White & Case Advises Arion Bank and Kaupthing on US$319 Million Arion Bank IPO
Global law firm White & Case LLP has advised Arion Banki hf. (Arion Bank), a leading universal relationship bank in Iceland, and Kaupthing ehf. (Kaupthing) on the US$319 million (around ISK 33.9 billion) initial public offering of Arion Bank.
"White & Case has advised on a landmark IPO that represents the culmination of a complex journey for both Kaupthing and Arion Bank since the financial crisis," said London-based White & Case partner Inigo Esteve, who led the Firm's deal team. "The strength and capabilities of our leading EMEA equity capital markets and financial institutions practices were clearly demonstrated in driving the IPO and the two rounds of pre-IPO private placements."
The offering comprised a sale by Kaupskil ehf., a subsidiary of Kaupthing, and Trinity Investments Designated Activity Company, an investment entity managed by Attestor Capital LLP. Arion Bank's ordinary shares have been admitted to trading on NASDAQ Iceland and Swedish depository receipts representing its ordinary shares have been admitted to trading on NASDAQ Stockholm. Arion Bank's market capitalization at IPO was approximately US$1.26 billion (around ISK135.7 billion). It is the largest IPO in Iceland's history, the first dual-listed IPO on NASDAQ Iceland and NASDAQ Stockholm, and the first IPO in Iceland with significant international investment.
"The failure of Kaupthing in 2008 was one of the largest ever bank insolvencies, with liabilities of more than US$45 billion and creditors in more than 100 countries," said London-based White & Case partner Richard Pogrel, who worked alongside the IPO team. "White & Case has been advising Kaupthing since 2011, including on its groundbreaking restructuring, and our role on Arion Bank's IPO demonstrates our capacity to successfully support our clients on their transformational transactions."
Since 2015, White & Case has advised on more global IPOs on Nordic markets than any other international law firm, and helped Nordic companies raise more than US$5.4 billion in equity financings. Having previously advised Nordax on its Stockholm listing, the Arion Bank float is the second major Nordic financial institutions IPO on which White & Case has advised.
The White & Case team which advised on the transaction was led by partner Inigo Esteve (London) and included partners Laura Sizemore, Richard Pogrel (both London), Rikard Stenberg, Johan Thiman (both Stockholm) and Ray Simon (New York), with support from associates Bob Lehner, Brett Masters (both London) and Shea Thompson (New York).
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