29 May 2020
- Robert Crothers, Sarah Jones, Han Teerink, Mark-Jan Arends , Serkan Özel, Floris van de Bult , Michiel Sunderman, Christopher Roe, Simon Thomas
- Amsterdam, London, New York
Clifford Chance advises Mondelēz International on the IPO and listing of JDE Peet's shares on Euronext Amsterdam
Clifford Chance has advised Mondelez International on the IPO and listing of JDE Peet's shares on Euronext Amsterdam. Pricing of the IPO took place on Thursday 28 May 2020. The IPO was priced at EUR 31.50 per share which valued JDE Peet's at approximately EUR 15.6 billion. Trading in the shares on Euronext Amsterdam commenced on Friday 29 May 2020 and settlement of the offer is expected to take place on Tuesday 2 June 2020. BNP Paribas, Goldman Sachs International and J.P. Morgan Securities plc act as joint global coordinators for the offer with a further 25 banks appointed in junior roles.
JDE Peet's is the world's largest pure-play coffee and tea group by revenue, with brands including Peet’s Coffee, L’OR, Jacobs Coffee, Douwe Egberts, Senseo and Pickwick. Prior to the IPO, Mondelēz International owned approximately 26.5% of the shares in JDE Peet's and after settlement, it will continue to own around 23.4% of the shares in the company (or around 22.9% in case the over-allotment option is exercised).
Clifford Chance acted for Mondelēz International on the joint venture which created JDE in 2015 and the JDE Peet's IPO is a great example of the depth and breadth of if its global corporate and capital markets teams, further strengthening its track record acting on high profile IPOs. This is the first major IPO in Europe since Covid-19 and Europe’s biggest IPO since 2018.
Clifford Chance's cross-border team on this transaction is led by Corporate partners Robert Crothers in London and Sarah Jones in New York and includes Corporate/Capital Markets senior counsel Han Teerink and partner Hans Beerlage in Amsterdam. The team furthermore includes Mark Jan Arends and Serkan Ozel (Notary), Marina Sarkisjan (Corporate) Floris van de Bult, IJsbrand de Jong (Employment) and Michiel Sunderman (Tax) from the Amsterdam office, Capital Markets partners Chris Roe and Simon Thomas from the London office. John Connolly and Patrick Meson (London) provided US securities laws advice.