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Davis Polk & Wardwell and Shearman & Sterling have taken advisory roles as Banco Santander prepares to list its Mexican subsidiary in New York and Mexico, aiming to raise an estimated $4.3bn (£2.7bn).
The float on the Mexican Stock Exchange and the New York Stock Exchange the values Santander Mexico at up to $17.23bn (£10.8bn) and will see the beleaguered Spanish bank sell the shares in two tranches, with 20 per cent allocated to investors in Mexico City and 80 per cent allocated to investors as American depositary receipts in New York.
If the deal goes through as planned later this month, it is due to be one of the largest IPOs of 2012 after Facebook listed on Nasdaq earlier this year in a $16bn IPO (2 February 2012).
Davis Polk corporate partner Nicholas Kronfeld is advising Santander on the US aspects of the latest deal.
Mexican firm Ritch Mueller is acting as local counsel, with a team led by corporate partner Luis Nicolau alongside associates Daniel Diz, María Hyde, Pablo Ruiz Galindo and Santiago Carrillo.
Shearman and Mexican firm Robles Miaja Abogados are acting for the global underwriters and co-ordinators, UBS, Deutsche Bank and Bank of America Merrill Lynch.
Capital markets partner Stuart Fleischmann and finance partner Russell Sacks in New York and Washington DC-based tax partner Don Lonczak are leading the team at Shearman.
Corporate finance partners Rafael Robles Miaja and María Luisa Petricioli are leading the Robles Miaja team alongside associates Erandi Morales Carpio and Jorge Garduño.
Background to this deal:
In 2009, Davis Polk was retained by Santander and Shearman advised the underwriters on the $8bn listing of Santander’s Brazilian subsidiary (7 October 2009).