Capital Markets

De Brauw advised the underwriting banks on the US initial public offering of INNIO N.V., a global energy solutions provider for applications such as data centres. The IPO consisted entirely of a secondary offering by the selling shareholder AI Alpine, which is co-owned by funds managed by Advent International and the Abu Dhabi Investment Authority (ADIA). It raised USD 2.43 billion.

Adyen N.V. has agreed to buy 100% of the shares in Talon.One, a leading customer engagement platform headquartered in Berlin and serving 300+ global merchants. The EUR 750 million purchase price will be paid in cash, with a significant part of the Talon.One founders' proceeds being reinvested in newly issued Adyen shares.

De Brauw advised HMH – a leading provider of equipment solutions in oil and gas drilling - on its IPO and on the Dutch law governed corporate reorganisation steps. HMH is a 50/50 joint venture between Baker Hughes and Akastor. With the completion of the IPO, HMH joins its two indirect parent companies on the public markets as a stand-alone listed entity.

What has changed Pursuant to the European Listing Act (Regulation (EU) 2024/2809 and Directive (EU) 2024/2811) implementation act (Implementation Act), managing directors and supervisory board members (or executive and non-executive directors in case of a one-tier board) of Dutch NVs listed on an EU regulated market no longer need to comply with both the national regime for notifying interests in shares and votes pursuant to article 5:48 of the Dutch Financial Markets Supervision Act and the European transaction notification regime pursuant to article 19 of the EU Market Abuse Regulation (MAR). As of 29 September 2026, the date on which the Implementation Act entered into force, the national regime has lapsed and only the notification obligations under the MAR remain.  

The European Single Access Point (ESAP) will provide investors and other stakeholders with a centralised, EU wide platform that provides a free and single point of access to public financial and sustainability information about European companies. The ESAP is expected to go live no later than 10 July 2027. The platform will be managed by the European Securities and Markets Authority (ESMA).

De Brauw has again prepared its annual reporting checklist for Dutch public limited liability companies whose shares or depositary receipts for shares are listed on Euronext Amsterdam. The checklist covers annual reporting for those financial years that start on 1 January 2026. It is available for issuers with two-tier board models and, new this year, one-tier board models.