Less than two weeks after acting on the cancelled initial public offering of the U.K.’s largest private gym chain, capital markets lawyers at Freshfields Bruckhaus Deringer have once again seen their work go to waste with software company Misys pulling its 4.5 billion pounds ($5.5 billion) IPO.

Private equity firm Vista Equity Partners, which owns Misys, had already cut the value of the listing by 1 billion pounds ($1.2 billion) in an attempt to push the deal through, but the listing wasscrapped this morning due to unfavorable market conditions.

Freshfields advised new client Misys on the listing, with Linklaters acting for the underwriters. Allen & Overy previously had a longstanding relationship with Misys and advised the company on its $2 billion sale to Vista in 2012, but lost out to its magic circle rival on the IPO. Kirkland & Ellis advised longtime client Vista on both the take private of Misys and the listing.

Freshfields also advised the underwriters on the £190 million ($235 million) listing of Pure Gym, which was abandoned earlier this month. Clifford Chance acted for Pure Gym and U.S. private equity firm CCMP Capital Partners, which acquired a majority stake in the business in 2013.

A number of capital markets deals have been shelved or cancelled in recent months due to market volatility following the U.K.’s decision to leave the European Union. Waste management company Biffa and auto parts maker TI Fluid Systems both ditched their IPOs this month, while Spanish telecoms giant Telefonica yesterday announced that the listing of British cell phone company O2, which it owns, will not take place this year and would only happen in 2017 if market conditions improve.




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