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Clifford Chance advises ITOCHU on its US$1.9 billion investment in Aviation Capital Group and joint management structure with Tokyo Century

Fri, 04 Sep 2026 14:43:00 GMT

The Clifford Chance team is led out of New York by corporate partner Peter Laveran-Stiebar and counsel Christine Kim, supported by associates Peter Guinnane and Xue Zhang.

The broader team includes:

Antitrust: partner Stacy Frazier, counsel Santi Roca Arribas and associate Julius Pak (Washington, DC)
Aviation: partners Zarrar Sehgal and Benjamin Fisher, counsel Asena May and associate Thomas Pearce (New York)
Tax: partner Adriana Zhan and associate Josh Thomas (New York)
Employment and benefits: partner Reuven Falik and associates David Walsh and Raissa Ebeh (New York)
IP: counsel Daryl Fairbairn (New York)
Financial crimes: partners Megan Gordon and Renee Latour and counsel Catherine Ennis and Holly Bauer (Washington, DC)

Press contact: Kaitlin Scagluso

Clifford Chance advises EQT on the US$2.0bn acquisition of a majority stake in McGill & Partners

Fri, 04 Sep 2026 12:31:09 GMT

Founder and Chief Executive Officer Steve McGill will continue to lead the Company and remain as a significant shareholder alongside the Company’s wider employee base, while Warburg Pincus will sell its equity stake in full.

The multi-disciplinary team was led by Head of Private Equity Spencer Baylin, together with partners Graham Phillips and Thomas Fisher, with support from Victoria Ho, Martin Kolmar, Eleanor Burkin, Angus Hancock, Ruth McAteer, Ross Nixon and Shoshana Leibovici.

Specialist expertise was provided by our Global Insurance team, led by James Cashier, and our Employment and Incentives team, led by Sonia Gilbert.

Press contact: Emma Cessford

Clifford Chance advises lenders on the financing of a portfolio of UK BESS assets owned by Masdar

Fri, 04 Sep 2026 10:07:15 GMT

This financing underscores the continued evolution of the increasingly mature UK BESS market, highlighting commercial lender appetite for BESS projects supported by revenue stacks that include a substantial proportion of merchant revenues.

The multidisciplinary Clifford Chance team was led by energy and infrastructure partner, and Masdar relationship lead, Praveen Jagadish. The core transaction team also comprised senior associates Josephine Stefani and Joseph Woodworth, counsel Julian Brun and associate Sailesh Shah.

The wider Clifford Chance team included regulatory advice from partner Nigel Howorth and associate Leyla Manthorpe Rizatepe, real estate advice from partner Alis Pay and senior associate Angela Shepherd, hedging advice from partner Anne Drakeford and senior associate Konstantin Korennoy, tax advice from partner Jemma Dick, senior associate Simon Corzberg and associate Marco Montanaro, corporate advice from partner Craig Grant and associates Ross Nixon and Augusta Thorneycroft and construction advice from partner Sandy Hall and associate Harriet O'Hare.

Press contact: Emma Cessford

Clifford Chance advises BNP Paribas, Santander and the other bookrunners on the EUR 1.15 bn dual tranche senior bond issuance by Interparking SA.

Fri, 04 Sep 2026 08:39:00 GMT

The issuance comprises two tranches of senior notes and represents a significant financing milestone for Interparking, one of Europe's leading parking operators. The offering attracted strong demand from a broad base of institutional investors, reflecting market confidence in Interparking's business model and credit profile.

The Clifford Chance team advising the banks was led by senior counsel Wim Aerts, with support from associate Sonia Belhassen.

Press contact: Marion Meunier

Clifford Chance advises Rotterdam World Gateway on landmark financing for Port of Rotterdam terminal expansion

Fri, 04 Sep 2026 08:13:00 GMT

The financing comprised a senior US private placement alongside a private credit subordinated tranche, providing RWG and its shareholders (DP World, CMA CGM, HMM and ONE) with the liquidity and flexibility needed for RWG's next phase of growth.

Praveen Jagadish, partner, commented: "We were delighted to help RWG and its shareholders achieve this financing, which allows the company to add its fourth and final berth for the largest container ships in the world, with a focus on further automation and the terminal’s sustainability. The book-build confirmed that the company's confidence in its future is shared by the broad community of funders who have supported RWG over the years. Successfully closing the transaction also confirmed that while market volatility poses some headwinds in the near-term, the long-term outlook for sea-borne trade volumes remains robust and RWG will remain a critical strategic asset for its shareholders. Our thanks to the RWG team, particularly CFO Enrico Douwens, for trusting us once again and for their support throughout."

Caireen McCluskey, senior associate, commented: "It has been a pleasure to support RWG on this financing which highlights how private credit continues to expand the financing options available for major infrastructure projects. The successful delivery of this transaction demonstrates how innovative private credit solutions can support complex funding objectives, even in challenging market conditions."

Clifford Chance's team was led by partner Praveen Jagadish with support from senior associates Benjamin Evans and Caireen McCluskey, and associates Jasmin Sahota and Kirsty Jones. Partner Hein Tonnaer with senior associate Martine Trip, associate Brittany Freling, and lawyer Derek Rademaker led on Dutch law matters.

Press contact: Emma Cessford

Clifford Chance advises Ginger on refinancing of its senior debt

Thu, 03 Sep 2026 11:23:00 GMT

The refinancing will enable Ginger to refinance its existing indebtedness, fund acquisitions expected to complete in the coming months and cover transaction-related costs.

Headquartered in Élancourt, France, Ginger is a leading engineering group specialising in geosciences, materials engineering and infrastructure services. The group employs close to 5,000 people worldwide and has experienced strong growth in recent years.

Since Sagard acquired a controlling stake in Ginger in 2021, the group has continued to strengthen its position in its core markets while pursuing an ambitious development strategy. The refinancing extends Ginger's debt maturity profile and provides additional financial flexibility to support its future growth.

The financing was arranged by Crédit Agricole CIB, CIC, Bank of Ireland, HSBC and J.P. Morgan. The transaction also marked Ginger's first public credit rating process, with Moody's assigning a B2 rating and S&P assigning a B rating, both with a stable outlook.

The Clifford Chance team comprised Pierre-Benoit Pabot du Châtelard, partner, supported by François Scheffer, senior associate, and Gwenvael Porsmoguer, associate, on the financing aspects, as well as Alexandre Lagarrigue, partner, and Théo Piazza, senior associate, on the tax aspects.

Press contact: Lydia Persico

Clifford Chance advises Calisen on £500 million financing to support growth of leading infrastructure business

Tue, 01 Sep 2026 13:26:31 GMT

Calisen is a leading UK energy metering asset provider and metering infrastructure business. Backed by a consortium of leading infrastructure investors comprising EQT, GIC and Equitix, the company owns and manages a substantial portfolio of smart meters and related energy infrastructure assets across the UK and Germany.

The financing provides a long-term funding platform to support the company's next phase of growth. The transaction will enable Calisen to continue investing in the UK's smart metering rollout whilst pursuing opportunities in new markets and complementary sectors.

Smart metering infrastructure plays a vital role in the modernisation and digitalisation of energy networks, helping consumers better manage energy consumption and supporting the transition to a more efficient, flexible and sustainable energy system.

Praveen Jagadish, partner, commented: "We were delighted to advise Calisen on this important transaction, and to continue our support of the business which now spans a series of strategic financing, commercial and M&A transactions over almost 10 years. That Calisen was able to attract a large number of leading bank and institutional funders to this common terms platform confirms its status as a leading infrastructure business which is playing a key role in the ongoing transformation of the energy sector. This financing also reflects the market's confidence in its business model and management team. We extend our congratulations to the entire Calisen team, and to Evercore and Santander as advisers alongside us."

The Clifford Chance team was led by partner Praveen Jagadish with support from senior associates Ben Evans, Samiha Bham and Will Martin, and associates Jack Foley, Jasmin Sahota, Kirsty Jones, Seika Osafune, Lily Grant, Amelia Seymour and Luna Owen. Tax support was provided by Jemma Dick and Marco Montanaro, whilst Anne Drakeford and Konstantin Korennoy advised on hedging.

Press contact: Emma Cessford

Clifford Chance advises Mitsui and Nutrinova on strategic upstream integration and expansion of Mitsui's investment in Nutrinova

Tue, 01 Sep 2026 12:29:00 GMT

Following completion of the transactions, Mitsui's ownership stake in Nutrinova will increase to 89%, resulting in Nutrinova becoming a consolidated subsidiary of Mitsui, enhancing the agility of decision-making and, together with the benefits of upstream integration, increasing the effectiveness of its business strategy. These two transactions represent growth investments in the Food Science business, which Mitsui positions as a growth area in its Medium-term Management Plan 2029.

Clifford Chance's involvement also included advising Mitsui and Nutrinova in connection with the insolvency-related developments affecting the former Heubach-owned VP4 facility and the subsequent development and implementation of the long-term ownership, manufacturing and supply framework underpinning the transactions.

Tobias Nogami Kamerling, partner and Co-Head of Japan Group Germany at Clifford Chance, commented: "We are privileged to have supported Mitsui and Nutrinova throughout this strategically important journey, building on our role in Mitsui's original investment in Nutrinova. By combining upstream integration of a critical manufacturing asset with Mitsui's increased investment in Nutrinova, the transaction strengthens supply chain resilience, enhances operational integration and supports Mitsui's long-term growth ambitions in the Food Science sector."

The Clifford Chance team was led by partners Tobias Nogami Kamerling (Corporate, Düsseldorf) and Stefan Sax (Restructuring, Frankfurt) and included counsel Haruka Okihara and senior associate Kathrin Schroeder-Finckh (both Corporate, Düsseldorf). Further support was provided by partner Matthew Warner, associate Susan Trepekli and associate Wei Bin Tan (all Corporate, New York); partner Caroline Scholke, associate Patricia Trapp (both Antitrust, Düsseldorf) and partner Masafumi Shikakura (Antitrust, Tokyo); partner Gunnar Sachs, senior associate Marlene Kießling and associate Yannik Trauschold (all Corporate, Düsseldorf); senior associate Marie Georgi and associate Benedikt Behlert (both Energy & Infrastructure, Düsseldorf); partner Natsuko Sugihara, senior associates Yuki Hoshinaga and Lewin Lim (all Corporate, Tokyo); partner Olaf Mertgen and counsel Steffen Waadt (both Tax, Frankfurt); partner Andreas Steiger (Restructuring, Munich); partner Jeroen Thijssen and senior associate Sebastiaan van Steenbergen (both Corporate, Amsterdam); partner Paul Seraganian (Tax, New York); as well as numerous other lawyers from across the Clifford Chance network.

Press contact: Nadja Fersch

Clifford Chance advises Prudential Financial and PGIM in £2 billion strategic partnership with Standard Life

Tue, 01 Sep 2026 12:27:00 GMT

The partnership expands Standard Life's PRT business to support a broader range of defined benefit pension schemes and combines Standard Life's existing PRT proposition with the additional capital and investment expertise of PFI, PGIM and the consortium members.

The partnership as announced on 20 August 2026 will have combined initial capital commitments of up to £2 billion, to be drawn over time to support PRT transactions.

The Clifford Chance team advising PFI and PGIM is led by Imogen Ainsworth and Lily Marcel alongside Simon Crown, Richard Kalaher, Rebecca Pereira and Caitlin Haynes.

Press contact: Chanelle Mutawe

Clifford Chance advises Pemba Capital Partners on its partnership with Hewison Private Wealth

Tue, 01 Sep 2026 05:00:00 GMT

Mark Currell, Managing Partner, Australia, said: "We're proud to have advised Pemba Capital Partners on this significant transaction. The deal reflects the strong investor appetite for high-quality wealth management businesses and demonstrates the increasing maturity and sophistication of transactions across Australia's advice sector. As private capital continues to seek scalable, high-quality advice platforms, we expect to see further consolidation and strategic investment across the sector."

Mark led the deal team with support from Sarah Jenkins, Tegan Kelly, Nimesh Kularatne and Jae-Ho Kim. Partner Elizabeth Richmond led on competition aspects, supported by Sam Frouhar, while Nikki Smythe led on financing aspects, supported by Alexander Sorgese and Anjia Zhou.

This transaction builds on Clifford Chance's longstanding relationship with Pemba Capital Partners, including advising on its acquisition of Hunter Premium Funding and its partnership with SuperConcepts, and further demonstrates the firm's leading credentials advising private equity sponsors on complex transactions in the wealth management sector.

Media contact: Danielle Shaw

Clifford Chance advises APA Corporation on strategic partnership for offshore block in Uruguay

Mon, 31 Aug 2026 13:26:30 GMT

The Clifford Chance team was led out of Houston by partners David Sweeney and Joclynn Marsh, with support from Houston associates Thomas Shattuck, Melissa Sanchez and Amrine Sultana. Additional support was provided by partner Megan Gordon, counsel Catherine Ennis and Jacqueline Landells, and associate Alejandro Leon in Washington, DC, and partners Olivia Higgs in London and Carla Ruggero in New York.

Clifford Chance advises on Thales' €1 billion bond issuance to finance the acquisition of Exail Technologies

Mon, 31 Aug 2026 11:22:00 GMT

The issuance comprises the following series:

€500 million 3.50 per cent. notes due 27 August 2030; and
€500 million 3.75 per cent. notes due 27 August 2034.

The notes are admitted to trading on Euronext Paris and have been rated A- by S&P.

The transaction was managed by Crédit Agricole Corporate and Investment Bank as global coordinator, alongside BNP Paribas, Deutsche Bank, J.P. Morgan, Natixis, Santander and Société Générale, as active bookrunners and BBVA, Barclays, CIC CIB, Commerzbank, HSBC and UniCredit, as passive bookrunners.

The Clifford Chance team which advised the bookrunners consisted of Auriane Bijon (partner) and Baya Hariche (senior associate).

Press contact: Lydia Persico

Clifford Chance advises Return on financing for Sirius battery storage project in the Netherlands

Mon, 31 Aug 2026 09:28:00 GMT

Vattenfall will secure access to the facility's charging, storage and power delivery capacity. Sirius will connect to TenneT's substation in Meeden and operate under a Time-Dependent Transmission Rights (TDTR) agreement. Commercial operations are expected to commence in the fourth quarter of 2027 and the project represents a total investment of approximately €180 million.

Financing for Sirius has been secured as part of Return's wider battery portfolio financing programme, which provides commitments of up to €400 million. The lending group includes ING, NatWest, Deutsche Bank, ABN AMRO and Rabobank. ING Corporate Finance acted as financial adviser to Return, while ING also participated in the financing as a lender. Read more about this transaction here.

The Clifford Chance team was led by Rutger Dekker, Nanette Rutgers and Niels Kuil. The wider team included Hein Tonnaer, Philip Walsh, Jip Bartman, Bogomil Kuvoski, Derek Rademaker, Rachel Robertson, Talia Cullinan, Liesbeth Buiter, Paget Dare Bryan, Nolan Groenland and Johanneke Butijn.

Press contact: Iva Celic

Clifford Chance advises on State Grid's record RMB14.9 billion dim sum bond issuance

Mon, 31 Aug 2026 07:54:00 GMT

Comprising RMB3.9 billion five-year bonds, RMB7 billion 10-year bonds and RMB4 billion 20-year bonds, the transaction was more than 13 times oversubscribed, with a peak orderbook exceeding RMB193 billion from a broad range of international investors, making it one of the most heavily subscribed issuances seen in the offshore Renminbi bond market.

Partner Fang Liu said, "The scale of this transaction shows how far the offshore Renminbi market has developed. Transactions approaching this size were once largely the preserve of sovereign issuers. Today, the market can support the funding needs of some of China’s largest corporate issuers across longer maturities, backed by substantial investor demand. As the internationalisation of the Renminbi continues, we are proud to support high-quality issuers as they broaden access to global capital through Hong Kong's capital markets."

The Clifford Chance team was led by partners Fang Liu and Angela Chan, supported by counsel Torrance Shi, senior associate Michael Cheng, associate Xinyue Yang and trainee solicitor Mark Y Chen.

Clifford Chance has extensive experience advising sovereign and corporate issuers on significant transactions that support the internationalisation of the Renminbi and the development of RMB capital markets. Recent examples include the HKSAR Government's approximately HK$27.6 billion equivalent multi-currency green and infrastructure bond issuance, which included RMB12 billion tranches, Volkswagen Group on its RMB3 billion panda bond issuance, as well as investment-grade RMB bond issuances for high-credit-quality issuers, such as China Construction Bank, China Merchants Bank and Shanghai Pudong Development Bank.

Press contact: Fenix Wong

Clifford Chance advises lenders on a US$1 billion KEXIM-backed financing supporting copper imports to South Korea

Fri, 28 Aug 2026 08:13:00 GMT

The Clifford Chance team was led by partners Nicholas Wong and Nicolas Cookson with support from senior associate Giuseppe Chiaula and associate Namrata Pandit.

Media contact: Fenix Wong

Clifford Chance advises the underwriters on Alexandria Real Estate Equities' US$1 billion junior subordinated notes offering

Thu, 27 Aug 2026 17:59:17 GMT

Clifford Chance has advised the underwriters in connection with Alexandria Real Estate Equities, Inc.'s (NYSE: ARE) registered public offering of US$1 billion aggregate principal amount of 7.250% Series A Fixed-to-Fixed Reset Rate junior subordinated notes due 2057.

The offering closed on August 21, 2026. The notes were priced at 100% of principal amount and will initially bear interest at 7.250% per annum through February 15, 2032.

The Clifford Chance team was led out of New York by partner Andrew Epstein and counsel Tae Ho Cho, supported by partner Gary Brooks and associates Zoya Afridi, Jarek Peterson, Leah Rahmani, and Sylvia Mueller. Partner Michael Seaton and associate Milica Pavlovic advised on tax.

Clifford Chance advises Eurofiber on €2.2 billion sustainability-linked refinancing

Thu, 27 Aug 2026 13:34:00 GMT

The new long-term financing platform replaces Eurofiber's existing financing arrangements and provides substantial committed financing to support the company's continued investment in open digital infrastructure across Europe. The transaction establishes a diversified funding structure with investment-grade characteristics and access to multiple sources of liquidity.

The refinancing was structured as a Sustainability-Linked Loan (SLL), incorporating ESG performance targets linked to greenhouse gas emissions reduction, circularity measures and workforce diversity objectives.

Headquartered in the Netherlands, Eurofiber is a leading provider of open digital infrastructure, offering fibre connectivity and cloud infrastructure solutions to businesses, public sector organisations and service providers across Europe.

Alexandra Dimsdale-Gill, who co-led the Clifford Chance team alongside Thomas Critchley, commented:

"We were thrilled to support Eurofiber, Antin and PGGM on this significant refinancing, which will provide a flexible, long-term financing platform to support Eurofiber's continued growth. The transaction required close collaboration across our London, Amsterdam, Brussels, Paris and Frankfurt teams, and with our hedging and tax specialists – a fantastic team effort showcasing our expertise across multiple jurisdictions and specialisms."

The Clifford Chance team was led by Debt Finance partners Alexandra Dimsdale-Gill and Thomas Critchley, with support from senior associates Louise Baxter and Maria Morris, associate Assisi Gifford and trainee Tarken Moore. The cross-border team also included Titus de Vries, Brittany Freling and Lisa Ye (Amsterdam); Lounia Czupper and Seline Akdeniz (Belgium); Chloe Desreumaux, Quentin Hervé and Thomas Launay (France); Simon Reitz and Marcel Knörchen (Germany). Hedging advice was provided by Will Winterton and Konstantin Korennoy; whilst Jemma Dick advised on tax elements.

Press contact: Chanelle Mutawe

Clifford Chance has successfully advised Volkswagen Group on its C$750 million issuance

Thu, 27 Aug 2026 12:59:40 GMT

The bond, which was underwritten by CIBC World Markets Inc., Scotia Capital Inc. and TD Securities Inc., was sold to institutional investors. The first tranche has an aggregate principal amount of C$400 million, carries a semi-annual coupon of 3.95%, and has a maturity of three years. The second tranche, which matures in 2031, has an aggregate principal amount of C$350 million and carries a semi-annual coupon of 4.33%.

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

Norton Rose Fulbright advised Volkswagen on the matters of Canadian law.

Press contact: Nadja Fersch

Clifford Chance boosts global private capital capabilities in energy and infrastructure with Thyl Hassler hire

Thu, 27 Aug 2026 12:22:00 GMT

Thyl Hassler advises leading financial sponsors, infrastructure funds, sovereign wealth funds and other investors in the energy and infrastructure sector on domestic and cross-border M&A transactions, carve-outs, co-investments, joint ventures and strategic alliances. His experience spans a broad range of core infrastructure asset classes, including renewables, power and utilities infrastructure, battery storage, transport, digital infrastructure and hybrid infrastructure investments.

Charlotte Madden, Global Co-Head of Infrastructure at Clifford Chance:
"Investor appetite for energy and infrastructure assets is driving significant activity globally. Thyl brings an outstanding track record advising leading investors on complex transactions in this market. Together with the recent partner arrivals of Patrick Tardivy and Paul Loisel in Paris, Thyl further enhances Clifford Chance's ability to support investors across the full energy and infrastructure investment lifecycle. We are delighted to welcome him to the team."

Thyl Hassler comments:
"Clifford Chance has built a leading global Private Capital platform, with exceptional strength across energy and infrastructure. The firm's international reach, collaborative culture and unwavering focus on client excellence make it an exciting place to be joining, and I look forward to contributing to the continued success of the team and our clients."

The appointment of Thyl Hassler is the latest step in Clifford Chance's successful expansion of its global Private Capital platform. Since May 2025, the firm has added seven lateral partners across New York, Paris and Luxembourg, further enhancing its ability to support clients across the full private capital lifecycle globally.

Press contact: Nadja Fersch

Clifford Chance advises lenders on MENA region's first sustainable aviation fuel (SAF) plant in Egypt

Thu, 27 Aug 2026 09:35:00 GMT

Shell will act as the plant's primary feedstock provider and sole offtaker, pursuant to a long-term take-or-pay offtake agreement, supporting the project's long-term commercial viability. Axens will provide its proprietary processing technology.

Located in the Sokhna Special Economic Zone in Egypt, the project is being developed with the support of sponsors Green Sky Capital Management, Al Mana Holding and Vision Invest. The facility is designed to produce 200,000 tonnes per annum of biofuels, including SAF and other green products and will utilise Hydroprocessed Esters and Fatty Acids (HEFA) technology to convert waste-based feedstock into high-grade sustainable fuel. This will contribute to global aviation decarbonisation efforts and support the growth of Egypt's sustainable fuels industry.

Nicholas Wong, partner, commented: "For SAF to become a meaningful part of aviation's decarbonisation efforts, projects need access to capital at scale. This financing demonstrates how we are helping to bring together the right combination of lenders and commercial arrangements to support the development of SAF infrastructure and establish a bankable model for future projects in the region. We are delighted to support our valued clients, TAEF, QNB and Ninety One, and the project sponsors, on achieving another landmark transaction in the energy transition space."

Tom Capel, counsel, added: "SAF is still a developing market and technology so each successful project helps to build the bankability story in the market. As the first project-financed SAF facility in the region, this project sets important precedents, deepens the market's understanding of how SAF infrastructure can be developed and financed, and builds confidence across the sector. Transactions such as this demonstrate how the right combination of stakeholders can come together and execute meaningful energy transition projects at scale and with efficiency."

Partner Nicholas Wong and counsel Tom Capel led the Clifford Chance team, advising on all aspects of the financing, including the project's financing structure and related feedstock supply and offtake arrangements. They were supported by senior associates Thomas Hobbs-Martin and William Holmden, and associate Jacie Lim. Partner Matt Buchanan, counsel James Thornton and associate Jeanette Lee advised on construction, procurement and technology licensing matters.

As a leading adviser on sustainable fuels and energy transition projects globally, Clifford Chance has advised on landmark SAF and green fuels transactions across Asia Pacific, Europe and Latin America. These include advising ADB and IFC on the first project financing of a private-sector SAF facility in Asia Pacific, SkyNRG on the financing of the first facility in Europe dedicated solely to SAF production, and Acelen Renewables on Brazil's first integrated sustainable fuels project.

Media contact: Fenix Wong