Global law firm White & Case LLP and The Law Office of Megren M. Al-Shaalan have advised the Saudi Arabian Oil Company (Saudi Aramco) on its SAR 96.0 billion/US$25.6 billion IPO—the world's largest IPO to date. Saudi Aramco's shares started trading today on Saudi Arabia's Tadawul Stock Exchange.
"We are extremely honored and privileged to have played a role in the largest IPO in history on behalf of Saudi Aramco, a longstanding client and partner of the Firm for nearly 70 years," said White & Case partner Clark Wohlferd.
"The success of the offering reinforces White & Case's unique ability to advise on complex multijurisdictional matters thanks to our global team of talented lawyers. Few firms can offer this breadth and depth of legal expertise," added White & Case partner Gary Kashar.
Commenting on the scope and breadth of the team, White & Case partner Inigo Esteve noted that "approximately 400 White & Case lawyers spanning over 20 White & Case offices advised Saudi Aramco on this matter." White & Case partner Colin Diamond added: "Our representation on Saudi Aramco's IPO evidences the Firm's commitment to supporting its most important clients wherever their legal needs may take them."
The offering (excluding the over-allotment option) comprised three billion shares, representing 1.5 percent of Saudi Aramco's share capital, for gross proceeds of SAR 96.0 billion/US$25.6 billion, and was significantly oversubscribed. "With a US$1.7 trillion valuation, the IPO makes Saudi Aramco the largest company by market capitalization on the Tadawul or any exchange," said White & Case partner Sami Al-Louzi.
"Saudi Aramco's trading debut on the Tadawul marks the completion of the world's largest IPO and the beginning of an important new chapter in the history of the Saudi capital markets," said Megren Al-Shaalan, managing partner of The Law Office of Megren M. Al-Shaalan.
The White & Case team was led by Capital Markets partners Sami Al-Louzi (Dubai), Colin Diamond and Gary Kashar (New York), and Inigo Esteve (London); Corporate partners Wendell Maddrey, Ivan Paskal and Clark Wohlferd (New York); and Litigation partners Carolyn Lamm, Hansel Pham (Washington, DC) and Owen Pell (New York), while the team of The Law Office of Megren M. Al-Shaalan advising on the transaction was led by Megren Al-Shaalan and Doug Peel (Riyadh). The team also included White & Case Tax partner Andrew Kreisberg (New York); International Trade partner William Clinton and lawyers Scott Lincicome (Washington, DC) and Richard King (Dubai); Capital Markets lawyers Caitlin Colesanti, Joseph Kalis, Yana Shneyderman, Eric Victorson and Taryn Zucker (New York), Ibrahim Soumrany (London) and Roger Gaspard (Dubai); Corporate partner Raymond Azar and lawyers Peter Dagher (New York), Cristian Blumm and James Langlois (Houston); Litigation lawyers Karthik Nagarajan, Paul Pittman, Alvaro Peralta and Vivake Prasad (Washington, DC); and Employee Compensation & Benefits partner Henrik Patel and lawyer Harry Hudesman (New York); and from The Law Office of Megren M. Al-Shaalan, Corporate attorneys Khalid Al-Gublan, Nasser Al-Khamis, Joza Al-Rasheed, Reem Albakr, Waad Alkurini, and Husam Azhar (Riyadh).
The team was supported by White & Case Capital Markets partners Dov Gottlieb, and David Johansen, and lawyers Scott Levi, Jesany Michel and Kate Warrick (New York), Ahmed Bekheit, Tarek Kfoury (Cairo) and Alexander Underwood (London); Corporate lawyers Alexander Abedine, Hamad Al-Hoshan and Joe Babitz (New York), and Catherine Tsang and Terence Mak (Hong Kong); Environmental partner Seth Kerschner and lawyer Laura Mulry (New York); Litigation partners Scott Hershman and Robert Milne (New York), and lawyers Jacob Bachmaier, Nicolle Kownacki, Frank Panopoulos, Scott Phillips, Raquel Sloan (Washington, DC), Ronan O'Reilly (London), Ashley Chase, Jacqueline Chung and Dominique Forrest (New York); Tax lawyer John Lillis (New York); Employment Compensation & Benefits lawyers Lewis Calder, Jack Gardener (London), Kenneth Barr and Scott Schilson (New York); and Intellectual Property partner Jean Shimotake.
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