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Clifford Chance also adds Kolja von Bismarck as partner to its Restructuring & Insolvency law practice

Thu, 26 Sep 2024 09:00:00 GMT

"Attracting three eminent restructuring partners in times when restructuring is in high demand underlines the strategic development and Clifford Chance's elite standing for restructuring and insolvency in the market", said Stefan Sax, who leads Clifford Chance's Restructuring & Insolvency Group in Germany.

"Kolja von Bismarck was already with Clifford Chance from 1994 to 2009. Now he is returning to Clifford Chance as one of the most senior and respected figures in the German restructuring market. Together with Andreas Steiger and Patrick Schulz, who have been working with him for years, he will further deepen the German bench as well as our international restructuring capabilities. This is an extremely exciting development both for us and for our clients", added Philip Hertz, who leads the Global Restructuring & Insolvency Group of Clifford Chance.

The enhanced team will continue to build out their focus on cross-border creditor and company side work, including expanding our relationships with key financial sponsors. "These hires further solidify our reputation as one of the leading firms for this type of work in the market", comments Oliver Kronat, who leads the German Global Financial Markets practice at Clifford Chance. "In addition, we now have more opportunities in the cross-border private equity and financing space, outside the previous core activities of our restructuring practice."

These latest appointments to Clifford Chance's global Restructuring & Insolvency team follow the hiring of US partners Brian Lohan and Maja Zerjal Fink in New York in March.

Kolja von Bismarck has extensive experience advising borrowers, secured and unsecured creditors, distressed investors, private equity funds and alternative credit providers on the restructuring of financially distressed companies, particularly in a cross-border context. He is regularly ranked as one of the leading German lawyers in his area of practice, most recently as "Restructuring Lawyer of the Year" at The Legal 500 Germany Awards 2024.

In addition to Stefan Sax, Kolja von Bismarck, Andreas Steiger and Patrick Schulz as partners, the core Restructuring & Insolvency team boasts three counsels and five associates across Clifford Chance's German offices.

Clifford Chance advises Azelis on its €1.7 billion bond and loan refinancing

Wed, 25 Sep 2024 10:36:03 GMT

Clifford Chance has previously advised Azelis on multiple financing transactions, including the company's IPO on Euronext Brussels and the related financing arrangements in 2021 and its €400 million debut bond offering in 2023. The proceeds from this transaction will be used to refinance certain existing debt of the company and support the company's growth strategy.

Clifford Chance's cross-border, multidisciplinary team was led by London partner Drew Rundus, senior associate Yash Ranade and associates Garo Yaghsezian and Trey Oxendine with respect to the bond financing. New York finance partner Thomas Critchley and London partner Neil Cavanagh advised on the loan financing with senior associate Rachel Freeman and associates Eugenio Decio and Francesca Spittal. Belgian law advice was provided by Brussels partner Niek De Pauw, counsel Wim Aerts and associate Sonia Belhassen.

Drew Rundus commented: "We were delighted to advise Azelis on another successful financing transaction. This transaction showcases the capabilities of our teams across the globe to work in tandem on a range of financing products."

Clifford Chance berät Insolvenzverwalter der Endor AG bei Veräußerung an Corsair

Wed, 25 Sep 2024 09:11:13 GMT

Endor ist ein Hersteller von Peripherie- und Steuergeräten für Computer und Spielekonsolen mit Hauptsitz in Landshut. Mit der Marke FANATEC produziert und vertreibt Endor hochwertiges Zubehör vor allem für Renn-Simulationsspiele, wie Lenkräder, Pedale, Schaltungen und ganze Cockpits für PlayStation, Xbox und PC.

Das Landshuter Unternehmen hatte am 30. Juli 2024 Insolvenzantrag gestellt, nachdem eine Restrukturierung nach dem StaRUG-Verfahren (Gesetz über den Stabilisierungs- und Restrukturierungsrahmen für Unternehmen) gescheitert war. Dr. Hubert Ampferl wurde daraufhin zunächst zum vorläufigen Insolvenzverwalter, nach Eröffnung des Insolvenzverfahrens am 13.09.2024 zum Insolvenzverwalter bestellt.

Corsair (Nasdaq: CRSR), ein US-amerikanischer Marktführer für High-Performance-Ausrüstung und -Technologie für Gamer, Content Ersteller und PC-Enthusiasten, gab im Rahmen des eingeleiteten internationalen Investorenprozesses das beste Gebot ab und übernahm daraufhin den Geschäftsbetrieb von Endor mittels eines Asset-Deal sowie die internationalen Tochtergesellschaften im Rahmen eines Share-Deals. Alle Angestellten von Endor werden weiter beschäftigt und der Firmensitz in Landshut bleibt bestehen.

Das Beratungsteam von Clifford Chance umfasste Partner Simon Schmid und Associate Dr. Tobias Jenne (beide Corporate, Düsseldorf), Partner Dr. Stefan Sax, Counsel Dr. Diana Schoch und Associate Konstantin Kirchner (alle Restrukturierung, Frankfurt). Zudem berieten aus den USA Partner Benjamin Sibbett und Associate Jack Weymer (beide Corporate) sowie Partner Kevin Colan (Tax, alle New York); aus Hong Kong unterstützten Partner Bryan Koo und Trainee Solicitor Tracy Cheng (beide Corporate), aus Sydney Partner Jacob Kahwaji und Senior Associate Rob Colemeadow (beide Corporate) sowie aus dem Büro in Tokio Partner Michihiro Nishi und Qualified Lawyer Shigeto Yamagishi (beide Corporate).

Clifford Chance advises Lloyds Bank GmbH on inaugural covered bond issuance

Tue, 24 Sep 2024 13:14:00 GMT

The bond is a novelty in the German Pfandbrief market as it was issued by the subsidiary of an English bank and the cover pool consists almost exclusively of Dutch mortgages. The banking syndicate consisted of BBVA, Commerzbank, LBBW, LBCMW und UniCredit as Joint Lead Managers. The covered bond is admitted to trading on the Luxembourg Stock Exchange's Euro MTF.

The Clifford Chance advisory team comprised partner Sebastian Maerker, senior associate Wolfgang Ettengruber, associate Paulina Fecht and transaction lawyer Marlen Klepsch (all Capital Markets, Frankfurt).

Clifford Chance advises Unibail-Rodamco-Westfield on its dual-tranche issuance of €1.3 Bn green bonds under its EMTN programme

Tue, 24 Sep 2024 12:48:19 GMT

This issuance was 4 times oversubscribed and had an order book of more than €5,200,000,000 at its peak. The proceeds of the bonds will be used to finance or refinance Eligible Green Assets in line with the Group’s 2022 Green Financing Framework, coherent with the Group’s sustainability strategy and its Better Places roadmap to create positive environmental and social impacts.

The bonds were admitted to trading on Euronext Paris on 11 September 2024.

Clifford Chance advised Unibail-Rodamco-Westfield from an English and French law perspective, with a team that was composed of Cedric Burford, partner, Alexander Tollast, counsel, and Serena Polycarpou, trainee solicitor.

Clifford Chance advises the underwriters on CTP N.V.'s €300 million equity capital raising

Tue, 24 Sep 2024 12:15:48 GMT

This is the first time that CTP has raised equity capital from the market since its IPO in 2021, a transaction that Clifford Chance also advised the syndicate of underwriters on and which was the largest Real Estate IPO in Europe since 2014.

The transaction was structured by way of an accelerated primary bookbuild offering made to institutional investors alongside a direct equity subscription by CTP's founder, Remon Vos.

The placing and subscription, comprising the issuance of new ordinary shares in CTP, raised approximately €227 million and €73 million in gross proceeds respectively. The shares were admitted to trading on Euronext Amsterdam on 19 September 2024.

The cross-border Clifford Chance team was led by ECM Partner Christopher Roe out of London, alongside Senior Associate James Koessler and Associate Inês Teixeira, and further comprised Dutch ECM Partner Han Teerink, US Partner Johannes Juette and US Counsel Olivier Plessis.

Clifford Chance Advises Gonher Music on Acquisition of Sam Ash

Mon, 23 Sep 2024 18:30:00 GMT

Following a competitive auction in which Gonher Music Center emerged as the successful bidder, the Bankruptcy Court approved the sale and affiliates of Gonher Music Center acquired substantially all the assets of its e-commerce platform and wholesale businesses. This transaction closed in July 2024.

The cross-practice team advising Gonher was led by partner Brian Lohan (Restructuring & Insolvency) and senior associate Stephanie Kilmer (Corporate/M&A). The wider US team included partners Michelle McGreal and Maja Zerjal Fink (Restructuring & Insolvency), Kevin Lehpamer (Corporate/M&A), and Violetta Kokolus (Intellectual Property), along with associates Madelyn Nicolini (Restructuring & Insolvency) and William Wilcox (Corporate/M&A). Beijing Corporate/M&A partner Yufei Liao and associate Jiahong Cai and trainee Ruiqi (Rickey) Yu advised on the Chinese law aspects of the transaction.

Clifford Chance advises Grenergy on the acquisition of a 1 GW solar portfolio in Chile from Repsol and Ibereólica

Mon, 23 Sep 2024 15:55:00 GMT

Clifford Chance has advised Grenergy, a listed renewable energy player specialising in the development, construction and management of solar, wind and storage projects, on the acquisition from Repsol and Ibereólica of a portfolio of solar projects in Chile, which comprises a 77 MWp operational project and 923 MWp of solar projects in different stages of development, with the aim of hybridising them with batteries.

This portfolio currently has a built and energised 1 GW interconnection line, which will facilitate the process of connecting the projects under development. The transaction amounted to approximately USD 128 million.

With this transaction, Grenergy will expand its Oasis de Atacama project with two new phases and will enable it to be increased by 1 GW of solar and at least 6 GWh of battery storage.

The Clifford Chance team advising on the transaction was led by Corporate / M&A partner Luis Alonso and counsel Javier Hermosilla, together with senior associate Juan Valcárcel.

Clifford Chance advises BNP Paribas on intended acquisition of HSBC's Private Banking activities in Germany

Mon, 23 Sep 2024 13:45:16 GMT

Germany is a key strategic market for BNP Paribas and offers strong growth potential for wealth management activities, most notably within the Mittelstand (German SMEs) and with the German Entrepreneurs and Families client segment. With a strong focus on HNW and UHNW (High-net-worth and Ultra-high-net-worth) individuals and a complementary regional coverage, most notably in North Rhine-Westphalia, HSBC’s Private Banking activities perfectly fit within BNP Paribas Wealth Management’s model.

BNP Paribas is the European Union’s leading bank and key player in international banking. It operates in 63 countries and has nearly 183,000 employees, including more than 145,000 in Europe.

The legal inhouse team at BNP Paribas was led by Louis-Philippe Vasconcelos (Global Head of M&A/Private Equity - Legal) and Solène Thomas (M&A Legal Counsel). Maarten van Beusekom (Global Head of Legal BNP Paribas Wealth Management) also acted for the wealth management related legal topics.

The Clifford Chance team for BNP Paribas was led by partner Thomas Krecek (Frankfurt) and comprised senior associate Thomas Conradi (Munich), associate Vera Burdenski and transaction lawyer Niklas Alexander Schmitz (both Frankfurt, all Corporate/M&A), partners Dominik Engl and Felix Mühlhäuser, counsel Claus-Peter Knöller, tax consultant Leonie Gebauer (all Tax, Frankfurt and Munich), partners Christopher Fischer and Stefan Simon, associate Julia Kolb (all Employment, Frankfurt), partner Holger Lutz, counsel Nadine Neumeier, senior associate Michael Kümmel and associate Anna-Lena Bußer (all Tech/Digital, Frankfurt), partner Marc Benzler, senior counsel Kerstin Schaepersmann, senior associates Judith Werkmeister and Helene Uffelmann (all Banking Regulatory, Frankfurt and Munich), partner Marc Besen, senior associate Johannes Lüer and associate Lisa Rotterdam (all Antitrust, Düsseldorf) as well as associate Christian Primus (Litigation, Frankfurt).

Clifford Chance advises a syndicate of banks on Hong Kong Housing Society's HK$12 billion syndicated loan facilities

Mon, 23 Sep 2024 02:30:00 GMT

As HKHS has highlighted, the loan facilities will be used to support their development, particularly the construction of subsidised housing projects. The HK$3 billion social tranche will specifically fund designated affordable housing projects to support a variety of Hong Kong residents.

Partner Vicky Ma who led the deal said, “We are honoured to have advised the bank syndicate on this meaningful transaction. The HK$12 billion syndicated loan facilities underscore the significant trust and confidence the banking community places in the Hong Kong Housing Society's mission, and the HK$3 billion social tranche also symbolises a strong commitment from the parties in contributing to the sustainable housing development in Hong Kong. This financing will play a crucial role in advancing the development of subsidised housing projects, thereby contributing to the long-term social and economic sustainability of Hong Kong."

Vicky was supported by senior associate Anthony Chan, associate Timothy Nip and trainee solicitors Vanessa Li and Jonathan L. Wong.

In addition to this latest transaction aimed at supporting Hong Kong's housing needs, Clifford Chance recently advised Urban Renewal Authority on its HK$12 billion Hong Kong dollar bond issuance. The proceeds from this bond will fund capital expenditure on urban renewal projects in Hong Kong.

Clifford Chance advises banks on €750 million hybrid bond issue and tender offer by Bayer

Thu, 19 Sep 2024 14:17:00 GMT

The bond represents one of the inaugural EUR-denominated hybrid instruments to take advantage of Moody's updated rating methodology. The bond will mature in 2054 and has an initial coupon of 5.50% and a first optional redemption date in December 2029. The bond was issued on 13 September 2024 and is admitted to trading on the regulated market of the Luxembourg Stock Exchange.

The proceeds from the bond will be used for general corporate purposes, including the settlement of the liability management exercise.

Clifford Chance regularly advises on issues and tender offers of hybrid bonds.

The Clifford Chance team comprised partner Sebastian Maerker, senior associate Wolfgang Ettengruber, associate Paulina Fecht and transaction lawyer Marlen Klepsch (all Capital Markets, Frankfurt) as well as partner Olaf Mertgen and senior associate Steffen Waadt (all Tax, Frankfurt).

Clifford Chance advises MSC division on acquisition of Maritime Transport

Wed, 18 Sep 2024 16:00:00 GMT

Global law firm Clifford Chance has advised MEDLOG, shipping company MSC’s global logistics and supply chain division, on the acquisition of Maritime Transport. Maritime provides a range of integrated road and rail freight logistics services, including container transport and storage, domestic distribution and freight management.

The core Clifford Chance team was led by Corporate partner Nick Spurrell, alongside associates Mitchell Paul, Caroline de Chastelain and Hephzibah Adeosun. Specialist support was provided by: partner Ian Painter, senior associate Holly Porter and associate Amye McArthur (Real Estate); partner Nigel Howorth and senior associate Katie Kempthorne (Environment and Planning); partners Andrew Patterson, Alistair Windass, Clare Hoxey and David Saleh, director Vadim Romanoff, senior associates Julian Yew and Portia Wainman, and associate Leon Kidd (Tax/Pensions/Employment/Incentives); and partner Sue Hinchcliffe, counsel Michael Rueter and associate Nhi Nguyen (Antitrust). The lead MEDLOG/MSC lawyer was Kirill Vahonin.

Clifford Chance secures a landmark Spanish Constitutional Court ruling on urban mobility sector legislation

Wed, 18 Sep 2024 09:47:52 GMT

The Constitutional Court ruled that the legal provision establishing this operational limitation exceeds what would be considered reasonable to avoid unfair competition with the taxi sector, acting as a deterrent for potential customers in need of immediate transportation and effectively impeding such activity, which violates the principle of free enterprise enshrined in article 38 of the Spanish Constitution.

This ruling constitutes a milestone for PHV businesses in Spain and, as a result, for the mobility apps through which they operate, which had previously been banned from operating in certain regions, following the enactment of legislation establishing these types of limitations. Thanks to this ruling, our client and other PHV companies will now be able to resume normal operations in major cities such as Barcelona, Valencia, and Palma de Mallorca, where there is high customer demand for these services.

The Clifford Chance team advising on this case was led by Public Law partner José Luis Zamarro and senior associate Octavio Canseco.

In analysing the repercussions of this case, José Luis Zamarro and Octavio Canseco said: "This Constitutional Court judgment entirely corroborates our views, declaring this provision of Balearic legislation that requires a minimum of half an hour to elapse between the time of hiring a PHV service and the effective start of its provision, to violate freedom of enterprise (article 38 of the Constitution), and to therefore be unconstitutional and null and void. This is because the Court has understood that, as we defended throughout these proceedings, although the regional legislator structured it as a limit on the exercise of the activity and not on access thereto, in practice it represents a disproportionate obstacle clearly acting as a deterrent that leads to the elimination of PHV operators from the market. The Court considers that, in addition to not justifying the way in which the limitation serves the declared purposes, the restriction is, in any event, not suited to those purposes. Especially when there are already other ways to ensure that private hire vehicle services are arranged in advance, thereby avoiding intruding on those market segments that are specific and exclusive to taxis."

José Luis and Octavio highlight: "The relevance of this judgment, in our opinion, is twofold: on the one hand, for the PHV sector, it definitively ends the debate on the possibility of establishing minimum waiting times, with all that this implies in the form of refunds of penalties imposed, the return to the normal provision of services, or claiming compensation due to losses (loss of profit) caused as a result of this type of limitation. But, on the other hand, more generally, it establishes a clear limit on legislative excesses with regard to freedom of enterprise, preserving its fundamental core, following a series of Constitutional Court decisions that seemed to have begun to reflect a laxer view in this regard."

Clifford Chance advises Nan Shan Life Insurance on its US$700 million debut offshore bond offering

Tue, 17 Sep 2024 13:08:00 GMT

Lead partner David Tsai said, "We are honoured to have advised Nan Shan Life Insurance on this landmark transaction. As one of the first wave of Taiwanese life insurance companies to seek regulatory capital from the offshore bond market, Nan Shan Life Insurance has set a significant precedent by utilising the revised regulations issued by Taiwan's Financial Supervisory Commission. The strong support received for this US$700 million issuance underscores the confidence investors have in Nan Shan Life Insurance's robust financial structure and strategic vision."

David was supported by partner Mark Chan, senior associate Kenneth Ip, and associates Christine Chan and Xavier Chan from Hong Kong.

Clifford Chance has a track record of advising on landmark debt issuances, and previously advised on Cathay Life Insurance's inaugural offshore regulatory capital issuance, which was the first Taiwan insurer to raise regulatory capital from the offshore bond market.

Clifford Chance advised Accor on its liability management operation including a cash tender offer for existing hybrid bonds and the issuance of €500,000,000 new hybrid bonds

Tue, 17 Sep 2024 12:52:54 GMT

Simultaneously, Accor issued €500,000,000 undated deeply subordinated fixed to reset rate NC6 bonds with an initial coupon of 4.875%.

Clifford Chance advised Accor, with its team consisting of Cédric Burford (partner), Auriane Bijon (counsel) and Baya Hariche (associate).

Clifford Chance advises UPS on acquisition of Frigo-Trans

Tue, 17 Sep 2024 10:37:00 GMT

Frigo-Trans’ network includes temperature-controlled warehousing that covers six temperature zones from cryopreservation (-196°C) to ambient (+15° to +25°C); a Pan-European cold chain transportation solution and temperature-controlled and time-critical freight forwarding capabilities.

NYSE listed UPS is one of the world’s largest companies, with 2023 revenue of $91.0 billion, and provides with approximately 500,000 employees a broad range of integrated logistics solutions for customers in more than 200 countries and territories.

UPS Healthcare has 17.2+ million square feet of cGMP and GDP-compliant healthcare distribution space globally. Services include inventory management, cold chain packaging and shipping, storage and fulfillment of medical devices and lab and clinical trial logistics.

The Clifford Chance team comprised partners Christoph Holstein and Simon Schmid, senior associates Ribana Piontek and Yannick Niedergethmann and (Corporate/M&A), partner Torsten Syrbe, counsel Claudia Nawroth, senior associate Marlene Kießling, associates Pia-Sophie Weber, Manuela Steininger and Kristina Thelen (all Healthcare), senior associate Laura-Isabell Dietz (Corporate), partners Marc Besen and Dimitri Slobodenjuk, counsel Anne Filzmoser, senior associate Julius Schradin (all Antitrust, all Düsseldorf), partner Simon Reitz, senior associates Nico Köhler and Philip Rosak (all Global Financial Markets, Frankfurt), partner Philipp Stoecker, senior associate Ahmad Zaheri and associate Sabrina Fornataro (all Real Estate, Frankfurt), partner Sebastian Ritz, senior associate Alexander Stemmler and associates Thilo Brune (all Employment, Düsseldorf), senior associate Nicolas Hohn-Hein (IP, Düsseldorf), partner Dominik Engl and counsel Claus-Peter Knöller (Tax, Frankfurt).

Clifford Chance hires Private Funds counsel Matthew Holt in Washington, DC

Mon, 16 Sep 2024 14:30:00 GMT

Arriving from Atalaya Capital Management where he was Senior Fund Counsel, Holt has extensive experience in sponsor-side fund formation across a diverse range of fund products, including private funds, managed accounts, co-investment vehicles and fund-of-one vehicles in the US, Europe and Asia. He advises clients on all aspects of the fund formation process, from drafting offering and governing documents to conducting investor negotiations, navigating US and global regulatory compliance, and implementing tax-efficient sponsor ownership and control structures across credit, energy, infrastructure, real estate, healthcare and consumer goods industries.

Michael Sabin, partner and co-head of the US Funds & Investment Management practice, said, "We are delighted to welcome Matthew to the team. His strong experience working in-house with one of our clients means he brings valuable insight into how we can best support our clients as they navigate an ever-changing landscape."

Holt said, "I am very excited to return to private practice and to join Clifford Chance's impressive Funds & Investment Management group. I am eager to bring my in-house experience to the practice to continue the exceptional momentum the firm has built in the US and across the globe."

Holt is the firm's 13^th senior hire in the US in 2024, following the appointments of Fund Finance counsel Steven Starr, Capital Markets partner Om Pandya, US Tax partner Todd L owther, Energy M&A counsel Joclynn Marsh, Corporate M&A partner Chang-Do Gong, Insurance M&A counsel Dave Marley, Antitrust counsel Lauren Rackow, Corporate M&A counsel Joshua Bernard, Restructuring & Insolvency partners Brian Lohan and Maja Zerjal Fink, and Energy & Infrastructure partners Ty'Meka M. Reeves-Sobers and Marcia Hook.

Clifford Chance advises the lenders on €14.3 billion acquisition of DB Schenker

Mon, 16 Sep 2024 10:06:43 GMT

This is the largest transaction in DSV's history, and it is expected to boost DSV’s global reach and operational capabilities significantly. It will also lead to substantial investments in Germany.

The Clifford Chance team was led by Partner Jim MacHale, who was supported by Senior Associate Elphina Franklin, Associate Boma George and Trainees Chantelle Richter and Sian Grady.

Clifford Chance advises global aviation finance company Avolon on its agreement to acquire Castlelake Aviation Limited

Mon, 16 Sep 2024 08:37:00 GMT

The business of Castlelake Aviation Limited had total assets of $5 billion as at 31 March 2024 and comprises a global portfolio of 118 aircraft with a high proportion of new-technology aircraft.

The cross-practice team was led by Corporate partner Nicholas Rees and Asset Finance partner Oliver Hipperson. They were supported by director Chris Hardisty, senior associates Antonio Folgore, Tim Hunter-Jones, Philippa Lawson and Chelsea Bruk-Jackson and associates Alice Butcher, Sarah Boyd and Cathal Lynam. Partner Edward Page and senior associate Paul Harrington advised on the tax aspects of the transactions. Employment advice was provided by partner Chinwe Odimba-Chapman and senior associate Kristen Hammond and antitrust advice by partner Richard Blewett, counsel Chandralekha Ghosh and associate Ilya Stekunov. Partner Zarrar Sehgal and counsel John McManmon provided New York law support.

Avolon is a leading global aviation finance company with an owned, managed, and committed fleet of 1,029 aircraft, as of 30 June 2024.

Clifford Chance advises BNP Paribas on the establishment of Triodos Bank N.V.'s €2,500,000,000 Debt Issuance Programme and the inaugural €350,000,000 green notes issuance

Fri, 13 Sep 2024 15:33:00 GMT

Furthermore, Clifford Chance advised BNP Paribas and the joint lead managers on the inaugural issuance by Triodos Bank N.V. of €350,000,000 green senior preferred notes under the Debt Issuance Programme. The notes are to be listed on the regulated market of Euronext Amsterdam. The proceeds of the notes will be used to finance and/or refinance eligible green loans in accordance with the green bond framework of Triodos Bank N.V.

This transaction builds on Clifford Chance's market-leading Debt Capital Markets practice and expertise in green bonds. Clifford Chance advised BNP Paribas on all aspects of the programme establishment and the inaugural notes issuance. The Clifford Chance team consisted of Jurgen van der Meer, Dewi Walian, Marina Sarkisjan, Dilan Ata and Kris Soomers (Global Financial Markets) and Nolan Groenland, Robin Houtveen and Johan Anton Niesten (Tax).