A&O Shearman has advised a syndicate of twelve underwriting banks on Ørsted A/S’s rights issue of approximately DKK60bn, one of the largest equity financings in the European energy sector in recent years.
The new shares were admitted to trading on Nasdaq Copenhagen following a highly successful offering that achieved a take-up of approximately 99.3% by existing shareholders and other investors. The Danish State, Ørsted’s majority shareholder, subscribed for approximately 50.1% pursuant to its commitment, and no shares were required to be taken up by the underwriting syndicate.
Strong demand from domestic and international investors led to oversubscription of the remaining shares, reflecting broad-based support for Ørsted’s strategy and balance sheet strengthening.
Jeff Hendrickson, U.S. capital markets partner at A&O Shearman, said: “This benchmark equity raise demonstrates deep investor conviction in Ørsted’s role at the forefront of the energy transition and the resilience of Europe’s capital markets. We are proud to have supported the underwriting syndicate on a complex, multi-jurisdictional rights issue executed at pace and at scale. The outcome underscores what can be achieved when first class underwriting and seamless cross border legal execution come together on a mission critical financing.
The A&O Shearman team was led by U.S. capital markets partner Jeff Hendrickson alongside U.S. senior associate Baxter Schooley and U.S. associate Rose Whitlock. The transaction was supported by ENRI partner Christopher Andrew and counsel Megan Chen-Schlote. The firm worked closely with Danish and international counsel to the issuer and the underwriters throughout the transaction.
The transaction supports Ørsted’s capital plan as it advances a major offshore wind construction portfolio and navigates evolving regulatory conditions across key markets.