Latham and Bakers’ Saudi associates take key roles on $6bn National Commercial Bank IPO
Latham & Watkins and Baker & McKenzie’s association firms in Saudi Arabia have won key roles advising on the IPO of the country’s largest lender, the National Commercial Bank (NCB).
The $6bn (£3.7bn) flotation is the largest-ever listing in the Arab world, and potentially the second largest globally in 2014 following Alibaba’s $25bn IPO in September. It breaks the record of Dubai’s DP World IPO which raised $5bn in 2007.
Latham’s Saudi association firm Law Office of Salman M. Al-Sudairi advised the issuer on the listing. The team was led by finance partner Harj Rai and corporate partner Andrew Tarbuck, with assistance from Riyadh managing partner Salman Al-Sudairi and London-based Craig Nethercott on finance aspects.
According to the prospectus, NCB is due to pay out $6.7m in total to all of its advisers. The sum is relatively small compared to the $261m in fees paid out to the underwriters on Alibaba’s record-breaking IPO last month. On that listing, the legal advisers took a share of $15.8m of the total sum (23 September 2014).
Source: thelawyer-Latham and Bakers’ Saudi associates take key roles on $6bn National Commercial Bank IPO
Related Posts
Baker & McKenzie Advises J.P. Morgan And Macquarie On Steadfast Group Limited’s $300 Million Equity Raising
Latham & Watkins wins “European Corporate Deal of the Year”- Baker & McKenzie won four awards
Global Law Firm Baker McKenzie Announces 80 Partnership Promotions
Global law firm Baker & McKenzie announced 85 partnership promotions
