Investment banking team of the week: Morgan Stanley

The US bank and Goldman Sachs priced the deal on Wednesday, selling stock at €13.90, a 1.7% discount to the last price before announcement of €14.14.

The deal is Morgan Stanley’s fourth equity capital markets transaction involving the Spanish travel software company in 15 months. It also worked on the company's maiden eurobond issue this week, raising €750m through a five-year bond issue along with seven other banks.

The transaction moved Morgan Stanley up a spot in the equity capital markets rankings, with the US bank now ranked third having started the week ranked fourth.

Amadeus IT Holding’s share price fell to a low of €13.80 in early trading that morning, but quickly recovered, and was trading above €14.40 this morning. Private equity firms BC Partners and Cinven were the selling shareholders.

The Morgan Stanley team on the transaction is understood to include Emmanuel Gueroult, co-head of Europe, Middle East and Africa ECM, Javier de Busturia, Head of ECM for Iberia and Central and Eastern Europe, and Martin Thorneycroft, head of EMEA equity syndicate.

Amadeus IT Holding listed in April last year at a share price of €11, in a deal led by Goldman Sachs, Morgan Stanley and JP Morgan, in one of the year's most successful flotations.

Since then, BC Partners and Cinven have sold large blocks of stock on three occasions. First, in October last year, they sold $856m at €13.50, in a deal led by the three banks which brought the company to market.

A second deal followed in April this year, with Morgan Stanley and Goldman Sachs selling $875m of stock at €13.70. The most recent deal is the third.

Credits -investmentnews