16 July 2004 – LAWFUEL – Allen & Overy has advised Dresdner Kleinwort Wasserstein Limited, J.P. Morgan Securities Ltd., Morgan Stanley & Co. International Limited and Santander Central Hispano Investment, S.A. acting as Joint Global Co-ordinators on the initial public offering (IPO) of 74,185,584 shares of Gestevisión Telecinco, S.A. (Telecinco) and the subsequent listing of Telecinco on the Madrid, Barcelona, Bilbao and Valencia stock exchanges as well as the quotation of Telecinco’s shares on the Automated Quotation System of the Spanish stock exchanges.
Telecinco is the leading television broadcaster in terms of television advertising market share and commercial target audience share in Spain.
The IPO comprised (i) a public offering by Hetha Erste Beteiligungsgesellschaft mbH (now Dresdner Bank AG) and Ice Finance, B.V. of 34,811,554 shares to retail and institutional investors in Spain, and (ii) an international offering by the same selling shareholders of 39,374,030 shares to institutional investors outside Spain. As part of the public offering in Spain, 303,862 shares were offered to Telecinco’s employees and directors in Spain.
The Allen & Overy team was led by Madrid-based partner Fernando Torrente, who was assisted by associates Juan Aguayo, Javier Carvajal, Cristina Rodríguez, Coro Fernández-Rañada and José Luis Rodríguez.
Fernando Torrente comments:
“The transaction was especially challenging due to the particularly tight timetable. However, the extremely positive market response to the offer meant that all the efforts of the parties involved in the transaction have been fully recognised”.