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Chrysses Demetriades & Co. LLC (CDC) has acted as Cypriot law counsel to the underwriters on the US$500 million Initial Public Offering of the Cyprus registered United Medical Group CY PLC, Russia’s leading multidisciplinary premium-class healthcare services provider operating under the European Medical Center brand, on the Moscow Exchange.
Demosthenes Mavrellis, Banking and Financial Markets Partner, who lead the firm’s deal team said that this shows a consistent flow of work in the field of Capital markets for Russian interest companies registered in Cyprus, following the Qiwi, Headhunter and Etalon offerings, in which CDC has also acted as Underwriters’ counsel. Moreover, this transaction is the first to be conducted under the new Russian legislative framework, which provides issuers with flexibility in listing GDRs only on a Russian stock exchange, without a primary listing on a foreign venue, which opens the way for further similar listings.
Citigroup Global Markets Limited, J.P. Morgan AG and VTB Capital plc acted as joint global coordinators and joint bookrunners.
The CDC team that advised on the transaction was led by partner Demosthenes Mavrellis and included senior associate Christos Heracleous. White & Case LLP acted as U.S., English and Russian сounsel to the Underwriters.