Allen & Overy (A&O), Freshfields Bruckhaus Deringer and Linklaters are among a line-up of law firms advising on Old Mutual’s initial public offering of its wealth management arm, as the company continues a planned break-up of its business.
The Anglo-South African company announced in 2016 that it would split up its business, with Old Mutual Wealth Management rebranded as Quilter.
Quilter will list on the London and Johannesburg Stock Exchanges later this year alongside the South African business, Old Mutual Limited.
Linklaters is leading for Old Mutual on US and UK law, while the magic circle firm’s South African alliance firm Webber Wentzel is advising on local law. Linklaters is fielding a team including London corporate partner trio Iain Fenn, Dan Schuster-Woldan and Kanyaka Ramamurthi.
A&O is advising Quilter – which manages more than £114bn of investor money – on US and South African law, fielding a team comprising corporate partner Stephen Mathews, corporate finance partner David Broadley and US-qualified corporate partner Adam Wells. Johannesburg banking partner Lionel Shawe is also advising.
Freshfields, meanwhile is advising the sponsors, joint global coordinators and joint bookrunners JP Morgan, Merrill Lynch and Goldman Sachs, while South African firm Bowman Gilfillan is advising the banks on local law.
Old Mutual’s stake in its South African bank Nedbank will be distributed in part to Old Mutual Limited shareholders later this year, completing the four-way separation of the business.
The role for Linklaters comes after the firm advised on Quilter’s 2013 merger with investment firm Cheviot Asset Management.
