Shearman & Sterling advised ABN AMRO, Morgan Stanley, Barclays, Deutsche Bank, Rabobank, KBC and NIBC, as underwriters, in connection with the initial public offering and listing on Euronext Amsterdam of Basic-Fit.
As part of the IPO, Basic-Fit issued 24,666,667 new ordinary shares and the selling shareholders offered 2,000,000 existing ordinary shares. The total gross proceeds from the IPO amounted to €400 million (prior to exercise of the over-allotment option).
Basic-Fit is the largest "value-for-money" club operator in Europe measured by number of clubs. It operates 351 clubs in the Netherlands, Belgium, Luxembourg, France and Spain and had over one million members as of March 31, 2016.
The Shearman & Sterling team was led by partner David Dixter (London-Capital Markets); counsel Pawel J. Szaja (London-Capital Markets); and associate Ignacio Álvarez (London-Capital Markets). Partners Kristen Garry (Washington, DC-Tax) and Simon Letherman (London-Tax) and associates Adam Sternberg (New York-Tax) and Elizabeth Emerson (London-Tax) assisted on the tax matters.