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A&O advises on GBP1 billion share placing for Informa plc

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Roe James
James Roe

Partner

London

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Wells Adam
Adam Wells

Partner

London

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20 April 2020

Allen & Overy has advised the joint global coordinators and joint bookrunners on a share placing for leading international exhibitions, events, information services and scholarly publishing group Informa, raising gross proceeds of approximately GBP1 billion.


The placing was conducted through an accelerated book-build process using a “cashbox” structure, and is the largest of the recent deals in the UK market.

The placing has novel firm and conditional components, with the admission of approximately half the placing shares conditional upon shareholder approval. The placing was conducted as a single bookbuild, with investors subscribing for shares equally across the firm and conditional elements of the placing.  It was well received by the market, with the shares trading up following completion.

The placing is one element of Informa’s action plan to mitigate the disruption to its exhibitions and events-related businesses caused by Covid-19.

The A&O team was led by partners James Roe and Adam Wells, with support from senior associate Carolyn Slauson Ali and associates Fatima Shawaf and Philip Whitehead. Partner Lydia Challen provided tax advice.

James Roe comments: “We are delighted with the success of, and having acted on, what is a high profile and complex accelerated equity offering. Allen & Overy has a solid track record of advising on the larger and more complex deals in the market, including last year’s USD3.5bn ABB by Astrazeneca.

A&O has a market leading Tier 1 ECM practice, combining local ECM expertise in all key European markets with a leading London-based US Securities team and a diverse corporate finance, structuring, governance and compliance offering. The team continues to act for issuers, underwriters and investors on a wide array of equity capital markets transactions, providing key insights on market practice and developments.

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