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Clifford Chance advises Bpifrance on its inaugural issue of European Defence Bonds in an aggregate amount of 1 billion euros

Mon, 24 Nov 2025 09:47:39 GMT

This issuance follows the publication in July 2025 of the Bpifrance European Defence Bond Framework. This new framework, which is innovative and pioneering in the bond market, forms part of Bpifrance's strengthened support for strategic French companies in the defence sector. The issue qualified for the Euronext European Defence Bond Label.

This transaction received strong support from investors, with a final order book exceeding € 3.8 billion euros.

Clifford Chance advised Bpifrance on this transaction with a team comprising in Paris Jonathan Lewis, partner, Sophie Guilhem-Ducléon, senior counsel, Jessica Hadid, senior associate, and Mathilde Drilleau, associate.

Clifford Chance advises ICG Strategic Equity as Lead on CapVest's GP-led recapitalisation of Curium

Mon, 24 Nov 2025 08:27:00 GMT

The recapitalisation will accelerate Curium’s strategy to deliver innovative diagnostic and therapeutic solutions for patients worldwide and strengthen its pipeline of next-generation radiopharmaceuticals. Curium operates a vertically integrated global supply chain and serves more than 14 million patients annually across 70 countries. Its portfolio includes diagnostic radiopharmaceuticals and late-stage Radioligand Therapies (RLTs) targeting neuroendocrine and prostate cancers, two of the largest indications in nuclear medicine.

Private equity partner Tom Lin, senior associate Victoria Ho and Tax partner Richard Kalaher led the Clifford Chance team, with a global multi-disciplinary team across Fund Solutions, Tax, Life Sciences and Antitrust/FDI, including Stephen Reese, Alex Walker, Angharad Lewis, Paul Seraganian, Richard Blewett, Karalyn Mildorf, Katharine Missenden, Violet Marcel, Wei Bin Tan, Holly Bauer, Sebastian Lehmann, Zong Han Low, Harry Christoforou, Lewis Barton, Rohit Duggal and John Wu.

The transaction is expected to close in Q1 2026 subject to customary regulatory approvals.

Clifford Chance advises Linde plc on €1.75 billion triple series bond issue

Mon, 24 Nov 2025 07:12:00 GMT

The issuance comprised three series of €600 million floating rate notes maturing in 2027, €650 million notes with a 3.125% coupon, maturing in 2032 and €500 million notes with a 3.750% coupon, maturing in 2038.

The syndicate for this transaction included HSBC Continental Europe, Société Générale, UniCredit Bank GmbH, Bank of China (Europe) S.A., Banco Bilbao Vizcaya Argentaria, S.A., Banco Santander, S.A., Standard Chartered Bank, Australia and New Zealand Banking Group Limited, Bayerische Landesbank, Landesbank Baden-Württemberg, Landesbank Hessen-Thüringen Girozentrale, Skandinaviska Enskilda Banken AB (publ) and BNY Mellon Capital Markets, LLC.

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

Clifford Chance advises Smile Invest on financing of majority stake acquisition in RB+ Fire Solutions

Mon, 24 Nov 2025 06:43:00 GMT

RB+ is a provider of passive fire protection and a full-service partner for complex structural fire safety projects. Read more about this transaction here.

The Clifford Chance team was led by Boudewijn Vermeer and Herman Steinvoort, and further comprised of Jorrit de Pree and Mark van Brest (Global Financial Markets), and Stern Flik and Robin Houtveen (Tax).

Clifford Chance advises Chuangxin Industries on its HK$5.5 billion listing in Hong Kong

Mon, 24 Nov 2025 03:30:00 GMT

Chair of China Practice and partner Tim Wang said, "We are delighted to have advised Chuangxin Industries on its successful IPO, reaffirming Hong Kong’s status as the preferred listing venue for Chinese industrial leaders seeking global capital. This milestone highlights strong demand in the aluminium sector driven by electric vehicles, renewable energy and lightweight manufacturing, and reflects our deep sector expertise and market-leading capital markets capability."

Tim co-led the deal with partners Jean Thio and Virginia Lee, with support from counsel Wei Liang and Erxin Lu, senior associate Luyi Jiao, associates Rita Cao, Bin Chen and Ke Shi, legal assistant Xiao Yu, trainee solicitors Zhongxiao Cong and Changle Xu.

Chuangxin Industries is a major producer of aluminium products in China, supplying high-quality materials used in electronics, automotive, green energy, transportation, industrial materials and construction. The company focuses on innovation and sustainability, helping manufacturers create lighter, more energy-efficient solutions for a greener future.

Clifford Chance has advised on the successful Hong Kong listings of several Chinese companies, such as Joyson Electronics, SANY Heavy Industry and SICC.

Clifford Chance advises underwriters in US$100 million senior notes offering

Thu, 20 Nov 2025 20:37:00 GMT

Partners Andrew Epstein and Om Pandya led the transaction along with associate Paul Lakkis. They were supported by associates Jed Tifft and Sarah Basilion on capital markets matters and partner Michael Seaton and associates Allison Kelly and Maggie Shi on tax matters.

Clifford Chance advises Northwind Group on US$340 Million Healthcare Debt Fund II

Thu, 20 Nov 2025 18:06:15 GMT

Global law firm Clifford Chance advised Northwind Group, a New York-based real assets investment manager, on the formation of Northwind Healthcare Debt Fund II. The fund raised over US$340 million in commitments, significantly exceeding its US$250 million target.

Northwind Healthcare Debt Fund II is a closed-end real estate debt fund focused on healthcare properties in the United States. The fund primarily originates structured loans to finance skilled nursing facilities and senior housing properties. Clifford Chance advised on fund structuring and negotiations with a diverse, global investor base.

The matter drew on Clifford Chance’s funds, tax and regulatory capabilities and was led by New York Funds & Investment Management partner Michael Sabin, together with partner Cliff Cone and associates Sophie Bryson and Andrew Nelson. Rebecca Pereira, partner, advised on tax matters. Herzog acted as co-counsel on Israel tax and regulatory matters and negotiations with certain Israeli institutional investors.

Clifford Chance advises América Móvil on US$755 million notes issuance and return to European bond market

Thu, 20 Nov 2025 11:01:00 GMT

The notes, due in 2030 and carrying a fixed annual interest rate of 3%, are governed by English law, listed on the Luxembourg Stock Exchange and trading on the Euro MTF market.

Dewi Walian: "It has been our pleasure to support our client, América Móvil, on this cross-border transaction. América Móvil is a major force in the telecommunications sector, connecting millions of people across the Americas and Europe. The successful US$755 million notes issuance is a testament to the company’s strong market position, strategic vision, and the trust it inspires among investors, and it highlights our experience advising on cross-border debt capital markets transactions for international clients."

Clifford Chance advises Idilia on the acquisition of the British milkshake company Shaken Udder

Thu, 20 Nov 2025 10:06:00 GMT

With this acquisition, Idilia continues to drive the development of its milkshakes business, following the purchase of 50% of Cacaolat in June 2024 (in which Clifford Chance also acted as legal advisor). It is also the first acquisition carried out by Idilia abroad.

Legal advice to Idilia has been led from Clifford Chance’s Barcelona office by M&A Partner Guillermo Guardia, with the support of Jose Maria Vilaseca and Estel Casas, both from the M&A team. The team also had the support of Riaz Pirmohamed, M&A partner, and associates Niall O’Shea, Antonio Folgore and Jeremy Pui, form the London office. Partner Sonia Gilbert and associate Kate Haywood, from the London office, led all employment matters of the transaction. The team was also supported by counsel Fernando Escribano, from the Madrid office, and partner Edward Page and associate Nick Humphries, from the London office, in all tax aspects of the transaction.

Clifford Chance advises on successful senior notes reopening by Argentine energy company EDENOR

Wed, 19 Nov 2025 20:14:00 GMT

This transaction was a reopening of EDENOR's 9.75% senior notes due 2030 (the Notes), originally issued in October 2024. After the consummation of the reopening, the aggregate principal amount of Notes outstanding is US$385 million. The Notes are listed on the Luxembourg Stock Exchange, admitted to trading on the Euro MTF market, listed and admitted for trading on Bolsas y Mercados Argentinos S.A. through the Buenos Aires Stock Exchange, and admitted to trading on the A3 Mercados S.A.

The team advising on the transaction was led by partner Hugo Triaca with support from associates David Rondon and Cristian Ragucci and foreign lawyer Juan Andrés Bosch. Partner Avrohom Gelber provided tax advice.

Clifford Chance advises on many similar transactions in Latin America, including on EDEMSA's inaugural notes issuance in 2025 and EDENOR's notes issuance and related exchange offer in 2024.

Clifford Chance advises Palladium Equity Partners' portfolio company on US$1.1 billion debt refinancing

Wed, 19 Nov 2025 16:00:00 GMT

Partners Thomas Critchley and David Schultz led the transaction along with associates Aino Maaria Mäkisalo and Christian Reese. They were supported by partner Vince Ferrito and associate Susan Trepekli on private equity matters, associate Xanadu Halkias on intellectual property matters, partner Jason Ewart on financing matters, associate Gil Shauly on tax matters, and law clerks Sonia Zheleznyakov and Kayla Bakhshi.

Clifford Chance advises NHIndustries SAS on settlement with Norwegian Government regarding NH90 programme

Wed, 19 Nov 2025 11:25:35 GMT

The dispute began in 2022, when the Norwegian Ministry of Defence sought to terminate a high value contract for the acquisition of 14 NH90 helicopters, eventually seeking near €2.8 billion in damages.

The settlement concludes all legal proceedings between the parties, avoiding what would have been a rare public trial over a major defence contract. Under the agreement, NHIndustries SAS will take back all NH90 helicopters delivered to Norway, along with associated spare parts, tools, and mission-specific equipment. NHIndustries SAS will assume full control of these assets and reintegrate them within the NH90 programme, making in-demand parts and equipment available to other NH90 users.

As part of the settlement, NHIndustries SAS will pay the Norwegian Government €305 million, in addition to approximately €70 million previously paid under bank guarantees. This agreement brings all related disputes to a conclusive end and allows both parties to move forward.

The parties engaged in constructive cooperation throughout the process, working with external counsel and mediators at the Oslo District Court. The mediators conducted the process in a professional and trustworthy manner.

The Clifford Chance team was led by Partners Simon Greenberg and Karolina Rozycka, supported by Senior Associate Alix de Zitter in Paris, as well as Partners Moritz Keller in Frankfurt and Carlo Felice Giampaolino in Rome, together with a number of other associates.

Clifford Chance advises Kingspan on the acquisition of the Mercor business

Tue, 18 Nov 2025 13:58:05 GMT

The Clifford Chance team was supervised by Wojciech Polz (Partner), who was supported by Karol Kulhawik (Counsel), Arkadiusz Walkowicz (Senior Associate), Adam Szyndler (Associate), Marcin Waszyński (Associate), Mateusz Chruściak (Counsel), Aleksandra Ulatowska (Senior Associate), Katarzyna Kuchta (Senior Associate), Martyna Sieczka (Associate) and Bartosz Kaniasty (Counsel).

Clifford Chance advises Aukera Energy in securing a EUR 60 million financing for its first stand-alone battery energy storage system in Romania

Tue, 18 Nov 2025 09:47:00 GMT

The 250 MW / 500 MWh project will be one of the largest storage projects in Central and Eastern Europe and represents a first step in a larger investment plan targeting a total battery storage capacity of 2GW in Romania.

Aukera Energy focuses on the development, construction, and operation of solar, wind, and battery storage projects. Currently, it is developing a pipeline of over 16 GW across the UK, Germany, Belgium, Italy, and Romania.

Clifford Chance advises KKR on acquisition of Techone

Tue, 18 Nov 2025 09:39:00 GMT

KKR's acquisition will enable Techone to accelerate growth, expand its service offering, and pursue new opportunities outside the Netherlands. The transaction is subject to customary closing conditions. Read more about the acquisition here.

The cross-border Clifford Chance team was led by Jan-Hendrik Horsmeier, Patrick Scott and Ernst van der Touw, and further comprised of Ruben van Diepen, Dolyne Munyampeta, Dounia Endlich, Lidwien Stegeman and Jorrit Ponjee. The team was further supported by colleagues advising on Private Equity, Finance, Tech, Tax, Employment, Notarial matters, Antitrust and Litigation.

Clifford Chance US LLP welcomes Mark C. Williams, strengthening its US Energy Regulatory and Markets practice

Mon, 17 Nov 2025 15:00:00 GMT

Joining from Day Pitney, Williams brings decades of experience advising investors and energy companies on corporate, financial, securities and related regulatory matters before the US Federal Energy Regulatory Commission (FERC) and state utility commissions. He advises private equity fund managers, generating companies, lenders, sovereign investors and project developers, both on transactions and as portfolio counsel.

Marcia Hook, Head of the US Energy Regulatory and Markets practice, says: "I’m delighted that Mark is joining our team as we continue to grow our Energy Regulatory and Markets offering. His addition enhances our ability to help clients navigate the increasingly complex energy regulatory issues that are central to how they structure, finance, and operate projects across the energy value chain."

Williams says, "I am excited to join the firm at a pivotal time for energy and financial regulation. I look forward to working with the team to help clients meet regulatory challenges and seize opportunities to shape their industries."

Clifford Chance advises on Contact Energy’s €500 million Green Notes issuance under its Euro Medium Term Note Programme

Mon, 17 Nov 2025 06:41:00 GMT

The Green Notes are listed on the Australian Stock Exchange (ASX). The net proceeds will be used to finance or refinance eligible green projects and assets in line with the company's Sustainable Finance Framework.

Lead partner Mark Chan said, "We have recently advised a number of Australian and New Zealand issuers in accessing the Eurobond and Euro-currency markets. The successful completion of this offering highlights both the attractiveness of these markets for regional issuers and the strong investor demand for high-quality assets from Australia and New Zealand. This transaction also demonstrates the increasing integration of sustainability objectives within debt capital markets and the robust investor appetite for high-quality green bonds."

Mark was supported by senior associate George Mok and associates Louis Yee and Christine Chan.

NZX and ASX-listed Contact Energy is a leading New Zealand electricity generator and retailer, serving over 650,000 customer connections with electricity, gas, broadband and mobile plans. The company operates 26 hydro schemes, seven geothermal power stations and three thermal peaking stations, generating electricity across New Zealand.

Clifford Chance has a proven track record of advising Australian and New Zealand issuers on their debt capital markets transactions, including those by Telstra, Woolworths Group and Wesfarmers in 2025.

Clifford Chance advises LatAm regional real estate platform Mobiliare on debut notes issuance in the international capital markets

Fri, 14 Nov 2025 14:58:00 GMT

Mobiliare is a Latin American real estate company with active operations in Guatemala, Peru, Mexico, Costa Rica, El Salvador, Colombia, Ecuador, Honduras and Nicaragua. The issuance, the largest by a Latin American real estate C-Corp in more than 10 years, makes Mobiliare the first multi-country Latin American real estate platform to access the international debt capital markets.

The team advising on the transaction was led by partner Hugo Triaca with support from associates Joyce Moore and Agata Radajczyk and foreign law clerks Casilda Caso and Camila Munive. Additional support was provided by:

'40 Act: partner Jefferey LeMaster and associates Emily Picard and Jillian Leavey
Tax: partner Avrohom Gelber and associate Wei Bin Tan
ERISA: associate Thomas Koh

Clifford Chance advises on many similar transactions in the region, including recently on the debut notes issuance by Threelands Energy and the debut international notes offering by Peruvian electricity company Luz del Sur.

Clifford Chance advises the consortium of investment banks in connection with the EUR 600 million bond issue launched by DIGI Romania

Fri, 14 Nov 2025 09:10:00 GMT

The multidisciplinary team in Bucharest advising on the deal included partners Radu Ropotă and Cosmin Anghel, counsel Gabriel Toma, senior associate Nicolae Grasu, and associate Cosmin Mitrică – from the Banking & Finance and Capital Markets practice, counsel Vicu Buzac from the Litigation and Dispute Resolution practice, and senior associate Maria Moga and associate Roxana Bărboi from the Corporate M&A practice. The London team including partner Jill Concannon, senior associate Yash Ranade, associate Aritra Saha, and lawyer Sarah Wetzel provided English and American law advice.

Partner Radu Ropotă said: “We were delighted to once again work with global banks with whom we frequently engage on capital markets projects, as well as with the DIGI team, with whom we have a long-standing collaboration. We congratulate DIGI Romania on this significant milestone, which reflects its sustained growth and comes at a pivotal juncture in its European expansion.”

Clifford Chance advises TPG on its 70% equity investment into Kinetic

Thu, 13 Nov 2025 09:01:00 GMT

TPG is making the investment through its TPG Rise Climate platform.

Partners Andrew Crook and Bruce Embley led the deal team, supported by partners Michael Kremer, Saskia Myners, Tim Lees and Samantha Ward, director Reuben Van Werkum, counsel Rebeecca Elgar and John Karantonis, senior associates Isabelle Cameron, Rob Colemeadow, Lucy Conway, Eleanor Burkin and Josh Reynolds and associates Jacinta Wild, Kingsley Duru, Olga Filmanovic, Thomas Prestwidge and Augusta Thorneycroft.

Colleagues across our London, Sydney, Singapore and Luxembourg offices advised on private capital, securities and litigation aspects.