Fiona Millington

Norton Rose Fulbright LLP

United Kingdom
T:+44 20 7444 3302
United Kingdom
T:+44 20 7444 3302
Fiona Millington

Fiona Millington



Fiona Millington is a UK corporate partner in London focused on listed company work, including IPOs and secondary equity fundraisings and cross-border M&A across a broad range of sectors. Fiona previously spent time on secondment to Rothschild, where she was involved in advising on a number of high-profile equity capital markets transactions and public takeovers.

Fiona regularly advises issuers and investment banks on equity capital markets and sponsor transactions. She is recognised by the The Legal 500, 2019 as a 'Next Generation Partner' for Equity Capital Markets: small-mid-cap. and was previously recognised as a 'rising M&A star' by Legal Week.

Professional experience

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  • Solicitor, qualified in England & Wales

Advising :

  • Tenth of Ramadan for Pharmaceutical Industries and Diagnostic Reagents (Rameda) on its recent US$109 million international offering and IPO on the Egyptian Stock Exchange.  HSBC and Investec acted as global coordinators.
  • Canaccord as nominated adviser and sole bookrunner to IG Design Group on its accelerated bookbuild placing to raise £120 million and associated acquisition of CSS Industries Inc.
  • Numis as nominated adviser, and a syndicate of banks, on Accsys Technologies' firm placing and placing and open offer.
  • Credit Suisse, acting as lead capital markets and financial advisor to Landscape Acquisition Holdings Ltd (alongside Evercore, Goldman Sachs and Morgan Stanley) on its acquisition of AP WIP Investments Holdings, LP, one of the largest global aggregators of real property interests underlying wireless telecommunications cell sites, for a consideration of approximately US$860 million in cash, shares and assumption of debt.  The acquisition was treated as a reverse takeover under the UK Listing Rules. 
  • Barrick Gold as controlling shareholder on the proposed framework arrangements entered into by Barrick Gold with the Government of Tanzania, for Barrick's former UK listed subsidiary, Acacia Mining.
  • IFC as selling shareholder on Helios Towers IPO.
  • Credit Suisse, Goldman Sachs and Morgan Stanley as joint global co-ordinators and joint bookrunners on the recent US$500 million IPO of Landscape Acquisition Holdings.
  • Barclays on its US$2.8 billion sell-down of a circa 33 per cent stake in JSE-listed Barclays Africa Group in 2017, involving the largest bookbuild in South African history.
  • AnaCap as controlling shareholder of Aldermore on the Main Market IPO of Aldermore Bank.
  • Peter Hambro Mining on its migration from AIM to the Main Market and subsequent merger with Aricom, along with an associated placing.
  • Numis as sponsor on the US$2.3 billion reverse takeover by MicroFocus of US headquartered The Attachmate Group, and readmission of the enlarged group to the Main Market of the London Stock Exchange.
  • Citi as global co-ordinator and a syndicate of banks as joint underwriters and joint bookrunners on the £215 million equity offering  and acquisition by CityFibre Infrastructure Holdings.
  • Volution Group, a leading supplier of ventilation products, on the progressive sell-downs and ultimate exit of its controlling shareholder Towerbrook, following the company's IPO.
  • Volution Group on its takeover of Energy Technique plc and its acquisition of the Belgian headquartered Ventilair Group.
  • Investec on the £160 million AIM IPO of Midwich Group, a specialist audiovisual and document solutions distributor and advising Investec and Berenberg on Midwich's £39.7 million equity offering via an accelerated bookbuild and associated acquisition of Starin Marketing Inc., a US-based, specialist value-added distributor of AV products.
  • Barclays as controlling shareholder on the sell down of 12.2% of its JSE listed subsidiary0 Barclays Africa via an accelerated bookbuild placing.
  • Citi, Jefferies and Canaccord Genuity on the proposed IPO of FatFace, the UK lifestyle clothing retailer, which aborted at a late stage following pricing due to adverse market conditions at the time.
  • Terra Firma as controlling shareholder on its £555 million recommended cash offer for Infinis and on its relationship agreement with Infinis.
  • HSBC, Canaccord and Liberum on the Main Market IPO of UK and European video game retailer GAME Digital.
  • JP Morgan and Peel Hunt as sponsor, joint financial advisers and joint brokers to LondonMetric Property on its £415 million Class 1 acquisition of A&J Mucklow Group.
  • Numis Securities as sponsor on Micro Focus' class 1 disposal of its SUSE business segment to a private equity fund managed by EQT.
  • Barrick Gold on its take-private of London-listed Acacia Mining, which valued Acacia at £1.2 billion.
  • Numis and Berenberg on the US$200m IPO of Yellow Cake, a uranium trader backed by Bacchus Capital, and advising the banks on Yellow Cake's follow-on equity offering in 2019.
  • Barrick Gold as controlling shareholder on the proposed disposal of its 75 percent holding in African Barrick Gold to China National Gold and subsequent disposal of 10% via an accelerated bookbuild placing for US$188 million.
  • Numis and Canaccord on the £150 million IPO of River and Mercantile.
  • Numis as nominated adviser and GMP First Energy on the AIM IPO of (formerly) TSX listed Serinus Energy, an international upstream oil and gas exploration and production company.
  • Barrick Gold as majority shareholder on its investment in Highland Gold Mining, including on its relationship agreement and corporate governance matters and the subsequent disposal of its 30% stake by way of accelerated bookbuild.
  • HSBC as sponsor on Quintain Estates and Development's Class 1 disposal of its remaining 40% interest in the Greenwich Peninsula development.
  • Numis as sponsor on Micro Focus' Class 1 acquisition of US headquartered Serena Software Inc for US$540 million.
  • HSBC as sponsor on Quintain Estates and Development's entry into new joint venture arrangements with Knight Dragon in relation to Greenwich Peninsula, constituting a Class 1 transaction for Quintain.
  • Numis as sole sponsor and bookrunner on McColl's Retail Group's £117 million conditional acquisition of 298 convenience stores from the Co-operative Group following an auction sale process run by Rothschild, and on McColl's related cash placing.


A blueprint for radical London listing regime reform

Publication | May 04, 2023

New PEG pre-emption guidance: Consequences for listed issuers

Publication | November 09, 2022

Listing regime

Publication | September 07, 2022