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Clifford Chance advises IFC and Proparco on financing Benin's first solar independent power producer project

Wed, 04 Nov 2026 15:45:00 GMT

Located in Natitingou, Djougou, Parakou and Bohicon, the power plants will operate under separate power purchase agreements with the Société Béninoise de Production d'Électricité (SBPE). Together, they are expected to provide clean electricity to approximately 383,000 people and increase domestic electricity generation by 17% over the 2028-2035 period, supporting Benin's ambition to increase the share of renewable energy in its energy mix to 30% by 2030.

Financing for the projects combines resources from IFC and Proparco with blended finance mobilised by IFC from the Clean Technology Fund. It includes IFC A loans and concessional senior financing from the Clean Technology Fund, alongside financing from Proparco. IFC and Proparco are each providing approximately €14 million in financing for the projects. The transaction also marks Proparco's first financing of an energy project in Benin.

By expanding domestic renewable electricity generation, the projects will contribute to the diversification of Benin's electricity mix. With more than 80% of the country's installed electricity generation capacity currently dependent on thermal power, the four solar plants are expected to reduce reliance on fossil fuels and electricity imports while supporting the country's energy independence.

The Clifford Chance team advising IFC and Proparco on the financing was led in Paris by partner Corinne Duvnjak, supported by counsel Thomas Chneiweiss and associate Nour Fakhoury who advised on the project development and financing aspects. Senior counsel Fabien Jacquemard and associate Santiago Ramirez advised on the hedging aspects. In London, partner Edward Bretherton and associates Ben Stewart and Abi Kumaranathan advised on the construction aspects of the transaction.

Press contact: Lydia Persico

Clifford Chance advises Pernod Ricard on its bond tender offer and its inaugural €1.5 billion hybrid bond issuance

Wed, 04 Nov 2026 15:34:05 GMT

The tender offer targeted seven series of outstanding notes maturing between September 2027 and November 2032, including two series of sustainability-linked notes.

Simultaneously, Pernod Ricard issued two new series of Euro-denominated undated deeply subordinated hybrid notes under its EMTN programme, of €750 million each, consisting of a non-call 5.25-year series with an initial coupon of 5.625% and a non-call 8-year series with an initial coupon of 6.125%. The notes were admitted to trading on Euronext Paris.

The net proceeds of the issuance were used in part to finance the tender offer. Following completion of the offer, Pernod Ricard accepted for repurchase outstanding notes in an aggregate principal amount of €1,219.4 million. All notes purchased were cancelled, with settlement having occurred on 30 October 2026.

The Clifford Chance team was led by partners Auriane Bijon and Cédric Burford, with senior associate Jessica Hadid and associate Sabrine Kadi.

Press contact: Lydia Persico

Clifford Chance advises on the financing of CMC Group and Asterion Industrial Partners’ recommended cash offer for Mobico Group

Wed, 04 Nov 2026 11:39:51 GMT

Mobico Group, formerly National Express Group plc, is a diversified transport business with operations spanning coach, rail, bus, shuttle and paratransit in Europe, the US, North Africa and the Middle East. The transaction values Mobico’s entire issued and to be issued ordinary share capital at approximately £308 million, with an implied enterprise value of approximately £2.3 billion.

The cross-practice Clifford Chance team was led by London Debt Finance partner Julia House, with support from Louise Baxter, Kate McComiskey, Daniel Braun, Ben Lin and Sonny Folland. The wider team included Drew Rundus and Yash Ranade (High Yield); Rui Huo and Tom Masters (M&A); Anne Drakeford and Phil Sandu (Hedging); Maria Sabau (Financing – Madrid); and Jemma Dick (Tax).

Press contact: Chanelle Mutawe

Clifford Chance advises China Evergrande liquidators on agreement to sell controlling stake in Evergrande Property Services to PAG

Wed, 04 Nov 2026 08:25:00 GMT

The agreement will involve the sale of approximately 51.016% of Evergrande Property Services to Everest Holdings I Limited, an investment vehicle ultimately owned by PAG, for an aggregate consideration of approximately HK$4.03 billion, following a competitive sale process conducted by the liquidators. Completion is subject to regulatory approvals and other customary conditions, with Clifford Chance continuing to advise through to completion.

The Clifford Chance team is led by partner Alex Bidlake, with counsel Chloe Choy and senior associate Declan Ng advising on M&A aspects of the transaction. Partners Scott Bache and Phoebe Lo and associate Arthur Cheung are advising on liquidation aspects.

Media contact: Fenix Wong

Clifford Chance advises ING and SACE on €200 million financing for VakıfBank

Tue, 03 Nov 2026 13:50:00 GMT

The financing has a tenor of 10 years and is guaranteed by SACE for 95%. The facility is intended to meet the financing needs of customers foreign trade with Italy. The transaction is expected to support customers’ access to trade finance while also contributing to the growth of trade volume between Türkiye and Italy.

The cross-border Clifford Chance team was led by partners Anna Thwaites (Frankfurt), Sohini Kar-Purkayastha (Paris), Sait Eryılmaz (Istanbul, all Project Development & Finance) and counsel Filippo Tassoni (Debt Finance, Rome), and included counsel Ali Can Altıparmak (Project Development & Finance, Istanbul), senior associate Giuseppe Chiaula (Debt Finance, Munich) and associates Aykan Karpuzcu (Istanbul) and Camille Bamba (Paris, both Project Development & Finance).

Press contact: Lisa Trager

Clifford Chance advises Crédit Agricole on the signing of an agreement to acquire IKB Deutsche Industriebank

Tue, 03 Nov 2026 12:29:00 GMT

The Clifford Chance team was led by partners Thomas Krecek (Corporate/M&A, Frankfurt), Marc Benzler (Financial Regulation, Frankfurt), Mark Aschenbrenner (Corporate/Private Equity, Munich), Dominik Engl (Tax, Frankfurt) and Marc Besen (Antitrust, Düsseldorf), and also included partner Holger Lutz, counsel Nadine Neumeier and associate Stephanie Giek (all Tech Digital, Frankfurt), senior associates Marie Möllering and Friedrich von Bülow, associates Julien Schickling and Stefan Karle (all Corporate/M&A, Frankfurt), partner Christopher Fischer and associate Maximilian Schunder (both Employment, Frankfurt), senior counsel Kerstin Schaepersmann (Frankfurt) and senior associate Judith Werkmeister (Munich, both Financial Regulation), counsel Claus-Peter Knöller (Tax) and Amrei Fuder (Real Estate, both in Frankfurt), senior associate Christian Primus and associate Yannick Dabie (both Disputes, Frankfurt and Düsseldorf), legal project manager Marlene Böker (Frankfurt) as well as partners Mathieu Remy, Catherine Naroz (both Corporate/M&A), Frédérick Lacroix (Financial Regulation) and Florence Aubonnet (Employment, all Paris).

Floriane Corbeau and Chloé Polo acted as in-house counsel for Crédit Agricole.

Press contact: Lisa Trager

Clifford Chance advises the European Stability Mechanism on benchmark €1 billion digitally native notes issuance

Tue, 03 Nov 2026 11:48:00 GMT

The transaction was carried out as part of the Eurosystem’s Pontes initiative, which enables wholesale financial transactions recorded on distributed ledger technology (DLT) to be settled in central bank money. As the first benchmark issuance by a European supranational issuer to be settled through Pontes, the transaction represents an important step in the development of Europe’s digital capital markets. Investors were able to take advantage of the decision of the Eurosystem earlier this year to accept marketable assets issued in central securities depositaries (CSDs) using DLT as eligible collateral for Eurosystem credit operations.

The notes have an aggregate principal amount of €1 billion, bear interest at a rate of 3.375% per annum and are due on 8 April 2030. Banco Santander, S.A., DZ BANK AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main, HSBC Continental Europe and Société Générale acted as Joint Lead Managers on the transaction.

The cross-border Clifford Chance team was led by partners Steve Jacoby and Cristina Freudenberger and counsel Alexander Tollast, supported by counsels Boika Deleva and Dominik Schöneberger, along with Dominik Schlarb, Lilli Neubauer and Angélique Torre.

Press contact: Chanelle Mutawe

Clifford Chance advises joint global coordinators on Eurocommercial's €128.4 million capital increase

Tue, 03 Nov 2026 10:35:00 GMT

ABN AMRO Bank N.V., in cooperation with ODDO BHF and ING Bank N.V., with Baader Bank AG, acted as joint global coordinators. The shares were admitted to listing and trading on Euronext Amsterdam, Brussels and Milan on 3 November 2026. Read more about this transaction here.

The cross-border Clifford Chance team was led by partner Han Teerink and included associate Robert Bulte and trainee lawyer Ramon van Zonneveld in Amsterdam, as well as partner George Hacket supported by counsel Andrei Manea and senior associate Carla Winslow-Kruger, advising on US securities law out of the Frankfurt office.

Press contact: Iva Celic

Clifford Chance further strengthens merger control credentials with hire of CMA Director of Mergers Kasia Bojarojć

Tue, 03 Nov 2026 10:00:00 GMT

Kasia joins from the Competition and Markets Authority (CMA), where she was a Director of Mergers, leading complex Phase 1 and Phase 2 investigations. Prior to the CMA, she spent around a decade in private practice advising on merger control and antitrust matters, including significant cross-border transactions and work for private equity clients, with experience across technology, telecommunications, financial services, consumer markets, life sciences, and transport and infrastructure.

Nelson Jung, partner and head of London antitrust at Clifford Chance, commented:

“Kasia will further strengthen our antitrust offering at a time when merger control and foreign investment regimes are becoming increasingly complex and are firmly on the boardroom agenda. Her appointment reflects the continued commitment of our Band 1 practice to offer insightful, leading regulatory expertise. Kasia’s combination of senior CMA and extensive private practice experience will help our clients cut through complexity and give them an advantage as they navigate this evolving landscape.”

Kasia Bojarojć, said:
"I am delighted to be joining Clifford Chance. The firm has an exceptional reputation for advising on the most complex and significant transactions globally and I am looking forward to working with colleagues across the network to help clients navigate an increasingly sophisticated regulatory environment."

Kasia’s appointment continues a period of significant investment in Clifford Chance’s global antitrust practice, which has added 10 lateral partners since 2021, most recently Vittorio Cottafavi and Stacy Frazier in Washington, DC. The team continues to advise clients on antitrust and regulatory aspects of complex, high profile M&A transactions, including; BT Group on the acquisition of TalkTalk and PlatformX, Electronic Arts acquisition by a consortium comprising PIF, Silver Lake and Affinity Partners and Unilever on the combination of Unilever Foods1 with McCormick and Company, Inc.

Press contact: Chanelle Mutawe

Clifford Chance advises Citigroup on its US$494.75million debt-for-reconstruction swap for National Power Company Ukrenergo

Tue, 03 Nov 2026 09:05:00 GMT

The transaction involved the exchange of Ukrenergo's existing $825million eurobond for a mix of cash and new unguaranteed Ukrenergo bonds on terms agreed with existing noteholders, using funds provided by new investors in a series of U.S.$494,750,000 Secured Reconstruction Notes underwritten by Citigroup and issued by Mavka Finance DAC. Ukrenergo's existing eurobond and Ukraine's sovereign guarantee were amended and restated and delivered to Mavka Finance as consideration and collateral for the new funding. The Reconstruction Notes benefit from a political risk insurance policy provided by the United States International Development Finance Corporation, a US federal agency, provided to Mavka Finance.

Deborah Zandstra, partner who led the Clifford Chance team, said: "This important transaction is a significant innovation in the use of a debt conversion structure to facilitate the restructuring of existing debt and provide much needed private sector financial support for Ukraine's energy sector."

The global cross-practice Clifford Chance team was led by partners Deborah Zandstra and Jonathan Zonis, senior associates James Kelton and Sophie Wilkinson, associates Alexandra Machado and Bailey James, law clerk Natalie Deradi and trainee solicitors Sam Jewell, Haylee Cheam and Yasmin Tajalli. The wider team included Marie Berard, Caroline Dawson, Cameron Dwyer, Avrohom Gelber and Tom Dyer, among others. The trustee, The Bank of New York Mellon, London Branch, was advised by Bruce Kahl and Andy Whelan.

Press contact: Emma Cessford

Clifford Chance advises MUFG on establishment of EU universal bank

Mon, 02 Nov 2026 16:58:00 GMT

The universal bank will be headquartered in Amsterdam and will bring together MUFG's banking and securities operations in the European Union. Read more about the transaction here.

Mark-Jan Arends, partner at Clifford Chance, commented: "We are pleased to have supported MUFG on this significant strategic initiative. Bringing together banking and securities activities within a single framework required careful navigation of a complex regulatory and operational landscape. The establishment of a universal bank reflects MUFG's long-term commitment to the European market and represents an important milestone in the integration of its European banking and securities activities."

The cross-border Clifford Chance team was led from Amsterdam by partner Mark-Jan Arends and the core team included counsel Serkan Özel and associate Lauresse Anemaet. Partner Yusuke Abe provided corporate finance advice in Tokyo, while partner Paget Dare Bryan advised on structured finance aspects in London. Employment law advice was provided by partner Floris van de Bult, counsel Astrid van Ommeren and senior associates Iga Mamczarz and Najib Muslem in Amsterdam, and counsel Susan Ekrami and associate Clémentine Marçais in Paris. Advice on financial regulatory aspects was provided by partner Jurgen van der Meer, counsel Heiko-Jan Lameijer, senior advisor Robert Smits, senior associate Marina Sarkisjan and associate Bart Stuyfzand in Amsterdam, and partner Frédérick Lacroix, senior counsel Hélène Kouyaté and associate Ryan-Landry Yohou in Paris.

The team was further supported by counsel Andrei Mikes in Amsterdam on technology-related aspects, as well as trainee lawyer Merel van den Burg in Amsterdam, and counsel Katerina Drakoularakou and associate Reina Mahmoud in Paris on corporate aspects.

Press contact: Iva Celic

Clifford Chance partners re-elect Adrian Cartwright as Senior Partner

Fri, 30 Oct 2026 16:27:00 GMT

Adrian Cartwright, Senior Partner, commented: “It is an honour to serve a second term as Senior Partner. Our success is built on the strength of our partnership, the talent and commitment of our people and the trust of our clients. I look forward to working alongside the Partnership Council, Charles and colleagues across the firm as we build on our shared achievements."

Charles Adams, Global Managing Partner, commented: “Adrian has played an important role in supporting the firm, our people and our partnership over the past four years. I look forward to continuing to work closely with him as we continue to strengthen the firm and create lasting advantage for our clients.”

Press contact: Emma Cessford

Clifford Chance ist Kanzlei des Jahres für Patentrecht

Fri, 30 Oct 2026 12:04:49 GMT

In ihrer Laudatio hob die JUVE-Redaktion hervor: "Clifford Chance zeigt, wie strategischer Wiederaufbau gelingt: In nur vier Jahren hat sie eine schlagkräftige Prozesspraxis entwickelt, die heute zu den Top-Adressen für SEP-Patentstreitigkeiten zählt. Die enge Beziehung der renommierten Partner Tobias Hessel und Stefan Richter zu Huawei bildet die Grundlage für neue Mandate. Auch weitere Mitglieder des Access Advance Pools vertrauten bei einer aufmerksamkeitsstarken Klageserie um Videocodierung gegen Meta auf das Team. Gleichzeitig nutzt Clifford geschickt die guten Verbindungen zu Life Science-Mandanten, um ihre Prozesstätigkeit weiter auszubauen. Ein Beispiel dafür ist die Vertretung von Pfizer in umfangreichen UPC-Verfahren um mRNA-Patente."

Partner Dr. Tobias J. Hessel nahm für Clifford Chance den Preis entgegen: „Wir freuen uns sehr über diesen Award. Er bestätigt unseren Fokus auf Patentverletzungsverfahren in unterschiedlichen Technologiebereichen und die strategische Begleitung unserer Mandanten. Vor allem aber ist die Auszeichnung ein großartiger Erfolg unseres noch jungen Teams. Darauf sind wir stolz, und zugleich ist es für uns Ansporn, unseren Weg konsequent fortzusetzen und unsere Mandanten auch künftig an der Schnittstelle von Recht und Technik auf höchstem Niveau zu begleiten.“

Komplettiert wird der Erfolg in diesem Jahr mit gleich zwei weiteren Nominierungen als Kanzlei des Jahres in den Kategorien M&A und Dispute Resolution.

Die JUVE Awards gelten als eine der wichtigsten Branchenauszeichnungen im deutschen Rechtsmarkt. Der JUVE Verlag prämierte in diesem Jahr insgesamt in 18 Kategorien Wirtschaftskanzleien und Inhouse-Teams, die in den vergangenen zwölf Monaten durch eine besonders dynamische Entwicklung aufgefallen sind. Die Auszeichnungen basieren auf einer umfangreichen Marktanalyse der Redaktion und mehreren tausenden Einzelgesprächen mit Mandanten und Kanzleien.

Press contact: Lisa Trager

Clifford Chance advises Sonar Real Estate on sale of Potsdam site to HPF Real Estate for development of student housing

Thu, 29 Oct 2026 13:01:24 GMT

The site currently comprises a car park and coach houses with a gross floor area of approximately 4,000 square metres. The purchaser plans to develop student housing on the site and refurbish the listed coach houses. The student accommodation is expected to be operated by Studierendenwerk West:Brandenburg.

Clifford Chance regularly advises Sonar Real Estate on real estate transactions, most recently on two disposals from the Selection portfolio, including the sale of the Neumarkt Ensemble in Cologne and the Lombard Haus in Hamburg.

The Clifford Chance team advising Sonar Real Estate was led by partner Philipp Stoecker (Real Estate, Frankfurt).

Press contact: Nadja Fersch

Clifford Chance advises UOB on Baiduri Bank's US$2 billion EMTN Programme and inaugural notes issuance

Thu, 29 Oct 2026 06:33:00 GMT

Baiduri Bank is one of the largest providers of financial products and services in Brunei Darussalam. The issuance marks the bank's debut in the international debt capital markets and the first offshore bond issuance by a Bruneian financial institution. The notes are rated A- by S&P Global Ratings and are listed on the Singapore Exchange Securities Trading Limited (SGX-ST).

Partner Gareth Deiner led the Clifford Chance team, which includes counsel Claire Neo, associate Adam Fong and trainee solicitor Poh Yu Jun.

Media contact: Fenix Wong

Clifford Chance advises Natixis CIB on its acquisition of Sangyo Sosei Advisory

Thu, 29 Oct 2026 06:14:00 GMT

Global law firm Clifford Chance has advised Natixis Corporate & Investment Banking (Natixis CIB) on its acquisition of Sangyo Sosei Advisory Inc. (SSA), further expanding Natixis CIB's Investment Banking & Real Assets (IBRA) and M&A capabilities in Japan.

The transaction forms part of Natixis CIB's broader strategic expansion in Japan. Founded in 2009, SSA is a leading Japanese M&A advisory firm and was Japan's first independent financial adviser focused on the technology, media and telecommunications sector before expanding into infrastructure advisory.

Partner Alex Bidlake said, "This transaction represents an important step in Natixis CIB's continued investment in Japan. We were pleased to support Natixis CIB by combining deep local market knowledge with international transactional experience, reflecting the increasingly global nature of M&A activity in Japan."

Partner Michihiro Nishi added, "This transaction required careful navigation of a number of Japanese law considerations. Japan continues to be one of the most attractive M&A markets in Asia Pacific, drawing strong interest from international investors seeking high-quality businesses and opportunities to strengthen their regional and global platforms."

For more details on the transaction, see Natixis CIB's announcement.

The Clifford Chance team includes Alex Bidlake, Michihiro Nishi, Brian Harley, Hiromu Suemasa and Ayahito Yamada. Hajime Saito advised on financial regulation aspects.

Media contact: Fenix Wong

Clifford Chance advises on Eurasian Development Bank's debut Dim Sum bond

Thu, 29 Oct 2026 01:38:00 GMT

The notes are listed on the Hong Kong Stock Exchange, and the proceeds will be used to finance the Kazakhstan-China border crossing and railway line, as well as other projects in Kazakhstan involving Chinese participation.

 The joint global coordinators were China Galaxy International, China International Capital Corporation (CICC) and CITIC Securities, with Fosun International Securities and Orient Securities (Hong Kong) as joint bookrunners.

 Connie Heng, Partner at Clifford Chance, said: “We are seeing growing interest from Central Asian issuers in accessing the offshore renminbi market as they diversify their funding sources and deepen financial links with China and the wider Asian investor base. EDB's successful debut Dim Sum issuance is a good example of that trend, opening another channel for renminbi funding to support cross-border investment and connectivity across the region. It also reflects Hong Kong's continued development as an offshore renminbi hub, as the city looks to broaden RMB usage and deepen its fixed income markets.”

 The Clifford Chance team was led by Partner Connie Heng, supported by counsel Torrance Shi, senior associate Michael Cheng and trainee solicitor Mark Chen.

Media contact: Madhu Mirpuri

Clifford Chance advises Future Biogas on its £104.0 million acquisition of Foresight Environmental Infrastructure Limited

Wed, 28 Oct 2026 16:08:00 GMT

The Clifford Chance team is led by partner Charlotte Madden, with senior associates Megan Hodges and Eleanor Burkin and associate Ruth McAteer.

Click here to find out more: SparkLive | LSEG

Press contact: Emma Cessford

Clifford Chance advises CAF on A/B Loan to Pan American Energy, S.L., Sucursal Argentina

Tue, 27 Oct 2026 14:53:53 GMT

The B tranche was subject to participation among several financial institutions including BBVA, Bladex, Itaú, Santander, Bank of China, ICBC, and J.P. Morgan.

The team was led by partner Fabricio Longhin (Washington, DC) with support from associates Fernando Liu (New York) and Cristian Ragucci (São Paulo).

Clifford Chance regularly advises on similar transactions across the Latin America market, including on CAF's A/B loan granted to Ecuadorian bank Banco Guayaquil S.A. and IDB Invest's A/B loan financing to expand telecommunications infrastructure in Argentina

Clifford Chance advises CICC on landmark three-way merger with Dongxing Securities and Cinda Securities

Tue, 27 Oct 2026 07:09:00 GMT

The combined group is expected to have assets of more than RMB1 trillion, creating one of China's largest securities firms. The transaction was completed on 26 October 2026.

Lead partner Tommy Tam said, "Bringing together three leading securities institutions, the merger is one of the most significant transactions in China's securities sector in recent years. Successfully executing a transaction of this scale required seamless collaboration across multiple disciplines and jurisdictions. We are extremely proud to have worked alongside CICC's team on this landmark merger."

Reflecting the complexity and multi-jurisdictional scope of the merger, the Clifford Chance team brought together specialists from across 15 offices, including Hong Kong, Beijing, Shanghai, Singapore, Tokyo, Sydney, Perth, Dubai, Abu Dhabi, London, Luxembourg, Frankfurt, Munich, Düsseldorf and Washington, DC. The team included:

M&A: Partners Tommy Tam and Alex Bidlake, counsel Chloe Choy, senior associate Anson Wong, associates Jonathan Chan, Minnie Xu and Natalie Tse and trainee solicitor Kristy Lam;
Hong Kong Listing Rules Compliance: Counsel Jing Jing, associate Xinyi Hu and trainee solicitor Carson Lin*;
Financial Regulation: Partners Rocky Mui and Kimi Liu*, counsel Andre Da Roza, senior associates Shuai Gao and Wynne Chan, associate Michael Chan and trainee solicitor Donald Tsang;
Derivatives: Partner Terry Yang and associate Alice Tsui;
Capital Markets: Partner Angela Chan and senior associate Kenneth Ip;
Financing: Partner Maggie Lo and senior associate Wen Xiao;
Antitrust and FDI: Partner Yong Bai, counsel Dayu Man and associate Ziwen Wang;
Regulatory Compliance: Partner Michael Wang and counsel Helen Liang.

Partners Lena Ng, Jack Hardman, Mark Currell, David Clee, Hajime Saito, Paul Ellison, Simon Crown, Marc Benzler, Steven Gatti, Dimitri Slobodenjuk and Renée Latour and their respective teams provided additional specialised advice on the transaction.

Clifford Chance has advised on a number of the most significant transactions in China's financial services sector, including Haitong Securities on its merger with Guotai Junan Securities and PICC and China Re on share issuances under China's financial sector recapitalisation programme.

* From Shanghai He Ping Law Firm. Clifford Chance LLP and Shanghai He Ping Law Firm have established a Joint Operation in the China (Shanghai) Pilot Free Trade Zone under the name Clifford Chance LLP and Shanghai He Ping Law Firm (FTZ) Joint Operation Office with the approval of the Shanghai Bureau of Justice.

Media contact: Fenix Wong