We acted as issuer’s counsel on the IPO of Dubai Electricity and Water Authority PJSC (DEWA), the utility company for the Emirate of Dubai. The IPO raised AED 22.32 billion (US$6.1 billion) in proceeds and, on listing, DEWA will have a market capitalization of AED 124 billion, making it the largest IPO in the United Arab Emirates, the largest company listed on the Dubai Financial Market, and the largest public listing in the Middle East and North Africa since 2019.

We advised Goldman Sachs and Morgan Stanley as joint global coordinators, HSBC Bank, Jefferies and BofA Securities as joint bookrunners and ING Bank as co-lead manager on the £262 million IPO of Ithaca Energy Limited and its premium listing on the London Stock Exchange.

We advised Mediobanca and Intesa Sanpaolo, as joint global coordinators and joint bookrunners, on the IPO of Technoprobe S.p.A.’s ordinary shares on Euronext Growth Milan. Technoprobe is a leading company in the design and production of probe cards.

We advised Banca Monte dei Paschi di Siena S.p.A. on the US law aspects of its €2.5 billion rights issue pursuant to Regulation S and Rule 144A under the US Securities Act.

We represented the international underwriters and placement agents in a privatization via a public offering by Centrais Elétricas Brasileiras S.A. – Eletrobras and BNDES of 697,476,856 common shares, including 9,783,100 American depositary shares evidenced by American depositary receipts, at a price of R$42, in a US$6.9 billion transaction. This is the second-largest equity offering ever by a Brazilian issuer.

We represented Eaton Corporation (Eaton), a subsidiary of Eaton Corporation plc, in Eaton’s US$2 billion notes issuance. The notes consisted of Eaton’s first sustainability-linked senior notes, in an aggregate principal amount of US$1.3 billion and US$700 million of its senior notes. Eaton is an intelligent power management company.

We represented Avast plc, as target, in connection with NortonLifeLock Inc.’s Rule 144A/Regulation S issuance of US$1.5 billion of senior unsecured notes. The proceeds were used to fund the acquisition of Avast and for general corporate purposes. The name of the newly merged company is Gen Digital.

We represented JBS S.A., the largest protein company and the largest food company in the world, and certain of its subsidiaries, in three separate offerings in the aggregate principal amount of US$6 billion. The net proceeds from these offerings were used to finance concurrent liability management transactions (including the repayment of its senior secured term loan). In addition, we represented the JBS Group in its successful consent solicitations to amend and align the covenant packages across all series of notes to “investment-grade” in exchange for providing registration rights and registering all of its notes with the SEC.