Clifford Chance

We have a leading Banking, Finance (including Project Finance) and Capital Markets practice and offer highly commercial and practical advice across the full range of financial products.

We advise on syndicated lending, leveraged and acquisition finance, asset finance, debt offerings, derivative products, securitisation (including synthetic securitisation), secured transactions, securities lending and short selling, derivatives and stock exchange, as well as project finance, financial regulatory, restructuring and Islamic finance.

Our team also has an extensive understanding of regulatory issues and unrivalled experience in drafting legislation and driving leading reforms in Morocco in the financial sector.

Our team has recently advised:

• the Joint Lead Managers on OCP's successful U.S.$2 billion offering of 144A/Reg S Notes, which included Moroccan DCM matters
• MASEN on the repowering of the Koudia Al Baïda Wind Farm
• OCP on the first synthetic securitization transaction in Morocco
• Emerging Africa Infrastructure Fund's investment in a local currency capital market bond issue by Senegal's Port Autonome de Dakar
• development finance institutions on a US$108.5 million equity financing package to support the development of the healthcare sector in Egypt and Morocco
• a consortium of four international development finance institutions on a US$125 million Islamic financing facility to private healthcare company Humania (Bait Al Batterjee Group) to develop greenfield general hospitals in Morocco and Egypt
• the European Bank for Reconstruction and Development on the drafting of a new act on security interests over movable assets
• Maghreb Titrisation and the Moroccan Ministry of Finance in relation to the structure of the debut sovereign Sukuk issuance by the Kingdom of Morocco
• Banque Centrale Populaire on the first international Green Bonds issuance (total amount of EUR135 million with a 10 year maturity) in the banking sector in Africa
• on nearly all the financings of wind farms in Morocco: for example, on the 850 MW Wind Independent Power Project (wind farms located in Midelt, Tiskrad, Tanger II, Jbel Lahdid and Boujdour) and on the development, financing and operation of a 150 MW wind farm in Taza, Morocco
• on the 100 MW CSP tower project forming part of the second phase of the Ouarzazate 500 MW Solar Power Complex (Morocco)
• an international joint venture between Marsa Maroc, Eurogate International GmbH, Contship Italia S.p.A. and Hapag Lloyd on the financing and operation of the container terminal number 3 of the Tangier Med II port in Morocco
• the lenders in connection with the financing of the development of the Taiba Ndiaye 158MW wind farm project in Senegal

We advise on the full spectrum of corporate work, including mergers and acquisitions, disposals, joint ventures, private equity, regulatory compliance, funds and general corporate advisory matters. Our clients come to us for complex, high-profile and cross-border transactions.

We understand the key drivers and deal dynamics of corporate M&A and private equity deals. Over the years, we have accumulated a wealth of knowledge on the unique challenges and risks that can arise in the Moroccan market, for the benefit of our clients.

Our team possesses a detailed, specialist understanding of industry sectors most relevant to Moroccan M&A and private equity transactions from a business, legal and regulatory perspective. We are active and experienced in the education, consumer goods and retail, healthcare, telecoms, infrastructure, real estate and financial services' sectors. Our Casablanca M&A/PE team also works on matters throughout Africa, and in particular multi-jurisdictional sales and purchases including, of course, throughout Francophone Africa.

Our team has recently advised:

• Wilmar International Limited on the disposal of its stake in Cosumar S.A.
• TAQA on its GBP 25 million investment in Xlinks' first of a kind Morocco-UK renewable energy project
• Adenia Capital (IV), AIIM and IFC in the context of their joint investment in Eastcastle Infrastructure, a new venture established to pursue build-to-suit telecom tower opportunities initially in the Democratic Republic of Congo, Nigeria and Côte d'Ivoire
• Honoris on its strategic partnership with the higher education group ESPRIT in Tunisia
• Banque Centrale Populaire on the financing of Atlantic Financial Group's acquisition of three BNP Paribas' subsidiaries
• CDG Invest on an investment in the automotive activity of Socafix (subsidiary of the Abdelmoumen group)
• on the partnership of Amethis and AfricInvest with CFG Bank
• A.P. Møller Capital on its strategic investment in grain logistics infrastructure
• Marsh group, a worldwide leading insurance broker and risk adviser, on the purchase of a stake in Beassur, a major insurance broker in Morocco
• Heidelberg Cement in the sale of a minority stake (7.8% of the share capital) in Ciments du Maroc, for an aggregate amount of EUR140 million
• Amethis Finance's investment in Groupe Premium, the pan African Industrial service supplier
• on the investment by Helios in KMR Holding Pédagogique
• on the strategic partnership of MASEN with the French industrial group Alcen and the Atomic Energy and Sustainable Energies Commission (CEA)
• African Infrastructure Investment Managers in connection with its acquisition of a 50% stake into Société d’Exploitation et de Gestion Aéroportuaires, a holding company with an established portfolio of airport investments across West and Central Africa

• Focus on Hydrogen: Navigating Morocco's New Policy
  19 April 2024
  Client Briefing
• Renewable energy sector in Morocco – how will it impact the market?
  21 April 2023
  Client Briefing
• The development of Islamic finance in Morocco and the wider African continent
  January 2022
  Client Briefing
• Utilisation de la signature électronique au Maroc
  20 May 2020
  Client Briefing
• Coronavirus: Government financial aid to business - An African guide
  22 April 2020
  Client Briefing
• Renewable energy in Morocco: A reform called for by operators
  7 February 2020
  Client Briefing

• Clifford Chance has a well-established presence in Morocco and is a popular choice of representation among financial institutions. The firm regularly advises on credit facilities, as well as assisting with the financing of large-scale projects in the renewable energy sector. In addition, it has extensive experience advising on banking M&A and regularly acts as issuer's counsel on high-value bond issuances and securitization transactions.
  “The work they do as a team is exceptional and very well global articulated with other offices in the network."
  “It is great to have a team who can combine local expertise and a global perspective on business.”
  Mustapha Mourahib "is very business-oriented and understands some of the key commercial issues from an international investor’s perspective and is able to find solutions that work in Morocco.”
  Ouns Lemseffer "is a clever person; she is straight to the point, firm and makes things happen" while "Her leadership and knowledge have really helped all over the process, also her ability to find ways to solve tricky situations during the deal is remarkable."
  Chambers Global – Banking & Finance - Morocco, 2022 - 2024 – only law firm in Band 1
• International law firm Clifford Chance is a hugely respected player in the Moroccan market. Its Casablanca group is regularly involved in very high-value private equity matters, and is also extremely well versed in M&A transactions arising in sectors as diverse as education and telecoms. The team also offers considerable know-how in the establishment of joint ventures and strategic partnerships, and is further noted for its experience acting for clients in the energy and infrastructure sectors on project developments.
  "Clifford Chance's deep knowledge of African markets, legal frameworks and regulatory landscapes proved invaluable."
  "Their advice is great. I know it is the best advice I am going to get."
  Mustapha Mourahib's "expertise and dedication made a significant impact […] His in-depth knowledge of the law and ability to apply it strategically were remarkable. His attention to detail and thoroughness in handling the legal aspects in our process were outstanding.”
  Chambers Global – Corporate/Commercial - Morocco, 2022 - 2024
• "The team as a whole is great, and the different lawyers complement each other well in terms of their skills."
  "The key differentiator is the value-add outside the legal domain in negotiations with counterparties and proactive solution finding."
  Chambers Global - Morocco, 2021
• Clients of Clifford Chance praise 'its availability, commitment, knowledge and understanding of the client' (…) Practice head Mustapha Mourahib is recognised as one of the market's leading practitioners. (…)"
  Legal 500 - Commercial, Corporate and M&A – Morocco, 2021
• "Clifford Chance's Casablanca office (…) has a strong track record in innovative transactions (…)"
  Legal 500 - Banking, Finance, and Capital Markets – Morocco, 2021
• ‘The practice benefits from strong local knowledge that makes its advice particularly valuable in the context of project  documents negotiations and local law due diligence'. The firm excels in project finance transactions, where it acts for international and Moroccan sponsors and lenders on renewable energy projects (both wind and solar).
  Legal 500 – Projects and Public Law – Morocco, 2021
• "The whole team is efficient, and they do everything to solve the problem. “Sources praise the team's "attention to detail," adding: "They are technical and responsive, and can work under pressure."
  Chambers Global - Morocco, 2020
• "They are proactive, showing expertise and responsiveness." "They are subject matter experts who are responsive and have strong communication skills."
  Legal 500 - Commercial, Corporate and M&A – Morocco, 2020
• Proactive and responsive, the firm has experts with strong local knowledge."
  Legal 500 - Banking, Finance, and Capital Markets – Morocco, 2020
• 'Very responsive, efficient, technically excellent and very thorough'. "The firm is a pleasure to work with – always available and attentive to clients' needs." And also, "I recommend the firm for the quality of its work and its timely responses. It has    strong communicators who are proactive, as well as being experts in local law."
  Legal 500 – Projects and Public Law – Morocco, 2020

• National Law Firm of the Year: Morocco 2024 – IFLR Africa Awards
• Regional Law Firm of the Year: Francophone Africa 2024 - Chambers Africa Awards
• Morocco Law Firm of the Year 2024 - Chambers Africa Awards
• Middle East and Africa Top Legal Advisor – Mergermarket M&A League Tables 2022
• National Law Firm of the Year: Morocco 2022 – IFLR Africa Awards
• Morocco Law Firm of the Year 2022 – Chambers Africa Awards
• MENA M&A Legal Adviser of the Year 2022 – Mergermarket European M&A Awards
• National Law Firm of the Year: Morocco 2021 – IFLR Africa Awards
• Regional Law Firm of the Year: Francophone Africa 2021 – Chambers Africa Awards
• Africa Deal of the Year 2018 – Government of Morocco's debut sovereign Sukuk Ijarah of MAD1 billion – Islamic Finance News Awards

We have won multiple awards across the continent – to learn more, please visit the Awards section of each African region's page.

• REACH (Race Equality and Celebrating Heritage) Continental Europe – Establishment of a committee driving multiple diversity and inclusion initiatives, both within and outside the firm with our clients and colleagues, of which the Casablanca team is a founding member and active supporter.
• Bourse Clifford Chance / AJAM – Attribution of a grant to Moroccan students with an outstanding academic track record who wish to become business law practitioners
• Africa Book Aid Program – Establishment of a long-term, cross-border program that will coordinate the donation of legal textbooks to the libraries of eligible law schools in Africa and in particular in Morocco
• Association Amani – Donation towards the creation of a library within their Centre of Excellence. Association Amani is a Moroccan organisation dedicated to the education of underprivileged children and to the accompaniment of their families