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White & Case Advises Verallia on Initial Public Offering on Euronext Paris

Global law firm White & Case LLP has advised Verallia on its initial public offering (IPO) on Euronext Paris.

The prospectus received approval from the French Autorité des marchés financiers on September 20, 2019 and the offer amounted to €888 million, which may be increased up to €978 million if the over-allotment option is exercised in full. Verallia's IPO on the regulated market of Euronext Paris took place on October 4, 2019 (first trading date). It is the largest IPO on Euronext Paris since 2017.

Upon completion of the IPO, Horizon Parent Holdings, which is 90% owned by AIF VII Euro Leverage, L.P., an investment fund managed by an affiliate of Apollo Global Management, Inc., and 10% owned by Bpifrance Participations, will hold approximately 64% of the share capital. The free float amounts to 18% of the share capital and could reach 21% if the over-allotment option is exercised in full.

As part of the IPO, Bpifrance Participations acquired a 1.3% direct stake in the share capital and Brazilian investor BWSA a 8.6% stake.

Verallia is the world's third-largest manufacturer of glass containers for food and beverages. In 2018, Verallia' revenue amounted to €2.4 billion, with 16 billion bottles and jars produced. The group has 32 glass production facilities in 11 countries and proximity relationships maintained with its customers by approximately 10,000 employees.

The White & Case team in Paris which advised on the transaction was led by partners Thomas Le Vert and Séverin Robillard and included partners Max Turner, Alexandre Ippolito, Alexandre Jaurett, Samir Berlat and Colin Chang, counsel Jean Paszkudzki and associates Boris Kreiss, Guillaume Monnier, Thierry Nkiliyehe, Julien Etchegaray, Guillaume Keusch, Céline Oréal and Barbara Bensoussan.

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