Leading global law firm Baker McKenzie advised the Port of Tallinn on its initial public offering and admission to trading on the Baltic Main List of Nasdaq Tallinn. This is the first significant privatisation for the Government of Estonia and the first new listing on Nasdaq Tallinn in some time. The deal, with market capitalisation of €147.7 million, closed on Friday.
Commenting Simon Porter, London Head of Structured Capital Markets: "We were delighted to have advised the Port of Tallinn on its listing, which is an important one for the country of Estonia. The transaction demonstrates Baker McKenzie's strength in emerging markets and the port sector generally, as well as in handling complex capital markets transactions."
The Government of Estonia and the issuer achieved an excellent outcome, especially with the level of retail demand (with 1.1% of the population being allocated shares in the retail offering) and the shares trading to a premium on closing. Retail offerings have historically tended to be popular for privatisations, although lately we have seen more interest from corporate issuers.
The Baker McKenzie team was lead by partners Simon Porter and James Thompson, supported by associates Heather Byrne and Carita Viru. The team collaborated with Cobalt, a local Estonian law firm. The syndicate of underwriting banks was led by Citigroup and included Carnegie, Erste Group, Swedbank and LHV.
This is the latest in a string of ports deals for the Firm, having brought longstanding client Global Ports Holdings PLC to the main market of the London Stock Exchange with its IPO last year. The Firm previously acted for Global Ports Holdings on its debut high yield bond issue and continues to assist the group as it grows its portfolio of ports round the world. Baker McKenzie has also recently advised the Government of the British Virgin Islands on the redevelopment of its cruise pier and related facilities at Tortola, the developers in relation to the development of a new container port and associated works at Freeport, Bahamas and the developers in relation to two privatised container terminals, comprising Terminals 8 and 9 at Kwai Chung, as part of the expansion of Hong Kong's container port.