Carey Olsen has acted as British Virgin Islands counsel to Mayflower Acquisition Limited, a listed acquisition vehicle, on its initial public offering on the Main Market of the London Stock Exchange.
The IPO raised US$500 million of permanent capital with no redemption rights, which Mayflower intends to use to funds to acquire a target company or business. The offering comprised US$494.75 million through the placing of ordinary shares at US$10 per share, alongside an additional US$5.25 million via founder-preferred shares. Along with several affiliates, the three founding investors committed a total of US$75 million.
Mayflower was established by Noam Gottesman, founder of TOMS Capital LLC, alongside Sir Jeremy Isaacs and Roger Nagioff, founding partners of JRJ Group.
Carey Olsen’s BVI team based in Guernsey, comprising partner Andrew Boyce (pictured), senior associate James Cooke and associate Claire Cooke, advised Mayflower on the transaction. It is the first completed London-listed acquisition vehicle since the US$550 million IPO of Admiral Acquisition Limited in May 2023, on which the Guernsey based team also advised. The team was supported by Carey Olsen’s CO Services team in the BVI.
Andrew Boyce commented: “We are pleased to have supported Mayflower on the BVI aspects of this milestone transaction, which is one of the largest London-listed IPOs this year. The transaction not only reflects the BVI’s continued appeal as a leading offshore jurisdiction for LSE listings, but highlights the strength of our BVI corporate team in Guernsey in providing cross-border capital markets expertise.”
