Linklaters advises Novobanco on stock market listing

Linklaters in Portugal is advising Novobanco on its stock market listing, as confirmed by the firm following recent press reports. The offering is expected to take place from May onwards, with the U.S. fund Lone Star having reportedly mandated the bank to initiate preparations for the initial public offering (IPO). Initially, a block of shares representing between 25% and 30% of Novobanco’s capital is expected to be made available for sale.

Novobanco plans to distribute approximately €1.3 billion to its shareholders, a payment set to be approved at the upcoming general shareholders’ meeting. Currently, Lone Star holds a 75% stake in the bank, while the Portuguese state owns the remaining 25%. JB Capital has valued Novobanco between €4.8 billion and €6.2 billion, while also considering the possibility of a sale to another financial institution. The transaction’s financial advisors include Bank of America, Deutsche Bank, and JPMorgan Chase.

At Linklaters, the legal team overseeing the deal consists of partners António Soares and Vera Ferreira de Lima, both from the capital markets team in Lisbon, alongside Pam Shores, a partner and global co-head of equity capital markets at Linklaters. Based in the firm’s London office, Shores is responsible for handling the U.S. law aspects of the transaction.