The internationally renowned, Herzog Fox & Neeman is regarded, unequivocally, as an authority across all practice areas. Lawyers from each discipline point to the firm as the stalwart contender among the leading Israeli firms and in capital markets several query whether it belongs in a tier of its own....
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The internationally renowned, Herzog Fox & Neeman is regarded, unequivocally, as an authority across all practice areas. Lawyers from each discipline point to the firm as the stalwart contender among the leading Israeli firms and in capital markets several query whether it belongs in a tier of its own. One rival definitely believes the firm is ahead of the others who share its ranking saying: "I certainly vote for Herzog Fox & Neeman, because they have experts like Ehud Sol and Ilanit Landesman [Yogev]. I think Herzog Fox is the first one," adding: "I have worked with Ilanit and she is a very good lawyer."
Head of the firm's capital markets practice, Landesman Yogev, has had a role in the country's most prominent deals. On the equity side she advised the Azrieli real estate group, on the largest IPO in the history of the Tel Aviv Stock Exchange with a value of approximately $558 million when it closed in June 2010. The deal marked the end of a three-year drought for the Israeli primary market.
In December 2010, the team advised Apex Holdings, the Israeli investment house, in the filing of a shelf prospectus and $83 million public bond offering, the first under the new regulations. The firm also advised Makhteshim Agan Industries in a $300 million bond issuance and the Israel Postal Company on a $111 million issuance of notes, its first as a government owned company.
Although slightly diminished in the summer of 2010 by the departures of partners Michal Kamir and Menachem Neeman, who both moved in-house, the firm still has plenty of depth in the 25 lawyers in its corporate and capital markets group.
The firm's recent corporate clients exemplify its international focus. The team advised global private equity firm Apax partners on the purchase of York Fund's controlling 76% stake in Psagot Investment House, Israel's largest investment house for $753 million.
Partners Alon Sahar and Hanan Haviv also acted for Facebook on its purchase of Snaptu, an Israeli start-up that develops applications for mobile phones, for an undisclosed amount. This was only Facebook's second acquisition outside the US when it closed in March 2011.
Headed by Alan Sacs, the firm's banking practice includes Bank Hapoalim among it's key clients and has been kept busy assisting the bank in various matters. Sacks advised the bank on providing a $948 million financing for Hot-Telecommunication Systems in addition to a $10 million to Cool Holding, the parent company, in January 2011, the firm also negotiated on a deal for $75 million senior revolving facilities for Server Farm Realty to be used for the acquisition, renovation and leasing of real estate property in the US as data centres. The firm acted behalf of the Bank and coordinated local counsel in both the US and the UK.
Outside of transactional work, the firm has been advising Barclays Capital on setting up of an IT development and engineering centre in Israel and assisting Citibank, in conjunction with local cellular provider Cellcom Israel, in the establishment of a cellular phone based global remittance program.
The two joint heads of Herzog Fox & Neeman's project finance practice elicit equal praise from competitors who consider the pair among the leading figures in this area. One rival firm said he always deferred to their practice when conflicted on a deal.
Of the firm's most notable deals in these sectors, the firm advised the concessionaire on the trouble plagued Jerusalem Light Railway Project, which finally carried it's first passengers in August 2011. On the lenders side, the firm is involved in the financing of the Cross Israel Highway BOT (build-opearte-transfer) project, co-advising the senior lenders (both Israeli and Canadian) in connection with recent share sale transactions and mezzanine debt offerings. The firm's role in energy deals include advising lenders in connection with the financing of the Dorad Energy 850MW IPP (independent power production) project and also the banks, financing the Dalia Energy 850MW IPP project. Acting on the behalf of a consortium of companies, the firm is negotiating for the tenders of solar thermal and photovoltaic power plants at Ashalim issued by the State of Israel.
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