD 816.6 million offer size, priced at 250 pence per share, includes gross primary proceeds of around USD 200 million and represents 25.3% of the shares in Avast.

Its market capitalization at the commencement of conditional dealings is approximately USD 3.231 billion, and according to White & Case, “it is the biggest ever software IPO on the London Stock Exchange.” 

“Our relationship with Avast has gone from strength-to-strength in recent years,” said White & Case Partner Ian Bagshaw, who co-led the firm’s deal team. “We advised the company on a number of key transactions, including its USD 1.3 billion acquisition of AVG Technologies N.V. as reported by CEE Legal Matters on October 17, 2016, the initial private equity investment by Summit Partners in 2010, the minority investment by CVC Capital Partners in 2014 as reported by CEE Legal Matters on February 7, and its recent acquisition of Piriform. Advising Avast on a London IPO of this magnitude and strategic significance has been hugely exciting, and is another milestone in our relationship with this ambitious and successful company as it begins the next chapter in its exciting growth story.”

Avast is headquartered in Prague, and it has offices in the USA, Germany, China, South Korea, and Taiwan. It is the global leader in digital security products, with more than 435 million users worldwide.

The White & Case team advising on the transaction was co-led by Partners Ian Bagshaw, Jonathan Parry, and Jill Concannon (in London), and included Partners Jan Andrusko (in  Prague), Guy Potel, Steven Worthington, Prabhu Narasimhan and Justin Wagstaff (in London), and London Associates Lucy Bullock, Helen Levendi, Marissa Florio, Alexander Underwood, Kelley Trueman, Will Summers, Elena Ruggiu, and Disha Chandrachud.

The Latham & Watkins team included Partners Brett Cassidy and James Inness.

Editor’s note: After this article was published, Kinstellar announced us that they advised the underwriters of the IPO. The joint global co-ordinators were Morgan Stanley and UBS Investment Bank, the joint bookrunners Barclays, BofA Merrill Lynch, Credit Suisse, and Jefferies, KeyBanc Capital Markets acted as co-lead manager, while the financial adviser was Rothschild. Kinstellar’s team was led by Partner Jan Juroska, and further included Counsel Martina Brezinova, and Junior Associates Jakub Stastny and Michal Matous.

Czech Republic Knowledge Partner

JŠK, advokátní kancelář, s.r.o. (JŠK) is a medium-sized law firm based in Prague providing a comprehensive range of commercial legal advisory services in the Czech Republic. Our team consists of almost 30 lawyers, five of whom are partners with many years of experience from leading international law firms. We advise local and international clients from banking, insurance and various industry sectors, boast a respected projects practice, and work for the public sector at the federal and municipal level.

Ever since it was founded in 2004, JŠK has striven for the epitome of professionalism, expertise and ethical integrity. We continuously seek to surpass what large global law firms can offer and to give our clients a personal approach. All mandates are equally important to us regardless of size as we guide clients through both complex and seemingly routine matters.

Our clients turn to us for advice when implementing their business plans across all areas of commercial law. We are proud members of PONTES: the CEE lawyers, a unique network of law firms through which we provide services not only in the Czech Republic but also in Austria, Bulgaria, Hungary, Poland, Romania and Slovakia.

Firm's website: http://www.jsk.cz

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