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Clifford Chance advises on Thai Oil's US$600 million subordinated perpetual securities issuance and concurrent tender offer

Tue, 24 Feb 2026 04:09:00 GMT

The new perpetual securities were issued by Thai Oil Treasury Center Company Limited and guaranteed by Thai Oil Public Company Limited (Thai Oil). Thai Oil is one of the leading integrated refining and petrochemical companies listed on the Stock Exchange of Thailand. The perpetual securities are rated BB- by S&P Global Ratings and Ba2 by Moody’s Investors Service.

Lead partner Gareth Deiner said, "We are delighted to have supported Thai Oil and advised the joint lead managers on this complex and multi-faceted transaction. The successful issuance of the new perpetual securities, combined with the support from the market on the tender offer, underscores the continued investor confidence in major ASEAN energy issuers and companies from Thailand generally, which have enjoyed a strong recent period in the international debt capital markets. This deal also highlights the strength of our long-standing relationship with Thai counsel, Chandler MHM Limited, whose collaboration was instrumental in navigating the local legal landscape and delivering a seamless cross-border solution for our clients."

Gareth led the deal and was supported by partner Alan Yeung, counsel Claire Neo, associate Jun Kai Choo and trainee associate Emma Choo.

The transaction builds on Clifford Chance’s established capital markets work in Thailand, including advising Muangthai Capital on its debut US‑dollar social bond issuance, as well as its subsequent Singapore dollar‑denominated social notes, guaranteed by the Credit Guarantee and Investment Facility, a trust fund of the Asian Development Bank.

Clifford Chance advises Sanity Group on strategic agreement with Organigram

Mon, 23 Feb 2026 17:37:00 GMT

The partnership strengthens the companies' position as emerging players in the global cannabis market, with a focus on Germany and Canada, two of the largest medical cannabis markets. Sanity Group will operate as an independent European business within Organigram Global, supported by its network of partners along the entire value chain as well as comprehensive regulatory, pharmaceutical and operational expertise, and local management.

Clifford Chance previously advised Sanity Group on its entry into the European market for cannabis-based products as well as on several financing rounds.

The Clifford Chance team was led by partner Gunnar Sachs (Corporate/Healthcare & Life Sciences) and further comprised counsel Caroline Scholke (Antitrust/FDI), senior associate Annabel Joschko (Corporate/Healthcare & Life Sciences) and associate Maxim Polo Leon (Antitrust/FDI, all Düsseldorf).

Clifford Chance advises the banks on €1 billion bond issuance and tender offer by the ZF Friedrichshafen Group

Mon, 23 Feb 2026 17:30:00 GMT

Under the tender offer, 69.76% of the outstanding bonds with the ISIN XS2338564870 were repurchased at a purchase price of 99.40% per €100,000 nominal amount, and 85.88% of the bonds with the ISIN XS2262961076 were repurchased at a purchase price of 100.10% per €100,000 nominal amount.

The new issuance, with a total volume of €1 billion, issued by ZF Europe Finance B.V. and guaranteed by ZF Friedrichshafen AG carries an annual fixed interest rate of 5.500% and matures in 2032.

The tender offer was supported on the banks' side by Santander Corporate & Investment Banking, Citigroup, ING and J.P. Morgan. The syndicate for the new issuance consisted of BNP PARIBAS, Commerzbank, DZ BANK AG, ING, Landesbank Baden‑Württemberg, SEB, SMBC and UniCredit.

The Clifford Chance team was led by partner Cristina Freudenberger, and further comprised partner Axel Wittmann, counsel Henrik Gildehaus and transaction lawyers Lilli Neubauer and Felicitas Fischer (all Capital Markets, Frankfurt).

Clifford Chance advises Aldar on the completion of an AED 10 billion retail assets joint venture with Mubadala, and the establishment of a strategic partnership with Mubadala with respect to Masdar City

Mon, 23 Feb 2026 14:42:00 GMT

Completion of an AED 10 billion retail assets joint venture

We advised Aldar on the completion of its strategic joint venture with Mubadala to create a premier retail platform valued at approximately AED 10 billion (USD 2.72 billion) that will anchor Abu Dhabi’s next phase of growth as a global destination for curated luxury retail experiences.

The new platform, comprising of 260,000 sqm of gross leasable area, consolidates two of Abu Dhabi’s flagship retail destinations under a single structure to be managed by Aldar:

Yas Mall, contributed by Aldar; and
The Galleria Luxury Collection, contributed by Mubadala.

Establishment of a strategic partnership with respect to Masdar City

The above transaction follows on from our advice to Aldar on the extension of its long-standing strategic partnership with Mubadala, through the establishment of a joint venture in respect of recurring income‑generating residential and commercial assets in Masdar City.

The Clifford Chance team was led from the UAE by Regional Managing Partner, Middle East & Türkiye Mohammed Al-Shukairy and legal director Gareth Dray.

They were supported by a cross‑practice Clifford Chance team comprising Kimberly Ng (Senior Associate, UAE), Ismaila Ngum (Senior Associate, UAE), Melanie Ray (Associate, UAE), Nabeela Afifi (Associate, UAE) and Nasser Seif (Trainee, UAE) from the corporate M&A team.

Strategic real estate advice was led by Tariq Imam (Partner, UAE) with support from Nick Chan (Senior Associate, UAE), Sher Khan (Senior Associate, UAE) and Johnson Cortelek (Associate, UAE).

Sabra Ferhat (Counsel, UAE) and Mehran Azzam (Associate, UAE) assisted on anti-trust matters.

Tax support was provided by David Saleh (Partner), Edward Page (Partner), Simon Corzberg (Director) and Gordon Hopkinson (Director).

Clifford Chance conseille Flexis sur sa prise de contrôle exclusif par Renault Group

Mon, 23 Feb 2026 11:51:44 GMT

Flexis a pour objectif de développer, fabriquer et commercialiser des véhicules utilitaires électriques légers destinés à un usage urbain, répondant spécifiquement aux besoins des professionnels de la logistique urbaine et des services associés, tels que la maintenance, la location de véhicules, ainsi que, plus largement, les solutions de mobilité urbaine.

Aux termes de cet accord qui reste soumis à l’obtention d'autorisations réglementaires, Renault Group détiendra l'intégralité du capital de Flexis et poursuivra la mise en œuvre du projet, avec un lancement de la production des premiers véhicules de la gamme d'ici fin 2026 sur le site Renault Group de Sandouville (France). Volvo Group, par l’intermédiaire de Renault Trucks, assurera également la commercialisation de véhicules à compter de 2027.

L’équipe Clifford Chance était composée de Delphine Caramalli, associée, Louis Nerson et Jean-Malo Bailleul, avocats, sur les aspects restructuring, ainsi que de Florence Aubonnet, associée, sur les aspects de droit social.

Clifford Chance advises PAD RES on the sale of a 255 MW portfolio of operational PV projects with cable pooling wind extension potential

Mon, 23 Feb 2026 09:16:00 GMT

The team was led by Partner Paweł Puacz and Senior Associate Aleksandra Rzegocka, supported by Associate Marcin Waszyński. Counsel Michał Jadwisiak advised on the financing aspects.

Clifford Chance advises Goldman Sachs and Santander on social loan for the Republic of Ecuador

Fri, 20 Feb 2026 19:16:00 GMT

Global law firm Clifford Chance has advised Goldman Sachs and Santander on a US$500 million social loan financing to the Republic of Ecuador, partially guaranteed by the Inter-American Development Bank.

The facility will finance affordable and climate-resilient social and public housing programs under Ecuador’s Sovereign Financing Framework. The proceeds are expected to contribute to the construction of more than 11,000 affordable homes in Ecuador, supporting inclusive growth alongside the country’s development and climate goals.

The Clifford Chance team was led by partner Deborah Zandstra and senior associate Azam Taiyeb in London. The wider cross-border Clifford Chance team included counsel John McManmon, associates Hannah McLellan and Daviel Rodriguez, and trainee solicitors Thomas Williams and Aaron Smith.

Clifford Chance advises scientific instrument manufacturer Shimadzu on its acquisition of Tescan Group

Fri, 20 Feb 2026 03:39:00 GMT

The multi-jurisdictional transaction will combine Tescan's electron microscopy expertise with Shimadzu's strength in analytical measurement to deliver integrated solutions for high-growth sectors such as semiconductors and life sciences.

Lead partner Natsuko Sugihara said, "Shimadzu's acquisition of Tescan highlights our ability to deliver seamless cross-border M&A advice. This transaction significantly enhances Shimadzu’s portfolio in advanced measurement technologies, enabling the provision of even more comprehensive solutions for the semiconductor and healthcare. Our cross-border team worked seamlessly across 12 jurisdictions to manage the complexities of this transaction, and we are proud to have supported Shimadzu in strengthening its global position."

Natsuko and a team in Tokyo and Prague* advised on the transaction, which includes partner Michal Jašek, counsel Shunsuke Nagae, senior associate Hiromu Suemasa and Tomáš Procházka, associates Nikola Svobodová, Lewin Lim, Nao Kondo and Erina Ikegaya, and junior lawyers Natálie Kurková, Matěj Pavlík, Petr Ryšina, Petr Pochman, Sho Taniyama and Melissa Bleackley. A wider team in Brussels, Düsseldorf, Hong Kong, London, New York, Paris, Shanghai and Singapore provided specialist advice.

The firm previously advised on the financing of Carlyle's earlier acquisitions of Tescan and Meopta, as well as on the acquisition of Adastra Group, a Czech-Canadian technology company specialising in business intelligence, data management and digital transformation.

*Clifford Chance has entered into an association agreement with Clifford Chance Prague Association S.R.O. in Prague.

Clifford Chance advises Proparco and DEG on cross-border fiber project financing

Thu, 19 Feb 2026 21:55:41 GMT

Clifford Chance advised Proparco and DEG as lenders on the financing of the Mexican segment of a cross-border digital infrastructure project developed by C3ntro Telecom, one of the most ambitious long-haul fiber developments connecting Mexico and the US in recent decades.

The project involves a first-of-its-kind dark fiber network of approximately 2,700 kilometers, linking hyperscale data centers in Querétaro, Mexico, and Phoenix, Arizona, two strategic digital infrastructure hubs experiencing rapid growth driven by increasing hyperscale and cloud demand.

This development is expected to strengthen long-haul fiber infrastructure in the region, create a new high-capacity connectivity corridor between Mexico and the US, and contribute to broader objectives related to digital inclusion and connectivity, economic development and regional competitiveness.

The team was led by partner Jessica Springsteen, with support associates Alan Sakar, Andrew Cotton, Phil Reens and Genevieve McCarthy from the firm’s Global Projects, Energy and Infrastructure and Global Financial Markets practices.

“This transaction underscores the strategic importance of long-haul fiber infrastructure in enabling the next phase of data center growth. It is part of a global trend toward deeper integration between connectivity and compute, which presents significant opportunities ahead,” said Jessica Springsteen.

“As data center markets continue to expand, cross-border fiber infrastructure is becoming increasingly critical. This project illustrates how Mexico and the US are evolving into a more integrated and competitive digital infrastructure corridor,” said Alan Sakar.

Clifford Chance has experience advising on complex digital infrastructure transactions worldwide. For further regional insights into digital infrastructure, please see our recent client briefing on Latin America’s digital infrastructure revolution, available here.

Clifford Chance advises A.P. Moller Capital on the structuring of a strategic transport and logistics investment fund in Morocco

Thu, 19 Feb 2026 08:50:00 GMT

The fund, together with co-investment from A.P. Moller Capital’s second fund, totals over US$240 million of commitments for investments in Morocco’s transport and logistics sector.

The fund was established as part of the initiative of the Mohammed VI Investment Fund (FM6I), aimed at catalysing investment, accelerating growth and fostering job creation, with participation from leading Moroccan and international institutional investors.

The Clifford Chance team was led by Frederic Giancarli (Partner), assisted by Salma Chaouni (Associate).

Clifford Chance advises Renovatio Group in the sale of a photovoltaic park with storage capacity to the Greek group GEK TERNA

Wed, 18 Feb 2026 10:12:31 GMT

Renovatio is one of the most dynamic players in the energy industry, having developed and implemented projects in Romania and other jurisdictions totalling over 3,000 MW of renewable energy.

GEK TERNA is the largest infrastructure company in Greece and a European leader, with activities in construction, energy, real estate, and concessions. The acquisition of the solar park in Satu Mare is part of the recently announced strategy to expand into the Romanian market.

Nadia Badea, Partner, says: "We are honored to work again with the Renovatio team, one of the leaders in the Romanian energy industry, which has built a valuable international reputation. We congratulate the GEK TERNA group on this strategic acquisition, which strengthens its position locally, while also sending an important signal of confidence in the quality and potential of the Romanian energy market."

Clifford Chance advises on Banco Industrial's C/B Bond Transaction in Guatemala

Tue, 17 Feb 2026 19:57:00 GMT

Global law firm Clifford Chance has advised International Finance Corporation (IFC), as lender of record, on a term subordinated loan under its C/B Loan Program to provide financing to Banco Industrial, S.A., the largest bank in Guatemala and the largest private bank in Central America, for a total amount of US$850 million (the "IFC Loan").

Clifford Chance also advised BofA Securities, Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and SMBC Nikko Securities America, Inc., as joint bookrunners, in connection with the offering by a special purpose vehicle incorporated in the Cayman Islands of US$750 million 6.550% subordinated notes due 2036. The net proceeds of the offering were used to acquire a participation interest in the IFC loan.

The team advising IFC included partners Fabricio Longhin and Jonathan Zonis, associates Paula Ferreira and Fernando Liu, and law clerk Daniela Hernandez.

The team advising the joint bookrunners comprised partner Hugo Triaca, associates Joyce Moore, Cristian Ragucci, Doug Mulliken, and foreign lawyer Juan Andres Bosch.

Additional support was provided on tax matters by partner Avrohom Gelber and associate Kade Moural.

Clifford Chance advises on many similar transactions in the Latin American market, including on Energuate's A/B Bond Transaction in Guatemala and the largest ever B-bond and mobilization amount by IDB Invest.

Clifford Chance adds US funds partner Christopher Phillips-Hart, further strengthening global private capital offering

Tue, 17 Feb 2026 16:00:00 GMT

Set to rejoin the firm in the coming weeks, Phillips-Hart brings experience advising US and global sponsors on primary fundraisings and a range of secondary transactions and bespoke capital solutions. His skillset spans all major asset classes including private equity, private credit, real estate, infrastructure and specialty finance funds. Phillips-Hart also counsels a small number of leading investors on investments into primary funds, co-investment vehicles and continuation vehicles.

Clifford Chance's Global Head of Funds & Investment Management Alexandra Davidson says: "We are delighted to welcome Chris as a partner in our US funds practice. The synergies between Chris's skillsets and client base and our global platform are striking, and he will add real and immediate value to clients both within and beyond the US. Chris's experience across primaries and secondaries positions him as a trusted strategic advisor to sponsors and investors across all facets of capital raising and liquidity solutions."

As the firm continues to deepen its private capital offering, the addition of Phillips-Hart follows the recent appointments of funds partner Matthias Kerbusch in Luxembourg and private equity partner Michal Netanyahu in New York last month.

Clifford Chance advises Generali on the acquisition of Swiss Life’s Employee Benefits Network, establishing the world’s leading employee benefits platform

Tue, 17 Feb 2026 15:16:00 GMT

Following a transitional period, the network will operate under a new brand, expected to be unveiled in the first half of 2026.

This transaction reinforces Generali’s position as a global leader in employee benefits, setting new standards in service, innovation, and flexibility for multinational clients.

Christian Kremer, Senior Partner at Clifford Chance Luxembourg, said: “This transaction is a testament to our team’s cross-border and cross-practice expertise and our commitment to supporting clients on their most complex and strategic matters.”

The core Clifford Chance team was led by Christian Kremer (Senior Partner, Corporate and M&A, Luxembourg), supported by Simone Schmitt (Counsel, Corporate and M&A, Luxembourg), Boika Deleva (Counsel, Regulatory, Luxembourg), Philippe Sadler (Senior Associate, Corporate and M&A, Luxembourg), John Ted (Senior Associate, Employment/Litigation & Dispute Resolution, Luxembourg, Luxembourg), and Jens Müller (Associate, Corporate and M&A, Luxembourg).

The core team was further supported by colleagues from both Luxembourg and Brussels, including Anastasios Tomtsis (Partner, Antitrust, Brussels), Ada Schmitt (Partner, Employment/Litigation & Dispute Resolution, Luxembourg), Nivi Balaji (Counsel, Antitrust, Brussels), Isadora Rousselle (Senior Associate, Regulatory, Luxembourg), Sandeep Ravikumar (Senior Associate, Antitrust, Brussels), Charles-Henri Laevens (Senior Associate, IT/IP, Luxembourg), Laura Zsarnai (Associate, Antitrust, Brussels), Marie Georg (Trainee Lawyer, Corporate and M&A, Luxembourg), Ada Castelar Garau (Trainee Lawyer, Regulatory, Luxembourg), Caroline Felici (Trainee Lawyer, Employment/Litigation & Dispute Resolution, Luxembourg), and Romi Grumberg (Trainee Lawyer, Employment/Litigation & Dispute Resolution, Luxembourg).

Clifford Chance advises Generation Investment Management on the investment by TA Associates in Volue

Tue, 17 Feb 2026 10:24:00 GMT

The Clifford Chance team was led by Partner Thomas Fisher with Senior Associate Jessica Berkeley.

Read the transaction press release

Clifford Chance advise Admiral Group plc on the proposed acquisition of Flock

Mon, 16 Feb 2026 16:17:00 GMT

The team is being led by partner James Cashier alongside senior associate Fergus Grady. They are supported by incentives partner Sonia Gilbert and senior associate Kate Haywood. The team also included senior associate Jack Gilbert, associates Anita Arianpour and Molly O’Donoghue and other colleagues across the firm.

Clifford Chance advises EIB, EBRD and BCR in the financing agreement secured by Scatec for the development and operation of 189.7 MWp of solar power

Mon, 16 Feb 2026 10:05:59 GMT

The Project is being developed as a collaboration between Oslo-based Scatec, a leading renewable energy solutions provider making its first investments in Romania, and Istanbul-based DEFIC Globe Enerji, a regional leader in the development of renewable energy projects.

The utility scale renewable energy development involves the construction, operation and maintenance of three photovoltaic solar parks with a total installed capacity of 189.7 MWp in Romania. The Project benefits of CfD-based revenues from two contracts concluded with the Romanian CfD Counterparty.

The Project promotes Romania’s transition toward clean energy, adding significant new solar generation capacity and contributing to national and EU decarbonisation objectives.

The closing marks a significant milestone for Romania’s renewable energy sector and reinforces the role of Scatec and DEFIC Globe as key sponsors advancing the region’s solar generation footprint.

The Clifford Chance cross-border team advising the banks on the financing and due diligence aspects of the transaction was led by a core team comprising Partners Andreea Șișman and Anna Thwaites, Counsel Gabriel Toma, Senior Associate Adelina Seserman, Senior Associate Carmen Buzenche, Senior Associate Diana Borcean, Lawyer Georgiana Cupas and Associate Jeffrey Arthur.

Partner Andreea Șișman said: “We were delighted to work alongside the teams of EIB, EBRD and BCR - three high-profile financial institutions we often join forces with in landmark Renewable Energy transactions. It was also a great opportunity to work with Scatec on their first investment in Romania’s thriving market, an investment that benefits from their global experience, professionalism and commitment to the energy transition.”

Partner Anna Thwaites adds: "We are proud to have advised EIB, EBRD and BCR on this strategic financing deal, which will contribute to the successful development of Scatec’s first and DEFIC Globe's most recent renewable energy project in Romania. This step reflects the deep commitment of the lending consortium to the Romanian renewable energy market and builds on our earlier work advising lenders and sponsors to deliver new green generation capacity for the region. We congratulate all parties involved."

Clifford Chance advises Gushengtang on US$110 million convertible bond issuance to an investment vehicle of Boyu Capital

Mon, 16 Feb 2026 09:33:00 GMT

Gushengtang expects the above strategic investment to create synergies, which assists it to strengthen its leading position in the Greater China region and Singapore and brings unparalleled experiences and expertise in expanding its presence in Mainland China, Singapore, and other overseas markets in order to achieve profitable long term growth.

Lead partner David Tsai said, "We are pleased to have advised Gushengtang on this significant transaction, which reflects the continued role of private capital as a key driver in the resurgence of convertible bond financings in Hong Kong where investors and issuers are seeking bespoke and execution‑efficient solutions."

David led the deal and was supported by senior associates Kenneth Ip and Michael Cheng.

Clifford Chance advises Grenergy on the closing of a USD 355 million financing for its Central Oasis platform

Fri, 13 Feb 2026 11:55:00 GMT

The financing was provided by a syndicate of lenders composed of BNP Paribas, Banco Santander and Rabobank.

The Clifford Chance team advising on the transaction was drawn from the firm’s Global Financial Markets practice across several offices. From the Madrid office, the matter was led by partner José Guardo, supported by counsel Eduardo Sánchez, senior associate Ángel Muñoz, associate Alejandro Cubillo, and junior associates Yago López and Asier Vivanco. From the Washington DC office, the team included partner Fabricio Longhin, with the support of associate Douglas Mulliken. From the New York office, associate Mariana Gutiérrez Ruiz also advised on the transaction.

This project further consolidates Clifford Chance’s position as a leader in renewable energy project financing and in the development of next generation energy infrastructure on a global scale.

Clifford Chance advises Tianqi Lithium on its H-shares placement and concurrent convertible bond issuance

Fri, 13 Feb 2026 09:50:00 GMT

The placing agents for the share placing and managers for the bonds were Goldman Sachs (Asia) L.L.C., The Hongkong and Shanghai Banking Corporation Limited and Huatai Financial Holdings (Hong Kong) Limited, acting as agents to procure investors for both instruments.

The net proceeds from the share placement and the bonds issuance will be used for supporting the strategic development of the company and its subsidiaries in the lithium sector.

Lead partner David Tsai said, “We were pleased to support Tianqi Lithium on its landmark H-shares placement and USD-settled zero-coupon 363-day convertible bond issuance. Leveraging our Hong Kong and international capital markets expertise, we helped ensure the smooth execution of both the equity placement and the convertible bonds offering, supporting the company’s strategic growth in the lithium sector."

David led the deal and was supported by partners Fang Liu and Jean Thio, counsel Jing Jing, associates Candice Wu, Ruonan Tang, Xinyi Hu and Xavier Chan and legal analyst Albert Tan.