$2.73 billion IPO of Pershing Square Holdings

October 6, 2014

Cleary Gottlieb represented the managers, led by UBS and Deutsche Bank as joint global coordinators and joint bookrunners, in the IPO and listing on Euronext Amsterdam of Pershing Square Holdings. The IPO raised $2.73 billion (before any exercise of the over-allotment option), an upsize from the $2.0 billion that was initially targeted at launch.

The IPO was conducted on a Regulation S-only basis. The IPO was preceded by a cornerstone marketing process in which 30 cornerstone investors agreed prior to launch to subscribe for over $1.5 billion of shares in the IPO.

The IPO closed on October 6, and trading on Euronext Amsterdam commenced on October 13.

PSH is a Guernsey-organized fund formed in 2012 and managed by Pershing Square Capital Management, L.P., an SEC-registered investment adviser controlled by Bill Ackman. It invests in a portfolio of investments in a manner that generally is (subject to certain exceptions) side-by-side with the other core funds managed by Pershing Square Capital Management, L.P.

Cleary Gottlieb had previously represented the placing agents in connection with the work surrounding PSH’s formation in 2012 and its “private phase” thereafter as an open-ended fund.