Shearman & Sterling Advises Banks on €474 Million Initial Public Offering of DNA
Shearman & Sterling advised the joint global coordinators and joint bookrunners, led by Danske Bank and Morgan Stanley, on the initial public offering and Nasdaq Helsinki listing of DNA Oyj. The transaction, which closed on December 2, 2016, is one of the biggest flotations in Finland in a decade.
The offering comprised a secondary sale by DNA’s two largest shareholders, Finda Oy and PHP Holding Oy, among other selling shareholders, and a primary issuance by DNA for total gross proceeds of approximately €474 million (including the over-allotment option).
DNA is one of the leading telecommunications service providers in Finland with its own nationwide mobile and fixed network. DNA’s hybrid-fiber-coaxial network is the largest in the country based on the number of households covered within its footprint and its 4G mobile network is expected to provide coverage to 99.6% of the population of mainland Finland by the end of 2016.
The Shearman & Sterling team was led by partners David Dixter (London-Capital Markets) and Kristen Garry (Washington, DC-Tax); and associates Jonathan Handyside and Oscar Lopez (both London-Capital Markets) and Eric Grosshandler (Washington, DC-Tax).