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Clifford Chance

Daniel Zerbib

Daniel Zerbib

Partner

Partner
Daniel Zerbib

Daniel Zerbib began his career as a securitisation lawyer (CMBS, trade receivables) and now specialises in banking and finance, with a particular emphasis on infrastructure finance (both greenfield and brownfield), leveraged finance and debt restructuring.

  • Acting for the Senior Lender Coordination Committee (BNPP, Natixis, RBS) on the EUR€2 billion 'Senior Lender-Led' restructuring for the SAUR group (third water operating company in France with international presence and employing more than 13,000 employees). The biggest 'lender-led' restructuring in France to date
  • Acting for EDF, SNAM and GIC for the acquisition of Total Infrastructure Gaz de France
  • Acting for the lenders on the EUR480 million refinancing of the MacPisto acquisition debt (CACIB, BNPP, Lloyds, Unicredit). MacPisto is a French oil storage and transportation company owned by Macquarie and Antin Infrastructure Partners
  • Acting for the sponsors (Eiffage/Macquarie) on the EUR3 billion refinancing of the Eiffarie acquisition debt used to acquire French motorway concessionaire APRR
View more client work by this author

Contact details

Career and qualifications

  • University of Paris II (Business Law and Tax - Maîtrise Droit des Affaires et Fiscalité) 1992
  • University of Paris II (postgraduate in Business Law - DEA Droit des Affaires) 1993
  • University of Paris V (postgraduate in Banking and Finance - DESS Banques et Finances) 1996
  • Admitted as an avocat in Paris 1996
  • Joined Clifford Chance Paris 1996
  • Seconded to the London Securitisation Group 2000-2002
  • Counsel 2003
  • Partner since 2006

Awards and citations

  • "Clifford Chance's state-of-the-art public law, project finance and M&A infrastructure capabilities make the firm an infrastructure and energy project leader in France, in Africa and other parts of the world. The practice is currently advising on many of France's largest rail, motorway, broadband network and renewable projects. Highlights included assisting Eiffage Concessions with its tender bid for the RCEA motorway project tender, and EDF EN with the floating offshore wind test project. The firm is also involved in large-scale LNG, gas power, geothermal and hydro projects, mostly in Africa but also in other diverse jurisdictions including Georgia and Indonesia. It is assisting the government of Ethiopia with a 500MW geothermal project. The group is also advising on strategic new pipeline projects and on major infrastructure projects in Turkey including assisting a group of lenders with the Bursa health campus project. The 27-lawyer team is made up of high-profile figures including Anthony Giustini, Nikolaï Eatwell, Daniel Zerbib, Richard Tomlinson, Delphine Siino Courtin and public law expert David Préat."
    Legal 500 EMEA, France, Project Finance, 2019
  • "Combining first-class public law, project, finance and M&A expertise, Clifford Chance has impressive capabilities that are difficult to match. In France, the firm is advising sponsors on the country's largest offshore wind projects, and also advised on major gas, heat and renewables infrastructure M&A transactions. It assisted Cube Infrastructures with the disposals of district heating supplier Idex and Taranis. The practice is equally strong in the oil and gas and power sectors at international level, often acting for lenders and also for sponsors. It is advising on large-scale LNG, gas power, geothermal and hydro projects, primarily in Africa but also in other jurisdictions including Georgia and Indonesia. Highlights included assisting Sace with the financing of the Coral Floating LNG project in Mozambique, as well as Cacib with the financing of the Muara Tawar gas-fired power plant in Indonesia, and the government of Ethiopia with a 500MW geothermal project. The group also advises on highly strategic new pipeline projects. Key names include David Préat, Laurent Schoenstein, Benjamin De Blegiers, Anthony Giustini, Nikolaï Eatwell, Delphine Siino Courtin, Richard Tomlinson and Daniel Zerbib."
    Legal 500 EMEA, France, Industry Focus: Energy, 2019
  • "At Clifford Chance, acquisition and leveraged finance are a core part of the firm's caseload, with infrastructure financing and refinancing other especially busy areas. Financings involving capital markets and securitisation are also part of the team's portfolio of expertise. The practice regularly leverages the firm's international footprint for cross-border work, such as advising JP Morgan Securities on the financing of AXA's €12.4bn acquisition of Groupe XL, a deal which saw Thierry Arachtingi work in tandem with his counterparts in New York. Daniel Zerbib, who leads the practice with Arachtingi and project finance specialist Nikolaï Eatwell, also advised BNP Paribas as lender on the €90m refinancing of InfraVia's acquisition of Swiss data centre business Green Datacenter. Crédit Agricole, Goldman Sachs and EDF also feature on the client list."
    Legal 500 EMEA, France, Banking & Finance: Transactional Work, 2019
  • Daniel Zerbib is praised by clients for being "pragmatic and efficient." He offers significant experience in project financing matters, as well as acquisition financing and debt refinancing.
    Chambers Europe, France, Banking & Finance, 2019
    Chambers Global, France, Banking & Finance, 2019
  • Banking specialist Daniel Zerbib predominantly acts on the financing and refinancing of energy, telecoms and transportation projects across France. Clients describe him as "a very technical lawyer."
    Chambers Europe, France, Projects & Energy: Finance, 2019
  • "Clifford Chance is ‘the best in town and gives clients real value for money’. The firm provides ‘superb in-depth analysis and knowledge of project finance’ and its ‘ability to link legal and commercial aspects is outstanding’. The Paris hub stands out for its top capabilities on both domestic and international projects and is involved in several of France, Europe and Africa’s landmark power, hydropower, gas, renewables and pipeline projects including major domestic offshore projects and brownfield transactions. Abroad, the practice is assisting the Maltese Government with a 215MW gas-fired power plant and a LNG storage and degasification facility project. The first-class team is led by Anthony Giustini, Nikolaï Eatwell and Daniel Zerbib. David Préat is a key name for public law matters in France and abroad. Also strongly recommended are Delphine Siino Courtin and Benjamin de Blegiers, who is ‘a must when it comes to M&A transactions in the energy and infrastructure sector’. Richard Tomlinson is another name to note."
    Legal 500 EMEA, France, Industry Focus: Energy, 2018
  • "The ‘extremely professional’ Clifford Chance is ‘above the pack’, ‘provides high quality work’ and is ‘the best in town and gives clients real value for money’. The firm provides ‘superb in-depth analysis and knowledge of project finance’ work and its ‘ability to link legal and commercial aspects is outstanding’. The 38-lawyer team stands out for its leading capabilities on both domestic and international projects but is also involved in large transport and construction projects in Africa and Turkey: notably, the practice is assisting HSBC and sponsors Meridiam and Rönesans with the project bond financing of the Turkish Elazig health campus, and several lenders with the financing of the Turkish Bursa health centre. In France, the practice is involved in most of the country’s few ongoing large greenfield projects, including advising Transdev’s biding consortium on the Paris-Charles de Gaulle Airport Express rail project. Other work included high-profile instructions in the energy sector, including involvement in many of France, Europe and Africa’s landmark power, hydropower, gas, renewables and pipeline projects: it is assisting the Maltese Government with a 215MW gas-fired power plant and a LNG facility project. Practice heads Anthony Giustini, Nikolaï Eatwell and Daniel Zerbib are some of the market’s finest advisers. David Préat is a key name for public law matters in France and abroad and also strongly recommended are Delphine Siino Courtin and Benjamin de Blegiers, who is ‘a must when it comes to M&A transactions in the energy and infrastructure sectors’. Richard Tomlinson is also involved."
    Legal 500 EMEA, France, Project Finance, 2018
  • "The ‘extremely efficient’ team at Clifford Chance ‘is able to bring parties to a fair, common sense agreement based on clear explanations of the current market practice’. The group’s ‘industry specialists’ are ‘creative and add real value’, and the full-service finance practice is ‘one of the best in town’. The group has a strong focus on general corporate lending, leveraged and acquisition finance and infrastructure finance, and project and export finance, but also handles real estate and debt restructuring and sovereign lending. ‘Very good leader’ Thierry Arachtingi is ‘always composed’; he jointly heads the practice with ‘technically excellent’ duo Benjamin de Blegiers (‘a must for transactions in the energy and infrastructure sectors’) and Daniel Zerbib. The team advised the lenders to a bidding consortium on the contemplated €535m acquisition of a majority interest in Aéroports de Lyon concerning the privatisation of the airport; and acted for Rivage Investment, Société Générale and La Banque Postale Asset Management on the refinancing of the acquisition of Océa Group by Infravia Capital Partners. In the corporate mid-cap space, it assisted Société Générale and Banque Palatine with the refinancing of Daltys. Other clients include BNP Paribas, Goldman Sachs, EDF and Bridgepoint."
    Legal 500 EMEA, France, Banking & Finance: Transactional Work, 2018
  • "Daniel Zerbib specialises in banking and finance and focuses particularly on matters within the infrastructure, project finance and energy sectors. He is highly regarded in this market, with sources reporting that he is very good at complex PPP issues."
    Chambers Europe, France, PFI/PPP, 2018
  • "Daniel Zerbib's practice covers infrastructure and acquisition finance. He is adept at assisting both lending and borrowing parties". Clients report: "He has a high degree of expertise and takes the time to explain legal constraints with a practical approach."
    Chambers Europe, France, Banking & Finance, 2018
    Chambers Global, France, Banking & Finance, Banking & Finance: Financial Services Regulation, 2018
  • According to clients, Daniel Zerbib is "a must when it comes to restructuring and technically complex transactions." He offers particular strength in debt restructuring, infrastructure and acquisition finance.
    Chambers Global, France, Banking & Finance, Banking & Finance: Financial Services Regulations, 2017
    Chambers Europe, France, Banking & Finance, 2017
  • "Clifford Chance has ‘excellent’ expertise and is particularly recommended for the most complex projects. The firm often advises export credit agencies and commercial lenders on the financing of Africa’s largest power projects and also assists state entities; acts on projects in France and Europe, covering oil and gas, conventional energy and renewables, as well as transport and other infrastructure in France and Africa. Highlights included advising the Maltese government on the development and financing of a 215MW gas-fired power plant and an LNG storage and degasification facility, as well as assisting the lenders with the financing of the 450MW Azura-Edo IPP project in Nigeria. Anthony Giustini, Daniel Zerbib and public law expert David Préat are market-leading figures, as is the ‘very responsive and highly knowledgeable’ Nikolaï Eatwell. Delphine Siino Courtin, ‘dealmaker’ Benjamin de Blegiers and Richard Tomlinson are also recommended."
    Legal 500 EMEA, France, Project Finance, 2017
  • "Clifford Chance has ‘excellent’ expertise and is particularly recommended for high-profile projects. The firm often advises export credit agencies and commercial lenders on the financing of large African power projects – such as the financing of the 450MW Azura-Edo IPP project in Nigeria – and also routinely assists state entities. It is handling energy projects in France and Europe, and is particularly active in the oil and gas and renewable energy sectors. Highlights included advising the Maltese government on the development and financing of a 215MW gas-fired power plant and an LNG storage and degasification facility. Anthony Giustini, the ‘very responsive and highly knowledgeable’ Nikolaï Eatwell, Daniel Zerbib and public law expert David Préat are leading market figures. Delphine Siino Courtin, ‘dealmaker’ Benjamin de Blegiers and Richard Tomlinson are also recommended."
    Legal 500 EMEA, France, Energy, 2017
  • "The ‘quick and responsive’ team at Clifford Chance provides comprehensive expertise across all types of products, including those with a capital markets element. The practice is one of the market’s largest, with some 50 lawyers involved, and notably advises lenders and borrowers with the financing of large LBOs and projects. It assisted PAI with B&B’s acquisition financing, acted for Natixis and the other lenders to Ardian’s consortium on the financing of its bid for Airport Nice Côte d’Azur. Key figures in the team include: Thierry Arachtingi, Daniel Zerbib and Benjamin de Blegiers, who is ‘a real dealmaker who shows perfect understanding of borrowers’ needs’."
    Legal 500 EMEA, France, Banking & Finance, 2017
  • Daniel Zerbib specialises in restructuring, infrastructure, finance and leveraged acquisitions. He is highly regarded in the field and clients highlight his "excellent commercial awareness, effectiveness and reactivity."
    Chambers Europe, France, PFI/PPP, 2017
  • According to clients, Daniel Zerbib is "a must when it comes to restructuring and technically complex transactions." He offers particular strength in debt restructuring, infrastructure and acquisition finance.
    Chambers Global, France, Banking & Finance: Financial Services Regulation, 2017
  • Daniel Zerbib's practice focuses mainly on infrastructure finance, debt restructuring and leveraged and acquisition finance. Sources praise him as "practical and easy to work with."
    Chambers Europe, France, Banking and Finance, 2016
  • Market commentators praise Daniel Zerbib's high level of skill in this area. He focuses on infrastructure finance and leveraged acquisition finance, as well as debt restructuring. Sources consider him to be "a very good lawyer."
    Chambers Europe, France, PFI/PPP, 2016
  • "Clifford Chance demonstrates ‘a very high level of expertise in complex subjects and gives result-oriented advice’. The ‘totally available’ 50-lawyer team fields one of the market’s most complete practices and has leading expertise in acquisition finance, corporate loans and project finance; regulatory work and structured finance are other areas of top expertise. The team acts for international and French banks, large corporations and investment funds. Recent highlights include advising the lenders on the financing of Apollo Management International’s buyout of Verallia. Key figures in the practice include the highly experienced Thierry Arachtingi and Daniel Zerbib. Benjamin de Blegiers is also recommended, while Jonathan Lewis and Frédérick Lacroix are key names for regulatory work".
    Legal 500 EMEA, France, Banking & Finance, 2016
  • "Clifford Chance advises distressed companies and their shareholders, as well as lenders. The practice is regularly involved in cross-border matters. It is notably representing Austrian glass manufacturer Stoelzle-Oberglas in the restructuring of its French subsidiary STM. The practice is led by the highly experienced Reinhard Dammann and finance specialists Daniel Zerbib and counsel Gilles Podeur".
    Legal 500 EMEA, France, Insolvency, 2016
  • "Clifford Chance has the ‘best lawyers in town’ for French project finance work and is involved in major domestic road and infrastructure projects, as well as mandates internationally. It is assisting the International Finance Corporation (IFC) with the financing of the Adana health campus. The firm also has an impressive energy project practice, where it often advises lenders. It is involved in many conventional power, hydro and renewable energy project financings in Africa, such as assisting the lenders with the 120MW Kribi power plant expansion financing in Cameroon. Key figures in the team for international projects include Anthony Giustini, who jointly heads the firm’s Africa practice, Delphine Siino Courtin, who jointly heads the firm’s North Africa practice, as well as Nikolaï Eatwell and recently promoted partner Richard Tomlinson. For domestic project finance work, David Préat stands out for public law aspects, while Daniel Zerbib and recently promoted partner Benjamin de Blegiers are ‘outstanding individuals either on the banks or sponsor side’."
    Legal 500 EMEA, France, Project Finance, 2016
  • Daniel Zerbib's practice focuses mainly on infrastructure finance, debt restructuring and leveraged and acquisition finance. Sources praise him as "practical and easy to work with."
    Chambers Global, France, Banking & Finance: Financial Services Regulation, 2016
  • "Daniel Zerbib stands out for his work in both greenfield and brownfield infrastructure projects and debt restructuring. He advised a group of banks as lenders on the acquisition of Vinci Park."
    Chambers Global, France, Banking & Finance, 2015
  • PPP/PFI market leader Daniel Zerbib focuses on infrastructure finance, leveraged and acquisition finance and debt restructuring. Clients highlight him as being "very reactive."
    Chambers Europe, Banking & Finance, 2014
  • Daniel Zerbib is admired for his excellent financing knowledge and ability, with sources confirming "he is very good for international project finance." Zerbib is particularly focused on infrastructure, leveraged and acquisition finance and debt restructuring.
    Chambers Europe, PFI/PPP, 2014
  • "Paris is the hub of Clifford Chance’s worldwide projects practice. The team includes some 30 lawyers who meet ‘the highest standards’ and assist financial institutions and sponsors on landmark projects globally. It advised the export credit agencies on the Bosphorus Tunnel project in Turkey and represented International Power-GDF Suez and Nareva on the 1,300MW Safi integrated power project. Anthony Giustini co-heads the firm’s global practice. Nicholas Wong, who has ‘very good negotiation skills’, Nikolaï Eatwell and newly promoted partner Ross Howard are also key advisers. The firm is also recognised for its leading French infrastructure practice through public law expert David Préat and finance specialist Daniel Zerbib, who is praised for his listening and anticipation skills."
    Legal 500, Project Finance and Energy: Project Finance, 2014
  • Eiffarie EUR3 billion refinancing was named "European Refinancing Deal of the Year" for Project Finance International and Project Finance Magazine.
  • Daniel Zerbib is "extremely good" .
    Legal 500, Project Finance & Energy, 2013
  • "On the finance side, Daniel Zerbib maintains his outstanding reputation. He has a strong and deep understanding of the public sector and public contracts in France, and provides solutions, not just advice”, enthuse clients.
     Chambers Global, PFI / PPP Section, 2012
  • Daniel Zerbib is “one of the market's best-qualified lawyers for project financing contracts".
    Legal 500 2012