Milbank Advises on Mexican Stock Exchange IPO
Firm Represents Underwriter in Exchange’s Historic Trading Debut
NEW YORK, July 1, 2008 – The international law firm Milbank, Tweed, Hadley & McCloy advised UBS Securities and BBVA Securities as lead underwriters in the IPO of Mexico’s only stock exchange, the Bolsa Mexicana de Valores (BMV). The offering, which started trading June 13, was priced at 16.50 pesos per share (US$1.59) and raised 4.6 billion pesos (US$443.5 million).
Milbank’s team was led by partners Michael Fitzgerald and Taisa Markus along with of counsel Frank Vivero and international attorneys Marco Isoard, Adriano Schnur and Lorena Baqueiro. Tax advice was provided by partner Bruce Kayle.
Fitzgerald commented, “This IPO represents a significant landmark for the Mexican securities markets and should bring about improved trading efficiency and increased trading volume. The Mexican stock exchange is also increasingly being viewed as the most viable exchange for companies to list on in Spanish speaking Latin America. This offering should further reinforce that position of regional prominence.”
Markus further commented, “The international securities exchanges have become increasingly competitive in recent years. This IPO allows the Bolsa the currency it needs to maintain its competitive edge on the international stage as the second largest securities exchange in Latin America.”
BMV is headquartered on the Paseo de la Reforma in central Mexico City. BMV said it plans to use a portion of the proceeds from the IPO, which was significantly oversubscribed, to acquire stakes in other businesses.
Milbank’s Latin America Practice Group:
Milbank’s Latin America Practice Group has played a prominent role in some of the region’s most innovative and complex transactions, including securities offerings, M&A, project financings and restructurings. Milbank’s Latin America Practice Group is renowned for its leadership in sophisticated cross-border transactions and combines both the transactional and regulatory expertise necessary to successfully negotiate and close innovative securities offerings and other transactions across a wide range of industries.
About Milbank
Milbank, Tweed, Hadley & McCloy LLP is a preeminent global law firm that for more than 140 years has provided innovative legal solutions in many of the world’s largest, most complex, “first-ever” corporate transactions and litigation. Our transactional expertise includes capital markets, corporate finance and transactions, project finance, acquisition finance, and other major fields of law practice. Milbank litigation teams resolve disputes involving mergers and acquisitions, proxy battles, financings and securities offerings, intellectual property, white collar crime, and corporate restructurings, among others. Our clients range from prominent multinational financial, industrial and commercial enterprises to governments, institutions and individuals. The Firm is headquartered in New York with offices in Beijing, Frankfurt, Hong Kong, London, Los Angeles, Munich, Singapore, Tokyo, and Washington, DC.