Haleon’s Landmark Listing

Haleon’s Landmark Listing

July 26, 2022

In its latest transformative global transaction, Sullivan & Cromwell assisted Haleon PLC in its spin-off from the GSK Group. The deal not only created the world's biggest stand-alone consumer health company, but is the biggest European listing in more than a decade.

The transaction was executed as a demerger of 80 percent of GlaxoSmithKline's interest in Haleon, with holders of GSK shares or American Depository Shares receiving Haleon ordinary shares at a one-for-one ratio. Haleon's ordinary shares now trade on a stand-alone basis on the main market of the London Stock Exchange and its ADSs trade on the New York Stock Exchange.

Haleon is a leading consumer healthcare business with products including Advil, Theraflu and Tums. Formerly known as GSK Consumer Healthcare, the company was a joint venture between GSK and Pfizer, with GSK holding a controlling interest of 68 percent.

Haleon was advised by a cross-border team of S&C lawyers in New York and London, including Frank Aquila, Audra Cohen, John Horsfield-Bradbury, Jim Simpson, Susan Lindsay and Nitish Verma. Eric Wang, John Jo and Ellen Kim advised on U.S. tax matters.

Sullivan & Cromwell led all law firm advisers in global M&A deals announced in the first half of 2022 measured by value, according to Refinitiv. The Firm advised on $356 billion in M&A deals, retaining the top spot from 2021 and representing a 16 percent market share.

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