Latham & Watkins, Herbert Smith Freehills, and Kirkland & Ellis, all significant names in the legal sector, have been brought on board for the impending IPO of the U.K. commodities trader, Marex, in New York. The move towards a U.S. IPO comes after Marex’s previous plans for a London listing in 2021, which saw the consultation of firms such as HSF and Freshfields Bruckhaus Deringer, came to a halt.
It is worthy of note that previously, Marex was in advanced stages of pursuing a listing on the London Stock Exchange. At the time, both HSF and Freshfields were in active advisory roles. However, in a turn of events, Marex decided to pivot from its initial plan of a U.K. listing in favour of a U.S. float.
While, Freshfields found itself on the sidelines this time, Herbert Smith Freehills has maintained its advisory position whilst Freshfields was replaced by Latham & Watkins and Kirkland & Ellis for the New York IPO. This decision might be indicative of changing corporate strategies, perceived advantages of a US listing, or relationships cultivated with select legal providers.
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