Shearman & Sterling advised the underwriters of Venator Materials PLC’s initial public offering of 26,105,000 ordinary shares (including 3,405,000 ordinary shares purchased by the underwriters pursuant to their option to purchase additional ordinary shares) at an initial public offering price of $20.00 per share. All of the ordinary shares were sold by Huntsman Corporation through its subsidiaries, which received approximately $522.1 million in gross proceeds from the offering. The ordinary shares began trading on The New York Stock Exchange under the ticker symbol “VNTR” on August 3, 2017.
Citigroup, Goldman Sachs & Co. LLC, BofA Merrill Lynch and J.P. Morgan acted as lead book-running managers for the offering. Additional book-running managers were Barclays, Deutsche Bank Securities, UBS Investment Bank and RBC Capital Markets. Co-managers were Moelis & Company, HSBC, Nomura, SunTrust Robinson Humphrey, Academy Securities and Commerzbank.
Venator is a global manufacturer and marketer of chemical products that comprise a broad range of pigments and additives that bring color and vibrancy to buildings, protect and extend product life, and reduce energy consumption. Venator markets its products globally to a diversified group of industrial customers through two segments: Titanium Dioxide, which consists of the company’s TiO2 business, and Performance Additives, which consists of the company’s functional additives, color pigments, timber treatment and water treatment businesses. Venator operates 27 facilities globally, employs approximately 4,500 associates worldwide and sells its products in more than 110 countries.
The Shearman & Sterling team was led by partners Ilir Mujalovic and Harald Halbhuber (both New York – Capital Markets), and associates Maria Marulanda Larsen (New York – Capital Markets), Brian Hurd and Petra Plasilova (both New York – Corporate).
Other key members of the team included partners Simon Letherman (London – Tax), Daniel Lewis (New York – Litigation) and Doreen Lilienfeld (New York – Compensation, Governance & ERISA); counsel Mehran Massih (London – Real Estate), Jennifer Morton (New York – Financial Institutions Advisory & Financial Regulatory) and Jason Pratt (New York – Real Estate); and associates Brian Butterwick (London – Mergers & Acquisitions), Marc Elzweig (Menlo Park – Intellectual Property Transactions), Eric Grosshandler (New York – Tax), Lois Howarth (London – Tax), Jenny Jordan (New York – Financial Institutions Advisory & Financial Regulatory), Benjamin Petersen (Menlo Park – Intellectual Property Transactions), Naveen Pogula (New York – Capital Markets), Matthew Weston (New York – Compensation, Governance & ERISA) and Charles Zamiskie (New York – Corporate).