| Debevoise & Plimpton LLP is advising American International Group Inc (AIG), a world leader in insurance and financial services with operations in more than 130 countries and jurisdictions, and AIA Group Limited (AIA), a leading life insurance group in Asia Pacific, in respect of AIA’s US$20.5 billion IPO and listing on the Hong Kong Stock Exchange. Proceeds from the IPO will eventually be used to repay all or part of the credit facility extended to AIG by the Federal Reserve Bank of New York, a major creditor of AIG.
The transaction represents the largest IPO in Hong Kong’s history, the world’s largest IPO in the insurance sector and the third largest ever IPO in the world. The global offering initially consisted of more than 7 billion shares, subject to a 20 percent offer size adjustment option and a 15 percent greenshoe option, both of which were exercised in full. The international offering also included a public offering without a listing to investors in Japan. The underwriters have exercised the option to purchase 1.17 billion additional shares in an upsize option and a further 1.05 billion shares pursuant to an over-allotment option. The shares represented the sale of 67.1 percent of AIG’s formerly 100 percent stake in AIA. Citigroup Global Markets Asia Limited, Deutsche Bank AG Hong Kong Branch, Goldman Sachs (Asia) LLC and Morgan Stanley Asia Limited acted as joint global coordinators and joint sponsors, as well as joint bookrunners together with Bank of America Merrill Lynch, Barclays Capital, CIMB, Credit Suisse, ICBC International, JP Morgan and UBS. Debevoise & Plimpton’s team was led by partners John M Vasily and E Drew Dutton, whilst King & Wood – led by Stanley Cha, Wang Jian Zhao, Harry Du and Rebecca Chao – advised AIA on PRC law. Freshfields Bruckhaus Deringer, led by partners Teresa Ko and Kay Ian Ng, also advised AIA. Herbert Smith, led by Andrew Tortoishell, and Davis Polk & Wardwell LLP, led by partners Mark J Lehmkuhler, John K Knight and Ethan T James, advised the Federal Reserve Bank of New York. |
