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Clifford Chance advises premium skincare brand Forest Cabin on its IPO and listing in Hong Kong

Tue, 30 Dec 2025 09:34:00 GMT

Global law firm Clifford Chance has advised Shanghai Forest Cabin Cosmetics Group Co., Ltd. (Forest Cabin) on its initial public offering and listing on the Main Board of the Hong Kong Stock Exchange.

Forest Cabin is a premium skincare brand in China with a focus on the anti-aging and firming skincare market. Well-known for its camellia-based products, it is the top domestic brand within China's premium skincare market, by retail sales in 2024.

Chair of China Practice and partner Tim Wang co-led the transaction with partners Jean Thio and Virginia Lee and with support from Head of Capital Markets Lorna Lyu*, senior associate Yaping Li, associates Ruonan Tang, Cathy Qian, Xiao Tang, and Yao Han*, trainee solicitor Julie Luo, legal assistant Minnie Xu and legal analyst Iris Wang.

Tim said, "Forest Cabin's successful debut in Hong Kong reflects the sustained investor interest in Chinese consumer brands and a fitting close to a momentous year for our Greater China equity capital markets team. We are deeply grateful to our clients for trusting us with one of their most transformative milestones – accessing the public markets and connecting with global investors. From technology and industrials to consumer products, we have been proud to showcase the dynamic industries shaping the region's future.”

Hong Kong's capital markets experienced a strong resurgence in 2025, driven by investor demand for innovative, high growth industries – particularly from China.

Against this backdrop, Clifford Chance’s market-leading capital markets practice remained one of the most active international legal advisers on Hong Kong listings. The firm advised on 23 listings across sectors including AI, semiconductors, biotech, automotive and electric vehicles, and consumer products, raising over US$7.7 billion in total. Highlights include:

Three large-cap A-to-H share listings, including one of the largest in 2025 by SANY Heavy Industry, which raised US$1.7 billion;
First ever listing of a Thai company in Hong Kong (IFBH Limited);
First ever dual listing in Hong Kong and Kazakhstan (Jiaxin International Resources);
Two 18C (specialist technology) listings (Deepexi and CiDi);
Two 18A (biotech) listings (Ab&B Bio-Tech and B&K Corp.)

* 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.

Clifford Chance advises Partners Group on the acquisition of The Hoxton Hotel in Poblenou, Barcelona

Mon, 29 Dec 2025 09:05:00 GMT

The Hoxton Poblenou is part of Accor’s lifestyle division, operated by Ennismore, and features four food and beverage outlets, a rooftop pool and more than 1,000 sqm of meeting and event space. The property is in Barcelona’s technology-focused 22@ District, close to the city’s leisure attractions, business hub and coastline.

The investment forms part of Partners Group’s global hospitality real estate strategy, which has a US$1 billion gross asset value portfolio. This transaction is the fourth collaboration between Partners Group and Trinity since 2023, following their acquisition of The Standard Hotel in London.

Clifford Chance advised Partners Group on the Luxembourg corporate legal aspects of the transaction. The team was led by Katia Gauzès (Partner), supported by Cristina Mudure (Senior Associate), Giulia Sentenac (Senior Associate) and Samuel Moïse (Trainee Lawyer).

Clifford Chance advises a consortium of private investors, led by Uvesco CEO, on the acquisition of Uvesco from PAI Partners

Fri, 26 Dec 2025 11:24:00 GMT

Uvesco, a Spanish food distribution company, operates a network of 344 stores under the BM Supermercados and Super Amara brands, and an e-commerce service. The company’s differentiated model is based on proximity stores, with a strong focus on fresh, high-quality and locally sourced products and a solid presence in northern and central Spain, including the Basque Country, Cantabria, Navarra, La Rioja and Madrid.

The team was led by private capital/M&A partner Samir Azzouzi, senior associate Daniel García Juárez and global financial markets partner Rodrigo Uría, with the support of associate Juan Ibarra. The firm's multidisciplinary team for this transaction also included James Rodier and Elena Euba, together with a team in Luxembourg led by partner Stefanie Ferring and associates Pierre Bellec and Sadan Ramovic. Paula Valenciano and Daniel Hernández advised on antitrust matters.

Clifford Chance advises Qualium Investissement on the structuring of its first continuation fund to support Proengin in a new phase of global growth

Tue, 23 Dec 2025 10:07:00 GMT

This continuation fund, set up following a competitive process that attracted strong interest from investors, was led by Eurazeo as Lead Investor, alongside several secondary investors and existing partners of Qualium Fund II.

The transaction enables the manager to retain the NRBC threat detection champion in its portfolio. It also provides Proengin with new capital to accelerate its international expansion.

Proengin’s management team, led by its Chairman Jean-François Brun, is reinvesting significantly in the transaction, which includes capital aimed at accelerating the group’s growth.

The Clifford Chance team was composed of Xavier Comaills, partner, Louis-Guillaume Cousin, counsel, Alexandre Gardini, Laura Ferrier and Oscar Lenoël, associates, on the fund aspects, as well as Pierre Goyat, partner, and Elise Poiraud, associate, on the tax aspects.

Clifford Chance advises HARMAN International on the intended acquisition of the Advanced Driver Assistance Systems (ADAS) business of ZF Group

Tue, 23 Dec 2025 09:54:00 GMT

The acquisition comprises ZF's leading automotive compute solutions, smart cameras, radars and ADAS software functions and aligns with HARMAN’s strategy to deliver consumer technology innovation with automotive-grade reliability through a centralised automotive electronics platform.

With approximately 26,000 employees around the world, HARMAN is a wholly owned subsidiary of Samsung Electronics Co., Ltd. and known for brands such as JBL, Harman Kardon, AKG, Bowers & Wilkins, Denon and Marantz.

ZF is a global technology company supplying advanced mobility products and systems for passenger cars, commercial vehicles, and industrial technology. With some 161,600 employees worldwide, ZF reported sales of €41.4 billion in fiscal 2024, and operates 161 production locations in 30 countries.

The Clifford Chance team for HARMAN was led by partner Christian Vogel and comprised partners Anselm Raddatz and Tobias Kamerling, senior associate Yannick Niedergethmann, associates Frederik Roos and Saskia Gloger as well as legal project managers Pascal Weber and Milena Mühlenkamp (all Corporate/M&A, Düsseldorf), partner Dimitri Slobodenjuk, counsels Anne Filzmoser and Ulrich Pfeffer, senior associate Julius Schradin, Arne Gayk and associates Edmund Melzer and Patricia Trapp (all Antitrust, Düsseldorf), partner Holger Lutz, counsel Nadine Neumeier, senior associate Michael Kümmel and associate Benjamin Wollweber (all TechDigital, Frankfurt), partner Olaf Mertgen and senior associate Christian Klein (all Tax, Frankfurt), partner Thomas Voland, senior associate Laura Dietz and associate Pauline Leven (all Corporate/Regulatory, Düsseldorf), partner Sebastian Ritz, senior associate Alexander Stemmler and associates Max Klein and Sophia Sahle (all Employment, Düsseldorf), partner Philipp Stoecker and associate Robin Molitor (both Real Estate, Frankfurt) as well as further lawyers from the global Clifford Chance network.

Clifford Chance advises on US$2.3bn bridge financing and A$1.25bn take-out facility for Gold Fields’ acquisition of Gold Road

Tue, 23 Dec 2025 08:19:00 GMT

The firm also advised the Mandated Lead Arrangers and Bookrunners (Commonwealth Bank of Australia, NAB, Westpac and MUFG Bank), together with the lending syndicate, on an A$1.25bn take-out facility used to partially repay the US$2.3bn bridge loan.

Mark Gillgren, Partner, said: "This acquisition reflects the value international mining companies see in Western Australia as a Tier 1 mining region. This important sector underpins Australia's economy and we are proud to have played a key role in advising on such a significant transaction."

"The take-out facility was an unsecured, investment-grade, cross-border financing that required our team to navigate Australian, South African, British Virgin Islands and Canadian laws. It demonstrates the strong appetite for exposure to investment-grade credits and the broader trend of banks lining up to lend to resources companies with strong balance sheets."

For the US$2.3bn financing, Mark Gillgren and Nick Kinnersley led the multijurisdictional deal team. They were supported by counsel Nicole Backhouse, senior associates Rubin Trehan King and Alexandra Martin, associates Devesh Awmee, Siewy Yong, Fatimah Nazir and Ben Lin, graduate Siobhan Mussen and trainee Vanessa Ariyibi.

For the A$1.25bn take-out facility, Mark Gillgren led the core deal team, with support from counsel Timon Ibrahim, associate Luna Owen and graduate Kaneeka Kapur.

Clifford Chance previously advised the Commonwealth Bank of Australia as sole sustainability coordinator, as well as the mandated lead arranger and bookrunner in connection with an A$500 million syndicated sustainability-linked credit facility for Gold Fields.

Clifford Chance advises Iberdrola on acquisition of 242MW Ararat Wind Farm

Tue, 23 Dec 2025 01:58:00 GMT

An established wind farm, Ararat sells most of its output to large customers with long standing power purchase agreements and is very much part of Victoria's energy strategy.

The transaction reinforces Iberdrola’s commitment to expanding renewable energy in Australia.

Brett Cohen, Partner and Liz Humphry, Partner said: “We are delighted to have supported Iberdrola on this important transaction, which strengthens Australia’s capacity to meet its renewable energy and emissions-reduction targets by adding large-scale, proven renewable assets to the grid.”

Partners Liz Humphry and Brett Cohen led the core deal team, supported by senior associates Luke Crofts and Tash Tourabaly and associates Henry Garing and Laura Montague, alongside a broader team of Clifford Chance specialists across Perth, Sydney and Madrid.

The transaction further demonstrates Clifford Chance’s market-leading expertise in energy and infrastructure M&A, particularly in matters supporting the energy transition. Recent work includes advising Five V Capital on its acquisition of a majority stake in Agile Energy, an Australian provider of solar and battery solutions for commercial and industrial clients, and global investment group La Caisse on its acquisition of Edify Energy.

Clifford Chance advises Eurazeo on the sale of a portfolio of assets and the structuring of a new fund

Mon, 22 Dec 2025 15:43:49 GMT

This transaction, which represents approximately 50% of the Group's stake in the PME III and PME IV funds, reduces the balance sheet share to approximately 20% for each of these vintages.

The Group will immediately receive half of the proceeds from the sale and receive additional payments subject to a value-sharing mechanism upon realization of the underlying assets.

The Clifford Chance team advised on the negotiations relating to the portfolio sale and on the structuring of the new fund. The team comprised Xavier Comaills, partner, Louis-Guillaume Cousin, counsel, Alexandre Gardini and Grégoire Gennetais, associates, on the funds aspects, as well as Pierre Goyat, partner, and Elise Poiraud, associate, on the tax aspects.

Clifford Chance advises Carmistin International in securing the EUR 500 million financing arranged by BCR and ING Bank, the largest financing granted to the Romanian private sector in 2025

Mon, 22 Dec 2025 10:09:33 GMT

The transaction was structured to finance and refinance the Carmistin group, a Romanian leader in poultry meat production and animal feed, as well as to expand its presence in the poultry, pork, and feed production market.

Daniel Badea, Managing Partner of the Bucharest Clifford Chance office, says: "We congratulate Carmistin for their exceptional performance, which is now validated by Romania's most important financial institutions through this representative financing for 2025. As a trusted advisor, we work with several Romanian entrepreneurs on strategic projects designed to strengthen and expand Romania's presence in the regional economic and business landscape."

Oana Ionașcu, Counsel, adds: "We are finalizing a new complex transaction, which included a significant project finance component. We thank the Carmistin team for their collaboration and congratulate BCR and ING Bank for coordinating the largest financing granted to the Romanian private sector in 2025."

Clifford Chance advises Ambienta and its portfolio company Wateralia in the acquisition of Aquatec

Mon, 22 Dec 2025 01:31:00 GMT

Wateralia is a leading global player in the design, engineering and manufacturing of water pumps and water systems for the integrated water cycle, while Aquatec is a leading Australian water and wastewater design and construction provider.

The acquisition strengthens Wateralia's position in Australia's fast-growing water sector, enhancing Wateralia and Aquatec's engineering and system-integration capabilities. It represents Ambienta's first add-on investment in Asia Pacific, reinforcing its global commitment to investing in the water industry.

Mark Currell, Managing Partner, Australia said: "We’re delighted to have supported Ambienta and Wateralia on this complex transaction, which highlights Clifford Chance’s ability to collaborate seamlessly across jurisdictions and practice areas to deliver outstanding client outcomes."

A cross-border Corporate team from our Sydney and Milan offices worked on the deal. The team was led by partners Mark Currell and Claudio Cerabolini, with support from senior associate Lucy Conway, and associates Jae-Ho Kim and Amedeo Sciolari. Partner Elizabeth Hundt Russell, special counsel Alexander Sorgese and associate Monica Shakeri advised on financing aspects of the transaction.

Clifford Chance advises Nomura on US$500 million securitization of Mexican credit card receivables

Fri, 19 Dec 2025 21:01:40 GMT

This transaction is one of the largest cross-border asset-backed financings for a Mexican digital financial services company to date and marks the first time a Japanese investment bank has participated in a financing of this scale in Mexico's financial system.

Partner Gianluca Bacchiocchi commented, "We are proud to guide our client in this transaction, which supports innovative financial solutions and demonstrates growing international interest in Mexico's financial system."

Bacchiocchi led the transaction along with associates Jorge Vázquez Navarro and David Rondon. Additional support was provided by partners Avrohom Gelber (Tax) and Darren Littlejohn (Capital Markets).

Clifford Chance partners re-elect Charles Adams as Global Managing Partner

Fri, 19 Dec 2025 17:34:00 GMT

Charles Adams commented; “It's a privilege to continue serving as Global Managing Partner. I would like to express my gratitude to our clients for the trust they place in us, to my partners and to everyone at Clifford Chance who has contributed to our ongoing success. I am immensely proud of what we have accomplished together and look forward to continuing to lead our growth and create lasting advantage for our clients.”

Adrian Cartwright, Global Senior Partner at Clifford Chance comments; "Charles has successfully spearheaded our growth strategy, with a focus on enhancing client experience, attracting and retaining the best talent and driving operational excellence. The Partnership welcomes Charles’ continued leadership as we further strengthen our firm to address clients’ most complex cross-border requirements, delivering a seamless and collaborative global service."

Clifford Chance advises lenders financing Cinven's acquisition of Artefact

Fri, 19 Dec 2025 16:02:00 GMT

Established in 2014 and headquartered in Paris, Artefact empowers leading global businesses to navigate technological change and unlock the competitive advantages of data and AI-led transformation. Today the company employs more than 1,700 individuals in 31 offices across 25 countries.

The cross-border debt financing team was led by London debt finance partner Katherine Sinclair, with support from senior associate Jack Edwards, associates Alexander Walker and Assisi Gifford and trainee Tobi Alao.

London debt finance partner Peter Dahlen, supported by senior associate Raad Gorji and associate Isabelle Woodcock, Paris debt finance partners Pierre-Benoit Pabot du Châtelard and Frédéric Guilloux, supported by associate Ophélie Han Fing, New York debt finance partner Jason Ewart, supported by associate Daniela Chilkevitsh, and Tax partners Jemma Dick, Pierre Goyat and Avrohom Gelber, supported by associates Marco Montanaro, Hanène Zemir and Gil Shauly, also advised.

Clifford Chance advises Telekom Austria AG on refinancing of €1 billion revolving facility agreement

Fri, 19 Dec 2025 11:35:00 GMT

The credit line was provided by a syndicate of 14 international banks. Banco Bilbao Vizcaya Argentaria, S.A., Niederlassung Deutschland, Citibank, N.A., London Branch and Erste Group Bank AG acted as bookrunners. Erste Group Bank AG was also appointed as agent.

The new line has a tenor of five years with two one-year extension options.

Telekom Austria AG is a leading communications provider in the Central and Eastern Europe Region with core competencies in the telecommunication fields.

The Clifford Chance team advising Telekom Austria AG was led by counsel Christoph Nensa and comprised partner Bettina Steinhauer, senior associate Vanessa Steiner and associate Nico Lemke (all Global Financial Markets, Frankfurt).

Clifford Chance advises BNP Paribas on the exclusive negotiations between Arval and Mercedes-Benz Group for the acquisition of Athlon

Fri, 19 Dec 2025 09:54:00 GMT

With a fleet of 1.9 million of vehicles under full-service leasing and the strongest growth momentum in the market as well as the highest quality of service – achieving an average annual increase of more than 100,000 units over the past three years – Arval, together with Athlon, would create a combined entity of close to 2.3 million vehicles, compared to the current leader with 2.6 million vehicles in full-service leasing.

This would significantly strengthen Arval’s presence in key markets and its competitive position in Europe, making it the European co-leader in full-service vehicle leasing.

The contemplated transaction remains subject to the information and consultation process with the relevant employee representative bodies of the entities concerned. The completion of the acquisition of 100% of Athlon is expected in 2026, following receipt of the necessary approval from the competent authorities.

The international Clifford Chance team for BNP Paribas was led by partners Thomas Krecek (Frankfurt), Tim Heerschop (Amsterdam) and Mathieu Remy (Paris) and comprised senior associate Thomas Conradi (Munich), associate Marie Möllering (Frankfurt, all Corporate/M&A), partner Marc Benzler and senior associate Judith Werkmeister (both Financial Regulatory, Frankfurt and Munich), partner Christopher Fischer (Frankfurt) and counsel Astrid van Ommeren (Amsterdam) (both Employment), counsel Claus-Peter Knöller (Tax, Frankfurt), senior associate Michael Kümmel and associate Stephanie Giek (both TechDigital, Frankfurt) as well as partner Marc Besen (Antitrust, Düsseldorf).

The BNP Paribas in-house legal team was led by Louis-Philippe Vasconcelos (Global Head of M&A/Private Equity – Legal) and included Laure Khemiri (M&A Private Equity Legal Counsel) and Louis Romero (M&A Private Equity Legal Counsel).

Clifford Chance advises Tikehau Capital on sale of large-scale Westpoort data centre in Amsterdam to Pure Data Centres Group

Fri, 19 Dec 2025 09:36:00 GMT

As part of this deal, one of Europe's largest standalone hyperscale data centre lease for 2025 was signed. The 100MW site will be fully rented to a global tech company. Pure DC plans to invest over €1 billion to further develop the campus, which will create more than 1,000 jobs and boost the local economy. Read more about the transaction here and here.

The Clifford Chance cross-practice team was led by Folko de Vries and Ilse van Gasteren (Global Financial Markets), Liesbeth Buiter (Energy and Infrastructure) and Han Teerink (Corporate M&A). The team also included Femke Buijs, Charlotte Horsten, Obilot Geuljans, Martijn van Beusekom and Agha Kader (Corporate), Carlijn Tenge (Global Financial Markets), Johanneke Butijn and Stephanie Proost (Energy and Infrastructure), and Nolan Groenland, Robin Houtveen and Willem Specken (Tax).

Clifford Chance advises Corporación Financiera Alba on the reorganisation of its investment structure with CVC in Naturgy and the renewal of its partner agreement with CVC

Fri, 19 Dec 2025 09:23:00 GMT

In the resulting structure, Corporación Financiera Alba will now hold a direct stake of 5.01% in the share capital of Naturgy, and Rioja Investments S.á r.l. will maintain its stake of 13.80%. The new structure allows both partners greater flexibility without altering the governance or joint objectives of their investment in Naturgy.

The Clifford Chance team that advised Corporación Financiera Alba was led by counsel Miguel Barredo, with the support of associates Maria Vilar and Maria Rodrigo and consultant Javier Garcia de Enterría. In addition, senior counsel Roberto Grau collaborated on the tax aspects of the transaction while senior associate Octavio Canseco provided regulatory advice. Partner Katia Gauzès and senior associate Grégoire Colson of the Luxembourg office also provided support.

Clifford Chance advises autonomous truck company CiDi on its Chapter 18C listing in Hong Kong

Fri, 19 Dec 2025 03:01:00 GMT

CiDi is a provider of intelligent driving products and solutions for commercial vehicles in China and the first autonomous mining truck company to list in Hong Kong.

Partner Fang Liu said. "We are honoured to advise CIDI on its landmark listing, which marks a key step in bringing advanced autonomous driving to market and highlights how it is empowering productivity and efficiency. Hong Kong continues to stand out as a leading venue for listings by companies pioneering and scaling cutting-edge technologies."

Partners Fang Liu and Virginia Lee co-led the deal with support from counsel Claire Cao and Haoze Zheng, associates Ryan Ho, Elaine Lau, Hester Choi, Bryan Lu* and Yuanyang Li, legal assistant Kelly Shi, trainee solicitors Julie Luo and Nianyi Ye, paralegals Calvin Wong, Norah Li and Sampson Koo.

Clifford Chance previously advised on the Chapter 18C listings of Black Sesame and Deepexi Technology.

Clifford Chance advises THEON on €150 million capital increase and acquisition of a 9.8% stake in Exosens

Thu, 18 Dec 2025 10:25:00 GMT

The proceeds will be used to partly finance THEON's recent acquisition of a 9.8% stake in Exosens SA. Admission to listing and trading on Euronext Amsterdam took place on 18 December 2025.

Connected to the capital increase, Clifford Chance also advised THEON on the acquisition of a 9.8% stake in Exosens SA from Groupe HLD as to matters of French law, European antitrust and FDI rules as well as US CFIUS and antitrust matters. Exosens is a leading French company specializing in advanced electro-optical technologies, including light amplification, detection and imaging systems. Following the completion of the transaction, which is subject to closing pending customary regulatory approvals, THEON will become the second largest shareholder in Exosens, after Groupe HLD.

THEON is a leading developer and manufacturer of customizable night vision and thermal imaging systems for military and security applications in Europe, with a global footprint spanning more than 70 countries. THEON designs and manufactures cutting-edge optoelectronic devices for both man-portable and platform-based systems, enabling the visualization of images in low-light or obscured conditions using state-of-the-art technologies.

On the rights offering, the cross-border Clifford Chance team advising THEON was led by partner George Hacket and counsel Andrei Manea (both Capital Markets, Frankfurt) and by partner Han Teerink (Corporate, Amsterdam) with support from senior associates Maks Mencin (Capital Markets, Frankfurt) and Marina Sarkisjan (Capital Markets, Amsterdam) and associate Alessia Aiello (Corporate, Milan). Tax advice was provided by partner Michiel Sunderman and associate Alec Sanderson (both Tax, Amsterdam) and partner Avrohom Gelber and associate DyTiesha Dunson (both Tax, New York).

On the acquisition of Exosens, the cross-border Clifford Chance team was led by partners Gilles Lebreton and Aline Cardin (both Corporate, Paris) and partner George Hacket (Capital Markets, Frankfurt), with support from counsels Katerina Drakoularakou (Corporate, Paris), as well as Andrei Manea (Capital Markets, Frankfurt). Advice on antitrust and FDI matters across France, EU jurisdictions and the US was coordinated by partner David Tayar (Antitrust, Paris), with support from associates Hendrik Coppoolse and Marlen Pezzetta (both Antitrust, Paris),partner Marc Besen (Antitrust, Düsseldorf) and partners Karalyn Mildorf and Renee Latour with support from associates David Harris and Erica Hackett (all CFIUS, Washington).

Aristodemou Loizides Yiolitis LLC (Harneys) advised Theon as to matters of Cyprus law in connection with both the rights offering and the Exosens acquisition.

Clifford Chance advises Asterion on its acquisition of a 50% stake in TotalEnergies Greece renewables assets

Wed, 17 Dec 2025 16:51:30 GMT

These renewables assets give Asterion a strategically compelling entry into the Greek power market, supported by a favourable regulatory environment and strong incentives for renewable energy.

The Clifford Chance team was led by Partner Patrick Scott, supported by Partner Alexandra Dimsdale-Gill and Senior Associates Craig Grant, Alistair Goble, Eleonore Ferrie and Lydia Morrell. The wider team consisted of colleagues advising on tax, project finance, antitrust and M&A including Partners Javier Amantegui, Praveen Jagadish and Nicola Hemsley; Senior Associates Jessica Berkeley, Crystal Yuen and Viktoria Parkhomenko; Counsel Begona Barrantes and Javier Olbarri; Associates Kirsty Jones, Harry Christoforou and Diego Domenech; and Trainee Ali Gorji.