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Clifford Chance advises Euroclear and Clearstream on the launch of a new Dematerialised Notes structure

Tue, 17 Mar 2026 10:56:00 GMT

The new structure removes the need for paper‑based note certificates, representing a significant step forward in the ICSDs’ broader efforts to modernise the issuance and settlement of debt securities. By leveraging existing market infrastructure while introducing a fully dematerialised solution, the product delivers a more streamlined and resilient issuance process for market participants.

This initiative is intended to serve as a foundation for the modernisation and digitisation of the Eurobond market, with a clear focus on enhancing efficiency, accelerating issuance timelines, reducing operational and settlement risk, and preserving the market’s global attractiveness and competitiveness. The structure also supports a more sustainable issuance process, aligning closely with ESG‑related objectives through the elimination of physical documentation.

The current in-scope issuers for the new structure are: (i) entities incorporated under the laws of England & Wales, Scotland or Northern Ireland; and (ii) supranational issuers.

Clifford Chance advised the ICSDs respectively on English, Belgian and Luxembourg law, as well as UK and U.S. tax matters, in connection with the projects. As part of the engagement, the team developed a comprehensive Legal Pack designed to assist market participants in updating traditional Eurobond documentation to enable issuance under the new structure. The Legal Pack has been published by the ICSDs on their respective websites.

The Clifford Chance team was led by partners Matteo Sbraga, Steve Jacoby and Lounia Czupper, supported by consultant Jeremy Walter, knowledge director Jessica Walker, counsel Boika Deleva, senior associates Domenico Cullura and Ayan Koshal, associate Dominik Schlarb and consultant Andrew Coats.

Tax advice was provided by partners Jemma Dick, Avrohom Gelber, director Cameron Dwyer and associate Alex Shaw.

Clifford Chance advises EIG, Schroders Capital and Eiffel Investment Group on milestone €500 million financing for ENERPARC AG’s expansion

Mon, 16 Mar 2026 17:12:00 GMT

The Clifford Chance team supported the consortium of global asset managers on all aspects of the transaction which enables ENERPARC AG to pursue its medium-term growth targets and further expand its portfolio of solar and co-located battery energy storage systems across Germany, France and Spain.

This transaction underlines Clifford Chance’s commitment to supporting clients in the energy transition and its ability to deliver on complex financings solutions that promote sustainable growth.

The international Clifford Chance team was led by partner Florian Mahler and further comprised counsel Bahar Rahimyar, senior associate Birte Hüller, associate Maximilian Schroff and senior transaction lawyer Rima Lenders (all Global Financial Markets, Dusseldorf), partner Christof Häfner (Global Financial Markets, Frankfurt), partner Dominik Engl, counsel Claus-Peter Knöller and associate Christina Wanner (all Tax, Frankfurt), partner Gregor Evenkamp (Munich) and counsel Werner Radziwill (Frankfurt, both Global Financial Markets), of counsel Björn Heinlein and senior associate Marie Georgi (both Corporate/Energy, Dusseldorf) as well as partners Chloé Desreumaux and Julien Rocherieux, counsel Nina Yoshida and associate Ophélie Han Fing (all Global Financial Markets, Paris).

Clifford Chance advises National Storage Affiliates in its agreement to be acquired by Public Storage

Mon, 16 Mar 2026 12:00:00 GMT

Under the terms of the agreement, holders of NSA common shares and operating partnership units will receive 0.14 of a share of PSA common stock or partnership unit for each NSA share or unit they own, representing a total consideration of US$41.68 per share based on PSA’s closing share price on March 13, 2026.

The transaction was led by M&A partners Chang-Do Gong and Robert Chung; Capital Markets partner Andrew Epstein and senior counsel Jay Bernstein; and Real Estate partner Jeanne Roig-Irwin. They were supported by counsel Tae Ho Cho, associates Zoya Afridi, Jed Tifft and Paul Lakkis and law clerk Cormac O’Halloran on capital markets matters, and associates Marina Livingston, Ed Vaunder, and Vicki Ye, and foreign lawyer Ariel Cohen, and law clerk Danielle Mimeles on M&A matters. The wider team included:

• Real estate: associates Felicia Siegel and Tanecia Britt
• Tax: partner Michael Seaton, associate Sharon Yu
• Employment and benefits: partner Reuven Falik, counsel Meghan Fox, associates David Walsh and Emma Himes
• Debt capital market: partner Gary Brooks
• Antitrust: Partner Brian Concklin, counsel Lauren Rackow.

Chance advises Azelis on its €400 million bond refinancing

Thu, 12 Mar 2026 16:46:00 GMT

Clifford Chance has previously advised Azelis on multiple financing transactions, including the company's IPO on Euronext Brussels and the related financing arrangements in 2021, its €400 million debut bond offering in 2023 and its €1.7 billion bond and loan refinancing in 2024. The proceeds from this transaction will be used to refinance certain existing debt of the company, extending its debt maturity profile and reducing its cost of capital.

Clifford Chance's high yield bond team was led by London partner Drew Rundus and associates Aritra Saha and Saherish Surani. Belgian law advice was provided by senior counsel Wim Aerts and associate Sonia Belhassen.

Clifford Chance advises managers on Ahold Delhaize’s €800 million dual-tranche notes transaction listed on Euronext Dublin

Thu, 12 Mar 2026 10:41:57 GMT

BNP PARIBAS, BofA Securities (sustainability structuring coordinator), ING, J.P. Morgan and Rabobank acted as joint lead managers, and ABN AMRO, Erste Group, SMBC and Wells Fargo acted as co-managers. The notes settled on 12 March 2026 and are listed on Euronext Dublin. Read more about this transaction here.

The Clifford Chance team was led by Dewi Walian and consisted of Mark van Brest, Yassin van Meel and Rody Mettler (Global Financial Markets) and Nolan Groenland, Robin Houtveen and Johan Anton Niesten (Tax).

Clifford Chance advises 3i Infrastructure plc on its investment in Lefdal Mine Datacenter

Wed, 11 Mar 2026 16:58:00 GMT

The Clifford Chance team was led by Global Co-Head of Infrastructure Charlotte Madden and Global Head of Funds Alexandra Davidson, together with Josh Reynolds, Erin Hanson, Camilla Blower, Caitlin Haynes and Ema Khan. The wider team included colleagues advising on Tax, Regulation, Antitrust and Real Estate.

Clifford Chance advises BD on global spin-off of its Biosciences & Diagnostic Solutions Business

Wed, 11 Mar 2026 12:25:00 GMT

Biosciences is a leader in immunology and cancer research solutions and related clinical diagnostics, including flow cytometry instruments and reagents, and innovative multiomics tools. Diagnostic Solutions is a leader in microbiology and infectious disease diagnostics, including molecular diagnostics, cervical cancer screening, microbiology automation, and point-of-care offerings. For calendar year 2025, BD's Biosciences & Diagnostic Solutions business was expected to generate revenue of approximately US$3.4 billion.

The Clifford Chance team responsible for the spin-off was centrally led by a Clifford Chance Germany team and involved almost 20 Clifford Chance offices around the globe.

The Clifford Chance team for BD is led by partner Simon Schmid and comprised partner Christoph Holstein, senior associates Ribana Piontek and Varinia Keßler, associate Tobias Jenne (all Corporate/M&A), partner Sebastian Ritz, senior associate Alexander Stemmler, associate Max Klein (all Employment), partners Gunnar Sachs and Torsten Syrbe, senior associate Annabel Joschko and associate Pia-Sophie Weber (all Healthcare/Regulatory; all Düsseldorf), partner Philipp Stoecker and senior associate Ahmad Zaheri (both Real Estate), partner Holger Lutz and senior associate Michael Kümmel (both Commercial Contracts, all Frankfurt). From the firm's New York office partner Ben Sibbett advised with associates Stephanie Kilmer, Vicki Ye and Michelle Green (all Corporate/M&A) on the US separation work.

In addition, lawyers from Clifford Chance offices in Amsterdam, Barcelona, Brussels, Hong Kong, Istanbul, London, Milan, New York, Paris, Prague, Riyadh, Shanghai, Singapore, Sydney, Tokyo and Warsaw advised on the matter.

Clifford Chance names Alexandra Wilde as Houston Office Managing Partner amid continued US growth

Tue, 10 Mar 2026 18:15:00 GMT

Wilde, who joined the firm as a partner in the Corporate M&A practice in 2023, advises private equity and strategic investors in M&A, divestitures, minority and majority investments, joint ventures and other corporate matters. She also has deep experience in the energy, infrastructure and industrial sectors, including energy transition (such as solar, wind, battery storage, biofuels, clean tech and other clean and renewable energy), traditional upstream/midstream/downstream oil and gas, transportation and logistics, manufacturing, defense, aerospace and specialty chemicals.

"Alex is the right leader for our Houston office at an important moment in Clifford Chance’s growth in the US," said Regional Managing Partner for the Americas Sharis Pozen. "Houston is a critical market for our clients and for the firm, particularly across energy, infrastructure, private capital and complex cross-border matters. Alex brings outstanding judgment, strong client relationships and a deep understanding of the sectors driving demand in this dynamic market, and I am confident she will help lead the next phase of our growth across the US region."

Wilde said, "I am honored to take on this role at such an exciting time for our Houston office. Since opening in 2023, we have built a strong platform in a market that is central to our clients and to many of the firm’s global priorities. I look forward to working with our outstanding team in Houston and across the firm to continue building our presence and supporting clients across this important business hub."

Since opening in 2023 to expand the firm's global Energy & Infrastructure practice, Clifford Chance's Houston office has grown to more than 40 attorneys, and continued growth is underway. The office advises clients on energy, infrastructure, environmental transactions, regulatory, tax, M&A, private capital, technology and Latin American matters.

Clifford Chance advises Zelestra on a USD 176 million green financing for the Babilonia solar project in Peru

Tue, 10 Mar 2026 12:01:34 GMT

The Babilonia project strengthens Zelestra’s track record in the country and will become part of the La Joya solar complex in Arequipa, which will reach an installed capacity of nearly 700 MW. This complex includes the San Martín plant (300 MW, currently in operation) and the San Joaquín project (125 MW, at an advanced stage of development).

Clifford Chance’s legal advice involved a team from the Global Financial Markets practice, bringing together professionals from several offices.

From Madrid, the matter was led by partner José Guardo, supported by counsel Eduardo Sánchez, senior associate Ángel Muñoz, and junior associates Yago López and Asier Vivanco.

From Washington D.C., the team included partner Fabricio Longhin and associate Douglas Mulliken; and from New York, associate Mariana Gutiérrez Ruiz.

This transaction strengthens Clifford Chance’s position as a leading firm in renewable energy project finance and further reinforces its experience in the development of next‑generation energy infrastructure globally.

Clifford Chance advises PATRIZIA on launch of €500 million joint venture for Berlin residential development programme

Tue, 10 Mar 2026 10:31:20 GMT

PATRIZIA has partnered with Berlin-based developer COSIMO Investment Group to develop an initial pipeline of around 2,000 residential units over the coming years, with up to €200 million of equity capital to be deployed through PATRIZIA’s Living strategy within the overall €500 million development programme.

The cooperation forms part of PATRIZIA’s pan-European Living investment platform, which is deploying capital into high-conviction, value-add residential opportunities in structurally undersupplied urban markets across Europe.

The Clifford Chance team advising PATRIZIA on this transaction was led by partner Fabian Böhm and further comprised partner Kristina Jaeger, counsel Jonathan Klein, senior associates Magda Pawela-Häusler and Ahmad Zaheri, and senior transaction lawyer Sophie Töke (all Real Estate, Frankfurt), partner Dominik Engl, transaction lawyer Jule Geiger (both Frankfurt) and tax consultant Leonie Gebauer (Munich, all Tax), as well as partner Saskia Myners, counsel Sascha Nolte and trainee lawyer Céline Niederkorn (all Corporate, Luxembourg).

Clifford Chance advises ICG on acquisition of majority stake in Ray8 Energy

Tue, 10 Mar 2026 09:41:00 GMT

The investment marks ICG's entry in Japan's BESS market and expands its renewable energy investment in the country beyond solar.

Partner Natsuko Sugihara led the transaction, with support from partner Yusuke Abe, counsel Shunsuke Nagae, senior associates Tomohiro Terada, Brendan Harvey and Yuri Higashi, and associates Lewin Lim and Ryokei Abe.

Natsuko said, "ICG’s investment in Ray8 Energy is an important transaction for Japan’s growing battery energy storage market and reflects the increasing role of BESS in supporting the energy transition. Our deep energy and infrastructure expertise and strong Japan capabilities were instrumental in navigating the regulatory and commercial complexities of the transaction."

Ray8 is a Tokyo-based platform focused on the development, ownership and long-term operation of grid-scale battery energy storage projects across Japan. Ray8 Energy aims to invest approximately JPY50 billion to develop and own more than 1,000 MW of installed BESS capacity over the next five years.

For more details of the transaction, read ICG's announcement.

Clifford Chance advises HA Sustainable Infrastructure Capital on its US$600 million junior subordinated notes offering and US$400 million senior unsecured notes offering

Mon, 09 Mar 2026 16:15:00 GMT

The New York-based capital markets team was led by partner Andrew Epstein, counsel Matt Worden and associate Kimara Davis. They were further assisted by law clerk Cormac O'Halloran. Partner Michael Seaton and associate Michaela Morr assisted with tax matters.

Clifford Chance advises lenders on Helios and HFP take private of CAB Payments

Mon, 09 Mar 2026 15:55:00 GMT

The firm's team was led by partner Jim MacHale, with associates Rachel Lodge and Chantelle Richter and trainee Chelsea Nkafu (Debt Finance) and partner Olivia Higgs and senior associate Faeezah Tailor (Corporate Transactions).

Clifford Chance advises Generali on €337 million sale of Irish and Northern Irish operations to Zurich Insurance Group

Mon, 09 Mar 2026 15:28:00 GMT

The sale is fully aligned with Generali’s “Lifetime Partner 27: Driving Excellence” strategic plan, and in line with Generali’s focus on core insurance markets where the Group already holds scale and a leading presence. The transaction is subject to customary regulatory approvals.

The team was led from London by partner Ashley Prebble, senior associate Nancy Li and Anita Arianpour, with support from counsel Miguel Barredo and María Viñas in Madrid, Tech//Digital support from counsel Mark Comber and Sophie Nannetti. A&L Goodbody acted as Irish counsel to Generali.

Clifford Chance advises underwriters on US$750 million Senior Notes Offering by Alexandria Real Estate Equities, Inc.

Mon, 09 Mar 2026 14:00:00 GMT

The New York-based capital markets team was led by partner Andrew Epstein, counsel Tae Ho Cho and associate Jarek Peterson, along with partner Gary Brooks. They were further assisted by law clerk Kayla He. Partner Michael Seaton and associate Milica Pavlovic assisted with tax matters.

Clifford Chance advises on sale of stake in Raksul in Goldman Sachs-backed MBO

Mon, 09 Mar 2026 03:57:00 GMT

Partner Michihiro Nishi led the transaction, with senior associate Tomohiro Terada driving execution and counsel Shunsuke Nagae advising on key aspects of the transaction.

Michihiro said, "The transaction demonstrates the depth of private capital interest in high‑quality Japanese businesses and the continued use of sponsor‑backed take‑private processes to execute complex public transactions efficiently."

Raksul operates online platforms connecting customers with printing, advertising and logistics providers in Japan, helping to improve efficiency across traditionally analogue industries. Its businesses span online printing and marketing services, television advertising through its Novasell platform, logistics solutions and corporate IT services. The company is listed on the Prime Market of the Tokyo Stock Exchange.

Clifford Chance regularly advises on public tender offers and complex transactions involving Tokyo Stock Exchange‑listed companies, including sponsor‑backed management buyouts and other strategic acquisitions. The firm most recently advised Prime Strategy on its strategic alliance and public tender offer by GMO Internet Group.

Clifford Chance advises initial purchasers and joint bookrunners on Ueno Bank S.A.'s inaugural notes offering

Fri, 06 Mar 2026 18:28:00 GMT

Ueno is the first Paraguayan digital universal bank and the largest Paraguayan bank by number of clients, credit cards, debit cards, and client transactions. The transaction marks Ueno's entry into the international capital markets. Proceeds from the offering will be used for general corporate purposes, including financing growth opportunities, liability management, and credit origination.

The team was led by partner Hugo Triaca, supported by associates Joyce Moore and Juan Andrés Bosch. Partner Avrohom Gelber and associate Jihyun Lee advised on tax matters.

Clifford Chance has advised on numerous similar transactions in the region, including recently advising initial purchasers on the debut international notes offering by Peruvian electricity company Luz del Sur, and Mobiliare on its debut notes issuance in the international capital markets.

Clifford Chance advises 3i Infrastructure plc on the sale of TCR to GIP

Fri, 06 Mar 2026 09:07:21 GMT

The Clifford Chance team was led by Global Head of Infrastructure Charlotte Madden with support from Megan Hodges, Augusta Thorneycroft and Luke Gueli.

Clifford Chance advises SMBC on first-of-its kind JOLCO transaction for IndiGo in India

Fri, 06 Mar 2026 09:02:00 GMT

The transaction involved the financing of two Airbus A320neo family aircraft and represents the first ever JOLCO structure to be executed in India through GIFT City, marking a significant milestone for the country’s aviation finance market.

The transaction sets an important benchmark for innovative aircraft financing in India, providing IndiGo Group with a flexible and cost-effective leasing solution as it continues to expand its fleet and strengthen its market position. The successful completion of the transaction highlights the growing sophistication of India's aviation finance market and the increasing appetite for advanced financing structures.

Lead partner Fergus Evans commented, "We are delighted to have supported SMBC on this landmark transaction, which paves the way for further innovation in the Indian aviation finance market. Delivering the first JOLCO transaction in India required a collaborative and solutions-focused approach from all parties, and we are proud to have played a role in bringing this important deal to fruition."

Fergus was assisted on the transaction by counsel Nattawat Vilasdechanon, senior associate Vanessa Heng and associate Caiying Seah.

The transaction underscores Clifford Chance’s expertise in complex cross-border aviation finance and its ability to support clients on first-of-their-kind transactions in high-growth markets.

Clifford Chance advises ING and Rabobank on Vesteda’s €600 million bridge financing

Fri, 06 Mar 2026 09:00:00 GMT

The Clifford Chance team advising on this transaction included Titus de Vries, Boudewijn Vermeer, Amin Tamaddoni, Emma Trooster, Robin Houtveen, Stern Flik and Najib Muslem.