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Shearman & Sterling LLP

9 APPOLD STREET, LONDON, EC2A 2AP, ENGLAND
Tel:
Work 020 7655 5000
Fax:
Fax 020 7655 5500
Email:
Web:
www.shearman.com

London: Corporate and commercial

Corporate tax
Corporate tax - ranked: tier 5

Shearman & Sterling LLP

At Shearman & Sterling LLP, the team handles the full spectrum of traditional corporate tax matters for a variety of domestic and international, public and private sector clients. It also often works closely with the firm's international private capital industry group to advise on complex structures. Simon Letherman leads the team and is a real tax generalist.

Practice head(s):Simon Letherman

Other key lawyers:Michael Ward

Testimonials

'Simon Letherman and his team are very knowledgeable and have extensive experience.' 

'The team is extremely professional and reliable and manages an incredible workload; sometimes on an around-the-clock basis'

'Michael Ward remains calm, friendly, competent and reliable, even in the middle of the storm'

Key Clients

Abu Dhabi National Oil Company

Ardagh Group

Boston Scientific

Coca-Cola European Partners

Investcorp

Liberty Global

Qatar Investment Authority

Work highlights

  • Advising General Electric's Power division on tax issues relating to  the $3.25 billion sale of its Distributed Power business to Advent International
  • Advised Cyprus Cooperative Bank on the sale of certain of its assets and liabilities to Hellenic Bank plc
  • Advising on  tax aspects of Boston Scientific Corporation's recommended cash offer for the entire issued share capital of BTG at approximately $4.2bn
  • Advised Piraeus Bank on the sale of a €1.95bn portfolio of non-performing loans ("NPLs") and denounced corporate credit exposures, backed by real estate collateral, to Bain Capital Credit LP

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EU and competition
EU and competition - ranked: tier 5

Shearman & Sterling LLP

Acting before all UK and EU competition authorities, Shearman & Sterling LLP¬†advises a number of market-leading household names on merger control issues. On the merger side, the team is acting for a number of oil and gas companies ‚ÄĒ Engie, Wintershall, Shell, OMV and Uniper, on the competition law aspects of the financing and gas-transportation arrangements for the Nord Stream 2 gas pipeline. Other steady streams of mandates for the group come through clients seeking advice regarding behavioural competition, competition litigation, and state aid. Due to practice head Matthew Readings‚Äô particular expertise, the team is also very active in the financial services industry. However, other notable sectors of focus also include the chemical, automotive, food, mining and media sectors.¬†James Webber¬†is also a key figure on the team and splits his time between London and Brussels.

Practice head(s):Matthew Readings

Other key lawyers:James Webber

Testimonials

'In terms of its high-quality work, the team holds its own against the Magic Circle firms'

'Matthew Readings is great - very determined, exercises great judgement, and is a pleasure to work with'

Key Clients

Intercontinental Exchange

Credit Suisse

American Sugar Refining/ Tate & Lyle

Jaguar Land Rover

LyondellBasell

Anglo American

ArcelorMittal

Viacom/ Paramount Pictures Corporation

Engie

Work highlights

  • Advising five oil-and-gas companies on the competition law aspects of the financing and the gas-transportation arrangements for the high-profile Nord Stream 2 gas pipeline.
  • Advising ArcelorMittal on merger control aspects of its $6 bn competitive bid for Essar Steel India, executed jointly with Nippon Steel.
  • Advising a  global chemicals company on the global competition law aspects of an exclusivity agreement regarding the potential creation of a joint venture.
  • Advised Cyprus Cooperative Bank on the merger control and state aid aspects of the sale of some of its assets.

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Equity capital markets ‚Äď mid-large cap
Equity capital markets ‚Äď mid-large cap - ranked: tier 2

Shearman & Sterling LLP

Shearman & Sterling LLP's London ECM team stands out by the strength of its European network, which provides a steady flow of IPOs and secondary offerings in London, throughout EMEA, and into the CIS. Headed by David Dixter, the team is perhaps best known for its experience in the Nordic markets, though the practice group has also recently been involved in potential transactions on the Iberian Peninsula and a proposed dual-listing deal in North Africa. Pawel Szaja was promoted to partner in 2018 and now heads the team's Emerging Europe and DACH desks.

Practice head(s):David Dixter

Other key lawyers:Pawel Szaja; Jonathan Handyside

Testimonials

'David Dixter really understands the Finnish and Nordic markets.'

Key Clients

JP Morgan

Morgan Stanley

Tele 2

Citigroup

Discovery Limited

Carnegie Investment Bank

Sonae SGPS S.A

Hassan Allam Holding S.A.E

Jefferies

Work highlights

  • Advised the underwriters on the up-to €669.5m IPO and privatisation of Nova Ljubljanska banka on the Ljubljana Stock Exchange and the London Stock Exchange.
  • Advised the joint global coordinators and joint bookrunners on the IPO and listing on Oslo Børs of Elkem ASA. The IPO consisted of a primary offering of shares by Elkem ASA and the sale of a minority stake by the selling shareholder, Bluestar Elkem International Co., Ltd. S.A.
  • Acted for Citigroup, Deutsche Bank, and Morgan Stanley as joint global coordinators in connection with the IPO and listing on Euronext Amsterdam of NIBC Holding N.V.
  • Advised Discovery Limited in connection with a private placement of its ordinary shares by way of an accelerated bookbuild. The private placement raised proceeds to fund the acquisition consideration for the acquisition by Discovery of FirstRand Group's interests in Discovery Bank and the Discovery card joint venture business.
  • Advised the underwriters on the proposed IPO and Nasdaq Stockholm listing of iZettle AB, a Swedish fintech company specialising in payments technology. The deal was called off when PayPal agreed to acquire iZettle for $2.2bn.
Leading individuals

David Dixter - Shearman & Sterling LLP

Next Generation Partners

Pawel Szaja - Shearman & Sterling LLP

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Financial services: contentious
Financial services: contentious - ranked: tier 3

Shearman & Sterling LLP

Specialising in the regulatory aspects of M&A,  infrastructure and funds work, Shearman & Sterling LLP’s transatlantic practice is particularly highly regarded for its Brexit advice. Key clients include Cyprus Co-operative Bank and RBS. Global head of the financial services industry group  Barnabas (Barney) Reynolds  also leads the UK practice and is notable for his Brexit expertise. He also leads the contentious team with litigation expert, counsel Jo Rickard. The firm is experienced in cross-border matters relating to regulatory enforcement and anti-trust issues. As well as handling investigation and enforcement cases, Thomas Donegan has worked on matters including advising certain bondholders and the creditors' committee on the administration of London Capital & Finance, one of the biggest UK financial institution failures. Senior associate Ellerina Teo is another notable name in this area.

Practice head(s):Barnabas (Barney) Reynolds; Jo Rickard

Other key lawyers:Thomas Donegan

Leading individuals

Thomas Donegan - Shearman & Sterling LLP

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Financial services: non-contentious/regulatory
Financial services: non-contentious/regulatory - ranked: tier 2

Shearman & Sterling LLP

Specialising in the regulatory aspects of M&A,  infrastructure and funds work, Shearman & Sterling LLP’s transatlantic practice is particularly highly regarded for its Brexit advice. Key clients include Cyprus Co-operative Bank and RBS. Global head of the financial services industry group  Barnabas (Barney) Reynolds  also leads the UK practice and is notable for his Brexit expertise. He also leads the contentious team with litigation expert, counsel Jo Rickard. The firm is experienced in cross-border matters relating to regulatory enforcement and anti-trust issues. As well as handling investigation and enforcement cases, Thomas Donegan has worked on matters including offering non-contentious advice to  ICE Futures Europe on updating its exchange rules in light of the MiFID II and MiFIR. Senior associate Ellerina Teo is another notable name in this area.

Practice head(s):Barnabas Reynolds

Other key lawyers:Thomas Donegan; Ellerina Teo

Testimonials

'Shearman & Sterling LLP is attentive and responsive'

'The best of both worlds: a friendly, personal service combined with international legal firepower'

Key Clients

ICE Futures Europe

ICE Clear Netherlands

Cyprus Co-operative Bank (CCB)

RBS

Zuercher Kantonalbank

Unibail-Rodamco

Work highlights

  • Advised ICE Futures Europe on updating its exchange rules in light of the MiFID II and MiFIR regulations.
  • Provided advice to CCB in relation to its sale of certain of its assets to Hellenic Bank.
  • Following ICE's acquisition of the Holland Clearing House, the firm advised ICE on drafting its new rulebook. T
  • Involved in providing UK regulatory advice in relation to the sale by Zuercher Kantonalbank (ZKB) of Swisscanto Funds Centre Limited (SFCL) to Clearstream International S.A. (a subsidiary of Deutsche Boerse).
Leading individuals

Barnabas (Barney) Reynolds - Shearman & Sterling LLP

Next Generation Partners

Thomas Donegan - Shearman & Sterling LLP

Rising stars

Ellerina Teo - Shearman & Sterling LLP

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M&A: upper mid-market and premium deals, £500m+
M&A: upper mid-market and premium deals, £500m+ - ranked: tier 5

Shearman & Sterling LLP

Shearman & Sterling LLP advises large multinationals, lending corporations and financial institutions on strategically important M&A deals, both domestically and internationally. The London office works closely with its US counterparts on mandates spanning both sides of the Atlantic, with practice head Laurence Levy for example working with the New York office to advise Boston Scientific Corporation on its $4.2bn recommended cash offer for BTG, leading a team which included well-regarded senior associate Nick Withers. Levy also worked closely with the firm's Toronto office advising GE Power on the $3.25bn sale of its Distributed Power business to Advent International.  Departures include Jeremy Kutner who joined Sullivan & Cromwell LLP as a corporate partner. However, Timothy Sheddick joined in the infrastructure space from Baker McKenzie.

Practice head(s):Laurence Levy

Other key lawyers:Paul Strecker; Frank Miller

Testimonials

'A very professional team, run efficiently and with strong quality control'

'Hard working, dedicated and always available'

'Paul Strecker is an amazing lawyer  - knowledgeable, willing and able to take difficult calls. Maybe more importantly he's a rare people person, who is great with clients and counterparties'

Key Clients

Acacia Mining plc

Anglo American plc

Baker Hughes, a GE company

Boston Scientific Corporation

Discovery Communications

Fairfax Africa Holdings

General Electric Company

Intercontinental Exchange

Liberty Global plc

Olayan Financing Company

Qatar Investment Authority

Sompo Holdings

Viacom

Work highlights

  • Advised Cyprus Cooperative Bank on the sale of certain of its assets and liabilities to Hellenic Bank Public Company Limited, for approximately €10.3bn
  • Advising Energias de Portugal on its tender offer for the outstanding shares of EDP and EDP Renováveis, S.A. by China Three Gorges (Europe) S.A, for approximately €10.8bn
  • Acted for ArcelorMittal in connection with its joint venture with Nippon Steel & Sumitomo Metal Corporation, and its acquisition of Essar Steel India Limited for approximately $7.4bn
  • Advised Eurobank on the sale of its Romanian banking operations to Banca Transilvania, including Bancpost., ERB Retail Services IFN, and ERB Leasing IFN.
  • Advised GMT Communications Partners and their holding company DOCU Group (Lux 1.5) S.à r.l. on the sale of DOCUgroup to Infopro Digital, a portfolio company of TowerBrook.
Leading individuals

Laurence Levy - Shearman & Sterling LLP

Rising stars

Nick Withers - Shearman & Sterling LLP

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London: Dispute resolution

Banking litigation: investment and retail
Rising stars

Jonathan Swil - Shearman & Sterling LLP

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Commercial litigation
Commercial litigation - ranked: tier 5

Shearman & Sterling LLP

Shearman & Sterling LLP's Susanna Charlwood has broad experience in the litigation of high-profile and high-value commercial disputes, including banking and finance-related matters and restructuring and insolvency situations. Her work frequently involves concurrent proceedings in more than one jurisdiction and her clients include companies in the mining, communications and transport sectors, banks and hedge funds. Also highly rated is of counsel Jo Rickard, who advises on litigious matters across a range of industries, including financial Institutions, insurance and TMT.

Other key lawyers:Susanna Charlwood: Jo Rickard

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International arbitration
International arbitration - ranked: tier 4

Shearman & Sterling LLP

Shearman & Sterling LLP frequently acts in high-profile and high-value international arbitrations, and the firm also has a robust investment treaty practice. Mark McNeill heads the London international arbitration team and is highly rated for his representation of companies and states in both commercial and investment treaty arbitrations. Also key to the group are Alexander Uff, recently promoted Latin America specialist Ximena Herrera-Bernal and counsels Tsegaye Laurendeau and Margaret Clare Ryan.

Practice head(s):Emmanuel Gaillard; Yas Banifatemi; Mark McNeill

Other key lawyers:Alexander Uff; Ximena Herrera-Bernal; Tsegaye Laurendeau; Margaret Clare Ryan

Key Clients

Cairn Energy

Rasia FZE

Alverley Investments

Arab Republic of Egypt

Germen Properties

Work highlights

  • Represented Alverley Investments and Germen Properties, as claimants, in an ICSID, BIT-related arbitration against Romania, which related to a high-value commercial and residential real estate project.
Next Generation Partners

Ximena Herrera-Bernal - Shearman & Sterling LLP

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London: Finance

Acquisition finance
Acquisition finance - ranked: tier 3

Shearman & Sterling LLP

Led by 'service oriented' dual UK and US-qualified partner Peter Hayes, Shearman & Sterling LLP is effectively able to implement US-facing technologies on cross-border deals, enabling it (either on its own or alongside colleagues in New York) to provide a 'very creative and flexible' service to banks, sponsors and credit funds across the capital structure. Philip Stopford has a growing profile in the market across a range of cross-border acquisition finance mandates, including on public-to-private transactions. He recently advised Merrill Lynch and Wells Fargo as lead arrangers in connection with the bridge and term loan financings related to Comcast’s £30bn offer for Sky.

Practice head(s):Peter Hayes

Other key lawyers:Iain Goalen; Anthony Ward; Mei Lian; Ronan Wicks; Korey Fevzi; Philip Stopford; Jackson Lam

Testimonials

'The team benefits from being in a considerable amount of deal flow and is aware of current market terms and trends.'

'Truly first class, due to a combination of consistent high quality advice, senior attention, super commitment, and team continuity.'

'Iain Goalen is an exceptional lawyer who takes the time to understood what is important to clients, and delivers.'

'Korey Fevzi, Peter Hayes and Jackson Lam strike the right balance of looking after client interests while preserving long-lasting relations with the other side.'

Key Clients

Barclays Bank

Merrill Lynch

Wells Fargo

Nokia Corporation

Investcorp

Bridgepoint

AlbaCore Capital

Aditya Birla Group

Piraeus Bank

JP Morgan

Canada Pension Plan Investment Board

Public Sector Pension Investment Board

GoldenTree Asset Management

BNP Paribas

RBS

Deutsche Bank

Work highlights

  • Advised Merrill Lynch and Wells Fargo as lead arrangers in connection with the bridge and term loan financings related to Comcast’s £30bn offer for Sky, a leading entertainment and communications company in Europe.
  • Advised Barclays Bank on a Bridge Facility Agreement of an undisclosed amount entered into with Stonegate Pub Company, a portfolio company of TDR Capital, in order to finance the bolt-on acquisition of Be At One Holdings Limited and 15 bars from Novus Leisure.
  • Advised the mandated lead arrangers in connection with the financing of Bain Capital's acquisition of Italy's largest paper manufacturer, Fedrigoni.
  • Advised Boston Scientific Corporation on its recommended offer to acquire BTG plc. The transaction is valued at approximately $4.2bn and is subject to receipt of required regulatory approvals and the approval of BTG’s shareholders and the UK court.
  • Advising Advance Publications on portability financing and related consent solicitation process in relation to the acquisition of the shares of Stage Entertainment from CVC Fund VI and Joop van den Ende.
Next Generation Partners

Philip Stopford - Shearman & Sterling LLP

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Bank lending: investment grade debt and syndicated loans
Bank lending: investment grade debt and syndicated loans - ranked: tier 4

Shearman & Sterling LLP

Benefiting from practitioners on the ground in London with dual-US and UK qualifications¬†‚Äď including team head¬†Peter Hayes¬†‚ÄstShearman & Sterling LLP¬†is well suited to the increasing adoption of US technologies in the UK/European loan markets. As well as its strength in the leveraged finance field, the 'knowledgeable, creative and responsive' team also regularly handles corporate lending/corporate acquisition finance work for both banks and borrowers. On the borrower front, as well as providing financing advice to US-based corporates on international mandates, the team also regularly handles work for multinational investment grade corporations including Nokia, which it recently advised on a ‚ā¨500m financing it entered into with the European Investment Bank for the purposes of developing its next generation 5G communications network.¬†The 'incredibly gifted' Mei Lian¬†is another key member of the team.

Practice head(s):Peter Hayes

Other key lawyers:Iain Goalen; Anthony Ward; Mei Lian; Ronan Wicks; Korey Fevzi; Philip Stopford; Jackson Lam

Testimonials

'The commercial and experienced team provides a great client service.'

'Mei Lian has a knack for explaining complex things in a clear, easy to understand way. Her manner has often helped defuse heated negotiations and drive them to success through a constructive and business friendly ability to think out of the box'

Key Clients

Barclays Bank plc

Merrill Lynch

Wells Fargo

Nokia Corporation

Investcorp

Bridgepoint

AlbaCore Capital

Aditya Birla Group

Piraeus Bank

JP Morgan

Canada Pension Plan Investment Board (CPPIB)

Public Sector Pension Investment Board (PSP Investments)

GoldenTree Asset Management

BNP Paribas

RBS

Deutsche Bank (London Branch)

Work highlights

  • Advised Merrill Lynch and Wells Fargo as lead arrangers in connection with the bridge and term loan financings related to Comcast’s £30bn offer for Sky, a leading entertainment and communications company in Europe.
  • Advised Nokia Corporation in relation to a new €500m financing it entered into with the European Investment Bank, the proceeds of which are to be used for developing Nokia's next generation 5G communications network. The loan is supported by the European Fund for Strategic Investments (EFSI), a key element of the European Commission’s Investment Plan for Europe.
  • Advising Birla Carbon, the carbon black business limb of the Aditya Birla Group, on its $1.2bn financing package.
  • Advised SPGPrints (an Investcorp portfolio company) in relation to its refinancing completed in conjunction with a major disposal and dividend recap.

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Corporate restructuring & insolvency
Corporate restructuring & insolvency - ranked: tier 5

Shearman & Sterling LLP

Led on the English law front by Mei Lian and for New York law by Solomon Noh  (one of the few  lawyers based in London with Chapter 11 capability), Shearman & Sterling LLP 's 'knowledgeable and well-prepared team' excels in handling non-commoditised mandates involving the restructuring of complex capital structures. Noh picks up a significant amount of bondholder committee work for hedge funds and other asset managers in relation to investment opportunities and trading execution within European distressed situations. Lian has recently handled numerous NPL disposals in Europe, including her work for Piraeus Bank on its portfolio disposal to Bain Capital Credit (notable for being the first commercial real-estate backed NPL transaction in Greece). The team also has a strong track record handling debtor-side financial services restructuring work, where it works seamlessly with its financial services regulatory team.

Practice head(s):Solomon Noh; Mei Lian

Other key lawyers:Alastair Goldrein

Testimonials

'The team works in an extremely integrated way, both internally and externally with the client and other advisers.'

'The team provides very attentive and consistently sound legal advice.'

Key Clients

Piraeus Bank

International bank lenders under the club and syndicated loans for Agrokor

Danaos Investment Limited

King Street Capital

Work highlights

  • Advised Piraeus Bank on the sale of a €1.95bn portfolio of non-performing and denounced corporate credit exposures, backed by real-estate collateral, to Bain Capital Credit.
  • Advised the international bank lenders under the club and syndicated loans in connection with Agrokor's special administration proceedings and provision of $1bn DIP funding.
  • Acted for Danaos Investment Limited, the majority shareholder and sponsor of Danaos Corporation in the comprehensive out-of-court financial restructuring of the company.

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Debt capital markets
Debt capital markets - ranked: tier 2

Shearman & Sterling LLP

The London capital markets group at Shearman & Sterling LLP 'has a wide-ranging skillset that allows clients to benefit from different views and experiences'. The firm handles every aspect of the DCM market but stands out for complex financing transactions that utilise more than one type of debt instrument. Practice head David Dixter has extensive experience in the Nordic region; Trevor Ingram, who is qualified in New York and Ontario law, had an active year in investment grade and project bonds; newly promoted partner and 'one of the hardest working lawyers in the City' Pawel Szaja leads the firm's Emerging Europe desk. In 2018, Szaja handled major transactions in EMEA including Abu Dhabi Crude Oil Pipeline’s $3bn senior secured bonds, in which he advised a syndicate of banks. Marwa Elborai is recommended for advising issuers, sponsors and underwriters on both investment grade and high yield debt.

Practice head(s):David Dixter

Other key lawyers:Trevor Ingram; Pawel Szaja; Marwa Elborai; Jonathan Handyside

Testimonials

'The balance of deep product knowledge with a wider viewpoint and market visibility of precedents is valuable'.

'Trevor Ingram has a collaborative approach, which has diffused many difficult conversations to reach acceptable compromises, while retaining goodwill all round'.

Key Clients

Sasol Limited

J.P.Morgan

NatWest Markets

First Abu Dhabi Bank PJSC

Anglo American

Morgan Stanley

Citigroup

Nokia

Work highlights

  • Represented Sasol Limited in connection with the offering of $1.5bn 5.875% notes due 2024 and $750m 6.500% notes due 2028 issued by its indirect wholly owned subsidiary Sasol Financing USA LLC and guaranteed by Sasol Limited.
  • As designated underwriters counsel for RBS, the firm advised on several notes offerings, including representation of the underwriters, led by NatWest Markets Securities Inc., in connection with the RBS offering of $1.75bn 5.079% fixed-rate/floating-rate senior notes due 2030.
  • Represented the syndicate of banks led by Citigroup and HSBC, as joint global coordinators and joint bookrunners, and DBS Bank, First Abu Dhabi Bank and SMBC Nikko Capital Markets, as joint bookrunners, in connection with Emirates Sembcorp Water & Power Company’s offering of $400m 4.450% senior secured bonds due 2035.
  • Advised Anglo American on its offering of $650m 4.500% senior notes due 2028.
  • Represented Nokia in connection with the update of its €5bn EMTN programme and its drawdown of €750m in senior unsecured notes.
Leading individuals

David Dixter - Shearman & Sterling LLP

Next Generation Partners

Pawel Szaja - Shearman & Sterling LLP

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Derivatives (including commodities)
Derivatives (including commodities) - ranked: tier 2

Shearman & Sterling LLP

Shearman & Sterling LLP is a key adviser to market infrastructure entities such as exchanges and clearinghouses and is a leading player in the commodity derivatives market. The firm assists the biggest exchange clearing group for commodities with new products, disputes, rulebooks, collateral issues and much more. In the broader derivatives market, the firm benefits from offering both English and New York law advice from London. It also has niche expertise acting for lenders and borrowers in equity financing transactions involving equity derivatives and margin loans. Among the firm's standout practitioners are head of the financial institutions advisory and financial regulatory practice Barney Reynolds; derivatives and structured products group head Patrick Clancy; derivatives and structured products  specialist James Duncan; and the highly experienced Thomas Donegan who assists banks, hedge funds, clearinghouses, exchanges and corporates on UK and EU financial regulatory matters. Counsel Leona McManus and associate Sara Couling also play central roles in the practice.

Practice head(s):Barney Reynolds; Patrick Clancy

Other key lawyers:James Duncan; Thomas Donegan; Leona McManus; Sara Couling

Testimonials

"We were really impressed with 'out of the box' solutions the firm provided. The advice was very practical."

"Thomas Donegan is an exceptional lawyer, very pragmatic."

Key Clients

ICE Clear Europe Limited and ICE Futures Europe

Abu Dhabi Global Market (ADGM)

Dow

ICE Futures U.S.

ICE Clear Netherlands

Ardagh Group S.A.

Italo Nuovo Trasporto Viaggiatori S.P.A.

Cyrus Capital Partners, LLC

Cyprus Co-operative Bank

ICE Benchmark Administration

Work highlights

  • Following ICE's acquisition of the Holland Clearing House, the firm advised ICE on drafting their new rulebook.
  • Advising a major UK headquartered bank on its Brexit analysis and strategy, which involves advising on the correct legal, regulatory and options strategies for lobbying and  developing strategies, structures and options for contingency planning.
  • Advising a global financial group on UK on-shoring of EU legislation, which includes reviewing all published statutory instruments, FCA papers and PRA papers concerning the on-shoring of EU legislation.
  • Advising an investment bank on the update of terms of use for an online portal used by the its clients, and updating trading practices for its FX business.
Leading individuals

Barney Reynolds - Shearman & Sterling LLP

James Duncan - Shearman & Sterling LLP

Patrick Clancy - Shearman & Sterling LLP

Thomas Donegan - Shearman & Sterling LLP

Rising stars

Leona McManus - Shearman & Sterling LLP

Sara Couling - Shearman & Sterling LLP

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Emerging markets
Emerging markets - ranked: tier 2

Shearman & Sterling LLP

Shearman & Sterling LLP has a track record in complex, high-profile emerging markets projects, transactions and disputes, frequently advising on first-in-country and first-in-kind matters. The five-partner project development and finance practice frequently handles major transactions in the power, oil and gas, road transport infrastructure and renewable energy sectors. Iain Elder leads the practice and is also head of the firm's Africa strategy group. Global head of finance Nick Buckworth has more than 30 years' experience in advising sponsors, lenders and financial institutions in Europe, the Middle East, Africa and Asia on projects in the energy sector. 'Excellent project finance lawyer' Sanja Udovicic handled high-profile projects in 2018, among which was the financing of the West Nile Delta Project in offshore Egypt. Of counsel John Inglis focuses on energy and natural resources, including power generation, metals, petrochemical, refinery, LNG and upstream oil and gas projects.

Practice head(s):Iain Elder

Other key lawyers:John Inglis; Nick Buckworth; Sanja Udovicic; Tim Sheddick; Katie Hicks; Anthony Lepere; Lachlan Poustie

Key Clients

Japan Bank for International Cooperation (JBIC)

ACWA Power

Bahrain Petroleum Company

Golar LNG Limited

Engie

Export-Import Bank of Korea ("K-EXIM") K-Exim

FMO

SACE S.p.A. (SACE)

Sasol

Mitsui

Mubadala

Masdar (a subsidiary of Mubadala)

Marubeni

The Bank of Tokyo – Mitsubishi; UFJ Ltd and Sumitomo Mitsui Banking Corporation

EDF

General Electric

Abu Dhabi Future Company PJSC

Work highlights

  • Advising Vertroelektrane Balkana D.O.O. and sponsors (Masdar, Taaleri and DEG) in connection with the development and financing of the first wind farm in Serbia.
  • Advising SACE and the SACE Lenders on the financing for the modernisation and expansion of the Middle East Oil Refinery in Egypt.
  • Acting as Sponsor's legal counsel to Guinea Alumina Corporation (a subsidiary of Emirates Global Aluminium) in connection with the development and financing of a bauxite mine, alumina refinery, port loading terminal and related infrastructure in the Republic of Guinea.
  • Acted for CTRG, Sasol and EDM, on all aspects of the development and project financing of a 175MW gas engine IPP at Ressano Garcia in Mozambique.
  • Advising Golar LNG Limited on the development of the Fortuna FLNG project, a floating liquefaction project to be developed by Golar with its partners Ophir Energy and GEPetrol (the national oil company of Equatorial Guinea
Leading individuals

Sanja Udovicic - Shearman & Sterling LLP

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High yield
High yield - ranked: tier 2

Shearman & Sterling LLP

Shearman & Sterling LLP handles high yield transactions for investment banks, corporates and private equity sponsors across Europe and the emerging markets. Among its bank clients are JPMorgan, HSBC, Crédit Agricole and Citigroup. The firm is 'attentive and communicative, stays on top of transactions and gives quality advice'. The firm has a blend of experience with seasoned practitioners Ward McKimm, who is head of global leveraged finance, and Jacques McChesney, as well as younger partners Marwa Elborai and Trevor Ingram, who is described as 'a young but very experienced partner who is going places'. The firm has a new internal structure built around an integrated lenders-side leveraged finance practice, which brings together its bank/bond capability in US bonds, and both English and New York law finance. Rising star senior associate Gordon Houseman, who joined from Freshfields Bruckhaus Deringer LLP, focuses much of his leveraged finance practice on the high yield bond market.

Practice head(s):David Dixter

Other key lawyers:Ward McKimm; Jacques McChesney; Marwa Elborai; Trevor Ingram

Testimonials

"The practice provides very commercial and hands-on advice and has an excellent substantive grasp of issues."

"The high yield team is puts in extra work to make issues and solutions clear."

"Marwa Elborai is extremely involved and 'hands-on'. She is easy to get in contact with and provides solid, trusted advice."

"Kalliope Kefallinos does an excellent job managing transactions and keeping the in-house team up-to-date on deal developments. She provides excellent analysis and solutions in addition to flagging issues quickly."

Key Clients

El Corte Inglés, S.A.

Groupe Ecore

Silversea Cruise Holding Ltd.

HSBC

JPMorgan

Citigroup

Credit Suisse

Barclays

ABN AMRO

Crédit Agricole

Work highlights

  • Advised HSBC, BofA Merrill Lynch, Wells Fargo Securities, Commonwealth Bank of Australia and US Bancorp as joint book-running managers on James Hardie’s inaugural euro-denominated offering of €400m 3.625% senior notes due 2026.
  • Advised J.P. Morgan Securities plc as sole bookrunner on Radisson’s offering of €250m 6.875% senior secured notes due 2023.
  • Acted as U.S. counsel to El Corte Inglés and the guarantors in connection with its €600m inaugural high yield bond offering.
  • Advised Merrill Lynch International as global coordinator and ABN AMRO, Barclays, Citigroup and Crédit Agricole as joint bookrunners on InterXion's offering of €1,000,000,000 4.75% senior notes due 2025.
  • Advised Goldman Sachs International as private placement agent in connection with a Reg S offering of senior secured floating rate notes due 2023 issued by TVL Finance.
Leading individuals

Jacques McChesney - Shearman & Sterling LLP

Marwa Elborai - Shearman & Sterling LLP

Ward McKimm - Shearman & Sterling LLP

Rising stars

Gordon Houseman - Shearman & Sterling LLP

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Islamic finance
Islamic finance - ranked: tier 3

Shearman & Sterling LLP

Working in conjunction with its Middle East offices and its Saudi association firm, Shearman & Sterling LLP's London finance group handles Islamic bond issuances, secured lending mandates and conventional finance matters for major GCC corporates and investors. The practice group is particularly active for Saudi-listed corporates including real estate and infrastructure developers and natural resources companies. Key contacts include Iain Goalen, 'a very good all-round finance lawyer'.

Practice head(s):Iain Goalen

Work highlights

  • Advising a Saudi-listed company on its SAR2bn sukuk programme through a private placement, including legal due diligence, offering memorandum, sukuk transaction agreements and local regulatory advice.

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Structured products and securitisation
Structured products and securitisation - ranked: tier 3

Shearman & Sterling LLP

Shearman & Sterling LLP joins the ranking for its strong capability in structured products. The practice advises on complex and bespoke structured financial products, rather than focusing on volume work, and it frequently advises FTSE100 and Fortune 500 companies on both English law and New York law financing products, as well as providing assistance with regulatory changes that affect the market. The firm has particular expertise in equity financing transactions involving equity derivatives and margin loans, in which it acts for both lenders and borrowers. The practice also specialises in complex credit trading advice linked to distressed trading, insolvency and litigation. The practice is led by Patrick Clancy, who handles  English law derivatives transactions, bespoke structured finance products and capital markets transactions for financial institutions, hedge funds and infrastructure providers; and James Duncan, who frequently handles the structured finance aspects of M&A, asset finance and leveraged finance transactions.

Practice head(s):Patrick Clancy; James Duncan

Other key lawyers:Leona McManus; Sara Couling

Testimonials

"The firm is highly capable, very accessible and responsive, and knowledgeable on relevant market developments."

"Patrick Clancy is whipsaw smart, highly capable and responsive."

Key Clients

Ardagh Group S.A.

Italo Nuovo Trasporto Viaggiatori S.P.A.

Cyrus Capital Partners, LLC

Cyprus Co-operative Bank

ICE Benchmark Administration

ICE Clear Europe

Work highlights

  • Advised GLOBALFOUNDRIES Singapore PTE LTD on a Singapore-based sale and leaseback financing for GLOBALFOUNDRIES based on the existing double trust structure of the original financing completed in 2018.

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London: Insurance

Insurance: corporate and regulatory
Insurance: corporate and regulatory - ranked: tier 4

Shearman & Sterling LLP

The team at Shearman & Sterling LLP acts for both insurance and reinsurance companies, handling a range of corporate and regulatory matters, and has of late been busy advising clients on the likely implications of Brexit. Key partners include Barney Reynolds, who heads the US firm's global financial institutions advisory and financial regulatory practice and leads the insurance sector group. Reynolds and fellow City partner Thomas Donegan have been building a strong profile for their work on Brexit-related matters.

Practice head(s):Barney Reynolds

Other key lawyers:Thomas Donegan

Key Clients

Intercontinental Exchange (ICE)

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London: Investment fund formation and management

Hedge funds
Hedge funds - ranked: tier 3

Shearman & Sterling LLP

At Shearman & Sterling LLP, John Adams leads a group which handles a full range of matters for UK, US and other international sponsors. Adams, senior associate Nancy Hau and others acted for Attestor Capital LLP on a complete re-write of its suite of fund documentation for its flagship fund, Attestor Value Master Fund LP. The firm also advised the same client on matters including Irish sub-advisory arrangements, derivatives and various other operational issues. Although the majority of the firm's mandates are sponsor-driven, it also undertakes a significant amount of work for institutional investors and sovereign wealth funds.

Practice head(s):John Adams

Other key lawyers:Nancy Hau

Testimonials

'The team is responsive, competent and practical'

'John Adams provides exceptional insight through his understanding of commercial issues facing hedge funds and their managers. He is knowledgeable about new developments in the industry and he helps develop a plan for the upcoming landscape and challenges facing the market'

Key Clients

Attestor Capital LLP

Abu Dhabi Global Market

TT International Family Group

Prosperity Capital Management Limited

Autoriti Monetari Brunei Darussalam

TRG Management L.P.

Maverick Capital Ltd.

Steadfast Financial LP

Albacore Partners

Skybridge Capital II, LLC

OrbiMed Capital

Dynamo Capital

Work highlights

  • Advised Abu Dhabi Global Market on the implementation of a passporting regime for collective investment funds. The passporting regime allows funds established in ADGM to be promoted across the UAE, including the DIFC and ADGM financial free zones.
  • Advised TT International Family Group on its suite of hedge funds, including (1) The TT International Fund; (2) TT EM Unconstrained Fund; (3) TT Emerging Markets Opportunities Fund; (4) TT Emerging Markets Opportunities Fund II; (5) TT Event Driven Fund; and (6) TT Mid-Cap Europe Long/Short.
  • Provided ongoing advice to Prosperity Capital Management Limited on its suite of Russia/Former Soviet Union-focused hedge funds, including (1) The Prosperity Cub Fund; (2) The Prosperity Quest Fund; (3) Prosperity Russia Domestic Fund; and (4) The Russian Prosperity Fund. The work included updates to fund documentation and discreet ad hoc advice on multiple issues including sanctions legislation.
  • Advised Autoriti Monetari Brunei Darussalam on the implementation of a new Variable Capital Companies Law in Brunei Darussalam.
  • Advised Steadfast Capital on various EU and UK regulatory matters impacting several of its hedge fund products.

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London: Projects, energy and natural resources

Infrastructure (including PFI and PPP)
Infrastructure (including PFI and PPP) - ranked: tier 2

Shearman & Sterling LLP

The team at Shearman & Sterling LLP offers support in a wide array of international infrastructure projects, including toll roads, ports, tunnels, airports, and rail, among others. Nick Buckworth has more than 30 years' experience in the field and heads up the firm's global finance practice. Sanja Udovicic's area of expertise is advising sponsors and lenders in infrastructure transactions.  The team received a significant recruitment boost with the hire of partners Tim Sheddick and Katie Hicks from Baker McKenzie in late 2018. They focus on public and private infrastructure M&A transactions and infrastructure acquisition financing and refinancing respectively.

Practice head(s):Nick Buckworth

Other key lawyers:Sanja Udovicic; Tim Sheddick; Katie Hicks

Key Clients

Macquarie Infrastructure and Real Assets

First State Investments

CDPQ

Work highlights

  • Advised Golar in connection with its entry into a Preliminary Agreement with BP Mauritania Investments and BP Senegal Investments in their capacity as block operators regarding the provision of a floating liquefied natural gas vessel to support the development of the GTA Project in Senegal and Mauritania.
  • Advised PKA, PFA, ATP and funds managed or advised by Macqurie Infrastructure and Real Assets on the take private of listed Danish telecoms company TCF A/S, for a total consideration of $6.6bn.
  • Advised funds managed by First State Investments and Hermes on the acquisition of Scandlines from 3i Group and funds advised by 3i.
  • Assisting Macquarie European Infrastructure Fund and Macquarie European Infrastructure Fund III on the sale of their stakes in Brussels Airport.

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Mining and minerals
Mining and minerals - ranked: tier 4

Shearman & Sterling LLP

Key names in Shearman & Sterling LLP's mining offering include project development and finance specialist Nicholas Buckworth, the US firm's former London head, and his successor as City chief, Matthew Readings, who heads up the firm's global antitrust group. The global metals and mining practice is led out of New York by Cynthia Urda Kassis. Recently promoted partner Anthony Lepere and senior associate Tom Pound, who recently joined from Baker McKenzie, are also well regarded.

Next Generation Partners

Anthony Lepere - Shearman & Sterling LLP

Rising stars

Tom Pound - Shearman & Sterling LLP

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Oil and gas
Oil and gas - ranked: tier 2

Shearman & Sterling LLP

The oil and gas team at Shearman & Sterling LLP advises NOCs and IOCs, governments, investors and financial institutions on the entire oil and gas value chain. The practice handles matters in the sector ranging from project finance and M&A to litigation and international arbitration. Project development and financing specialist Iain Elder leads the team, which was bolstered by the arrival of Timothy Sheddick and Katie Hicks from Baker McKenzie and counsel Lachlan Poustie from Allen & Overy LLP.

Practice head(s):Iain Elder

Other key lawyers:Sanja Udovicic; Nick Buckworth

Key Clients

Bahrain Petroleum Company

Golar LNG Limited

Engie

Export-Import Bank of Korea (K-Exim)

The Dow Chemical Company

Barclays

Sasol

Mitsui

Topaz Energy and Marine

Angola LNG

Petronas

BNP Paribas

Arab Republic of Egypt

Cairn Energy

Work highlights

  • Advising SACE and the SACE lenders on the financing for the modernisation and expansion of the Middle East Oil Refinery in Egypt.
  • Advising Golar LNG Limited on the development of the Fortuna floating liquefied natural gas (FLNG) project to be developed by Golar with its partners Ophir Energy and GEPetrol (the national oil company of Equatorial Guinea).
  • Acting as lenders’ international legal counsel on the financing of the West Nile Delta Project in offshore Egypt.
  • Acting as legal adviser to Bapco on all aspects of the $6bn Bapco Modernisation Programme in Bahrain.
  • Represented a syndicate of banks in connection with the offering of senior secured bonds due 2029 and 2047 by Abu Dhabi Crude Oil Pipeline LLC.

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Power (including electricity, nuclear and renewables)
Power (including electricity, nuclear and renewables) - ranked: tier 2

Shearman & Sterling LLP

Shearman & Sterling LLP's power offering handles complex cross-border transactions in challenging jurisdictions and market conditions, including emerging and frontier markets. John Inglis, now of counsel, has a long-established reputation for his work on the development and financing of energy and natural resource projects; former London chief Nick Buckworth is another key member of the practice. Katie Hicks and Timothy Sheddick recently joined the team from Baker McKenzie, with counsel Lachlan Poustie  coming on board from Allen & Overy LLP.

Practice head(s):Iain Elder

Other key lawyers:Nick Buckworth; Sanja Udovicic

Key Clients

The Dow Chemical Company

IFC

Bahrain Petroleum Company ("BAPCO")

Sasol

ACWA Power

Engie

K-Sure

China Exim

Japan Bank for International Corporation ("JBIC")

Export-Import Bank of Korea ("K-EXIM")

Work highlights

  • Advising Vertroelektrane Balkana in connection with the development and financing of the first wind farm in Serbia.
  • Advising on the development and financing of the Sharjah Multi-fuel Waste-to-Energy project in the Emirate of Sharjah, United Arab Emirates.
  • Acting as lenders' international legal counsel on the development and financing of the 1,320MW Balkhash coal-fired thermal power plant in Kazakhstan.
  • Acted for CTRG, Sasol and EDM, on all aspects of the development and project financing of a 175MW gas engine IPP at Ressano Garcia in Mozambique.
  • Advising GE's Power division on the $3.25bn sale of its Distributed Power business to Advent International.
Leading individuals

John Inglis - Shearman & Sterling LLP

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London: Risk advisory

Brexit
Brexit - ranked: tier 3

Shearman & Sterling LLP

With substantial expertise in the financial services sector, Shearman & Sterling LLP counts UK, EU and global banks, investment banks, brokers, insurers, trading venues and fund managers as clients, which it advises on cross-border issues and transactional work, regulatory mandates and the impact of domestic and European legislative changes. The team also leverages the firm’s transatlantic strength to assist with regulatory issues, and draws on the firm’s trade, IP, data and funds practices. Brexit group head Barnabas (Barney) Reynolds also leads the global financial institutions advisory and financial regulatory group and is a high-profile name in Brexit commentary. Other key individuals include Thomas Donegan, who handles financial regulatory and compliance issues; and John Adams, who leads the UK investment funds group. Recent highlights include assisting a UK headquartered bank with its Brexit analysis and strategy, and advising several multinational insurance companies on their Brexit contingency plans.

Practice head(s):Barnabas Reynolds

Other key lawyers:Thomas Donegan; John Adams

Work highlights

  • Assisting a UK headquartered bank with its Brexit analysis and strategy, including lobbying strategies and contingency planning.
  • Advising multiple multinational insurance companies on their contingency planning for Brexit scenarios.
  • Advising an international banking and brokerage group on specific Brexit scenarios.
  • Advising a global financial group on the UK on-shoring of EU legislation.
Leading individuals

Barnabas Reynolds - Shearman & Sterling LLP

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Latin America: International firms

International arbitration
International arbitration - ranked: tier 5

Shearman & Sterling LLP

Shearman & Sterling LLP is representing the Republic of Panama in an ICSID arbitration relating to a series of infrastructure construction projects and is acting for a Latin American aviation consultancy firm in two disputes with European manufacturers arising from the termination of agency contracts. Christopher Ryan, Henry Weisburg and recently promoted partner Ximena Herrera are names to note.

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Further information on Shearman & Sterling LLP

Please choose from this list to view details of what we say about Shearman & Sterling LLP in other jurisdictions.

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Angola

Belgium

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China

Offices in Beijing and Shanghai

Germany

Offices in Frankfurt

Algeria

France

Offices in Paris

Hong Kong

Offices in Hong Kong

Indonesia

Latin America: International firms

India

Italy

Offices in Rome and Milan

Japan

Offices in Tokyo

London

Offices in London

Malaysia

Mozambique

Philippines

Qatar

Asia Pacific: Regional International Arbitration

Singapore

Offices in Singapore

South Korea

Offices in Seoul

Saudi Arabia

Offices in Riyadh

Tunisia

United States

Offices in Washington DC, New York, San Francisco, Menlo Park, Austin, and Houston

Vietnam

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Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to
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