European law firm Fieldfisher advised on close to GBP1.5 billion-worth of equity capital markets (ECM) deals across the London and Paris capital markets in 2018.
The majority of Fieldfisher’s ECM transactions were completed on AIM, the junior tier of the London Stock Exchange, for which the firm is consistently ranked as one of the top advisers to listed companies. Fieldfisher advised on deals with a combined value GBP1.23 billion on AIM last year, equal to around 21 per cent of all funds raised on London’s junior market in 2018.
Deal activity was led by natural resources transactions, with an aggregate deal value in excess of GBP882 million during the year, across mining (GBP492 million) and both conventional and renewable energy deals (GBP390 million).
The total deal value was largely accrued from fundraisings as well as a significant take private deal, bond mandates and other forms of financing. Business services was also a strong sector for the firm’s ECM practice, accounting for around GBP280 million of deal activity, driven largely by M&A among AIM-listed clients and a number of significant fundraisings.
These sectors were followed by tech, with deals totalling GBP199 million, and life sciences at GBP61 million.
The firm was also well represented on both the Regulated Market and the Growth Market of the Euronext Paris, particularly in the businesses services, tech and life sciences sectors, accounting for deal value of EUR223.5 million across all transactions in 2018.
Neil Matthews (pictured), head of the firm’s ECM group, says: “Fieldfisher’s robust ECM performance was achieved despite tough fundraising conditions on capital markets. There was a noticeable slowdown in UK deal-making towards the end of 2018, as uncertainty over Brexit forced delays in investment decisions.”
“Natural resources, business services, technology and life sciences nevertheless proved especially resilient to the wider erosion of confidence in equities, particularly on London’s AIM market, which continues to provide a vital investment platform for early stage UK and international businesses.”
“Our Paris team also had a very successful 2018, completing significant fundraisings for companies across both the Regulated and Growth markets of the Euronext Paris. Regardless of the outcome of Brexit, we expect to maintain our strong record in advising companies and their advisers on a range of pivotal ECM deals across the European capital markets in 2019.”
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