In the largest IPO of 2023, a global team of S&C lawyers in London, Palo Alto, Tokyo, New York and Washington, D.C. advised long-time client SoftBank Group on the $5.23 billion initial public offering of its subsidiary Arm Holdings. The offering of American depositary shares was listed on the Nasdaq Global Select Market on September 14, valuing the British company at $54.5 billion. The IPO generated $5.12 billion in proceeds to SoftBank as the selling shareholder of all ADSs sold in the offering.
Arm is the world’s leading semiconductor and software design company, whose technology is used in over 99 percent of all smartphones.
The multidisciplinary S&C team that advised SoftBank included Keiji Hatano, Sarah Payne, Vanessa Blackmore, Robert DeLaMater, Juan Rodriguez, John Horsfield-Bradbury, John Estes and Dalia Blass. Andrew Thomson advised on UK tax matters.
S&C has counselled SoftBank for nearly 30 years on some of the company’s most transformative matters, including its landmark $23.55 billion IPO and in its raise of $20 billion by monetizing its 25 percent stake in T-Mobile US.
A perennial market leader, S&C’s Capital Markets Group was top-ranked by Refinitiv across nine categories in the first half of 2023, including ranking first among U.S.-based law firms as issuer’s counsel for global debt, equity and equity-related offerings by proceeds. The Firm advised on $101.8 billion in global capital markets deals as issuers counsel in that time.
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