Clifford Chance advised BofA Securities and BNP Paribas on the deal. Simpson Thacher and Ellex advised Baltic Classifieds Group on the deal.
The transaction raised approximately £380 million of gross proceeds (taking into account the exercise of the over-allotment option) and valued BCG at approximately £825 million at the commencement of conditional dealings on the London Stock Exchange on 30 June 2021. BCG is the leading online classifieds group in the Baltics (based on the number of visits and listings) and owns and operates 12 leading vertical and generalist online classifieds portals in Lithuania, Estonia and Latvia, comprising eight vertical portals across automotive, real estate, and jobs and services, and four generalist portals, offering a wide range of products.
Merrill Lynch International acted as sole sponsor and sole global co-ordinator and BNP Paribas acted as joint bookrunner with BofA Securities.
The Clifford Chance team was led by capital markets partners Chris Roe (Picture – ECM) and John Connolly (US Securities), with support from senior associates Ben Morgan and Chris Osborne, and associates Joe Paddon and Teri Teng.
The Simpson Thacher team for the transaction includes Derek Baird, Nick Shaw, Deborah Harris, Lucy Gillett, Pieter Lavens, Alan Davies, Tara Gibbons, Eilidh Reid and Julie De Keukeleire (U.K. and U.S. Corporate); Kate Sinclair and Li Lin (U.K. Credit); and Yash Rupal, Kelli Rivers, Caleb McConnell and Ellie Verran (U.K. and U.S. Tax).
Ellex’s team was led by Lithuania-based Associate Partner Ruta Armone and included Lithuania-based Partner Marius Juonys, Associate Partner Mantas Rimkevicius, Experts Gintaras Balcius and Ingrida Kemeziene, Senior Associate Aleksandr Asovskij, Gintare Skroliene, Kristupas Spirgys, and Nerijus Patlabys, Associates Augustinas Macionis and Arvydas Gruseckas, Junior Associates Ainis Augustas Petrulis and Vilius Norvaisas, Lawyer Simona Luimiene, and Legal Assistant Dominykas Kirsis; Latvia-based Partner Raimonds Slaidins, Senior Associates Reinis Sokolovs and Anna Misneva, and Associates Mikijs Zimecs, Ints Skaldis, and Eduards Dzintars; and Estonia-based Partners Sven Papp and Martin Maesalu, Counsels Mari Must, Dmitri Rozenblat, Jaanus Ikla, and Toomas Kasesalu, Senior associate Gerda Liik, Associates Kairi Kilgi and Kevin Gerretz, and Lawyer Regina Getter Maajarv.
Involved fees earner: John Connolly – Clifford Chance; Benjamin Morgan – Clifford Chance; Christopher Osborne – Clifford Chance; Joe Paddon – Clifford Chance; Chris Roe – Clifford Chance; Teri Teng – Clifford Chance; Marius Juonys – Ellex; Toomas Kasesalu – Ellex; Ingrida Kemeziene – Ellex; Dominykas Kirsis – Ellex; Simona Luimiene – Ellex; Regina Getter Maajarv – Ellex; Anna Misneva – Ellex; Vilius Norvaisas – Ellex; Mantas Rimkevicius – Ellex; Dmitri Rozenblat – Ellex; Raimonds Slaidins – Ellex; Kristupas Spirgys – Ellex; Mikijs Zimecs – Ellex; Eduards Dzintars – Ellex Klavins; Ints Skaldis – Ellex Klavins; Reinis Sokolovs – Ellex Klavins; Kevin Gerretz – Ellex Raidla; Jaanus Ikla – Ellex Raidla; Kairi Kilgi – Ellex Raidla; Gerda Liik – Ellex Raidla; Martin Maesalu – Ellex Raidla; Mari Must – Ellex Raidla; Sven Papp – Ellex Raidla; Ruta Armone – Ellex Valiunas; Aleksandr Asovskij – Ellex Valiunas; Gintaras Balcius – Ellex Valiunas; Augustinas Macionis – Ellex Valiunas; Nerijus Patlabys – Ellex Valiunas; Gintare Skroliene – Ellex Valiunas; Derek Baird – Simpson Thacher & Bartlett; Alan Davies – Simpson Thacher & Bartlett; Julie De Keukeleire – Simpson Thacher & Bartlett; Tara Gibbons – Simpson Thacher & Bartlett; Lucy Gillett – Simpson Thacher & Bartlett; Deborah Harris – Simpson Thacher & Bartlett; Li Lin – Simpson Thacher & Bartlett; Caleb McConnell – Simpson Thacher & Bartlett; Eilidh Reid – Simpson Thacher & Bartlett; Kelli Rivers – Simpson Thacher & Bartlett; Yash Rupal – Simpson Thacher & Bartlett; Nicholas Shaw – Simpson Thacher & Bartlett; Kate Sinclair – Simpson Thacher & Bartlett; Ellie Verran – Simpson Thacher & Bartlett;