Clifford Chance

Clifford Chance acts as transaction counsel on the EUR 98.3 million post-IPO placement of NIBC shares by J.C. Flowers & Co

Clifford Chance Amsterdam acted as transaction counsel on the sale by majority shareholder J.C. Flowers & Co of approximately 11.7 million shares in the capital of Euronext listed financial institution NIBC Holding N.V.

The sale was carried out through an accelerated bookbuild offering to institutional investors and settled on Friday 8 March 2019. The shares were sold at EUR 8.40 per share, resulting in gross proceeds of approx. EUR 98.3 million for the JC Flowers & Co affiliated funds selling the shares. In addition, Dutch investor Reggeborgh Invest B.V. has agreed to purchase from the JC Flowers & Co affiliated funds a further stake of 5% of the Company’s issued and outstanding shares, also at a price of EUR 8.40 per share. Closing of this second transaction is subject to receipt of the relevant regulatory approvals. Following settlement of the sale, the JC Flowers & Co affiliated funds continue to hold 65.64% of the Company’s issued and outstanding shares. ING Bank N.V. and Morgan Stanley acted as joint global coordinators and joint bookrunners on the placement.

This is the first follow-on transaction executed after NIBC's IPO in March 2018, where Clifford Chance acted as counsel to JC Flowers & Co. The Clifford Chance team for the placement was led by Han Teerink and Jeroen Thijssen and furthermore consisted of Tom Smeele (Corporate Amsterdam) and Erwin Schreuder (Regulatory Amsterdam). Paris-based Alex Bafi, Olivier Plessis and Ryan Bosch advised on matters of U.S. law.