Clifford Chance has revealed it is advising Volvo Car AB (Volvo Cars) and its main shareholder, Geely Sweden, in connection with Volvo Cars’ proposed IPO and listing on Nasdaq Stockholm.
The proposed IPO is expected to consist of the issuance of new shares by Volvo Cars to raise gross proceeds of approximately SEK25bn (£2.1bn) and potentially the sale of some of its existing shares by Geely Sweden.
Founded and headquartered in Gothenburg in 1927, Volvo Cars is now one of the world’s fastest growing premium automotive brands and is focused on the design, engineering, manufacturing, distribution and sale of premium passenger cars, with particular focus on sustainability, fully electric cars, direct to consumer relations including subscription and other new mobility services.
Since Geely Sweden became majority owner of Volvo Cars in 2010, Volvo Cars has gone from selling 373,525 cars to more than 770,000 cars in over 100 countries during the twelve months ended 30 June 2021.
Clifford Chance is also advising Volvo Cars as the largest shareholder in Polestar, the electric vehicle manufacturer, in connection with Polestar’s proposed Nasdaq listing in New York which has an implied enterprise value of approximately $20bn (£14.4bn).
The Clifford Chance team was led by London-based ECM partner Simon Thomas and US securities partner Andrew Kelly. The partners were supported by US counsel Terrence Moloney, ECM senior associate Leonid Stoliarski, ECM associates Yuli Adagun and Luke NG, and US law clerk Teri Teng.
The core team were assisted by New York partners, David Brinton (Corporate) and Jon Zonis (Capital Markets), and Counsel Matthew Warner (Corporate) in connection with the Polestar transaction.
Thomas said: “We are delighted to be helping Volvo Cars on two such strategically important transactions, with the proposed IPO marking the start of a new chapter for Volvo Cars.”
The firm said the two high profile mandates arose “from the strength of the firm’s relationship with Volvo Cars”, with London finance partners Peter Dahlen and Paul Deakins having advised Volvo Cars on its bank and capital markets financing.