A&O Shearman

In our latest podcast on crypto-linked exchange-traded products (ETPs), counsel Philippe Noeltner is joined by partners Susan Gault-Brown and Nikki Johnstone, and senior associate Quentin Herry to analyze the regulatory landscape in the U.S., UK, France and the EU. They discuss the role of custodians, structuring challenges, investor protection and the practical implications for issuers, asset managers and investors—especially the need to balance innovation, proportionate regulation and market appetite. Listen here: https://ow.ly/EJw350Xcgx3 #AOShearman #Fintech

Intercontinental Exchange, Inc. (NYSE: ICE), the owner of the New York Stock Exchange and a leading global provider of technology and data, announced a strategic investment of up to USD2bn in Polymarket, a premier prediction market and information platform. The investment reflects an approximately USD8bn pre-investment valuation. Alongside its investment, ICE will become a global distributor of Polymarket’s event-driven data, providing customers with sentiment indicators on topics of market relevance, and bringing prediction markets into the financial mainstream. The team is led by partners Cody Wright and Rory O'Halloran, with support from partners Yian Huang, Noah Brumfield, Lorenz Haselberger, Jai Garg and JB Betker. Read more here: https://ow.ly/Ofj150Xb77E #AOShearman #MergersAndAcquisitions #TechnologyTransactions

I recently sat down with Lucie Cruz and Clementine Doyle at The Lawyer, together with Fuse OGs David Howorth Nnamdi Emelifeonwu Travis Leon Kimon Haralambous Clare M. Weaver MBA and Kene Ezeji-Okoye. Our original vision was simple: to bring lawyers, clients and founders together to co-create the future of legal and business innovation. Eight years later, we are now a global launchpad, tackling everything from document automation to digital assets. This article beautifully captures some of the spirit that we have worked so hard to create. Fuse is a space where collaboration is authentic, feedback is candid, and ideas are constantly tested, challenged, and refined. With 98.6% of our alumni still thriving and over USD1 billion raised, I am incredibly proud of the diverse, ambitious and successful people that we have had the privilege to work with. Read more here: https://lnkd.in/dqfyMaGu (You may need to subscribe to access)

European bond markets remain open and active for Australian corporate issuers. Scentre Group (Owner of Westfield destinations in Aus and NZ) successful EUR500 million fixed-rate note due 2033 marks its first European transaction since 2019, completed under its recently updated EUR10 billion EMTN Programme. This strategic milestone reflects continued investor confidence in Australian issuers from the European market. We advised Scentre Group on both the EMTN programme update and the issuance, drawing on deep capital markets and regulatory expertise across our global network. The transaction was led by International Debt Capital Markets partner, Minesh Patel, with support from senior associate Yin Lim and lawyer Edward Ren. Mark Leemen, Marnie Fels, Ka Sen Wong, Nick Koutsoukos, and Vivienne Davies also provided key support. “Scentre Group’s return to the European bond markets after six years sends another clear signal of offshore investor confidence in Australian corporate issuers,” said Minesh Patel. “The success of the transaction highlights Scentre Group’s strength and the continued appetite among European investors for high-quality Australian issuers. It marks a timely and strategic re-engagement for Scentre Group with its European investor base, and we were pleased to support Scentre Group through every stage of the process.” Read more here: https://lnkd.in/ggq-Gi3Z #AOShearman #CapitalMarkets #EuroBond

Ørsted A/S has successfully raised approximately DKK60 billion through a rights issue—one of the largest equity financings in the European energy sector in recent years. Strong demand from domestic and international investors led to oversubscription of the remaining shares. Jeff Hendrickson, U.S. capital markets partner, said: “This benchmark equity raise demonstrates deep investor conviction in Ørsted’s role at the forefront of the energy transition and the resilience of Europe’s capital markets. We are proud to have supported the underwriting syndicate on a complex, multi-jurisdictional rights issue executed at pace and at scale. The outcome underscores what can be achieved when first class underwriting and seamless cross border legal execution come together on a mission critical financing.” The team was led by partner Jeff Hendrickson alongside senior associate Baxter Schooley and associate Rose Whitlock. The transaction was supported by partner Christopher Andrew and counsel Megan Chen-Schlote. Find out more about this transaction here: https://ow.ly/IPK650X976V #AOShearman #EnergyTransition

We represented the joint lead managers in connection with the ESM's latest U.S. dollar bond offering. The ESM has issued USD2 billion in notes due 2030. Proceeds from this issuance will be utilized for general operations of the ESM. “ESM is a benchmark supranational borrower in the U.S. dollar market. This transaction underscores the continued depth of USD demand for high quality sovereign, supranational and agency issuers. We were pleased to advise the joint lead managers on this Rule 144A/Regulation S issuance, continuing our role as dealer counsel on all of ESM’s USD bond issuances.” said our lead partner Diana Billik. The team was led by partner Diana Billik with associate Georges Haddad on U.S. law matters, and counsel Sarah Capella and associate Edoardo Brugnoli on EU and UK law matters. #AOShearman

In a year when M&A markets have been uncertain, our European teams have led from the front—executing EUR110 billion worth of deals since the start of 2025. These include some of Europe’s largest, market-shifting transactions, supported by transatlantic specialist teams across all major practice groups. Ranked second in value by Bloomberg’s latest deal table, we advised on the highest valued deals in Germany, the Netherlands, Belgium, and the UK—reflecting the strength and scale of our global M&A bench. Notable highlights and leading deals by value include: • Netherlands: JDE Peet’s recommended public offer by Keurig Dr Pepper—EUR15.7bn (No.1 in value). • Germany: Partners Group’s Techem acquisition—EUR6.7bn (No.1 in value). • Belgium: Cofinimmo REIT—EUR4.8bn (No.1 in value). • UK: Athora’s PICG acquisition—GBP5.7bn (No. 2 in value). • Spain: Santander’s TSB Banking Group acquisition—EUR3.1bn. • France: ASML’s partnership with Mistral AI—record-setting Series C. From complex cross-border carve-outs to strategic tech investments and real estate transformations, our multi-jurisdictional team is built for execution in any market. With deep local expertise across Europe, seamless international execution, and a global bench of 1,200 corporate and M&A lawyers across 40+ countries, we deliver exceptional results that redefine what’s possible. If you’re navigating transformational M&A in 2025, let’s talk. #AOShearman #MergersAndAcquisitions #Technology #FinancialServices #RealEstate #PrivateEquity