White & Case Advises Avast on London's Biggest Ever Software IPO

Press Release
2 min read

Global law firm White & Case LLP has advised Avast, the leading global cybersecurity provider, on its US$816.6 million (£602 million) initial public offering (IPO), the biggest ever software IPO on the London Stock Exchange (LSE).

Avast has been admitted to the Premium Listing Segment of the Official List and the Main Market of the LSE. The US$816.6 million Offer size, priced at 250 pence per share, includes gross primary proceeds of around US$200 million and represents 25.3% of the shares in Avast.  Its market capitalization at the commencement of conditional dealings is approximately US$3.231 billion (around £2.382 billion).

"Our relationship with Avast has gone from strength-to-strength in recent years," said White & Case partner Ian Bagshaw, who co-led the Firm's deal team. "We advised the company on a number of key transactions, including its US$1.3 billion acquisition of AVG Technologies N.V., the initial private equity investment by Summit Partners in 2010, the minority investment by CVC Capital Partners in 2014 and its recent acquisition of Piriform.

"Advising Avast on a London IPO of this magnitude and strategic significance has been hugely exciting, and is another milestone in our relationship with this ambitious and successful company as it begins the next chapter in its exciting growth story."

Avast is headquartered in Prague, Czech Republic and has offices in the USA, Germany, China, South Korea and Taiwan. It is the global leader in digital security products, with more than 435 million users worldwide.

The White & Case team which advised on the transaction was co-led by partners Ian Bagshaw, Jonathan Parry and Jill Concannon (all London), and included partners Jan Andrusko (Prague), Guy Potel, Steven Worthington, Prabhu Narasimhan and Justin Wagstaff (all London), and London associates Lucy Bullock, Helen Levendi, Marissa Florio, Alexander Underwood, Kelley Trueman, Will Summers, Elena Ruggiu and Disha Chandrachud.

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