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Shearman & Sterling LLP

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

London: Corporate and commercial

Corporate tax
Corporate tax - ranked: tier 5

Shearman & Sterling LLP

Shearman & Sterling LLP's tax team services many of the firm's high value M&A and private equity transactions, which often have a cross-border dimension. Recent highlights for the group included advising Liberty Global on the structuring of the split-off of its Latin American and Caribbean business through a distribution of shares in a new listed Bermudan holding company. It also assisted Orange with the £520m bond issue, exchangeable into BT shares and, in a separate matter, Frigoglass with a major restructuring of the group's capital and its bank and bond debt. The team is led by 'solutions-orientated and patient' Simon Letherman. 'Resilient' associate Lois Howarth is recommended for her ability to provide 'robust advice'.

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EU and competition
EU and competition - ranked: tier 5

Shearman & Sterling LLP

Shearman & Sterling LLP¬†'s¬†‚Äėhighly expert and experienced‚Äô team provides ‚Äėpragmatic and relevant advice‚Äô. Recommended practice head¬†Matthew Readings¬†is noted for his experience in the financial services sector and is currently representing an international financial institution in investigations into alleged manipulation of the $1.5bn government-sponsored bond market.¬†James Webber¬†(‚Äėhighly responsive, very thoughtful, clear and concise with advice‚Äô) has broad experience covering merger control, behaviour competition, state aid and litigation, with clients in a wide range of industries. Webber has been advising Albemarle Corporation on the sale of its Polyolefin catalyst and catalyst components business to W.R. Grace & Co, requiring merger filings in Germany, Korea and the US. Christopher Bright¬†retired from legal practice in January 2018.

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Equity capital markets
Equity capital markets - ranked: tier 2

Shearman & Sterling LLP

Though especially experienced on the underwriter side, Shearman & Sterling LLP's 'highly advanced' team has excellent issuer-side capabilities, and is 'frequently seen on the market's larger, more complex deals'. Fast-moving consumer goods, financial institutions, real estate and technology have been particularly active sectors for the practice recently. 'Highly user-friendly, commercial' group head David Dixter is 'always very involved'; he and Trevor Ingram acted for the global co-ordinators, including Citigroup, HSBC, J.P. Morgan and Morgan Stanley, on a $1bn rights offering by Sibanye Gold, which was the third-largest ever rights issuance by a South African company. The 'very hands-on' Pawel Szaja, who made partner in January 2018, has 'a very broad knowledge and a profound understanding of market standards, which he puts to use in documentation and disclosure'; he is 'open to all comments' and is 'a great sparring partner'.

Leading individuals

David Dixter - Shearman & Sterling LLP

Next generation lawyers

Pawel Szaja - Shearman & Sterling LLP

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

Shearman & Sterling LLP

Financial services contentious - ranked: tier 4

Shearman & Sterling LLP

'Providing a winning mix of experience, dedication, obstinacy and client-centric culture', Shearman & Sterling LLP's two-partner non-contentious team provides 'pragmatic advice and excellent industry knowledge' garnered through the longevity and experience with which the lead practitioners within the team have operated at the upper end of the market. 'Unafraid to make difficult judgement calls', the 'excellent' Barney Reynolds has been at the cutting-edge of Brexit-related advice and has been a fierce proponent of enhanced equivalence solutions. As well as his authorship of various widely read texts on the subject, Reynolds has also represented two bulge bracket banks and numerous medium and small sized institutions on risk management in relation to specific Brexit scenarios. Reynolds is also noted for his market infrastructure expertise and in this regard continues to represent Abu Dhabi Global Market, the new international financial centre in the UAE, on new legislation and rulebooks to ensure compliance with global standards. The 'excellent' Thomas Donegan has also been heavily involved in Brexit advisory matters, as well as representing a broad array of market participants on adapting to recent EU legislative change including advising ICE Futures Europe on updating its exchange rules in light of the MiFID II and MiFIR. Donegan also regularly provides the regulatory overlay on financial services-related transactional work handled by the firm including its role for the underwriter on RBS' $3bn aggregate bond offering. On the contentious side, Jo Rickard handles financial services litigation as part of her broad commercial litigation offering.

Leading individuals

Barney Reynolds - Shearman & Sterling LLP

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M&A: upper mid-market and premium deals, £250m+
M&A: upper mid-market and premium deals, £250m+ - ranked: tier 4

Shearman & Sterling LLP

The 'excellent' Shearman & Sterling LLP is a regular fixture in multi-jurisdictional, high-value M&A. Laurence Levy heads the firm’s EMEA M&A practice and recently handled Intercontinental Exchange’s sale of the entire issued share capital of its interest in the Trayport group to TMX Group, for total consideration of approximately £350m. The team is well known for its excellent grasp of UK and US corporate law: Frank Miller, who handled Hellenic Healthcare’s acquisition of a majority interest in Perseus Healthcare, is dual qualified, as is George Karafotias , who splits his time between London and New York. Miller and Karafotias advised Sompo Holdings on its $6.3bn acquisition of Endurance Specialty Holdings, while Karafotias also acted for Delek Group on its recommended cash offer the entire share capital of Ithaca Energy. Jeremy Kutner  heads the firm’s TMT group and notably advised Liberty Global alongside senior associate Richard Porter on the split-off of the client’s business in Latin America and the Caribbean, as well as advising Fairfax Africa on its investment in Atlas Mara. Other key clients of the department include General Electric, Qatar Investment Authority and Viacom.

Leading individuals

Laurence Levy - Shearman & Sterling LLP

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Private equity: transactions
Private equity: transactions ‚Äď high-value deals - ranked: tier 4

Shearman & Sterling LLP

In addition to advising private equity firms,¬†Shearman & Sterling LLP¬†handles large, multi-jurisdictional transactions for sovereign wealth funds, hedge funds, family offices and management teams, among other clients. Its global practice is led by¬†Paul Strecker, who¬†advised The Olayan Group (through its Bahraini subsidiary Hana Investments Co) in 2017 on a $442.8m investment in UAE company NPS Holdings Limited. Strecker also co-leads the London team with¬†Simon Burrows. The firm is also active in mid-cap transactions, as was illustrated by¬†Jeremy Kutner¬†acting for Canada-based company Fairfax Africa in its $160m investment (through a wholly-owned subsidiary of Fairfax Africa) in Atlas Mara.¬†¬†Frank Miller¬†was the lead adviser to CVC Capital Partners on its ‚ā¨90m acquisition of a majority stake in Perseus Healthcare, the holding company for the Metropolitan Hospital Group, from four individual sellers. Associates¬†Paul Pasalic¬†and¬†Richard Porter¬†are also recommended.

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London: Dispute resolution

Banking litigation: investment and retail
Banking litigation: investment and retail - ranked: tier 6

Shearman & Sterling LLP

Shearman & Sterling LLP’s London team is highly rated for its advice to financial institution clients on a wide range of banking and finance disputes, both at domestic and international level. The firm also fields lawyers who are experienced in regulatory matters and investigations. Jo Rickard and Susanna Charlwood are the names to note.

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Commercial litigation
Commercial litigation - ranked: tier 4

Shearman & Sterling LLP

Shearman & Sterling LLP  'provides an excellent service and offers an innovative approach to complex problems'. The team frequently advise clients on the strategic management of non-UK litigation or contentious situations; it acted for Viorel Micula in relation to ICSID arbitration enforcement proceedings in the English High Court, New York and other jurisdictions worldwide. The complex matter involved numerous novel points of law, including the question of whether Parliament, by passing the European Communities Act 1972, intended to confer primacy on EU law over the UK’s prior existing, pre-accession, international treaty obligations. Head of the London litigation team Jo Rickard 'takes a holistic approach to problems and is an excellent lawyer'. Susanna Charlwood is also highly rated.

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International arbitration
International arbitration - ranked: tier 4

Shearman & Sterling LLP

Shearman & Sterling LLP is best known for high-profile, sensitive and high-value matters and the firm fields lawyers with significant investment treaty expertise. The practice represented Cairn Energy in its treaty claim against the Republic of India, under the UK-India bilateral investment treaty; the claim was brought in relation to India's adoption of a retroactive tax measure.Mark McNeill has a longstanding reputation for advising investors and respondent states in investment treaty disputes; Jeremy Sharpe and Alexander Uff are also highly rated, as is counsel Ximena Herrera-Bernal.

Next generation lawyers

Ximena Herrera-Bernal - Shearman & Sterling LLP

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London: Finance

Acquisition finance
Acquisition finance - ranked: tier 3

Shearman & Sterling LLP

Instructed by an increasingly balanced array of banks (Barclays, Goldman Sachs), private equity firms (Bridgepoint, Investcorp) and alternative capital providers (Albacore), Shearman & Sterling LLP has a good perspective of the market both from a lender and borrower side. Able to leverage the expertise of New York-qualified high yield practitioners on the ground in London, as well as in the US, the team is able to provide a comprehensive - one-stop-shop service to clients across all aspects of the capital structure and are well placed to handle the trend among borrowers to tap the high yield market as well as to seek bank debt to fund acquisitions either in the European markets or in the Term Loan B market in the US. Splitting his time between London and New York, Ronan Wicks recently worked alongside Korey Fevzi to provide advice to Marlin Equity Partners on the debt financing (consisting of a New York law-governed term loan and revolving credit facilities) to facilitate the acquisition of a majority stake in social media analytics company TalkWalker. Dual UK and US-qualified partner Peter Hayes recently also worked alongside Wicks on the representation of Bridgepoint in connection with Element Material Technology's £620.3m bolt-on public-to-private acquisition of Exova. Iain Goalen is recommended for his bank-side leveraged finance work, Mei Lian is noted for her financing work in the context of distressed scenarios, and newly promoted partner Philip Stopford is also recommended.

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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

Well positioned to exploit the continued trend of European borrowers accessing the US high yield market to fund deals alongside bank debt,¬†Shearman & Sterling LLP¬†provides a 'very strong service' to lenders and corporates on complex cross-border new money mandates and refinancings. On the borrower side, the team handles a significant of work for investment grade corporates including Ardagh and Nokia, the latter with which¬†Mei Lian¬†represented¬†(alongside the New York office) in relation to the¬†drafting of English and New York law governed framework agreements to be used with certain financial institutions for financings based on the sale of certain customer receivables.¬†Korey Fevzi¬†handles a diverse array of bilateral and syndicated financing work for banks and direct lenders as well as for borrowers; he recently represented SPG Prints on the¬†‚ā¨250m refinancing by way of amendments to existing senior facilities.¬†¬†Peter Hayes,¬†Iain Goalen, Ronan Wicks¬†(who splits his time between the London and New York offices) and newly promoted partner¬†Philip Stopford are also recommended.

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Commodities: derivatives
Commodities: derivatives - ranked: tier 1

Shearman & Sterling LLP

At Shearman & Sterling LLP, 'response times are excellent and the team offers pragmatic advice and excellent industry knowledge'. The commodity derivatives practice has established itself as the market leader in the areas of exchanges and clearing. its relationship with ICE Clear Europe Limited and ICE Futures Europe sees it act for the biggest exchange clearing group for commodities on matters such as new products, disputes, rulebooks and collateral issuance. The key names in the practice are the ICE relationship partners Barney Reynolds and Thomas Donegan. Reynolds, who is head of the global financial institutions advisory and regulatory group, advises financial institutions, financial infrastructure providers, hedge funds, banks, and corporates on non-contentious matters including regulatory compliance. He assisted ICE Futures Europe with updating its exchange rules in light of MiFID II and MiFIR. Donegan acted for BTG Pactual Group on MiFID II compliance. Derivatives specialists Patrick Clancy and James Duncan are also recommended. The practice counts Abu Dhabi Global Market, Bahrain Petroleum Company, Dow Chemical, Sumitomo Mitsui Banking Corporation and Japan Bank for International Cooperation among its clients.

Leading individuals

Barney Reynolds - Shearman & Sterling LLP

Thomas Donegan - Shearman & Sterling LLP

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

Shearman & Sterling LLP

With US and UK-qualified partners based in London, and also able to leverage a wide international network across Europe and the US, Shearman & Sterling LLP 's lean team provides 'high quality, solutions-oriented and knowledgeable' advice on complex cross-border mandates involving complex capital structures. Solomon Noh (who is one of the few lawyers based in London with Chapter 11 capability) recently advised an ad hoc group of noteholders as creditors on the $910m restructuring of Ukranian energy company DTEK. Noh is also advising the international bank lenders under the club and syndicated loans in connection with Agrokor's special administration proceedings and provision of $1bn DIP funding. Although her main focus is in relation to hedge fund-related restructuring work, the 'versatile' Mei Lian also recently assisted Greek-listed company Frigoglass on its successful capital restructuring implemented through a scheme of arrangement in the UK and a rights issue 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.

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Debt capital markets
Debt capital markets - ranked: tier 2

Shearman & Sterling LLP

Shearman & Sterling LLP delivers 'great service including fast responses, good availability and good communication within the team'. One client remarks that on structured deals and project bonds the practice is 'incredibly responsive and provides excellent, commercially focused advice'. The practice in London handles capital raisings under US and English law for a range of issuers and underwriters. On the issuer side it acted for Nokia Corporation on its $1bn senior notes offering, and its tender offers for up to $1.5bn in existing debt. Underwriter-side highlights included acting for RBS Securities in Royal Bank of Scotland Group's $3bn senior notes offering. David Dixter is the key partner in London and led on those deals. Newly promoted partner Pawel Szaja is 'extremely hardworking and consistently demonstrates that he is on top of even the most complex briefs'. He worked with Marwa Elborai to assist a syndicate of banks including Citigroup Global Markets Limited and China Construction Bank on ACWA Power Management and Investments One Limited's $814m senior secured bond offering. Counsel Alejandro Gordano is also recommended. Anglo American, HSBC and JPMorgan are also among the firm's clients.

Leading individuals

David Dixter - Shearman & Sterling LLP

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Derivatives and structured products
Derivatives and structured products - ranked: tier 2

Shearman & Sterling LLP

Shearman & Sterling LLP is 'responsive, client-focused and good value for money in complex and bespoke derivatives matters', according to one client. The firm has 'an outstanding finance practice' that brings together derivatives and structured finance skills in both English and New York law. This includes a focus on regulatory and tax expertise in the structured finance context. The firm has particular expertise in equity financing transactions involving equity derivatives and margin loans, in which it frequently acts for both lenders and borrowers. The firm frequently handles high-profile and complex deals, which last year included advising Ardagh Group as parent guarantor on an $850m financing agented by Citibank. James Duncan is co-head of the practice and led that transaction. Patrick Clancy is the other practice c-head and clients describe him as 'a very smart guy and makes really complex issues understandable'. He recently handled complex hedging arrangements for the financing of a major energy project in the Middle East. Counsel Leona McManus, who plays a key role in English law derivatives transactions and is active in the equity derivatives space, and associate Sara Couling are also recommended.

Leading individuals

James Duncan - Shearman & Sterling LLP

Patrick Clancy - Shearman & Sterling LLP

Next generation lawyers

Leona McManus - Shearman & Sterling LLP

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Emerging markets
Emerging markets - ranked: tier 2

Shearman & Sterling LLP

Shearman & Sterling LLP blends sector experience and local market knowledge to advise on some of the most complex emerging market projects, transactions and disputes from London. It has a deep bench of lawyers who are qualified in both English and US law, and who bring expertise specific to the energy industry, which allows it to handle oil and gas, nuclear and renewables projects. A prime example from last year was its work for Vertroelektrane Balkana on the $300m development and financing of the first wind farm in Serbia. The key lawyers on that deal were practice head John Inglis , who has more than 25 years’ experience in advising lenders, sponsors and financiers on energy, natural resources and infrastructure development and financing projects, and Iain Elder. Inglis also handled the $1.2bn expansion of the Middle East Oil Refinergy in Egypt on behalf of lenders SACE, Credit Agricole Corporate and Investment Bank and BNP Paribas. Sanja Udovicic has more than 20 years’ experience advising multilateral development banks, export credit agencies, Islamic financiers and sponsors on power, renewables, oil and gas and infrastructure transactions. She frequently advises development finance institutions on major projects. Also recommended is Nicholas Buckworth, who  frequently handles project financing transactions in Africa, Asia and in other emerging markets for development finance institutions, sponsors, commercial lenders and export credit agencies.

Leading individuals

John Inglis - Shearman & Sterling LLP

Sanja Udovicic - Shearman & Sterling LLP

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High yield
High yield - ranked: tier 1

Shearman & Sterling LLP

Shearman & Sterling LLP¬†has a diverse client base¬†that includes investment banks, corporates and private equity firms across Europe, the US and emerging markets. Its key strengths are the integration of its bank and bond practices, and the strength of its US law capability in London.¬†Key partner¬†Apostolos Gkoutzinis¬†moved to¬†Milbank, Tweed, Hadley & McCloy LLP, but in mid-2018 the firm hired the former head of European leveraged finance at¬†Freshfields Bruckhaus Deringer LLP¬†Ward Mckimm¬†, who has built up a stellar reputation over many years.¬†US-qualified practice head¬†Jacques McChesney¬†has a strong focus on high yield restructurings. His highlights from 2017 included acting for Barclays and JPMorgan as dealer managers in Swissport's exchange offer for ‚ā¨628m in senior notes to remedy¬†defaults under the existing indentures.¬†Marwa Elborai¬†has become a key player in the practice and frequently advises¬†issuers, sponsors and underwriters on high yield deals. She assisted Topaz Marine on its offer to purchase its outstanding senior notes and the subsequent issue of $375m in new securities.¬†Trevor Ingram, who is qualified in both New York and Ontario,¬†'has a calm and engaging style that is extremely effective in searching for solutions, generating a good negotiating environment and general goodwill'. He acted for initial purchasers including¬†BNP Paribas and HSBC in a CMA CGM's ‚ā¨500m notes offering.

Leading individuals

Jacques McChesney - Shearman & Sterling LLP

Marwa Elborai - Shearman & Sterling LLP

Ward McKimm - Shearman & Sterling LLP

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Islamic finance
Islamic finance - ranked: tier 3

Shearman & Sterling LLP

Iain Goalen and counsel Moyn Uddin lead the team at Shearman & Sterling LLP. Recent highlights included representing a syndicate of banks in connection with ACWA Power Management and Investments One Limited's sukuk innovation comprising $814 million aggregate principal amount of 5.95% senior secured bonds, a first-of-its-kind bond structure allowing ACWA Power to issue sukuk in the future. Other clients include Wafra Investment; National Commercial Bank; Islamic Development Bank; and Jefferies.

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London: Human resources

Employee share schemes
Employee share schemes - ranked: tier 5

Shearman & Sterling LLP

Shearman & Sterling LLP's incentives team sits as part of its tax practice and primarily focuses on the incentives components of M&A transactions. Tax partner Simon Letherman is the key name to note; he advises clients across the energy, financial services, mining and TMT sectors.

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London: Insurance

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

Shearman & Sterling LLP

Shearman & Sterling LLP's team is equipped to handle significant cross-border work, thanks to the firm's international presence, and is particularly prevalent in the regulatory field. A key area of expertise and activity for the firm is Brexit preparation and advice. Barney Reynolds and Frankfurt-based Andreas Löhdefink lead the practice.

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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 advised TT International on updates to its Cayman and BVI-domiciled funds required due to MIFID II, and advised SkyBridge Capital on changes to European regulations, as well as on the European regulatory aspects of its aborted sale to HNA. The firm also advised Attestor Value Master Fund on management restructuring in Ireland, and Prosperity Capital on updating the offering documents of its hedge fund, and listing one of them in Ireland. Other clients include sovereign wealth funds.

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London: Projects, energy and natural resources

Mining and minerals
Mining and minerals - ranked: tier 3

Shearman & Sterling LLP

The mining and minerals outfit at Shearman & Sterling LLP is jointly led by Jason Lehner in New York and Cynthia Urda Kassis in the London office and intervenes in corporate, financing, international arbitration and capital markets mandates. A team led by Trevor Ingram and David Dixter recently represented the underwriters as joint global coordinators on the $1bn rights offering by Sibanye, and M&A specialist Jeremy Kutner is currently assisting a major global mining company on the potential sale of a third of its interest in a South American coal mine. On the contentious front, Alexander Uff is representing two African subsidiaries of a global mining and exploration company as respondent in ICC arbitration proceedings brought by a South African contractor. Iain Elder , Nicholas Buckworth and counsel Anthony Lepere are key names to note in the project development and finance sub-team.

Next generation lawyers

Anthony Lepere - Shearman & Sterling LLP

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Oil and gas
Oil and gas - ranked: tier 2

Shearman & Sterling LLP

Shearman & Sterling LLP covers the full gamut of oil and gas work including complex cross-border transactions, project financing and dispute resolution for an enviable client roster featuring names such as Mitsui, Petronas and BNP Paribas. Recent financing highlights include practice head John Inglis 's advice to SACE and its lenders with regards to the financing of the expansion of the Midor oil refinery in Egypt, and Sanja Udovicic is currently acting as international counsel to a group of lenders in the financing of the West Nile Delta project in offshore Egypt. Iain Elder is a key name to note for projects work as shown by his intervention in the development, project financing, construction and operation of a petroleum refinery in Uganda on behalf of the project company; also notable in this space is Nicholas Buckworth who represented the western shareholders in the Nordstream 2 in their gas transportation agreement negotiations. Delek also appointed a group led by George Karafotias to handle its cash offer for the acquisition of Ithaca.

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

Shearman & Sterling LLP

The 'tremendous' power team at Shearman & Sterling LLP is 'unbeatable for Middle Eastern power projects', according to one client. Known as 'undoubtedly one of the big names in the emerging markets power space', Nicholas Buckworth 'has outstanding gravitas and knows how to drive a big deal to close'; he recently acted for the sponsors in the development of a solar photovoltaic power plant project in Eastern Europe. The team - spearheaded by the 'responsive, knowledgeable and always available' Iain Elder - also represented BTMU and its co-lenders to Marubeni and Jinko with regards to the Sweihan solar project in Abu Dhabi, while practice head John Inglis is currently advising a lender group on the financing of the 1.320MW Balkhash coal-fired thermal plant in Kazakhstan. Also recommended by clients is Sanja Udovicic .

Leading individuals

John Inglis - Shearman & Sterling LLP

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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.

United Arab Emirates

Offices in Abu Dhabi and Dubai

Angola

Belgium

Offices in Brussels

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

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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