Herbies and Stibbe team up for final KPN sale

Herbert Smith and its Benelux best friend Stibbe have reprised their role advising the Dutch State on the sale of its final stake in Dutch telecoms company Royal KPN.

The firms jointly advised the State on the sale of its remaining eight per cent of KPN through an ordinary share sale and offering with a total value of €1.7bn.

The firms also jointly advised the Dutch government in December 2005 when it reduced its stake in KPN by six per cent through a block trade for €1.4bn, and in January 2005 when it reduced its stake by a further six per cent for €1bn.

The three transactions the two firms have advised on represent proceeds of €4.1bn for the Dutch State for the disposal of its 19 per cent shareholding since January 2005.

Stibbe Amsterdam corporate partner Diana van Everdingen and London-based corporate partner Derk Lemstra led the advice to the Dutch State while Herbert Smith’s London-based US practice corporate partner Alex Bafi provided US law advice.

KPN, based in The Hague, has shares listed on stock exchanges in Amsterdam, Frankfurt, London and New York.

The Herbert Smith and Stibbe teams worked closely with the in-house lawyers at NM Rothschild & Sons, which advised the Dutch State on financial issues.

Allen & Overy, led by Amsterdam corporate partner Jan Louis Burggraaf, advised KPN.