Ashurst advised The Royal Bank of Scotland N.V., London Branch and Carnegie Investment Bank AB on its role in BAE Systems plc’s sale of 11,166,173 B shares in Saab AB (publ), raising proceeds of SEK 1,553 million (£152 million) for BAE. Saab AB is listed on the NASDAQ OMX in Stockholm. The sale was executed pursuant to an accelerated book-building process.

The Royal Bank of Scotland and Carnegie Investment Bank AB acted as joint bookrunners on the sale. The sale represents the remaining stake held by BAE Systems in SAAB.

The Ashurst team was led by corporate partner Nicholas Holmes, assisted by senior associate Padmini Singla. Corporate partner Ray Fisher advised on US issues. Managing partner of StockholmJon Ericson and partner Mat Hansson advised on Swedish law aspects.

Comment from Nicholas Holmes:

“We were delighted to act for key client RBS on this transaction, which, following the Transmode IPO announced a couple of weeks ago and the US$2.4 billion sale by the Kingdom of Sweden of its stake in Nordea Bank earlier this year, demonstrates the strength of Ashurst’s Scandinavian ECM practice.”