Cleary Gottlieb is representing OVHcloud in its initial public offering, which launched on October 5, 2021.
The transaction priced on October 14, 2021, and is expected to close on October 18, 2021.
The IPO includes a primary offering of €350 million and a secondary offering of €50 million. If the over-allotment option is exercised in full, the total offering will amount to up to €460 million. The shares are being offered to the public in France and internationally in private placements, including under Rule 144A in the United States. This transaction is based on a post-money equity valuation of the OVH Groupe ranging between €3.5 billion and €3.75 billion. BNP Paribas, Citigroup, J.P. Morgan, and KKR Capital Markets are acting as joint global coordinators and joint bookrunners. Crédit Suisse, Goldman Sachs, Morgan Stanley, and Société Générale are acting as joint bookrunners and CIC is acting as co-lead manager.
In connection with the IPO, OVHcloud has entered into a €920 million refinancing, including a €500 million term loan and a €420 million revolving credit facility. Cleary also represented OVHcloud in the refinancing.
OVHcloud is the leading European cloud services provider serving 1.6 million clients in over 140 countries across the world, with a comprehensive suite of solutions covering private, public, and web cloud. It provides business customers with a comprehensive suite of solutions designed to capture growing demand for multicloud and hybrid cloud strategies, serving a wide range of needs and customer segments. OVHcloud is an open, trusted cloud provider, which offers data sovereignty and secure cloud solutions for a customer base that is increasingly sensitive to these issues. It delivers predictable pricing and an optimal price/performance package driven by its proprietary technology, backed by a differentiated, sustainable, vertically integrated production model that provides optimal efficiency. OVHcloud delivers sustainable cloud solutions through innovation, leveraging an active ecosystem of technological and commercial partners.