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ARTICLE · 23 JULY 2018

Bermuda Public Companies Update - July 2018

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We are pleased to present the latest edition of our Bermuda Public Companies Update which features a recap of significant transactions involving Bermuda public companies listed...

BermudaCorporate/Commercial Law
Conyers
Conyers
Marcello Ausenda
Marcello Ausenda
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We are pleased to present the latest edition of our Bermuda Public Companies Update which features a recap of significant transactions involving Bermuda public companies listed on the NYSE and Nasdaq for the first half of 2018.

DEAL NUMBERS DECLINE, GROSS PROCEEDS RISE

Following a solid 2017 (229 IPOs), the first half of 2018 saw a decline in deal numbers with 66 IPOs year-to-date on the NYSE and Nasdaq. Political uncertainty was likely a contributing factor. However, the trend towards larger transactions continued with growth in IPO proceeds. The first quarter of 2018 was the biggest in terms of gross proceeds in more than three years, at US$17 billion.

Nearly two-thirds (21/32) of the transactions involving Bermuda public companies in this first half have been M&A deals, with an approximate value of US$25.8 billion. There have been some high-profile insurance deals including AXA SA's bid to acquire XL Group Ltd for US$15.2 billion and American

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