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Clifford Chance advises THEON on €150 million capital increase and acquisition of a 9.8% stake in Exosens

Thu, 18 Dec 2025 10:25:00 GMT

The proceeds will be used to partly finance THEON's recent acquisition of a 9.8% stake in Exosens SA. Admission to listing and trading on Euronext Amsterdam took place on 18 December 2025.

Connected to the capital increase, Clifford Chance also advised THEON on the acquisition of a 9.8% stake in Exosens SA from Groupe HLD as to matters of French law, European antitrust and FDI rules as well as US CFIUS and antitrust matters. Exosens is a leading French company specializing in advanced electro-optical technologies, including light amplification, detection and imaging systems. Following the completion of the transaction, which is subject to closing pending customary regulatory approvals, THEON will become the second largest shareholder in Exosens, after Groupe HLD.

THEON is a leading developer and manufacturer of customizable night vision and thermal imaging systems for military and security applications in Europe, with a global footprint spanning more than 70 countries. THEON designs and manufactures cutting-edge optoelectronic devices for both man-portable and platform-based systems, enabling the visualization of images in low-light or obscured conditions using state-of-the-art technologies.

On the rights offering, the cross-border Clifford Chance team advising THEON was led by partner George Hacket and counsel Andrei Manea (both Capital Markets, Frankfurt) and by partner Han Teerink (Corporate, Amsterdam) with support from senior associates Maks Mencin (Capital Markets, Frankfurt) and Marina Sarkisjan (Capital Markets, Amsterdam) and associate Alessia Aiello (Corporate, Milan). Tax advice was provided by partner Michiel Sunderman and associate Alec Sanderson (both Tax, Amsterdam) and partner Avrohom Gelber and associate DyTiesha Dunson (both Tax, New York).

On the acquisition of Exosens, the cross-border Clifford Chance team was led by partners Gilles Lebreton and Aline Cardin (both Corporate, Paris) and partner George Hacket (Capital Markets, Frankfurt), with support from counsels Katerina Drakoularakou (Corporate, Paris), as well as Andrei Manea (Capital Markets, Frankfurt). Advice on antitrust and FDI matters across France, EU jurisdictions and the US was coordinated by partner David Tayar (Antitrust, Paris), with support from associates Hendrik Coppoolse and Marlen Pezzetta (both Antitrust, Paris),partner Marc Besen (Antitrust, Düsseldorf) and partners Karalyn Mildorf and Renee Latour with support from associates David Harris and Erica Hackett (all CFIUS, Washington).

Aristodemou Loizides Yiolitis LLC (Harneys) advised Theon as to matters of Cyprus law in connection with both the rights offering and the Exosens acquisition.

Clifford Chance advises Asterion on its acquisition of a 50% stake in TotalEnergies Greece renewables assets

Wed, 17 Dec 2025 16:51:30 GMT

These renewables assets give Asterion a strategically compelling entry into the Greek power market, supported by a favourable regulatory environment and strong incentives for renewable energy.

The Clifford Chance team was led by Partner Patrick Scott, supported by Partner Alexandra Dimsdale-Gill and Senior Associates Craig Grant, Alistair Goble, Eleonore Ferrie and Lydia Morrell. The wider team consisted of colleagues advising on tax, project finance, antitrust and M&A including Partners Javier Amantegui, Praveen Jagadish and Nicola Hemsley; Senior Associates Jessica Berkeley, Crystal Yuen and Viktoria Parkhomenko; Counsel Begona Barrantes and Javier Olbarri; Associates Kirsty Jones, Harry Christoforou and Diego Domenech; and Trainee Ali Gorji.

Clifford Chance advises Citi and ICBC Standard Bank on Halkbank’s landmark AT1 issuance

Wed, 17 Dec 2025 16:23:00 GMT

This transaction marks another significant transaction in the Turkish capital markets and underscores the firm's expertise in complex cross-border financings.

The Clifford Chance team was led by partners Matt Fairclough and Sait Eryilmaz, with support from senior associates Jeffery Hung, Alican Altıparmak, associate Alper Eski, and trainee Felicity Marlow. Partner Bruce Kahl and associate Robert Hartman also advised BNY in its role as trustee.

Clifford Chance advises OMERS Infrastructure on €770 million debt facilities for Borealis Spain Parent B.V.

Wed, 17 Dec 2025 14:26:08 GMT

The company owns the transmission pipeline network spanning 4,000km in Spain and operates a 2,000km pipeline network in the UK. Exolum also owns 68 storage terminals with a total capacity of 11+ million cbm and serves over 48 airports worldwide – including Heathrow, Gatwick, Stansted, Madrid, Barcelona, Lisbon, Lima in Peru, and Charles de Gaulle – making it a global leader in aviation fuel infrastructure.

This transaction reflects strong market confidence in Exolum’s robust growth and diversification strategy, as well as OMERS’ long-term commitment to the sector.

Alexandra Dimsdale‑Gill commented:

“We are delighted to have supported OMERS Infrastructure on this significant financing for Borealis Spain Parent B.V. The breadth of engagement from bank and private placement lenders underscores the quality of the Exolum platform and its role in energy transition. Delivering this cross‑border transaction required close coordination across our London, Madrid and Amsterdam teams, together with our hedging specialists, to achieve a timely and efficient outcome.”

The cross-border Clifford Chance team advising OMERS Infrastructure was led by partner Alexandra Dimsdale-Gill, senior associate Louise Baxter and associate Boma George, with support from partners Maria Sabau and Samir Azzouzi and associate Elena Euba in Madrid, and partner Nienke van Stekelenburgh, associate Vincent Engel and associate Lisa van der Veldt in Amsterdam. Hedging advice was provided by partner Will Winterton and associate Bogomil Kukovski.

Clifford Chance advises Valor on acquisition of a major urban logistics asset and development site in Berlin

Wed, 17 Dec 2025 10:57:00 GMT

The asset is a 26,000 sqm warehouse and located in Berlin's Lichtenberg district. The transaction also covers a neighbouring development plot, for which Valor has already secured preliminary planning approval and intends to deliver a 36,000 sqm, DGNB Gold-certified, Grade-A logistics facility. Completion of the new development is anticipated in the first quarter of 2028.

This deal is in line with the joint venture’s ongoing strategy to source and develop top-tier urban logistics assets in Germany’s key e-commerce hub. Their portfolio now comprises six properties with a combined area exceeding 87,000 sqm.

The Clifford Chance team for Valor was led by partner Kristina Jaeger and comprised counsel Amrei Fuder, associate Sabrina Tenebruso and senior transaction lawyer Sophie Töke (all Real Estate) as well as partner Dominik Engl, transaction lawyer Jule Geiger (all Tax, all Frankfurt) and tax consultant Leonie Gebauer (Tax, Munich).

Clifford Chance advises FMO and Proparco on purchase of senior notes issued by Argentine renewable energy company

Tue, 16 Dec 2025 19:29:58 GMT

Genneia is one of the largest renewable energy companies in Argentina in terms of installed capacity, with a diverse portfolio of wind and solar power generation facilities.

The team advising on the transaction was led by partner Hugo Triaca (New York) with support from associate Cristian Ragucci (São Paulo) and associates Paula Ferreira and Agata Radajczyk (New York).

Clifford Chance advises on many transactions in Argentina's energy sector, most recently on the successful senior notes reopening by energy company EDENOR and on the notes issuance by electricity distribution company EDEMSA.

Clifford Chance advises HUGO BOSS on the refinancing of its €600 million revolving credit facility

Tue, 16 Dec 2025 14:00:00 GMT

The syndicated loan is classified as Sustainable Finance and thus meets important ESG criteria. Based on HUGO BOSS's achievement of defined targets for the reduction of greenhouse gas emissions, the interest rate is adjusted annually.

The international Clifford Chance team was led by partner Simon Reitz and senior associate Vanessa Steiner (both Global Financial Markets, Frankfurt) with involvement of partner Boudewijn Vermeer and senior associate Bahar Sharif (both Global Financial Markets, Amsterdam).

The in-house team at Hugo Boss included René Heinz, Marto Luigi Mateo, Jakob Staudt and Dr. Nikolai Vokuhl.

Clifford Chance advises Permira's portfolio company CABB on the sale of US-based Jayhawk Fine Chemicals to Anupam Rasayan India Ltd.

Tue, 16 Dec 2025 09:05:00 GMT

The divestment of Jayhawk Fine Chemicals represents a key step in CABB’s strategy to shift from industrial applications, electronics and semiconductors and focus on further expanding its specialties portfolio in Pharma and Life Science from its production sites in Switzerland, Germany and Finland.

Founded in 1941 and headquartered in Galena, Kansas, USA, Jayhawk Fine Chemicals has been part of the CABB Group since 2018 and is engaged in custom manufacturing of advanced intermediates, active ingredients, and high-performance materials. The company generates approximately 65% of its revenue from performance materials, serving leading global companies in electronics, energy & infrastructure, aerospace and polymers, with a majority of revenue coming from US markets.

The CABB Group, owned by private equity investor Permira, is a leading Crop Science contract development and manufacturing organization (CDMO), supplying customized active ingredients. CABB also offers high-complexity and high-purity chemical ingredients to customers in the Life Sciences and Performance Materials markets. The company operates six production sites in Switzerland, Finland, USA, Germany and China. With around 1,200 employees, CABB recorded an annual turnover of over €604 million in the 2024 financial year.

The Clifford Chance team advising CABB on this transaction was led by partner Jörg Rhiel and further comprised counsel Paul Kohlhaas, senior associates Elisabeth Kreitmair and Friedrich von Bülow (all Corporate/Private Equity, Frankfurt), partner Holger Lutz, senior associate Michael Kümmel and associate Stephanie Giek (all Tech/Digital, Frankfurt), partner Dimitri Slobodenjuk and counsel Caroline Scholke (both Antitrust, Düsseldorf), senior counsel Hannes Deusch (Global Financial Markets, Frankfurt), partner Katia Gauzès and counsel Lauren Harris (both Corporate, Luxembourg), associate Neil Nguyen (Corporate/Private Equity, London), counsel Daryl Fairbairn (IP, New York), associates Peter Guinnane and Jack Weymer (both Corporate, New York) as well as associate David Walsh (Tax, New York).

Clifford Chance advises The Generation Essentials Group on Landmark London Stock Exchange Listing

Mon, 15 Dec 2025 12:05:00 GMT

TGE (NYSE and LSE: TGE) was jointly established by AMTD Group, AMTD IDEA Group (NYSE: AMTD; SGX: HKB), and AMTD Digital Inc. (NYSE: HKD). Headquartered in France, TGE drives global strategies across multimedia, entertainment, cultural affairs, hospitality, and VIP services. Its portfolio includes L’Officiel, The Art Newspaper, and a range of movie and entertainment projects. In addition, TGE acts as a SPAC sponsor manager in the global media, entertainment, and gaming sectors. This secondary listing underpins TGE’s ambition to accelerate growth, diversify its product portfolio, and expand its global reach.

The Clifford Chance team was led by Equity Capital Markets Partner Chris Roe, supported by Senior Associates James Koessler and Luke Ng, with additional support from Partners Matt Fairclough, Jonathan Wong and Johannes Juette.

This is the fourth London listing the firm has advised on since the Summer of 2025, having advised on the listings of Metlen Energy & Metals, Guaranty Trust Bank, Princes Group, and now TGE.

Clifford Chance advises Antin Infrastructure Partners on the acquisition of NorthC Datacentres

Fri, 12 Dec 2025 12:43:00 GMT

Antin has a long track record of investing in and scaling critical digital infrastructure platforms across Europe, targeting investments in the energy and environment, digital, transport and social infrastructure sectors.

Based in Amsterdam, NorthC operates 25 colocation data centres across major metropolitan areas in the Netherlands, Germany and Switzerland. NorthC has more than 140 MW of secured gross grid capacity from existing and greenfield sites to support future growth, and serves more than 1,600 customers, including cloud and IT service providers, carriers, public sector organisations, financial institutions, industry, transport, healthcare and pharmaceutical sectors.

A multi-disciplinary team based in London, The Netherlands and Germany was led by partners: Spencer Baylin and Thomas Fisher, with support from partner: Neil Evans, director: Martin Kolmar, counsel: Lotte De Bruin, senior associate: Josh Reynolds, and associates: James Pearce, Shoshana Leibovici, Myles Henry and Jacob Bruchez.

The team was supported in The Netherlands by partners: Stephanie Horowitz and Tim Heerschop, together with Femke Buijs, Niels Kuil, Berend Schoemaker, Dilan Ata, and Samuel van Eijnatten; and in Germany by partner: Anselm Raddatz, together with Friedrich von Bulow, Tatjana Bougargour, Benjamin Wollweber, Marie Georgi and Alexander Stemmler as well as Dimitri Slobodenjuk and Arne Gayk, Tax partner Nicola Helmsley, counsel Stern Flik and associate Nick Humphries also advised on tax aspects.

Clifford Chance advises Pollen Street and its portfolio company Keylane on the proposed acquisition of Heywood

Fri, 12 Dec 2025 12:06:00 GMT

The Clifford Chance team is being co-led by corporate partners Ashley Prebble and Imogen Ainsworth alongside private capital partner Graham Phillips. They are supported by Fergus Grady, Josh Higgins, Ayush Vijayvargiya, Eleanor Burkin, Anita Arianpour and Zoraver Mehta. The team also included tax partner Nicola Hemsley and other colleagues across Corporate, Tech/Digital, Tax, Employment, Pensions, Incentives, IP and Antitrust/FDI practices.

Clifford Chance advises Expedia Group on the intended acquisition of Tiqets

Fri, 12 Dec 2025 09:09:00 GMT

This agreement expands Expedia Group’s capabilities for the rapidly growing travel segment of activities and experiences, and enhances its ability to deliver more comprehensive, full-trip travel solutions for millions of travellers worldwide.

The proposed transaction remains subject to customary closing conditions. It is expected to close in the first quarter of 2026. Read more about the transaction here.

The Clifford Chance M&A team was led by Stephanie Horowitz and the regulatory workstream was led by Philipp Girardet, and the core team included Sebastiaan van Steenbergen, Nancy Stoke, Emma Trooster, Obilot Geuljans, Martijn van Beusekom, Michiel Sunderman, Alec Sanderson, Astrid van Ommeren and Najib Muslem. The wider team consisted of Luciano Di Via, Carlo Felice Giampaolino, Antonio Mirabile, Alessandro Sciarra, Aslı Kural, Cecilia Police, Antonia Halliwell (Antitrust), Pascal Borsjé (Tax), Tamlin Higgins and Orsolya Gondos (IP).

Clifford Chance advises EDF power solutions and Maple Power on BW Ideol Projects Company’s entry into the share capital of the Méditerranée Grand Large floating offshore wind farm

Thu, 11 Dec 2025 14:24:48 GMT

This 15% equity investment builds on several years of collaboration among the BW Ideol, EDF power solutions, and Maple Power teams in the study of floating foundations to respond to offshore wind tenders in France.

This transaction strengthens the capabilities of the Méditerranée Grand Large project, which will benefit from solid technological expertise for the development of the first commercial-scale floating wind project in the Mediterranean Sea. EDF power solutions and Maple Power will choose the floater technology before the start of the project's construction.

The Clifford Chance team in Paris was composed of Laurent Schoenstein, partner, Katerina Drakoularakou, counsel, and Brunie Jean Charles, associate, on the corporate aspects.

Clifford Chance advises Nuveen Real Estate on sale of 70 St Mary Axe

Wed, 10 Dec 2025 16:46:00 GMT

70 St Mary Axe is recognised for its prime location and strong sustainability credentials. It was developed by Nuveen and completed in 2019. The building is fully let to 13 tenants with Clifford Chance having supported Nuveen on the acquisition, development and leasing of the asset over the last decade. The disposal underscores strong investor appetite for high‑quality, well-leased City assets as new supply remains limited.

Ian Painter, Partner in the Transactional Real Estate team, commented:

We were delighted to support Nuveen Real Estate on this significant disposal having advised across the entire life cycle of this iconic building. The sale of 70 St Mary Axe is being quoted in the press as one of the UK's largest office investment deals of 2025 and is another sign of investor confidence returning to the London office market. The transaction clearly demonstrates that best in class, well located assets continue to be in demand.

The Clifford Chance team was led by Partner Ian Painter in the Transactional Real Estate team, supported by Senior Associates James Law and Melissa Jones and colleagues in Real Estate Tax, Planning and Construction. The Nuveen team was led by Nick Deacon, Sophia Layton and Charlotte Haigh.

Clifford Chance advises HIH Invest on the acquisition of a fully let residential complex in Böblingen

Wed, 10 Dec 2025 10:10:00 GMT

The fully let residential property, with a total rental area of approximately 10,300 square metres, comprises 121 residential units, a commercial unit on the ground floor, and an underground car park with 181 spaces. The seller of the residential complex, which was completed in 2012, is the Hamburg-based investment, asset, and fund manager HT Group, which acquired the property in 2013 for the closed-end real estate fund “domicilium 7”.

The residential ensemble forms part of the new “Flugfeld” urban quarter – the largest construction project in the Stuttgart region, located on a former airfield. Covering around 80 hectares, the development will provide residential, commercial, and service spaces with short distances to local amenities, leisure facilities, and medical care.

The Clifford Chance team advising HIH Invest was led by partner Philipp Stoecker and comprised senior associate Tatjana Bougargour, associate Laura Spohn, and senior transaction lawyer Birgit Seyfert (all Real Estate), as well as partner Dominik Engl, tax consultant Leonie Gebauer (Munich) and transaction lawyer Jule Geiger (both Tax, all Frankfurt).

Clifford Chance advises Ares on its acquisition of Redback Boots

Tue, 09 Dec 2025 01:48:00 GMT

David Clee, lead partner said, "We are proud to have supported Nicholas Onie, Head of ANZ Private Equity, and the broader Ares team, on this debut transaction for Ares' private equity strategy in Australia. Their trust in our team for such a pivotal deal is a testament to our shared commitment to excellence."

"Ares' investment in Redback Boots will enable the company to scale its manufacturing capabilities and accelerate growth both locally and in overseas markets."

Corporate Partner David Clee led the Clifford Chance deal team, with support from counsel Sarah Jenkins and senior associate Jack Corcoran. The core Clifford Chance deal team drew on the wider expertise of the firm's leading Australian corporate transactional practice.

This transaction continues Clifford Chance's longstanding work for Ares, having recently advised on its secondary market transaction with Omni Bridgeway, involving 150+ investments structured as a continuation fund – a first for the legal finance industry.

Clifford Chance advises Binance on landmark digital asset market infrastructure project

Mon, 08 Dec 2025 15:50:00 GMT

This landmark development also cements the ADGM as a leading jurisdiction in the adoption of crypto asset regulation.

Diego Ballon Ossio, Fintech partner at Clifford Chance, commented: “The crypto asset industry has come a long way, and this is a major milestone for the sector. Having a fully regulated execution, clearing and settlement venue for crypto asset related transactions demonstrates the development of this asset class and its integration into a fully supervised market infrastructure. We are immensely proud to have had the opportunity to work on this fantastic milestone."

Jack Hardman, Partner at Clifford Chance in the Middle East, commented: "It has been a privilege to deliver a top-tier international team for Binance on this strategic project. We have been grateful to work with the world-class Binance team through the process as well as the constructive and highly engaged expert team at The Financial Services Regulatory Authority (FSRA) of ADGM. The FSRA has demonstrated its cutting edge and highly sophisticated international team focused on this sector -a terrific benefit for this mandate and the future of the region."

The cross-border Clifford Chance team was led by partners Jack Hardman and Diego Ballon Ossio, with a team of international specialists: In London, our FMI and regulatory specialists Emanuel Gutwenger, Madeleine Yates, Anastasia Mikhaleva and Akanksha Bhagat. In the UAE, Cheuk Yin Cheung, head of financial products and in Singapore partner Lena Ng. The wider team across the firm included: Yaru Chia, Ella Fellows-Moore, Ilijah Gibbs, Claudia Madrid, Brynley Hamer and Li Ma.

Clifford Chance advises the banks on Imerys' cash tender offer and issuance of new notes

Mon, 08 Dec 2025 14:52:25 GMT

In the context of this transaction, Imerys repurchased €256,500,000 of its €600,000,000 1.50% notes due 15 January 2027, issued on 17 January 2017 and admitted to trading on the regulated market of the Luxembourg Stock Exchange.

Simultaneously, Imerys issued €600,000,000 new senior unsecured notes with a 7-year maturity and a fixed annual coupon of 4.00%. This transaction attracted strong demand from a diversified base of institutional investors and was largely oversubscribed.

Clifford Chance advised the banks involved in the tender offer and the new issue, with its team consisting of Cédric Burford (partner), Auriane Bijon (counsel), Jessica Hadid (senior associate) and Sabrine Kadi (associate).

Global law firm Clifford Chance has advised on the issuance of Doha Bank’s inaugural Digitally Native Note representing the MENA’s first digitally issued bond on Euroclear's D-FMI

Mon, 08 Dec 2025 13:44:00 GMT

The digitally native notes were cleared and settled on Euroclear's D-FMI, the part of the Euroclear system by means of which the settlement of issuance, transfers and redemption of digitally native notes and related payments are recorded. The digitally native notes have been rated A- by Fitch and shall be listed on the London Stock Exchange's International Securities Market with effect from 5 December 2025.

The transaction contributes to Clifford Chance's ever-growing track record in the digital bond space, having recently advised on the first ever digital gender bond by Akbank

The international Clifford Chance team advising Standard Chartered Bank as Sole Lead Manager was led by Stuart Ure (Head of Middle East Capital Markets) and Alexander Tollast (counsel), with support from Alekhya Prakash (counsel), Veronica Valerio (associate) and Alvin Boateng (trainee).

Partner Stuart Ure said, “We are proud to have supported all the stakeholders on this landmark transaction, which will set the benchmark for potential future issuances from clients in the region using the Euroclear D-FMI infrastructure.”

The Clifford Chance team advising Citibank N.A., London Branch as DNN Agent and Fiscal Agent consisted of Partner Bruce Kahl, Andrew Whelan and Callum Florence.

Clifford Chance advises Siemens Financial Services, HOCHTIEF and Demeter on their joint investment in Vulcan Energy's lighthouse project, Lionheart, to strengthen Europe's battery value chain

Mon, 08 Dec 2025 09:53:00 GMT

Building a sustainable lithium supply, resource security for electromobility, and a new benchmark in sustainable project development, Lionheart is set to deliver 24,000 tonnes of battery-quality lithium to power 500,000 electric vehicles per year - major progress for raw materials independence for Europe. In addition, it will also co-produce 275 GWh of power and 560 GWh of heat per year.

Vulcan Energy is building the world’s first carbon neutral, integrated lithium and renewable energy business to decarbonise battery production. Harnessing natural heat to produce lithium from sub-surface brines and to power conversion to battery-quality material and using its in-house industry-leading technology, Vulcan Energy is building a local, low-cost source of sustainable lithium for European electric vehicle batteries.

The Clifford Chance team advising on M&A and financing matters of this transaction was led by partners Dominik Heß (Corporate/M&A) and Florian Mahler (Global Financial Markets, both Düsseldorf) and further comprised senior associates Yannick Niedergethmann and Lennart Göbel as well as associate Yannik Trauschold (all Corporate/M&A, Düsseldorf), partner Nicolas Cookson and senior associate Birte Hüller (both Global Financial Markets, Düsseldorf), partner Dimitri Slobodenjuk, counsel Caroline Scholke and associate Lisa Rotterdam (all Antitrust, Düsseldorf) as well as partner Olaf Mertgen and senior associate Christian Klein (both Tax, Frankfurt).