IFLR 1000
The Guide to the World's Leading Financial Law Firms

When it comes to the equity capital markets, there is no doubting Dewey & LeBoeuf Grzesiak's status as market leaders. The US firm continues to hold a tight grip on the first tier and this is unlikely to change anytime soon. "I think that they are very very good on capital markets. They are one of the best on capital markets from what I see and also from what I hear from our clients," one partner says.

When looking at the firm's deal list over the last 12 months it is easy to understand the praise. The firm advised PZU on its €2 billion IPO and listing on the Warsaw Stock Exchange (WSE), the largest debut in the history of the CEE (Central & Eastern Europe) capital markets. It is one of Europe's largest offerings since 2007 and additionally, it is one of Europe's largest in the insurance sector in the past five years. The firm also advised BRE Bank in the largest rights issue by a Polish bank this year. The issue included an offering of over twelve million new shares and involved issuing under US Reg S.

Furthermore, in a first for the firm, its Warsaw lawyers advised DnB NOR Markets and Pareto Securities in Morpol's IPO on a foreign stock exchange: the Oslo Stock Exchange. This offering stood at €144 million. The firm also advised on the IPO of Kulczyk Oil Ventures, marking the first Canadian company listed on the WSE.

Ireneusz Matusielanski has been drawn out for praise by his competitors. "Dewey's Ireneusz Matusielanski is a good capital markets lawyer," says one peer. Rafal Sienski has also been a notable among peers. "From Dewey I would recommend Rafal Sienski," says another.

Dewey & LeBoeuf Grzesiak is renowned for its M&A and capital markets strength and the the banking and finance arm of the firm often benefits from the big deals in its sister departments. "Out of the firms not really focused on banking & financing they do some work in this," is one peer's quite guarded comment.

Looking at its deals, the firm advised on a €744 million LBO financing in relation to Cyfrowy Polsat's plan to acquire Telewizja Polsat. Moreover, in mid-2011 it was advising a group of twenty Polish and international banks, including BRE Bank, Raiffeisen Bank Polska, EBRD and UniCredit, with regard to the refinancing of the Polish steel plant Celsa Huta Ostrowiec.

Very few can challenge Dewey & LeBoeuf Grzesiak's dominance at the top of the rankings in M&A. The firm has developed a sound reputation for privatisations, restructurings and takeovers of public companies in Poland. Additionally, in line with the rise in private equity work, the firm is also involved in big ticket private equity deals. "Dewey benefit hugely from their combined M&A and ECM practice. So in fact they leverage," says one partner, adding: "I think they benefit from their approach to the ECM practice being part of M&A. But they definitely operate at the very top of the market."

The firm acted for Cyfrowy Polsat in the €938 million acquisition of 100% of shares in Telewizja Polsat and the planned increase of the client's share capital. This included the issue of subscription warrants and the conclusion of a loan agreement for financing the acquisition of the shares. Additionally, the firm advised Raiffeisen Bank International on its €490 million acquisition for a 70% share in Polbank EFG, the Polish banking branch of the Greek bank EFG Eurobank Ergasias.

On the private equity side, the firm advised Innova Capital on a €46 million acquisition of 100% of shares in Libet from Tarmac via an LBO. Additionally, the firm advised the same clients on an equity investment made by EBRD (European Bank for Reconstruction & Development) and WCP Cooperatief in Meritum Bank. The investment eventually added up to €34 million, which the bank uses to expand its activities, complete its restructuring and develop new products. The firm also advised Enterprise Investors in the €57 million acquisition of the minority stake in X-Trade Brokers DM.