Baltic Classifieds Group PLC’s £380 Million Initial Public Offering

In UK Clifford Chance, Simpson Thacher & Bartlett, advised on the matter.

Clifford Chance advised Baltic Classified Group, Bank of America Merrill Lynch, BNP Paribas with a team including John Connolly (Equity Capital Markets), Chris Roe (Picture – Equity Capital Markets).

Simpson Thacher & Bartlett advised Baltic Classified Group, Bank of America Merrill Lynch, BNP Paribas with a team including Derek Baird (Equity Capital Markets), Yash Rupal (Tax Finance), Nicholas Shaw (Equity Capital Markets), Kate Sinclair (Equity Capital Markets).

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). 

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; 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;

Law Firms: Clifford Chance; Simpson Thacher & Bartlett;

Clients: Baltic Classified Group; Bank of America Merrill Lynch; BNP Paribas;

Author: Giulia Di Palma