Morgan Lewis scoops AIM flotation work for XL TechGroup

Morgan Lewis & Bockius’s London office has been handed the mandate for the AIM flotation of US technology incubator XL TechGroup.

Morgan Lewis’s head of European life sciences Anthony Warnock-Smith won the first-time instruction after meeting the client at a biotech conference the firm was sponsoring.

In a market long dominated by the likes of Addleshaw Goddard, Berwin Leighton Paisner, Field Fisher Waterhouse, Hammonds and Memery Crystal, Morgan Lewis’s win is a coup for the firm.

Warnock-Smith is working on the £70m deal with corporate partner Keith Black, who joined the firm from Milbank Tweed Hadley & McCloy in March this year.

Warnock-Smith is working on the £70m deal with corporate partner Keith Black, who joined the firm from Milbank Tweed Hadley & McCloy in March this year.

Jones Day UK corporate head Hilary Winter is acting for financial adviser and joint stockbroker Code Securities and nominated adviser and broker Altium Capital.

This could come as a blow to Halliwells, which has represented Altium on a string of AIM floats.

The deal had been delayed after the initial structure failed to attract investors, who disliked the idea of buying a UK-listed minority stake in a US holding company owned by XL TechGroup’s management.

The transaction has been restructured and the whole company will be put out with a price tag of £70m rather than the initial plan of offering a 35 per cent stake in the company.

The deal is expected to complete at the beginning of October.