Davis Polk advised DONG Energy A/S on the initial public offering of shares and listing on the Nasdaq Copenhagen A/S under the symbol “DENERG.” The offering comprised a sale of 72,834,393 shares sold by DONG’s shareholders, including the majority shareholder, the Kingdom of Denmark, through the Danish Ministry of Finance. There is an overallotment option in respect of an additional 10,925,159 shares. With an offer price set at DKK 235 per share, the total gross proceeds amounted to DKK 17.1 billion (approximately $2.6 billion), assuming no exercise of the overallotment option. The implied market capitalization of DONG Energy is DKK 98.2 billion (approximately $14.9 billion), which makes this the largest IPO in the world to date in 2016 and also the largest IPO to ever take place in Denmark.

DONG Energy is a focused energy company with a strong profile in renewables, conducting activities primarily in Northwestern Europe. DONG Energy is building a world-class energy company with a renewables portfolio based on leading competences in offshore wind, bioenergy and energy solutions. It divides its operations into four businesses: Wind Power, Bioenergy & Thermal Power, Distribution & Customer Solutions and Oil & Gas. DONG Energy has constructed 26% of the world’s operational offshore wind installed capacity at the end of 2015 and has operated the largest number of offshore wind farms globally to date.

The Davis Polk corporate team included partner Paul Etienne Kumleben, counsel Amy T. Alter and associates Andrew Rowe, Johanna R. Collins-Wood and Lauren Obee. Counsel Alon Gurfinkel and associate Veronica Orecharova provided tax advice. Members of the Davis Polk team are based in the London, Paris and Madrid offices.

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