SPAIN
ACS PICKS NINE BANKS FOR ZERO-E
CARVE-OUT
Construction group ACS GROUP has chosen
nine banks to lead the planned carve-out
and IPO of its renewable energy business
ZERO-E.
ACS has appointed Goldman Sachs, Natixis
and Societe Generale as global coordinators,
and Barclays, BBVA, CaixaBank, HSBC, Sabadell
and Santander as bookrunners, according to
several people involved.
In a conference call with analysts on
-ONDAY û!#3û#%/û&LORENTINOû0EREZû
2ODRIGUEZûSAIDûAûDUAL
TRACKûPROCESSûFORû
:ERO
%ûISûUNDERûWAY ûWITHûANû-!ûDEALûSTILLû
possible.
But the IPO process appears to be going
full steam ahead, with the syndicate already
carrying out early-look meetings and
bankers saying it will happen before the end
of the year.
One banker suggested an October launch
and said the IPO could raise as much as
€1bn.
Zero-E’s business includes solar, wind and
hydroelectric operations spanning Spain
and eight other countries across Europe,
3OUTHû!MERICAûANDû!FRICAû-OREûTHANûTHREE
quarters of its assets are based in Europe.
!#3ûINVESTEDûõMûINû:ERO
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SIXûMONTHSûOFû ûACCORDINGûTOûITSûlNANCIALû
RESULTSûPUBLISHEDûONû-ONDAY
Another banker said there is a general
growing interest in the renewables space,
pointing out that pure-play renewables
stocks are rare and Zero-E could appeal to
specialist funds in particular.
The top line of the syndicate echoes
renewables IPOs of recent years. Spanish
solar power station business Solarpack
employed Caixa and SG as global
coordinators on its €110m IPO in December..ATIXISûANDû*0û-ORGANûWEREûGLOBALû
COORDINATORSûONûTHEûõMûmOATûOFû&RENCHû
renewable energy business Neoen in
November, where SG and Barclays also
appeared as bookrunners.
Shares in Solarpack and Neoen have
both performed well since their IPOs,
DESPITEûLISTINGûUNDERûDIFlCULTûMARKETû
conditions. Neoen shares were up 35%
from IPO pricing as of Tuesday, while
Solarpack shares are up 36%.
SG was also among the global
coordinators for ACS’s spin-out of its
renewables yieldco business Saeta Yield in
January 2015. The fund was delisted in
June 2018 when it was acquired by
Terraform Power, deepening the dearth of
European pure-play renewables stocks that
should help Zero-E.
ACS Group declined to comment on the
deal.UK
SYNTHOMER POSTS 93.49% TAKE-UP
ON RIGHT ISSUEChemicals company SYNTHOMER posted
take-up of 93.5% on its £204m rights issue,
tapping shareholders for cash to partially
fund its acquisition of US peer Omnova
Solutions.
A total of 79.44m valid acceptances were
received on the 1-for-4 rights issue, which
comprised 84.97m new shares.
Barclays was sponsor and global
coordinator, and bookrunner with
Canaccord Genuity, Citigroup and
HSBC. Barclays and Canaccord are
CORPORATEûBROKERSûANDûlNANCIALûADVISERSû
with Valence.EMEA COMMON STOCK MANAGER LEGAL ADVISERS
1/1/2019 TO DATE
No of Total Share
Legal adviser issues US$(m) (%)
1 Latham & Watkins 9 4,873.8 7.6
2 Allen & Overy 4 4,305.1 6.7
3 Clifford Chance 4 3,613.3 5.6
4 Linklaters 7 3,466.3 5.4
5 White & Case 9 1,890.1 2.9
6 Lenz & Staehelin 1 1,526.1 2.4
7 Freshfields Bruckhaus 6 1,466.0 2.3
Deringer
8 Cleary Gottlieb Steen 3 813.9 1.3
& Hamilton
9 Homburger 2 765.5 1.2
10 Ashurst 2 749.4 1.2
Total 505 64,552.7
Source: Refinitiv SDC code: AX4EMEA COMMON STOCK ISSUER LEGAL ADVISERS
1/1/2019 TO DATE
No of Total Share
Legal adviser issues US$(m) (%)
1 Freshfields Bruckhaus 6 6,660.7 10.3
Deringer
2 Linklaters 6 3,873.1 6.0
3 Clifford Chance 4 3,009.9 4.7
4 Allen & Overy 5 2,751.4 4.3
5 Kirkland & Ellis 2 2,654.4 4.1
6 Latham & Watkins 10 2,428.1 3.8
7 BianchiSchwald 1 1,526.1 2.4
=7 Niederer Kraft & Frey 1 1,526.1 2.4
9 Cooley 8 1,411.6 2.2
10 Cleary Gottlieb Steen 3 1,286.1 2.0
& Hamilton
Total 505 64,552.7
Source: Refinitiv SDC code: AX3
ECM DEALS: WEEK ENDING 2/8/2019
Stock Country Date Amount Price Deal type Bookrunner(s)
New Century Resources Australia 02/08/2019 A$42.5m A$0.33 Follow-on (Primary) Credit Suisse
FINEOS Corporation Holdings Australia 29/07/2019 A$211m A$2.50 IPO (Primary) Macquarie, Moelis
Banco Inter Brazil 29/07/2019 R$1.3bn R$33.99 Follow-on (Primary) Bradesco, GS, BTG Pactual, JPM, Santander, Caxia
Sundial Growers Canada 31/07/2019 US$143.0m US$13.00 IPO (Primary) Cowen, BMO CM, RBC CM, Barc, CIBC CM
Tel Aviv Stock Exchange Israel 31/07/2019 NIS225m NIS7.10 IPO (Secondary) Jefferies
StemRIM Japan 01/08/2019 ¥8.4bn ¥1,000 IPO (Primary/Secondary) SMBC Nikko
Borr Drilling Norway 31/07/2019 US$50m US$9.30 Follow-on (Primary) GS, DNB CM
Frasers Logistics & Ind Trust Singapore 30/07/2019 S$258m S$1.173 Follow-on (Primary) BAML, Citigroup, DBS, OCBC
CapitaLand Retail China Trust Singapore 02/08/2019 S$154m S$1.469 Follow-on (Primary) DBS, JPM
Equites Property Fund South Africa 31/07/2019 R750m R20.22 Accelerated bookbuild (Primary) Java Capital
Synthomer UK 29/07/2019 £204m £240p Rights issue Barc, Canaccord Genuity, Citigroup, HSBC
Alphatec US 30/07/2019 US$50.1m US$4.60 Accelerated bookbuild (Primary) Piper Jaffray, Canaccord Genuity
Beyond Meat US 31/07/2019 US$520.0m US$160.00 Follow-on (Primary, Secondary) GS, JPM, Credit Suisse
Capstead Mortgage US 29/07/2019 US$77.4m US$8.60 Accelerated bookbuild (Primary) Credit Suisse, BAML, JPM
Dynatrace Holdings US 31/07/2019 US$569.6m US$16.00 IPO (Primary) GS, JPM, Citigroup, Barc, Jefferies, RBC CM, UBS
Edison Interational US 30/07/2019 US$1.92bn US$68.50 Follow-on (Primary) JPM, Barc, MS, Citigroup, Wells Fargo
Exicure US 30/07/2019 US$55.0m US$2.00 Accelerated bookbuild (Primary) Guggenheim Securities
Houlihan Lokey US 29/07/2019 US$154.4m US$45.75 Accelerated bookbuild (Primary) JPM
Netfin Acquisition US 30/07/2019 US$220.0m US$10.00 IPO (Primary) B Riley