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.

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. 

A key trade-facilitating grandfathering clause under EU rules will expire on 17 January 2027. Third-country CSDs such as DTC may then suspend core services to affected EU issuers, potentially disrupting trading in their equity or debt instruments abroad.

On 9 June 2026, a bill implementing the EU directive on multiple-vote share structures (MVS Directive) was submitted to the Dutch lower house. The directive allows companies seeking admission to trading on a multilateral trading facility (MTF), to introduce share structures where certain classes of shares provide more votes per share than other classes (high-vote/low-vote share structures). Importantly, the bill leaves untouched existing Dutch mechanisms for differentiating voting rights – including high-vote/low-vote structures and loyalty voting schemes. The implementing bill that has now been submitted is mainly of interest to small and medium-sized companies (SMEs) and does not affect companies listed on a regulated market.