Next Generation Partners

Rising Stars

Capital markets: equity in Netherlands

De Brauw Blackstone Westbroek

The equity capital markets practice at De Brauw Blackstone Westbroek, which has considerable expertise in the space, counts a number of AEX-listed companies among its client portfolio. IPOs, spin-offs and refinancing transactions are part of the team’s strengths in addition to regularly being involved in cross-border matters. Jan Willem Hoevers  and Gaby Smeenk jointly lead the practice, both advising clients on the full range of equity capital market concerns. Transactions with a multijurisdictional dimension are part of Féline Goyarts‘ specialisations, while Jaap Barneveld, who was promoted to partner in January 2022, frequently handles high-profile IPOs.

Practice head(s):

Jan Willem Hoevers; Gaby Smeenk

Other key lawyers:

Féline Goyarts; Josse Klijnsma; Jaap Barneveld


‘Broad base of Dutch A-listed corporates gives them a unique perspective on the market. If it’s innovative, challenging or big-ticket in the Dutch market, this team is involved.’

‘Hands-on legal advice. Knowledge of the law is state-of-the-art. One key innovation is contact by the team before you realize you need it.’

‘Josse Klijnsma is 100% proactive, witty and sharp.’

‘Gaby Smeenk is a hands-on thinker who does not rest until a solution is found.’

‘De Brauw does not only focus on the legal technicalities but knows how to translate this into advice that is practical, whilst flagging the potential risks clearly.’

‘Gaby Smeenk is able to balance client requirements with applicable regulatory frameworks and keeps her team motivated and on its toes.’

‘Josse Klijnsma is very knowledgeable.’

‘The team always keeps an eye on the bigger picture.’

Key clients


SBM Offshore





Eurocommercial properties




EPIC Acquisition Corp




ABN Amro

Morgan Stanley

Work highlights

  • Advising AholdDelhaize as lead counsel on the proposed sub-IPO of
  • Advised Shell plc on the simplification of its capital structure, as announced on 15 November 2021.
  • Advised Fugro on its successful raising of €116m through an accelerated book build offering of new ordinary shares, as part of a new €516m comprehensive sustainability-linked financing.


The equity capital markets practice group at Houthoff is regularly involved in some of the largest IPOs in the domestic market. At the same time, cross-border equity-linked offerings are a clear strength of the team, in which Alexander Kaarls is a key contact. Jetty Tukker, whose advisory offering includes securities regulatory compliance and deSPAC transactions, is another name to note. Counsel Willem Liedenbaum and senior associate Emma Schutte are often involved in the practice’s work on IPOs for global corporations.

Practice head(s):

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

Other key lawyers:

Willem Liedenbaum; Emma Schutte


‘The team is capable and has a hands-on style of working which makes it easy for our management team to work with them.’

‘Individuals that are able to get the job done in small teams with understanding of the business through a practical approach.’

‘Super, well-rounded team.’

Key clients

WeTransfer / The Creative Productivity Group N.V.

Ariston Holding N.V.

Davide Campari-Milano N.V.

Meltwater N.V.

Qell Acquisition Corp.

European Healthcare Acquisition & Growth Company B.V.

GP Bullhound Acquisition I SE

Ally Bridge Group

Ease2Pay N.V.

Goldman Sachs

DP Eurasia N.V.


J.P. Morgan

Thoma Bravo

Work highlights

  • Advised The Creative Productivity Group N.V. (the holding company of the WeTransfer group) and its major shareholder Highland Technology Growth L.P. on the envisaged IPO of WeTransfer on Euronext Amsterdam.
  • Advised Ariston Holding N.V., a global leader in renewable and high efficiency solutions for hot water and space heating, components and burners, on its IPO on Euronext Milan.
  • Advised European Healthcare Acquisition & Growth Company B.V. (EHC) on successfully completing its €200m private placement and listing on Euronext Amsterdam.


A safe pair of hands for a capital markets transaction’, the ECM team at NautaDutilh distinguishes itself in high-profile SPAC transactions as well as its strong involvement in Dutch IPOs, where it acts for issuers, banks or selling shareholders. One of the recent highlights includes co-head Antonia Netiv and senior associate Sabrina Legerstee advising a consortium led by Tencent on the listing of Universal Music Group on Euronext Amsterdam. Paul Van Der Bijl and Petra Zijp are also lead partners in the practice, with the latter having a particular focus on ESG within equity capital markets transactions.

Practice head(s):

Petra Zijp; Antonia Netiv; Paul van der Bijl

Other key lawyers:

Sabrina Legerstee



‘The NautaDutilh team is very knowledgeable in the Dutch market and adopt a pragmatic approach when running into difficulties.’

‘Antonia Netiv can think on her feet and you are happy to have her on your side in a transaction.’

‘Petra Zijp is very knowledgeable.’

‘Paul van der Bijl is outstanding. Very knowledgeable and focused on providing clear advice in exactly the format needed by the client.’

‘Incredible team led by Antonia Netiv.’

‘Direct and solution-driven approach.’

‘A safe pair of hands for a capital markets transaction with a Dutch angle.’

‘Paul van der Bijl and his team stand out because they are absolute experts and also know the latest developments.’

Key clients

Amsterdam Commodities











Goldman Sachs

Morgan Stanley



Pegasus Acquisition Company Europe


ABN Amro







Lava Therapeutics

Onward Medical



Sono Motors

Signa Sports United


Bryan Garnier & Co

Work highlights

  • Advised Pegasus Entrepreneurial Acquisition Company on its €210m SPAC IPO on Euronext Amsterdam.
  • Advised the underwriters including BNP and citi on the €660m IPO of Majorel on Euronext Amsterdam.
  • Advised Signa Sports United on its de-SPAC listing worth $3.2bn on Nasdaq.


Led by Pieter Schütte and Derk Lemstra, the equity capital markets practice at Stibbe focuses on advising issuers on the full spectrum of ECM matters, although it is also a popular choice for underwriters and selling shareholders. The firm also remains a go-to advisor for global corporates and financial institutions in relation to SPAC and de-SPAC transactions. Nora Offergelt, who is active on both equity and debt capital market matters, was promoted to counsel in July 2022.

Practice head(s):

Pieter Schütte; Derk Lemstra

Other key lawyers:

Nora Offergelt; Emilie Renardel de Lavalette; Rik van Kessel


Work highlights

  • Advising FL Entertainment on its business combination with Pegasus Entrepreneurial Acquisition Company Europe B.V. (Pegasus Entrepreneurs), a SPAC listed on Euronext Amsterdam.
  • Advising Firmenich International SA on the merger with Koninklijke DSM N.V.
  • Advising Majorel on its intended merger with Sitel, with the resulting combination continuing to be listed on Euronext Amsterdam.

Allen & Overy LLP

Allen & Overy LLP has capacities across the full spectrum of ECM-related work, including SPAC IPOs, accelerated book builds and rights issues. The practice can also leverage the firm’s vast international network to handle complex cross-border transactions, where it often acts on the side of the issuers. Practice head Tim Stevens is well-versed across corporate and securities law.

Practice head(s):

Tim Stevens

Other key lawyers:

Sjoerd Buijn

Key clients

Dutch Star Companies Two


NX Filtration



SPEAR Investments


Onward Medical



Clifford Chance

With a ‘diligent though pragmatic approach’, the ECM practice at Clifford Chance is often involved in high-profile transactions in the Dutch market. Working closely with the firm’s other European offices, the team is frequently instructed by tech companies and multinational corporates to assist with IPOs, secondary offerings or share buy-backs. Practice head Han Teerink is a popular choice for both issuers and underwriters for equity capital markets matters.

Practice head(s):

Han Teerink


‘Leading Dutch ECM team with knowledgeable professionals (incl. US) with a strong track record and a diligent though pragmatic approach.’

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

‘Hen Teerink is very strong in “connecting the dots”, which makes him a pleasant sparring partner on multiple transaction topics.’

Key clients

Deutsche Bank AG



Navitas Capital


Goldman Sachs

JP Morgan


BNP Paribas



ING Bank


Stedin Group

Joh. Berenberg, Gossler & Co. KG


Morgan Stanley Europe SE

Hartwig Houdstermaatschappij B.V.

Work highlights

  • Advised the syndicate of banks on the listing on Euronext Amsterdam of Azerion via a business combination with European FinTech IPO Company 1 B.V. (EFIC1), a special purpose acquisition company (SPAC), valued at €1.8bn.
  • Advised the underwriters on the proposed Euronext Amsterdam IPO and listing of CoolBlue.
  • Advised Stedin Group in relation to strengthening its equity by €200m in the form of cumulative preference shares issued to a large majority of its shareholders.


Linklaters is known for its strengths in advising underwriters on equity capital markets transactions, where the firm is a popular choice for matters including IPOs, share purchases and follow-on offerings. With a combined ECM and DCM practice, the team is also particularly well-versed in convertible bond issuances. Practice head Alexander Harmse and managing associate Xu Wang have longstanding experience in equity and equity-linked transactions, acting for both financial institutions and issuers.

Practice head(s):

Alexander Harmse

Other key lawyers:

Xu Wang

Key clients


J.P. Morgan

Morgan Stanley

Bank of America Merrill Lynch


Unilever Plc



Deutsche Bank



BNP Paribas

Credit Suisse


VAM Investments SPAC B.V.

Energy Transition Partners B.V.

Work highlights

  • Advised the underwriting syndicate of 6 banks on the €300m IPO of Ebusco N.V.
  • Advised the managers in connection with N.V.’s issuance of €100m 2.00% convertible bonds due 2026.

Freshfields Bruckhaus Deringer

Led by Hanneke Rothbarth, the capital markets team Freshfields Bruckhaus Deringer has a strong reputation for handling high-profile cross-border IPOs, where the practice can leverage the firm’s global ECM strength to act as both underwriter and issuer counsel.

Practice head(s):

Hanneke Rothbarth

Other key lawyers:

Dirk-Jan Smit

Key clients

Universal Music Group NV

Iveco Group



Pepco NV

Koninklijke Ahold Delhaize NV

NN Group NV

Royal Boskalis Westminster NV

Wereldhave NV

BE Semiconductor Industries NV

CNH Industrial NV

NOXXON Pharma N.V.

argenx SE

Centogene B.V.

Digi Communications NV

Ferrari NV

Fiat Chrysler Automobiles NV

Exor NV

Brack Capital Properties NV

Work highlights

  • Advised Universal Music Group N.V. (“UMG”) on its separation from Vivendi SE and the listing of its shares on Euronext Amsterdam.
  • CNH Industrial and Iveco Group N.V. on the 3€bn. Iveco Group N.V. spin-off from CNH Industrial (listed on NYSE and Euronext Milan) and listing on Euronext Milan. The spin-off comprised of the legal demerger of the “On-Highway Business” from CNH Industrial N.V. to Iveco Group N.V. and the implementation of a dual-class share structure.
  • Pepco Group N.V. on its €5.1bn IPO on the Warsaw Stock Exchange. The IPO comprised of the sale of shares by existing shareholders (including the South African conglomerate Steinhoff). The listing is the largest IPO in Poland of 2021.

Greenberg Traurig LLP

Greenberg Traurig LLP  advises issuers, underwriters and investors on capital markets transactions, often with a cross-border dimension. The group is a popular choice for domestic and international clients for IPOs, secondary transactions and public takeover bids. Jelmer Kalisvaart, whose specialisations include claim emissions, IPOs and international transactions, leads the team jointly with ECM expert Bas Vletter.

Practice head(s):

Bas Vletter; Jelmer Kalisvaart

Other key lawyers:

Wietse de Jong


‘Very pragmatic approach,  persistent but realistic.’

Key clients


Digital Turbine, Inc.

Arcona Property Fund N.V.

Stern Groep N.V.

Ahlstrom Invest B.V.

Theta Fund Management B.V.

CNH Industrial Capital America LLC

French Government

Full Circle Capital


Morgan Stanley

Work highlights

  • Advised NASDAQ-listed Digital Turbine, Inc. on its acquisition of Fyber N.V.
  • Advised InterXion in the sale of InterXion to Digital Realty.
  • Advised the French Government in respect of its shareholding in Euronext Paris listed Air France-KLM S.A.

Loyens & Loeff

In October 2021, Loyens & Loeff bolstered its equity capital markets practice with the arrival of counsel Menno Baks from Linklaters; he specialises in equity and equity-linked transactions. The practice combines cross-border capabilities with extensive regulatory experience and advises both issuers and underwriters on ECM matters. Martijn Schoonewille, who often assists financial institutions with regulatory and transactional matters, leads the practice together with Michel Van Agt.

Practice head(s):

Martijn Schoonewille; Michel van Agt

Other key lawyers:

Menno Baks

Key clients

Vivendi SE

Lucas Bols N.V.

Wallbox N.V.


Morgan Stanley

BofA Securities

SVB Leerink



PAI Partners

Heineken Holding

Baring Private Equity Asia

Beter Bed

Work highlights

  • Advised Vivendi SE on the listing of FL Entertainment in 2022 (pro forma enterprise value of €7.2bn).
  • Advised Vivendi SE on the listing and distribution of Universal Music Group (pro forma enterprise value of €35 bn).
  • Advised Lucas Bols on its €29m capital raise through an accelerated book build offering of 2,495,458 new shares.