Argentine Media Group Clarín in $462 Million IPO

Cleary Gottlieb represented Grupo Clarín S.A. and certain of its shareholders in Clarín’s initial public offering and the listing of GDRs representing Clarín Class B common shares on the London Stock Exchange. The transaction closed on October 24 and unconditional trading of the GDRs began October 25.

Clarín’s IPO generated approximately $462 million in aggregate proceeds for Clarín and the selling shareholders , with 50 million shares (or 17.5 percent of the company) sold (excluding any shares subject to the over-allotment option). The IPO is the largest equity offering by an Argentine issuer since the 1990s, only the fifth since 2002, and is the first LSE listing of GDRs representing shares of a Latin American issuer.