Another great telecoms deal for the London office of Cleary Gottlieb Steen & Hamilton, which also advised the underwriters on US law in BT’s record-breaking rights issue in the same week (The Lawyer, 14 May). This deal for Vodafone was the largest ever placement in the UK and the issuance was increased from initial estimates to meet investor demand, with the proceeds being used to acquire stakes in Japan Telecom and Airtel.
Both deals were done in London by partner Ashar Qureshi and closed within two days. Qureshi has built a strong practice, acting as preferred underwriter’s counsel for many big corporates.
Vodafone and BT have suggested the firm to their underwriters so as to cut the due diligence time. This came on the back of debt deals, with both Vodafone and BT having done two or three debt deals last year with Cleary Gottlieb acting for the underwriters.