Dealmakers

Russia: mega offering

Washington DC headquartered law firm Akin Gump advised Alisher Usmanov’s AF Telecom -- the majority shareholder in Moscow-based mobile telecommunications company Megafon – in relation to Megafon’s initial public offering on the London Stock Exchange.
The flotation raised $1.7bn -- about $0.3 billion short of its target, according to some media reports -- giving the company a market capitalisation of $11.1 billion. The IPO follows the $8.5 billion shareholder restructuring of MegaFon, announced in April 2012, on which Akin Gump also advised.
The Akin Gump team was led by Moscow capital markets partner Varun Gupta and London corporate partner Artem Faekov, with assistance from the firm’s Moscow and London offices.

Guernsey: floating fund

Offshore law firm Carey Olsen advised the Battle Against Cancer Investment Trust on its establishment as a Guernsey registered closed-ended investment company and its recent flotation on the main list of the London Stock Exchange.
The innovative investment company -- formed by a group of fund managers -- raised £270m, which will be invested in ‘long-only’ funds, hedge funds and private equity funds.
Carey Olsen advised on the Guernsey legal and regulatory aspects of the company’s establishment, including registration with the Guernsey Financial Services Commission; corporate partner Tom Carey led the tea, which worked alongside London-based firm Freshfields Bruckhaus Deringer and Northern Trust acting as administrators.
 
Zimbabwe: indigenous idea

Leading African corporate law firm Bowman Gilfillan advised Pretoria Portland Cement (PPC) on its recent Zimbabwean indigenisation transaction.
PPC, which is listed on the Johannesburg and Zimbabwe stock exchanges, is the largest cement company in Zimbabwe.
The transaction will see 29.6 per cent of the total issued share capital of Portland Holdings -- a wholly owned subsidiary of PPC incorporating all of PPC’s operations in Zimbabwe -- being held by Zimbabweans.
Mergers and acquisitions partner Charles Douglas led the Bowman Gilfillan team.
 
Austria: worth a bet

Austrian gaming technology producer and operator Novomatic was advised by central and east European law firm Schoenherr in its investment in TAP dayli Vertriebs, the former Austrian subsidiary of the discount retailer Schlecker.
Novomatic operates casinos, gaming halls and sports betting premises, and is looking to capitalise on TAP’s operation of approximately 1,400 branches in five countries.
Partner Christian Herbst led the Schoenherr team, while Hasch & Partner’s Franz Guggenberger advised TAP dayli.

Germany: prime property

Munich law firm Noerr advised TAG Immobilien on the acquisition of the state-owned TLG Wohnen.
A team from the Noerr real estate investment group -- led by partners Felix Blobel and Dirk Lentfer -- supported TAG throughout the privatisation in which TAG was the successful bidder with a purchase price of €471 million. TAG will acquire approximately 11,350 residential units in the east of Germany, including property in Berlin.
The deal also sees TAG take over €256 million worth of TLG Wohnen existing liabilities. The purchase price is intended to be refinanced by a TAG Immobilien capital increase.