Next Generation Partners

Capital markets: equity in Netherlands

De Brauw Blackstone Westbroek

The equity capital markets practice at De Brauw Blackstone Westbroek has a strong reputation for its capabilities supporting clients, which includes a multitude of Dutch listed companies, with the full scope of related issues consistently in the multi-millions in value. The team is co-led by Jan Willem Hoevers who bears particular experience advising on proposed high-stakes IPOs and specialist in cross-border ECM and M&A work Gaby Smeenk. The team’s workload is formed of assisting with overseas transfers of legal entities; disposals of shares; IPOS, which are the focus of the ‘very ambitious’ Jaap Barneveld; and significant mergers. Josse Klijnsma is a senior associate to note in the team.

Practice head(s):

Jan Willem Hoevers; Gaby Smeenk

Other key lawyers:

Josse Klijnsma; Jaap Barneveld; Féline Goyarts


‘De Brauw’s capital markets team are one of the best I have worked with in 25 years. They clearly go the extra mile to ensure that they not only understand the legal issues at hand but also understand the commercial side of things.’

‘The team is excellent at combining a deep understanding of the commercial perspective with first-class legal advice.’

‘Jaap Barneveld is a very ambitious partner, who brings a significant amount of legal experience to the team. He is very proactive in addressing legal challenges early so they don’t spin out of control.’

‘Jaap Barneveld is always available, prepared, and hardworking. He is excellent at managing the process side of large complex transactions – this includes providing guidance to all the teams involved.’

‘Jan Willem Hoevers is noteworthy – whatever the legal problem, Jan has seen it all. His breadth of experience is very impressive. Always refers to a precedent when analysing a situation and he is very well-connected. I would not want to do a transaction without him.’

Key clients




Flow Traders


Just Eat Takeaway








Schroders Capital

Work highlights

  • Advised construction company Ferrovial on the re-domiciliation of its top holding from Spain to the Netherlands and its listing on Euronext Amsterdam.
  • Advised AEGON, a leading multinational life insurance, pensions and asset management company, acting as lead counsel on the combination of its Dutch operations with a.s.r., a leading Dutch insurance group.
  • Advised Heineken as lead counsel on the EUR 3.6 billion and €3.7bn sell-downs by its shareholder FEMSA.


Houthoff’s equity capital markets offering has both specialist corporate practitioner Alexander Kaarls, who is experienced advising international companies on ECM transactions, and equity and debt capital markets expert and ‘dedicated and trusted adviser’ Jetty Tukker at its helm. The practice is experienced in assisting clients on the breadth of related matters, including on IPOs, SPAC, and de-SPAC transactions and investments, as well as in matters involving secondary offerings, and tax relocations and conversions. Additionally, the team supports in matters of general regulatory compliance therein. The cases the team handles are consistently cross-border in nature; ‘deal-driven’ counsel Willem Liedenbaum frequently supports on such work.

Practice head(s):

Alexander Kaarls; Jetty Tukker; Jessica Terpstra; André de Neve

Other key lawyers:

Willem Liedenbaum; Emma Schutte


‘The team has excellent knowledge of Dutch capital market law and practice.’

‘Jetty Tukker is extremely available, hands-on and professional, and Emma Schutte is also worthy of note.’

‘The Houthoff team is professional, proactive, works well with international law firms, is knowledgeable and very friendly.’

‘They understand our needs and provide clear and pragmatic advice on many different transactions like IPOs, SPAC listings, business combinations and capital raises.’

‘Jetty Tukker and Emma Schutte are very professional, knowledgeable and a pleasure to work with.’

‘Jetty Tukker is very committed. She doesn’t hang around and she knows what she is talking about. A dedicated and trusted adviser.’

‘The equity capital markets team of Houthoff comprises intelligent lawyers who are very responsive and provide tailor-made legal advice.’

‘Exceptional lawyers within their team are partner Jetty Tukker and counsel Willem Liedenbaum are very responsive and very deal-driven.’

Key clients

Ariston Holding N.V.

European Healthcare Acquisition & Growth

Company B.V.

Ease2pay N.V.

Frazier Lifesciences Acquisition Corporation

Fimalac and De Agostini


Ally Bridge Group

WeTransfer / The Creative Productivity Group N.V.

Corre Energy B.V.

GP Bullhound Acquisition I SE

Corporation Service Company

Meltwater N.V.

Deutsche Industrie REIT-AG

Brembo S.p.A.

Work highlights

  • Advised Frazier Lifesciences Acquisition Corporation (FLAC) in a de-SPAC merger with NewAmsterdam Pharma Holding B.V.
  • Advised European Healthcare Acquisition & Growth Company B.V. (EHC) on its de-SPAC transaction/business combination with Austrian-based Croma-Pharma GmbH.
  • Advised Intel on its 2022 NASDAQ listing of Mobileye.


The equity capital markets team at NautaDutilh acts for its well-known clients in high-value matters involving such significant transactions as the combining of businesses, IPOs, and shares listings on Euronext, wherein the team advises on all relevant aspects of Dutch law. The cohort’s workload frequently features multiple jurisdictions Private equity and debt specialist Petra Zijp; SPAC and IPO expert Antonia Netiv; and ECM, M&A and corporate governance-experienced practitioner Paul van der Bijl all oversee the practice, which advises clients from sectors including healthcare, retail and financial services. Senior associate Sabrina Legerstee supports on much of the team’s most complex work.

Practice head(s):

Petra Zijp; Antonia Netiv; Paul van der Bijl

Other key lawyers:

Sabrina Legerstee


‘The team is very competent, fast, available, always friendly even in stressful situations and is focused on presenting solutions.’

‘They never describe how difficult issues are, but they help to simplify and also actively propose solutions; it is always a great pleasure to work with teams from Nauta.’

‘Absolutely extraordinary is the collaboration with Paul van der Bijl. He is always very fast, solution-oriented and makes great suggestions. He always takes the right specialists into the team and makes sure that you succeed.’

‘Antonia Netiv is charming, competent and helpful in all capital market matters.’

Key clients


Pharming Group

Benevolent AI


NewAmsterdam Pharma



Sono Group


Work highlights

  • Assisted its longstanding client ASR on its accelerated bookbuild offering following the proposed business combination of ASR with Aegon Nederland.
  • Acted as legal counsel to NewAmsterdam Pharma Company N.V. on its business combination with Frazier Lifesciences Acquisition Corporation, a special purpose acquisition company sponsored by an affiliate of Frazier Healthcare Partners.
  • Advised Mexican bottler and convenience store operator FEMSA in its €3.2bn accelerated bookbuild offering (ABB) of Heineken and Heineken Holding shares and its simultaneous €500m offering of bonds exchangeable into Heineken Holding shares.


Stibbe’s equity capital markets cohort is experienced in handling the gamut of related work. In the matters it handles for its array of well-known clients from sectors ranging from chemical, to online entertainment, to telecoms, the team covers high-value and often cross-border work featuring takeovers, acquisitions, and combinations of businesses, as well as IPOs. Pieter Schütte is particularly experienced in handling the remit of high-stakes transactions and advising on investments, whilst Derk Lemstra has a strong reputation for his work in significant IPOs; the pair co-lead the practice. Nora Offergelt is a key practitioner amongst the cohort, appointed counsel in June 2022.

Practice head(s):

Pieter Schütte; Derk Lemstra

Other key lawyers:

Nora Offergelt; Emilie Renardel de Lavalette; Rik van Kessel

Work highlights

  • Advised Firmenich, a Switzerland-based company active in the field of fragrances and flavours, on its €42bn merger of equals with Royal DSM, to create DSM-Firmenich.
  • Advised FL Entertainment, a global leader in independent content production and the fastest-growing online sports betting platform in Europe, on its business combination with Pegasus Entrepreneurial Acquisition Company Europe B.V.
  • Advised Egeria, a Dutch private equity firm, on its underwriting of, and participation in, a rights offering by Sif Holding N.V., a leading manufacturer of large steel tubulars which are used as foundation components for the offshore wind industry.

Clifford Chance

The equity capital markets offering at Clifford Chance is headed up by ‘very knowledgeable’ senior counsel Han Teerink, who has noteworthy expertise in matters involving IPOs, secondary share issuances, and buy-back transactions in particular. Its workload often features transactions for such reputable clients as BNP Paribas and Coöperatieve Rabobank U.A.; its clients span sectors including tech and hospitality. Its workload includes advising on capital raises, the sale of shares, and business combination agreements in collaboration with the firm’s Frankfurt, Paris and London offices.

Practice head(s):

Han Teerink

Other key lawyers:

Serkan Ozel; Alex Bafi; Olivier Plessis


‘The team has strong experience in the Dutch ECM market, with a diligent and pragmatic approach.’

‘Han Teerink is a very knowledgeable professional, with a good track record in the Dutch ECM market.’

‘Han Teerink regularly remains up-to-date on all relevant transactional workstreams and is very strong at connecting the dots on maters, which makes him a pleasant sparring partner on multiple transactional topics.’

‘Han Teerink’s approach to documentation can be described as diligent though pragmatic, which is clearly valued by underwriters.’

‘Alex Bafi has a longstanding track record and is a very pleasant communicator. Alex is one of the few lawyers that can make due diligence sessions an interactive conversation.’

‘Olivier Plessis is very client-minded. He shows an outstanding willingness to help.’

‘Pleasant team to work with; knowledgeable, proactive and very experienced.’

Key clients

BNP Paribas

Coöperatieve Rabobank

Pegasus Digital Mobility Acquisition Corp.


Work highlights

  • Advised BNP PARIBAS and Coöperatieve Rabobank U.A. as Financial Advisors and Joint Global Coordinators on the €75m capital raises by Fastned B.V., the European fast-charging company, through a private placement with Schroders Capital.
  • Advised longstanding client Mondelēz International on the sale of approximately 7.7m ordinary shares in JDE Peet’s, corresponding to approximately 1.5% of JDE Peet’s issued and outstanding share capital.
  • Advising Pegasus Digital Mobility Acquisition Corp., which has entered into a business combination agreement that would result in Gebr. SCHMID GmbH becoming a publicly listed company on the New York Stock Exchange.


Linklaters’ equity capital markets practice has strong abilities advising its range of clients, including HSBC and BNP Paribas, on cases including those combining businesses, accelerated bookbuild offerings, and the sale of high-value shares, often in cross-jurisdictional contexts. Team leader and ‘outstanding lawyer’ Alexander Harmse advises investment banks and issuers on equity and related issues, as well as on high-yield debt matters. Managing associate Xu Wang is noteworthy and has a developing specialism in the range of ECM transactions; she is regarded for her ‘client dedication’.

Practice head(s):

Alexander Harmse

Other key lawyers:

Xu Wang


‘A lean and mean team. Knowledgeable, responsive and quick, as well as very pragmatic. Often in the market and active.’

‘Alexander Harmse is an outstanding lawyer, very smart and pragmatic. He can tap from relevant precedents by heart and is very pleasant to work with.’

‘Alexander Harmse makes an excellent team with Xu Wang. Xu Wang is so experienced and knowledgeable that she makes an excellent and very reliable side-kick for Harmse.’

Key clients



Hauck & Aufhäuser




VAM Investments SPAC

Van Lanschot Kempen

Work highlights

  • Advised consortium of banks on the €593.6m undocumented accelerated bookbuild offering of ASR Nederland N.V. to partly finance the combination of the Dutch insurance and banking activities of ASR with those of Aegon N.V.
  • Advised consortium of banks on the €25m undocumented capital increase via an accelerated bookbuild offering of Vivoryon Therapeutics N.V.
  • Advising VAM Investments SPAC B.V. (VAM SPAC) on its potential business combination with Supermoney S.p.A., which offers price comparison and technological services in the energy, gas and telecommunications sector.

Loyens & Loeff

The ‘highly reliable’ equity capital markets practice at Loyens & Loeff has strong capabilities advising its client roster, which is formed of such well-known names as Ferrari and Goldman Sachs, on the array of high-value matters, including disposals, listings on Euronext, repurchases, and IPOs. Martijn Schoonewille has notable experience advising financial institutions on legal, financial and regulatory elements of key transactions, both domestically and internationally. Schoonewille is at the team’s helm alongside Michel Van Agt who has a particular focus on IPOs, M&A and private equity transactions. Counsel Menno Baks is a name to note.

Practice head(s):

Martijn Schoonewille; Michel van Agt

Other key lawyers:

Menno Baks


‘Highly reliable. They provide strong legal advice and perfect collaboration with the whole team.’

‘Menno Baks and Michel van Agt were the perfect fit to our team. We more than recommend these two with regard to their work ethic, provision of strong advice and very fair costs.’

Key clients

Heineken Holding


Holland Colours

Beter Bed



Morgan Stanley

Crédit Agricole



Lucas Bols N.V.



Goldman Sachs

General Atlantic

Work highlights

  • Advised Croma-Pharma GmbH (”Croma”) on its intended listing on Euronext Amsterdam via a business combination with European Healthcare Acquisition & Growth Company B.V.
  • Advised Wallbox N.V. on the launch of an $100m ‘at-the-market’ equity offering programme, pursuant to which the company can efficiently raise additional equity capital.
  • Advised Heineken Holding N.V. on the disposal by FEMSA of approximately €3.6bn in shares in the Heineken group.

Allen & Overy LLP

Corporate and securities specialist Tim Stevens is at the helm of the equity capital markets practice at Allen & Overy LLP, which is well-equipped to advise its roster of clients on matters including equity offerings; public and private mergers, acquisitions, and on the placement of shares including those trading on Euronext. Stevens leads across the team’s complex workload which frequently features jurisdictions beyond the Netherlands.

Practice head(s):

Tim Stevens


‘The Allen & Overy team is very pragmatic yet extremely knowledgeable.’

‘The team has a lot of experience, so you always have the feeling you’re in safe hands. For me, that is a unique asset, as is their efficiency.’

‘When I have an issue that is not easily solved by research, Tim Stevens always has an answer.’

Key clients

DSM / DSM-Firmenich


NEPI Rockcastle



Freshfields Bruckhaus Deringer

Freshfields Bruckhaus Deringer’s equity capital markets practice has Hanneke Rothbarth at its head. Its workload features a range of matters, including IPOs, as well as issues involving ultra-high-value shares, which are oftentimes international in scope. The team collaborates with the firm’s international offices, namely the US, Brussels and London in order to service its clients who span such industry sectors as wealth-tech and air mobility.

Practice head(s):

Hanneke Rothbarth

Other key lawyers:

Dirk-Jan Smit


‘Effective and proactive.’


Key clients

Lilium N.V.

Universal Music Group NV

Iveco Group NV

Allfunds Group plc

Pepco NV

NN Group NV

Koninklijke Boskalis NV

Wereldhave NV

BE Semiconductor Industries NV

CNH Industrial NV

TME Pharma N.V.

argenx SE

Centogene B.V.

Digi Communications NV

Ferrari NV

Stellantis NV

Exor NV

Work highlights

  • Advised CNH Industrial and Iveco Group N.V. on the Iveco Group N.V. spin-off from CNH Industrial (listed on NYSE and Euronext Milan) and listing on Euronext Milan.
  • Advised argenx SE on its $700m global offering of ordinary shares represented by American Depository Shares in the US and other countries outside of the EEA and a simultaneous private placement of ordinary shares in the EEA and UK.
  • Advised Altor Equity Partners with its intended voluntary tender offer, together with US-based Marlin Equity Partners, to acquire all shares of media monitoring and social analytics platform Meltwater N.V. (Meltwater).

Greenberg Traurig LLP

Greenberg Traurig LLP’s equity capital markets team is well-equipped to advise its clients on the array of capital market transactions, and on securities-related work including IPOs of SPACs. Jelmer Kalisvaart, who is particularly experienced in handling cross-border mandates, and corporate specialist Bas Vletter both oversee the practice. Wietse de Jong has a notable focus on the structuring of financial products and capital market transactions. Samuel Garcia Nelen joined from Allen & Overy LLP in November 2023, with expertise in public M&A and IPOs.

Practice head(s):

Jelmer Kalisvaart; Bas Vletter

Other key lawyers:

Wietse de Jong

Key clients

Ahlstrom Invest B.V.

Arcona Property Fund N.V.

B. Riley Securities, Inc.

CNH Industrial Capital America LLC

Marriott Vacations Worldwide Corporation

Digital Turbine, Inc.

French Government

Full Circle Capital

InterXion Holding N.V.

Morgan Stanley

Stern Groep N.V.

Theta Fund Management B.V.

e.quikk Technologies N.V.

Oxford Finance LLC

Nostrum Oil & Gas PLC

Work highlights

  • Represented B. Riley Securities, Inc. as lead agent together with Berenberg Capital Markets LLC and Cantor Fitzgerald & Co. in connection with an at-the-market offering by Sono Group N.V., pursuant to a market issuance sales agreement (ATM Sales Agreement).
  • Represented the French Government in respect of its shareholding in Air France-KLM S.A., a stock exchange listed world leader in passenger transportation, cargo transportation and aeronautics maintenance.
  • Advised NASDAQ-listed tech company Digital Turbine, Inc. on its acquisition of Fyber N.V., a developer of a monetization platform for software applications.