Shearman & Sterling LLP > London, England > Firm Profile

Shearman & Sterling LLP
9 APPOLD STREET
LONDON
EC2A 2AP
England

Finance > Acquisition finance Tier 2

'Able to leverage strong commercial awareness in combination with legal skills to deliver truly innovative solutions', Shearman & Sterling LLP's lender-focused practice is adept at structuring M&A mandates utilising debt throughout the capital structure. Although the team maintains strong ties with commercial and investment banks and is often engaged in large-cap mandates using an integrated bank and bond approach, in recent years it has made more strides in the private credit space, primarily as a result of some astute recent hires. Both team head Sanjeev Dhuna and Rahul Chatterji, who joined in the summer of 2021 from Allen & Overy LLP and Milbank, respectively, have made a significant impact in the space as a result of their connections with numerous funds and prowess at structuring cross-border direct lending transactions from unitranche up to more complex PIK, first and second lien structures. Philip Stopford  and the 'very diligent and commercial' Korey Fevzi  are also key members of the team for  private equity sponsors and banks; both recently advised underwriters in connection with T-Mobile's €2.4bn TLB, revolving facility and intercreditor agreement. The arrival in June 2022 of Shameer Shah from White & Case LLP further strengthens the firm's leveraged finance capabilities in light of his direct lending expertise.

Practice head(s):

Sanjeev Dhuna

Other key lawyers:

Rahul Chatterji; Gary Hamp; Korey Fevzi; Philip Stopford; Rahul Chatterji; Chantelle Dovey; Shameer Shah; Jackson Lam; Ben Burton; Lauren Winter; Tim Waterson; Andrew Cook; Woo Suk Hong; Camilla Hunter; Anna Shelton

Testimonials

‘Show genuine empathy to their customers. Even when our requests are very demanding and super urgent, they always show their understanding and their desire to correspond to their customer needs.’

Strong client service, excellent commitment and delivery, highly professional, commercial approach.’

They are able to leverage their strong commercial awareness in combination with legal skills to deliver truly innovative solutions.’

The team benefits from an incredible bench strength whilst being led by some superb partners that are thought leaders in their respective fields.’

‘Very client-focused and consistently deliver in very compressed timelines.’

‘A titan of legal advice, Gary Hamp relies on decades of global experience in achieving the best possible outcomes for his clients in complicated and sometimes emotionally tense situations.’

Rahul Chatterji is a product expert in private credit and a real pleasure to work with. Even on seemingly impossible timelines, Rahul always delivers.’

‘Korey Fevzi is very diligent and commercial and really a rising star in the industry.’ 

Key clients

Morgan Stanley Europe

Credit Suisse

Bank of America

BNP Paribas

CVC Credit

Credit Agricole and Investment Bank

Goldman Sachs International Bank

Deutsche Bank AG

Royal Bank of Canada

Aztiq

Investcorp Europe

The Saudi Arabian Industrial Investments Company (Dussur)

Work highlights

  • Represented the mandated lead arrangers in connection with debt financing in support of the acquisition by funds advised by Apax Partners and Warburg Pincus LLC of T-Mobile Netherlands which has an enterprise value of €5.1bn.  
  • Advised lenders in connection with the senior financing in support of the acquisition of Rodenstock Group by funds advised by Apax.
  • Advised lenders in connection with the senior financing in support of the acquisition of the KPMG UK restructuring business by HIG Capital.

Finance > Debt capital markets Tier 2

Shearman & Sterling LLP has 'an extremely experienced debt capital markets team'. The firm assists issuers, underwriters and sponsors with the full spectrum of debt capital markets transactions, both public and private, including equity-linked notes, investment grade offerings and liability management transactions. Trevor Ingram is the firm's EMEA capital markets team leader, and he focuses on international transactions including US federal law securities. He specialises in high yield and investment grade issuances and frequently works for clients in emerging markets including the Middle East and South Africa. Leveraged finance and capital markets specialists Marwa Elborai and Pawel Szaja are 'exceptional partners with excellent sector knowledge, skills and commercial acumen'.

Practice head(s):

Trevor Ingram

Other key lawyers:

Pawel Szaja; Marwa Elborai

Testimonials

‘Worked closely with Pawel Szaja and Marwa Elborai’s team on a variety of matters across capital markets in EM financing for infrastructure and power projects (refinancing of RAWEC on behalf of ACWA power, ongoing Indian hydro refinancing project and various pretious matters). Exceptional partners and team with excellent sector knowledge, skills and commercial acumen – would recommend to act on behalf of lenders without hesitation within the sector and region.’

‘An extremely experienced debt capital markets team. Trevor Ingram stands out.’

Key clients

Citigroup Global Markets Limited, J.P. Morgan Securities plc and Morgan Stanley & Co. International plc

Anglo American

Commercial Lenders, Note Purchasers, Working Capital Facility Lender and various Agents and Account Banks

Sasol Limited

Coca-Cola Europacific Partners

Abu Dhabi National Oil Company (ADNOC)

Work highlights

  • Advised Coca-Cola European Partners plc, now named Coca-Cola Europacific Partners plc, in connection with its international senior notes offerings to fund the acquisition of Coca-Cola Amatil Limited.
  • Advised note purchasers, lenders and various agents and account banks on a tiered refinancing comprising a project financing to Shuaibah Two Water Development Project Company (STPC) and a private placement notes issuance by a DIFC issuer at a different level in the corporate structure.
  • Advised note purchasers, lenders and various agents and account banks on a tiered refinancing comprising a project financing to Shuaibah Two Water Development Project Company (STPC) and a private placement notes issuance by a DIFC issuer at a different level in the corporate structure.

Finance > Derivatives and structured products Tier 2

At Shearman & Sterling LLP, ‘the team is extremely helpful in explaining quite technical legal points to non-experts in a way that makes the real-world impact straightforward to understand‘. Clients remark that the firm is  ‘highly commercial and diligent in their approach to documentation and transaction management‘. The London office handles derivatives and structured finance transactions under both English and New York law, and it has particularly expertise in equity financing transactions. The ‘very solutions-orientedPatrick Clancy and James Duncan (who is ‘a go-to partner for derivatives, in particular corporate equity derivatives‘) lead the practice. Clancy plays a major role in advising clients on LIBOR reform, and Duncan frequently handles structured finance aspects of M&A, asset finance and leveraged finance transactions. Counsel Sara Couling handles the full range of English law derivatives transactions, complex and bespoke structured finance products and debt capital markets.

Practice head(s):

James Duncan; Patrick Clancy

Other key lawyers:

Testimonials

‘The Shearman team helped us in a very sophisticated and complex deal under a very challenging timeframe with great professionalism.’

‘Standout partner Patrick Clancy delivers cradle-to-grave solutions for private funds. He is able to advise on a range of structured products and derivatives.’

‘The team is extremely helpful in explaining quite technical legal points to non-experts in a way that makes the ‘real-world’ impact straightforward to understand.’

‘Very responsive, even to seemingly stupid questions, and they never lose sight of commercials.’

‘James Duncan is a go to partner for derivatives, in particular corporate equity derivatives. He is extremely through and the quality of his work is consistently very high.’

‘This team has great breadth and depth of expertise. They are able to address a wide range of issues and to bring in the relevant solicitor into any situation as needed.’

‘James Duncan is reliable and knowledgeable. He provides solid, thought-through advice in almost any situation, and is always exceedingly professional.’

‘Every member of the team has deep, strong knowledge of our business and how we like to operate – they will cut through unnecessary points to ensure communication is clear and precise with the most important points brought to the front.’

Key clients

AlbaCore Capital Group (AlbaCore)

Ardagh

Bank of America

Work highlights

  • Advising the original lenders on a syndicated margin loan financing secured over UK listed shares.
  • Advising the original lenders in connection with a margin loan financing secured over shares in a German listed plc.
  • Advising a Saudi Arabian bank in relation to updating their treasury and corporate banking template agreements to provide for transactions on the basis of backward looking benchmarks.

Finance > High yield Tier 2

Shearman & Sterling LLP has ‘very efficient, reactive and knowledgeable team that is good fun to work with‘. One client remarks that it is ‘adept at moving at pace dealing with complex issues‘ and ‘can play the central advisory role while being capable of pivoting a deal to get the client’s desired outcome‘. The firm frequently plays role in high-profile deals, acting predominantly for lenders through its  integrated bank and bond team. Its market-leading leveraged finance capability sees it act for private equity sponsors, commercial banks, investment banks, mezzanine and second-lien providers, and corporate borrowers on complex leveraged and acquisition financings. Practice head Ward McKimm and newly promoted partner Gordon Houseman acted for banks, among them HSBC, as initial purchasers of TalkTalk Telecom Group’s offering of £110m in notes. Key partner Marwa Elborai acted for Barclays Bank as sole global coordinator of a combined £915m offering Deuce FinCo plc. Head of EMEA capital markets Trevor Ingram and associate Evangelia Andronikou have ‘the ability to understand a client’s business and respond to requests to deliver a transaction, sometimes at very short notice‘.

Practice head(s):

Ward McKimm

Other key lawyers:

Testimonials

‘Very efficient, reactive and knowledgeable team.’

‘Good fun to work with.’

‘The Shearman team is adept at moving at pace dealing with complex issues while continuing to play the lead co-ordination role across legal advisors in each local jurisdiction.’

‘A deal is never one-dimensional and requires advisors who play the central advisory role and are capable at pivoting a deal to the get the client’s desired outcome.’

‘Their ability to understand our business and respond to requests to deliver a transaction, sometimes at very short notice.’

‘Standout partner is Trevor Ingram and associate is Evangelia Andronikou.’

Key clients

A variety of major investment banks including: Barclays, BNP Paribas, Citigroup, HSBC, Lloyds, Rabobank, J.P. Morgan Securities, Deutsche Bank, Goldman Sachs, and Santander

Ardagh Metal Packaging Finance plc and Ardagh Metal Packaging Finance USA LLC

Tereos SCA

Punch Finance plc

VIA Outlets B.V.

Work highlights

  • Acting for Ardagh Metal Packaging Finance plc and Ardagh Metal Packaging Finance USA LLC, both subsidiaries of Ardagh Metal Packaging S.A, on their underwritten financing arrangements and related $2.8 billion offering of multi-currency high yield notes.
  • Acting for the initial purchasers in connection with the €3.7 billion (equivalent) four-tranche USD and Euro-denominated bond issue in support of the public to private acquisition of iliad Group by Xavier Niel.
  • Acting for the initial purchasers on T-Mobile Netherlands’s €1.350 billion bond financing.

Industry focus > Emerging markets Tier 2

Shearman & Sterling LLP's capital markets practice is viewed by one client as 'the leading team in the Middle East, and their knowledge, proactivity, engagement and holistic approach to transactions set them apart from the competition'. The firm advises across the spectrum of emerging markets work including project finance and development, leveraged finance and M&A, and is frequently active in Africa, the Middle East, Central Asia and numerous other emerging markets. Ben Shorten, who returned to London from Singapore in 2021, leads the project development and finance practice, following the retirement of Nick Buckworth. He has extensive experience advising on megaprojects in the Middle East. He acted for NEOM Company in Project Helios, a $6.5bn project to create a world-scale green hydrogen and green ammonia production facility in Saudi Arabia. Key partner Sanja Udovicic led a team advising IFC and KfW IPEX on the $1.2bn financing of the Acu LNG to Power Project in Brazil. Of counsel  John Inglis supports sponsors and financial institutions in the development and financing of a range of energy and natural resources projects. Capital markets partner Pawel Szaja handles both debt and equity transactions, including ADNOC's $1.64bn combined offering of existing shares and equity-linked bonds.  Iain Elder moved to DLA Piper.

Practice head(s):

Ben Shorten

Other key lawyers:

Testimonials

‘The practice draws on a wealth of international experience, particularly for less boiler-plate financings, often in difficult emerging markets. The ability of the team to bring together an international team of seasoned professionals is second to none.’

‘The team – specifically the capital markets team – are the leading firm in the Middle East. Their knowledge, proactivity, engagement and holistic approach to transactions set them apart from the competition. They have excellent relationships with all key decision makers – whether the regulator, exchanges, issuers or investment banks. Their ability to call on knowledge from their global practice is also a significant positive, which helps them introduce best practices to the UAE. Their Arabic speaking skills are also a key differentiator, as this is from junior associate level through to lead partners.’

‘Pawel Szaja is extremely engaging, and available to assist with any matters – whether on a live transaction or to bounce ideas off. He is a clear subject matter expert, who provides extremely valuable advice.’

‘Pawel Szaja has a unique ability to see a transaction from a macro and micro level, which is invaluable. This approach means that he is able to foresee issues that may arise, whilst also managing day-to-day issues. He also has an ability to provide tailored structuring advice for different transactions structures.’

‘Deep knowledge on countries, sectors and past transactions.’

Key clients

NEOM Company

The Dow Chemical Company

International Finance Corporation (IFC)

KfW IPEX

Brazilian Development Bank (BNDES)

BTG Pactual

BNP Paribas

Bradesco

ABC Brasil

ADNOC

Gulf Marine Services

ADNOC Drilling Company PJSC

Enefit Green AS

Citigroup

Nordea

Swedebank

Fertiglobe plc

Work highlights

  • Advising NEOM Company on all aspects of Project Helios, a $6.5 billion world-scale green hydrogen and green ammonia production facility.
  • Advised The Dow Chemical Company in connection with the financial and commercial restructuring of the Sadara Chemical Company (Dow’s joint venture with the Saudi Arabian Oil Company (Saudi Aramco)), which owns and operates the $20 billion world-scale integrated Sadara chemicals complex in Saudi Arabia.
  • Advised lenders on the $12.5 billion joint venture for the Jazan IGCC / ASU project, a downstream oil and gas project that was one of the largest project financings globally in 2021.

Projects, energy and natural resources > Oil and gas Tier 2

Shearman & Sterling LLP leverages its global network to assist with cross-border deals and provide a 24/7 service to clients. Key areas of focus for the practice include project finance and development, leveraged finance and M&A. The team has recently undergone a number of changes; Ben Shorten relocated from Singapore in June 2021 and now heads the team; Rahul Chatterji joined from Milbank and Matthew Skinner joined from Jones Day. Sanja Udovicic is recommended for high-profile energy, natural resource and infrastructure transactions and has considerable experience in emerging markets, such as Africa and the Middle East. Julia Derrick joined from Ashurst in July 2021, bringing with her expertise in oil and gas-related corporate and commercial transactions. Former practice head Iain Elder left for DLA Piper, and Tim Sheddick and Anthony Lepere left for White & Case LLP, and Corrs Chambers Westgarth respectively; Nicholas Buckworth retired.

Practice head(s):

Ben Shorten

Testimonials

‘Julia Derrick is absolutely rock solid on knowing what to look for and sorting things out’.

Key clients

The Dow Chemical Company

International Finance Corporation (IFC)

KfW IPEX

Brazilian Development Bank (BNDES)

BTG Pactual

BNP Paribas

Bradesco

ABC Brasil

Work highlights

  • Advised The Dow Chemical Company in connection with the financial and commercial restructuring of the Sadara Chemical Company (Dow’s joint venture with the Saudi Arabian Oil Company (Saudi Aramco)), which owns and operates the $20bn world-scale integrated Sadara chemicals complex in Saudi Arabia.
  • Advised IFC and KfW IPEX on the financing of the Acu LNG to Power Project in Brazil. The project comprised of the development, construction, operation and maintenance of a 1,298 MW gas-fired combined cycle power plant to run on gas supplied from a liquefied natural gas (LNG) import terminal, both located in Açu Port in Brazil.
  • Advised KfW IPEX-Bank, IFC, BNDES, BTG Pactual, BNP Paribas, Bradesco and ABC Brasil on the $350m refinancing of the GNA I LNG-to-Power project in Brazil.

Projects, energy and natural resources > Power (including electricity, nuclear and renewables) Tier 2

Shearman & Sterling LLP provides solutions to sponsors, lenders, government entities and infrastructure funds among other clients in the power sector. The team works on power project financings and development across Africa, the Middle East, Central Asia and other emerging markets. The practice is headed by Ben Shorten who is experienced in advising multilateral development banks, export credit agencies and Islamic financiers. Sanja Udovicic handles complex natural resource and infrastructure transactions while John Inglis represents sponsors and financial institutions. Associate Trinh Chubbock focuses on M&A transactions and project development across the upstream, mid-stream and downstream energy sectors.

Practice head(s):

Ben Shorten

Other key lawyers:

Sanja Udovocic; John Inglis; Trinh Chubbock

Testimonials

‘Strong awareness on commercial/institutional interest.’

‘The practice draws on a wealth of international experience, particularly for less boiler-plate financings, often in difficult emerging markets. The ability of the team to bring together an international team of seasoned professionals is second to none.’

Key clients

NEOM Company

U.S. International Development Finance Corporation (DFC)

International Finance Corporation (IFC)

OPEC Fund

KfW IPEX

Abu Dhabi Future Energy Company (Masdar)

Brazilian Development Bank (BNDES)

BTG Pactual

BNP Paribas

Work highlights

  • Advised NEOM Company on all aspects of Project Helios, a $6.5 billion world-scale green hydrogen and green ammonia production facility.
  • Advised the lenders on the $12.5 billion joint venture for the Jazan IGCC/ASU project.
  • Advised the lenders on the $652.3 million financing of the Central Termica de Temane power project in Mozambique.

Corporate and commercial > Financial services: contentious Tier 3

Leveraging a presence in both New York and London, Shearman & Sterling LLP’s practice is headed up by Barnabas Reynolds, a go-to for several banks, asset managers, financial infrastructure providers and insurers on a wealth of enforcement and contentious affairs. The team is also home to Thomas Donegan whose track record encompasses insider dealing, anti-money laundering, sanctions and market manipulation matters, among many others.

Practice head(s):

Barnabas Reynolds

Other key lawyers:

Thomas Donegan; Jonathan Swil; Chloe Barrowman

Testimonials

‘Excellent knowledge and experience in financial regulatory matters.’

‘Barney Reynolds and Thomas Donegan are both excellent.’

‘Always go the extra mile and place clients at the core of what they do.’

‘Thomas Donegan, Chloe Barrowman and the team are absolutely that best I have ever worked with.’

Key clients

Bank of America

Certain bondholders in, and the creditors’ committee of, London Capital & Finance

ICE (Intercontinental Exchange, Inc.)

UniCredit

Credit Suisse

Work highlights

  • Advised investors in London Capital & Finance Plc (LCF) on a legal challenge to the FCA’s regulatory failures in supervising LCF and its decision not to compensate investors under the statutory Complaints Scheme for financial regulators.
  • Providing advice to UniCredit in the context of global enforcement actions and settlement of its sanctions violation proceedings in the US, including global regulatory reporting requirements in connection with the proceedings.
  • Acting for Credit Suisse in relation to the European Commission (EC) cartel investigation into alleged collusion in FX spot trading.

Corporate and commercial > Financial services: non-contentious/regulatory Tier 3

With ‘broad experience across financial services sectors’, Shearman & Sterling LLP is especially well placed to support on matters which intersect the UK, US and EU markets. Barney Reynolds fronts the practice, acting on an array of transactional and advisory matters, particularly UK and EU regulatory laws, new services, business structures and post-Brexit trade models; he is supported at partner level by Thomas Donegan whose workload spans the banking, brokerage, insurance, derivatives and commodities fields. Further key strengths include MiFID II and PRIIPS matters, regulatory-driven projects, fintech-related initiatives and economic sanctions.

Practice head(s):

Barney Reynolds

Other key lawyers:

Testimonials

‘Highly pragmatic and approachable. Ability to take a very international view. Drawing on deep and broad range of transaction experience.’

‘Barney Reynolds and the team go the extra mile to be there when needed.’

‘Excellent lawyers at every level.’

‘Barney Reynolds and Thomas Donegan have broad experience across financial services sectors. Are personable, easy to work with and responsive. Their engagement provides confidence that the best and most experienced professionals are partnering with you.’

Key clients

Bank of America

The Public Investment Fund/NEOM

Fairfax Financial Holdings Limited

Vietnam Financial Centre

QPQ

The Intercontinental Exchange

Bondholders and the Creditors’ Committee of London Capital & Finance Plc

Zürcher Kantonalbank

Wells Fargo

Citibank

Intuit Inc.

ICE Futures Abu Dhabi

Abu Dhabi Global Market

Attestor Limited

Work highlights

  • Advised Bank of America extensively on regulatory issues on its proprietary business and transactions throughout the course of 2021.
  • Advised certain bondholders and the creditors’ committee of London Capital & Finance Plc in relation to the development of special legislation and an HM Treasury ad hoc scheme for compensation.
  • Advised The Intercontinental Exchange extensively on regulatory issues throughout the course of 2021.

Investment fund formation and management > Hedge funds Tier 3

Shearman & Sterling LLP‘s lawyers work closely with the firm’s colleagues in the US to advise institutional fund managers on a variety of hedge fund issues, including US, UK and European regulations. The team is led by John Adams , a member of the investment funds group. Phil Baynes joined the group from Weil, Gotshal & Manges (London) LLP in May 2022, adding an expert in advising institutional investors on alternative investment programmes.

Practice head(s):

John Adams

Other key lawyers:

Phil Baynes; James Gray

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

RK Capital Management

Work highlights

  • Advised Attestor Limited on its flagship special situations / distressed assets fund on multiple matters including its fund vehicles, internal structuring, advisory arrangements, derivatives and prime brokerage arrangements, and multiple other matters.
  • Advising Steadfast in relation to multiple complicated managed account arrangements, international structuring matters relating to offices, and related.

Corporate and commercial > Equity capital markets – mid-large cap Tier 4

Particularly active in the Middle East market, Shearman & Sterling LLP provides ‘knowledge, proactivity, engagement and holistic approaches to transactions’, as well as being recommended for its ‘excellent relationships with all key decision makers – whether the regulator, exchanges, issuers or investment banks’. The firm’s experience includes IPOs and secondary offerings, SEC-registered offerings, private placements and spin-offs. Trevor Ingram focuses on international capital markets transactions and leads the team that includes Pawel Szaja, who has ‘a unique ability to be able to see a transaction from a macro and micro level, which is invaluable’.

Practice head(s):

Trevor Ingram

Other key lawyers:

Pawel Szaja; Marwan Elaraby

Testimonials

‘The team – specifically the capital markets team – are the leading firm in the Middle East. Their knowledge, proactivity, engagement and holistic approaches to transactions set them apart from the competition.’

‘They have excellent relationships with all key decision makers – whether the regulator, exchanges, issuers or investment banks. Their ability to call on knowledge from their global practice is also a significant positive, which helps them introduce best practices to the UAE. Their Arabic speaking skills are also a key differentiator, as this is from junior associate level through to lead partners.’

‘Key individuals to highlight are Marwan Elaraby and Pawel Szaja, both partners. Both individuals are extremely engaging, and available to assist with any matters – whether on a live transaction or to bounce ideas off. Both clear subject matter experts, who provide extremely valuable advice.’

‘Marwan Elaraby has unrivalled relationships with the regulator / exchanges here which is invaluable when working on an IPO, and very knowledgeable in this area.’

‘Pawel Szaja has a unique ability to be able to see a transaction from a macro and micro level, which is invaluable. This approach means that he is able to foresee issues that may arise, whilst also managing day-to-day issues. He also has an ability to provide tailored structuring advice for different transaction structures.’

‘Shearman & Sterling is excellent not only in legal matters but one of their important strengths is in providing strategic advice to clients. They do not go with ready-made solutions but actually listen to client needs and address their services and advice accordingly. Very good knowledge by capital market lawyers in tech (also fintech) and energy sectors.’

‘We have worked with Pawel Szaja and he was absolutely great in managing a large international IPO and all questions arising in the process. It was a true pleasure to watch him negotiate some of the most important documents in the deal. Thanks to his understanding of the client there are no off-the-shelf solutions and this is what the clients value. He had excellent knowledge of the situation in the Baltics, both politics and general economic situation but also about the most important market players. Would work with him again any time.’

Key clients

Jacobs Holding AG

Abu Dhabi National Oil Company (ADNOC)

Gulf Marine Services

ADNOC and ADNOC Drilling Company PJSC

Enefit Green AS – Citigroup, Nordea and Swedbank

Fertiglobe plc and ADNOC

MCI Capital SA

Technogym S.p.A – Morgan Stanley

Work highlights

  • Acted as international counsel to Jacobs Holding AG in connection with a private placement of shares of Barry Callebaut AG by way of accelerated bookbuilding.
  • Advised Abu Dhabi National Oil Company (ADNOC), in connection with its $1.64bn combined offering of existing shares in ADNOC Distribution and issuance of equity-linked bonds.
  • Advised Gulf Marine Services, a company listed on the premium segment of the London Stock Exchange, on its capital raising through a placing and open offer.

Corporate and commercial > EU and competition Tier 4

Working in close collaboration with its US colleagues, Shearman & Sterling LLP‘s London office is regularly engaged on the full scope of competition law matters, ranging from merger control and FDI clearance, to EC-led cartel investigations and subsidy control compliance. The team is led by the prolific Matthew Readings, a financial services specialist who also serves as the firm’s global head of antitrust. James Webber‘s considerable knowledge of UK subsidy control regimes and state aid matters makes him a key port of call for a range of clients in the chemical, automotive, financial services, and media sectors. Mark Steenson, who was promoted to counsel in July 2021, routinely advises on both transactional and behaviour competition law matters. Senior associates Gabriella Griggs and Simon Thexton are also noted. All named lawyers are based between London and Brussels.

Practice head(s):

Matthew Readings

Key clients

ViacomCBS Raytheon

Intercontinental Exchange

Discovery Inc.

Anglo American

Hitachi

Glatfelter Corporation

Jaguar Land Rover

Macquarie

Lanxess

Credit Suisse

Work highlights

  • Advising ViacomCBS on the global merger control aspects of its pending $2.18bn sale of Simon and Schuster to Bertelsmann, in the face of a Second Request and a DOJ suit to block the transaction.
  • Advised Glatfelter Corporation on the competition aspects of its acquisition of the Jacob Holm Group – the second transaction for Glatfelter Corporation in 2021.
  • Represented ViacomCBS in an OTT (streaming joint venture) SkyShowtime with leading European satellite broadcaster Sky and U.S. media company Comcast to serve over 20 European territories across 90 million homes.

Finance > Bank lending: investment grade debt and syndicated loans Tier 4

The arrival of Sanjeev Dhuna (who now heads the global finance team) from Allen & Overy LLP in July 2021 was the latest of many recent strategic hires which have galvanised Shearman & Sterling LLP‘s lender focused finance practice. While this has been most starkly felt on work within the leveraged finance space, the firm also maintains strong investment/commercial banking ties, which it advises on less commoditised, bespoke financial structuring for corporate borrowers, often involving a loan and high yield bond component.

Practice head(s):

Sanjeev Dhuna

Other key lawyers:

Rahul Chatterji; Gary Hamp; Korey Fevzi; Philip Stopford; Chantelle Dovey; Jackson Lam; Ben Burton; Lauren Winter; Tim Waterson; Andrew Cook; Woo Suk Hong; Camilla Hunter; Anna Shelton; Shameer Shah

Testimonials

Strong team with deep market knowledge and an incredible work ethic.’

Korey Fevzi – very diligent, commercial and really a rising star in the industry. The perfect example of a trusted and reliable advisor.’

Key clients

Bank of America

AlbaCore Capital Group (AlbaCore)

HSBC Bank Plc

Barclays Bank Plc

Carlyle Credit

Société Générale

Natexis Banques Populairs SA

Marlin Equity Partners

DBay Advisors

I Squared Capital

Ardagh Metal Packaging Finance Plc

Via Outlets

Globalfoundries Inc

ADNOC Global Trading

Work highlights

  • Advised Barclays Bank as the Sole Global Co-ordinator and Bookrunner in connection with the David Lloyd’s €300m offering of floating rate senior secured notes and £645m 5.50% senior secured notes.
  • Advised BNP Paribas, Crédit Agricole Corporate and Investment Bank, Natixis, Nordea Bank Abp and Société Générale as initial purchasers in connection with Consolis Group S.A.S.’s €300m bond offering.  

Insurance > Insurance: corporate and regulatory Tier 4

Shearman & Sterling LLP's London team has noted expertise with regards to on insurance regulatory matters, M&A, finance and antitrust. The team is also well-regarded for its advice to insurers on Brexit-related issues. Department head Barney Reynolds advises insurance-based clients on new UK/EU regulatory laws, business structures and new services and products. Thomas Donegan and Nick Withers are also key individuals within the department.

Practice head(s):

Barney Reynolds

Other key lawyers:

Thomas Donegan; Nick Withers

Key clients

Blackstone Credit

Fairfax

Sompo Holdings

ADNOC

ICE Clear Europe

RiverStone Holdings Limited

SS&C Technologies

Santander Bank Polska

International Finance Corporation

The Public Investment Fund

Abu Dhabi Global Market

Work highlights

  • Advised Fairfax Financial Holdings Limited on the corporate and regulatory aspects of the sale of a stake in Brit Insurance to OMERS.
  • Advised Fairfax Financial Holdings Limited), together with certain of its controlled affiliates on the corporate and regulatory aspects of the sale of the entire issued share capital of RiverStone to CVC Capital Partners, for a purchase price of approximately USD 1.35 billion.
  • Advised International Finance Corporation in connection with its equity investment in Holmarcom Insurance Activities, the insurance arm of Holmarcom Group.

Corporate and commercial > M&A: upper mid-market and premium deals, £500m+ Tier 5

Following the arrival of the ‘exceptional’ practice head Philip Cheveley in May 2021, Shearman & Sterling LLP has continued to build out its London offering, bringing in corporate finance specialist Magaen Morrison from Hogan Lovells International LLP in March 2022 and making the TMT and energy focused Richard Porter up to partner. Global private capital head Paul Strecker is a prolific transactional lawyer whose multiple qualifications (England & Wales, New York, California, and Hong Kong) make him ideally positioned to represent a diverse roster of clients in high-stakes, cross-border deals. Nick Withers’ broad capabilities sees him handling all manner of work, with recent highlights including high-value disposals in the mining, shipping, and insurance sectors. Senior associate Isla Smith is also recommended. Former Europe and Middle East M&A head Laurence Levy has now retired.

Practice head(s):

Phil Cheveley

Other key lawyers:

Nick Withers; Maegen Morrison; Richard Porter

Testimonials

‘A fabulous team managed by Phil Cheveley. Very much a people person, and very able when it comes to managing multiple different strands of a project.’

‘Phil Cheveley stands out as an exceptional lawyer: a great communicator, problem solver, and very proactive. He really is the finished article.’

Key clients

Chipita S.A.

Microvast

Anglo American

Marubeni Corporation, INCJ, and Mitsui OSK Lines

SS&C Technologies Holdings

International Finance Corporation

Santander Bank Polska

Intapp

Qatar Investment Authority

CPPIB

EFG Hermes

International Media Investments

Work highlights

  • Advised Chipita S.A. on its sale to Mondelez Nederland Services B.V., a wholly owned subsidiary of Mondelēz International, Inc. (Mondelez), for €1.7bn.
  • Advised Microvast, Inc., on its business combination with Tuscan Holdings Corp. a special purpose acquisition company, which resulted in Microvast becoming a NASDAQ-listed company named Microvast Holdings, Inc.
  • Advised Anglo American on the sale of its 33.3% shareholding in the Cerrejón Joint Venture to Glencore PLC for approximately $294m.

Dispute resolution > International arbitration Tier 5

Making a real impact on the London arbitration market‘, Shearman & Sterling LLP acts in commercial and investment treaty disputes under all leading arbitration rules. Garreth Wong is experienced in energy, construction, mining, business combination and investment disputes; arbitration specialist Matthew Skinner is a February 2022 partner hire from Jones Day‘s Singapore office; and at counsel level, Margaret Clare Ryan acts for both companies and states in international arbitrations. London and Abu Dhabi-based Alex Bevan is global international arbitration practice head.

Practice head(s):

Alex Bevan; Garreth Wong; Matthew Skinner

Other key lawyers:

Margaret Clare Ryan; Alastair Livesey

Testimonials

‘A fantastic team that is making a real impact on the London arbitration market.’

‘For big-ticket, complex disputes, Shearman & Sterling is an obvious choice.’

‘Garreth Wong is a real leader in international arbitration, who is as comfortable behind a desk as he is making submissions on his feet.’

‘Garreth Wong is a very clever, well-rounded lawyer with good judgement and excellent instincts. Clients want him on their side.’

‘Garreth Wong is calm under pressure and commercial in his approach.’

‘Matthew Skinner is not only very well versed in international arbitration, but also commercially and culturally very astute.’

‘Matthew Skinner is very easy to work with as he knows what the client wants and needs, whatever the cultural context.’

Key clients

EFG International

RBF HKG

KLS Energy Lanka Sdn Bhd

KLS Energy Lanka (Private)

Work highlights

  • Representing Malaysian investors in an ICSID arbitration against the Democratic Socialist Republic of Sri Lanka, which relates to the expropriation of a renewable energy generation project.
  • Representing a Swiss bank in connection with a CAA arbitration in Taiwan (and multiple, related court proceedings in Taiwan, Singapore and Hong Kong).
  • Representing an international logistics company in three HKIAC-administered arbitrations (conducted under the UNCITRAL rules).

Finance > Corporate restructuring & insolvency Tier 5

'On an upward trajectory' following a series of high-profile hires in the last couple of years, Shearman & Sterling LLP's 'very ambitious team' is well-positioned to leverage the firm's loans and high yield expertise, as well as increasingly generating its own deal flow, particularly on the funds front. Team head Alex Wood has superb restructuring and formal insolvency knowledge and 'excels at finding workable solutions on complex multi-party, multi-jurisdictional transactions'. Helena Potts displays an 'excellent blend of technical ability and commercial advice', while 'whip-smart' counsel Kevin Heverin  'is exceptionally proactive in helping clients get well ahead of anticipated issues and developments', including in the context of special situations matters.

Practice head(s):

Alex Wood

Other key lawyers:

Helena Potts; Sam Brodie; Kevin Heverin; Tom McKay; Kate O’Donoghue; Jamie Turley

Testimonials

This is a very ambitious team that is clearly experiencing fast growth and has been successful at recruiting some high quality lawyers relatively recently. They do great work for great clients and seem to be very much on an upward trajectory.’

It is a very knowledgeable and skillful team, with market-leading practical experience.’

The team is very responsive to client needs , and a pleasure to work with. They have an exceptionally strong grasp of applicable substantive law and key trends. This is an impactful platform that seamlessly taps into, and brings to the table, the full resources of the firm.’

Alex Wood is a go-to sounding board for complicated restructuring and implementation issues, who readily translates academic issues into practical solutions.’

The articulate Alex Wood excels at taking complex scenarios and finding workable solutions on complex multi-party, multi-jurisdictional transactions’.

Helena Potts is very responsive, readily available, organised, engaged and is in total command of all aspects of her transactions. An excellent blend of technical ability and commercial advice.’

Kevin Heverin is a rising star who is exceptionally proactive in helping clients get well ahead of anticipated issues and developments. He is whip-smart and simply gets to the point in negotiations. Great to work with and super responsive, with deep subject matter expertise.’

Key clients

Citibank

IFC

King Street

Global Loan Agency Services

Bank of America

Barclays

Goldman Sachs

LC&F

Work highlights

  • Represented Citibank in its capacity as administrative agent and lender under a revolving credit agreement in connection with Valaris plc and certain of its subsidiaries’ chapter 11 bankruptcy cases.
  • Represented IFC in connection with the restructuring of the TAV Airports group’s two concessions in Tunisia (at Monastir and Enfidha).
  • Advised King Street Capital Management, as shareholder, on the restructuring and sale of the Ligue 1 Football Club Girondins de Bordeaux by way of an ad hoc mandate and conciliation proceeding.

Corporate and commercial > Corporate tax Tier 6

Shearman & Sterling LLP advises on the tax aspects high value multinational transactions, with key experience in M&A, private equity, and real estate. Practice head Simon Letherman has expertise in structured finance and corporate restructurings, and works across a range of industries including energy, financial services, and technology. Counsel Michael Ward is also noted.

Practice head(s):

Simon Letherman

Other key lawyers:

Testimonials

‘A very dedicated team with broad experience in all matters of international tax law and also VAT.’

‘Simon Letherman and Michael Ward are both excellent technicians with a view of the clients particularities.’

‘Good attentive service, responsiveness, good commercial thinking.’

Key clients

General Electric

Intercontinental Exchange

Qatar Investment Authority

Liberty Global

Olayan

Fenway Sports Group

Fairfax Financial Holdings

Anglo American

Mubadala

Abu Dhabi National Oil Company (ADNOC)

Ardagh

The DOW Chemical Company

Marlin Equity Partners

S&SC Technologies, Inc.

Coca-Cola Europacific Partners

Work highlights

  • Advised Chipita S.A. on its sale to Mondelez Nederland Services B.V., a wholly owned subsidiary of Mondelēz International, Inc. (Mondelez), for €1,705,000,000.
  • Advised the lenders on the project financing for a $12.5 billion world-scale integrated gasification and combined cycle energy project in the Kingdom of Saudi Arabia.
  • Advised the lenders in connection with the $652.3 million financing of the Central Termica de Temane power project in Mozambique.

Tunisia > Foreign firms Tier 3

Shearman & Sterling LLP has a large footprint in North and Sub-Sahara Africa, where it is consistently engaged by international clients to advise on inbound investment transactions. It also advises local and international governments, development banks and multilaterals on matters throughout the region. Paris-based Lachlan Poustie is a key contact and recently advised the lenders on the €435m restructuring of TAV Airports group’s two concessions in Tunisia. London-based senior associate Jonathan Toffolo is also noted.

Practice head(s):

Lachlan Poustie; Samuel Ogunlaja; Aliahmed Hassanali

Other key lawyers:

Testimonials

‘Lachlan Poustie and Jonathan Toffolo are extremely responsive and able to meet very tight timelines.’

Key clients

International Finance Corporate (IFC)

African Development Bank,

Deutsche Bank,

European Investment Bank

OPEC Fund for International Development

Société de Promotion et de Participation pour la Coopération Economique (Proparco)

Standard Bank

Work highlights

  • Advised African Development Bank, Deutsche Bank, EIB, IFC, OPEC Fund for International Development, Proparco and Standard Bank on the restructuring of TAV Airports group’s two concessions in Tunisia (at Monastir and Enfidha).

India > Foreign firms

Shearman & Sterling LLP has built a substantial global team across Asia and Europe in conjunction with its US base, which is dedicated to India-based or India-related transactions. It provides broad expertise in M&A, capital markets, project finance, international arbitration, real estate and fund formations. It has a specialist private equity team based in Singapore for India work and includes infrastructure funds, sovereign wealth and and pension funds among its clients. Andrew Schleider heads the capital markets group in Singapore, and represents both underwriters and issuers in a wide range of corporate finance transactions including some 20 years’ experience of US raisings, high yield and investment grade debt securities, and convertible bonds. Kyungwon (Won) Lee represents both issuers and underwriters on corporate transactions and his experience includes public and private, international and US offerings of common and preferred stock, high yield and investment grade securities. Partner Sanjeev Dhuna joined from Allen & Overy in July 2021; he has extensive experience advising both lenders and borrowers on complex cross-border banking and finance transactions, and is especially known for advising on leveraged finance. Sidharth Bhasin and James Cayton-Payne left in August 2021 to join Latham & Watkins LLP.

Practice head(s):

Sidharth Bhasin

Key clients

Citigroup Global Markets India Private Limited

DSP Merrill Lynch Limited

Work highlights

  • Advised DSP Merrill Lynch in relation to Motherson Sumi Systems Limited’s Group Restructuring and demerger of its Domestic Wiring Harness Business.
  • Represented Citigroup Global Markets India Private Limited, the financial advisor to Retail Ventures Limited, a subsidiary of Reliance Industries Limited in its proposed acquisition of the retail and wholesale business and the logistics and warehousing business of the Future Group for a consideration of INR 24,713 crore ($3.3 billion), pursuant to a composite scheme of arrangement.
  • Advised Greenko Dutch B.V. and Greenko Energy Holdings Limited in connection with the offering of US$940m aggregate principal amount of 3.85% Senior Notes due 2026 guaranteed by Greenko Energy Holdings on a senior basis.

Qatar > Commercial, corporate and M&A

The corporate team at Shearman & Sterling LLP advises on cross-border corporate transactions across the Middle East. Also notable is that it has been advising the Qatar Investment Authority (QIA) on strategic outbound investments, divestments, governance and structural matters for over 12 years. The practice is overseen by George Casey in New York and Laurence Levy in London.

Practice head(s):

George Casey; Laurence Levy

Key clients

Qatar Investment Authority

Latin America: International firms > Corporate and M&A

Shearman & Sterling LLP has a long history in Latin America and a substantial global corporate practice, which is frequently deployed on Latin America mandates, including strategic M&A and private equity deals. The firm has an especially strong record in financial services, energy and infrastructure, mining and resources, and media and entertainment. New York’s George Karafotias has advised on a number of deals in the region; Austin-based Cassandra Cuéllar (who made partner in July 2022) is focused on Latin America’s emerging growth segment and undertakes a broad range of corporate transactions, particularly with entrepreneurs, venture capital  investors and corporate venture funds; while Houston counsel Gabriel Salinas is noted for oil-and-gas deals in Mexico and also has a  growing practice in green hydrogen.

Practice head(s):

Scott Petepiece; George Karafotias

Key clients

Amyris

International Finance Corporation

ViacomCBS

Chipita

Anglo American

Banco Bradesco

Work highlights

  • Advised Amyris on a $100m joint venture with Ingredion, a global ingredient solutions provider to the food and beverage industry.
  • Advised International Finance Corporation on its PIPE investment in Union Acquisition Corp II’s merger with Procaps Group.
  • Advised ViacomCBS on its acquisition of the Chilevisión television channel from WarnerMedia.

United Arab Emirates > Banking and finance: Corporate finance (including Islamic lending)

Shearman & Sterling LLP has a full-service finance practice with a global presence, covering a range of areas including project finance, acquisition finance, ECA financings, restructuring and Shariah compliant financing. Philip Stopford and Abu Dhabi-based Laleh Shahabi co-head the UAE banking and finance practice. Shahabi was promoted to partner in July 2021 and has expertise in project finance and development transactions.

Practice head(s):

Philip Stopford; Laleh Shahabi

Other key lawyers:

Claire Hunter

Key clients

Mubadala Capital

Shearman & Sterling works with companies and financial institutions on some of their most crucial transactions and cases, both in the UK and internationally. We are a global elite law firm, and the London office utilizes the experience and expertise from across our integrated, international platform.

At Shearman & Sterling, we understand the power of diverse perspectives and are active in our efforts to recruit, retain and promote top attorneys and professionals from the full spectrum of cultures, ethnicities, orientations and beliefs.

We leverage the use of smart technology in all our client work. Our innovative data management system, Shearman Analytics, gives us a leading edge in staffing matters leanly and effectively, driving value for our clients. We also use the data to provide powerful predictive insights for our clients.

In all matters, we at Shearman & Sterling are dedicated to serving our clients at the highest level. We consider ourselves true business partners to our clients and pride ourselves on forming long-standing working relationships, navigating shifting regulations and market developments to help you reach your business goals.

For further information, please visit www.shearman.com.

DepartmentNameEmailTelephone
Senior Partner: David Beveridge
Co-Global Managing Partners: George Casey and Adam Hakki
Head of London Office: Matthew Readings
Number of UK partners : 32
Number of other UK fee-earners : 129