Latham & Watkins and Linklaters were among firms advising on Verisure’s record-breaking listing on the Nasdaq Stockholm stock exchange.
Latham and Swedish firm Vinge advised Verisure on its initial public offering, while Linklaters advised the banks on the deal.
Switzerland-headquartered Verisure, which is majority owned by US private equity firm Hellman & Friedman, priced its IPO at €13.25 a share, valuing the security services business at €13.7bn. That made it the largest European private equity-backed listing on record and the largest IPO in Sweden in a quarter of a century. The transaction was also the largest IPO in Europe for two years, Latham said. The deal will raise Verisure at least €3.1bn.
The Latham team was led by private equity partner and Verisure relationship partner Huw Thomas, alongside private equity partners Katie Peek and David Walker and London capital markets partners James Inness, Mark Austin and Matt Schneider.
Advice was also provided on compensation and benefits matters by London partner Kendall Burnett and on finance matters by London partners Dominic Newcomb and Hayden Teo.
Verisure’s shares rose sharply on the first day trading, at one point climbing 24.7% to €16.53, according to Reuters. Verisure makes home security systems including alarms and monitoring services. It was originally founded in Sweden in 1988.
Stefan Goetz, Verisure chairman and Hellman & Friedman partner, said Verisure’s successful IPO was the result of "decades of strong and profitable growth. The commitment we received from investors is an endorsement of what the company’s management have achieved and their plan for future success. We see exciting opportunities for Verisure to continue its growth and, as long-term shareholders, we look forward to supporting the company on its journey.”
DNB Carnegie, Goldman Sachs and Morgan Stanley acted as joint global coordinators and joint bookrunners, alongside JP Morgan, Barclays, BNP Paribas, CaixaBank and Nordea Bank. Banca March and Banco Santander were co-lead managers on the transaction.
Austin Lally, CEO of Verisure, said: “We are proud to have attracted such strong interest from both Swedish and international investors. This is a testament to Verisure’s unique proposition, market-leading position and the successful business we have built for over 35 years.
“Becoming a listed company will enable us to continue building on our track record of creating lasting value and advancing our mission to protect what matters most. With a substantial runway of growth ahead, I look forward to leading the company into this new chapter as a publicly traded company.”
Email your news and story ideas to: [email protected]
