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Jones Day

Renaud Bonnet

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Jones Day

Work Department

Private Equity; Capital Markets; M&A; Buyouts; Fund Structuring & Fund Services.

Position

Renaud Bonnet is a Partner at Jones Day. His areas of practice include venture capital, private equity, M&A, and capital markets. In the past 15 years, his main focus has been on the representation of technology, life sciences, and other growth enterprises, as well as of the venture firms, private equity firms, and industrial investors that finance them, at every stage of development from entrepreneurial start-ups to multibillion dollar global corporations. He has acted as principal lawyer in a significant number of early to late stage venture capital financing rounds, LBO and M&A transactions, joint ventures, initial public offerings, rights issues, private placements, and tender offers. He leads the Paris Office Private Equity Practice. Renaud's recent experience includes representations of technology and life sciences companies Adocia, Bioalliance, Cellectis, Criteo, Dell, EOS imaging, Exonhit, Hubwoo, Inside Secure, Mauna Kea Technologies, Nanobiotix, Neolane, SAP, Stentys, Supersonic Imagine, Talend, and Voltalia. His investor side representations include: Amundi, Alven, Balderton, CDC Entreprises, Elaia Partners, FSN PME, FCDE, FSI, France Telecom/Orange, Idinvest, Omnes, Seventure Partners, and Sofinnova. Illustrative recent transactions in which Renaud acted as lead lawyer include: six of the seven initial public offerings completed on the main French market in 2011 and 2012; the last financing rounds of Criteo, Talend, and Neolane; and the take-private of Emailvision, Xiring, Wavecom (including successfully defending against Gemalto's hostile bid), and Completel.

Career

Renaud's experience prior to joining Jones Day in 2000 includes practicing in Brussels and New York, as well as at an international law firm in Paris.

Languages

French, English.

Member

Admitted to the Paris and New York Bars. Member of France Biotech.

Education

Columbia University (LL.M. 1997; Harlan Fiske Stone Scholar); Université de Paris II-Panthéon Assas (DESS/DJCE in Business Law and Taxation 1994; Double Maîtrise with honors and high honors 1993); ESSEC Graduate School of Management (MBA 1993); Institut d'Etudes Politiques de Paris (Sciences Po) (Diplôme - section Service Public 1991).


France: Capital markets

Equity

Within: Equity

The ‘responsive’ team at Jones Day has ‘a very good’ reputation for work in the healthcare sector, while also being active in the technology industry. Linda Hesse and Florent Bouyer jointly head the team, which has notable expertise advising emerging growth companies and also has the ability to advise on the US aspects of market transactions. The ‘constructive’ and ‘client- and business-oriented’ Renaud Bonnet is noted for his ‘very good knowledge of the tech industry’ and led in advising Prodways on its French IPO and the related pre-IPO subscription round. In a high-profile transaction, the team assisted Safran with its €8.7bn tender offer for Zodiac Aerospace shares in the context of the merger between the two companies, primarily handling the US capital markets aspects of the transaction. Another highlight saw the department assist Citi and Natixis as underwriters with Genfit’s two-step €80m capital increase. Other clients include Sanofi, Orange and Cellectis.

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France: Industry focus

Healthcare and life sciences

Within: Healthcare and life sciences

Jones Day’s healthcare and life sciences offering is globally led by environment and health and safety expert Françoise Labrousse, while the cross-departmental team in France is headed by corporate and private equity partner Renaud Bonnet; further strengthening its comprehensive service offering, the group recently welcomed patents expert Thomas Bouvet from Véron & Associés . In recent highlights, the corporate group advised Nanbiotix on two private placements in Europe and the US, while the environment unit defended a global corporation in criminal proceedings related to two legionella outbreaks. Emmanuel Baud heads the intellectual property team and recently assisted Merck with French aspects of a multijurisdictional patent litigation regarding its blockbuster drug Solvadi. Other key clients include Sanofi, Novartis and Abbott.

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France: Private equity

Venture and growth capital

Within: Leading individuals

Renaud Bonnet - Jones Day

Within: Venture and growth capital

Jones Day has ‘an outstanding knowledge of the industry’ and ‘a great team’. It has a clear focus on the life sciences and technology sectors thanks to the expertise of practice heads Renaud Bonnet, Charles Gavoty and Jean-Gabriel Griboul, who are ‘a pleasure to work with’, ‘very responsive’ and ‘always looking for balanced solutions’. Highlights included advising Devialet on its high-profile €100m financing round and assisting French food-tech start-up Frichti with a €30m financing round. In a cross-border matter involving France and the US, the team advised Ivalua on a $70m minority investment by KKR. Goldman Sachs and BNP Paribas are new clients.

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Legal Developments by:
Jones Day

  • US rules regarding offshore accounts

    The Hiring Incentives to Restore Employment Act 2010, enacted on 18 March 2010, imposes a new US withholding tax and reporting regime, known as the Foreign Account Tax Compliance Act (FATCA). The FATCA regime applies generally to payments made after 31 December 2012, except on obligations (to be defined in future guidance) outstanding on 18 March 2012. Substantial effort is required by foreign entities to bring their worldwide operations and policies into compliance with the FATCA rules as of the effective date.

    - Jones Day

Legal Developments in France

Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to
  • The new French regulation applying to national insurance contributions for managers and shareholders

    French insurance contributions on executive and shareholder remuneration (pay + dividends) have been substantially increased by the National Insurance Funding for 2013 Act, No. 2012-1404, of 17th December 2012. Until 31st December 2012, all dividends were subject to national insurance contributions on unearned income but henceforth, under Article L136-3 of the National Insurance Code, amended by Act No. 2012-1404, certain dividends   are considered as pay received by executives and shareholders and are therefore subject to the national insurance contributions on pay. The Act also abolished the ceiling on health insurance contributions payable by the self-employed and all this means that businesses must rethink the way that they have been structured until now.
  • CHINA - PERSONAL TAXATION AND SOCIAL SECURITY : CHINESE AND FOREIGN NATIONALS ON AN EQUAL FOOTING

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  • MOROCCO TO BECOME THE LEADING FINANCIAL PLACE IN AFRICA

    The Kingdom of Morocco is supporting the ambition of becoming the leading financial place for Africa. In this context, a wave of draft laws is to be passed and implemented within the following months, amongst which, the Law No. 53.08, setting up a new financial authority, and the Law No. 54.08, reforming public offering rules, are of paramount importance to Moroccan and foreign issuers, and financial institutions.
  • ACQUISITIONS IN CHINA : ASSET OR SHARE DEAL?

    The opportunities offered to foreign investors by the Chinese mergers and acquisitions market are increasing every year: in 2010, transactions involving foreign companies came to 60.1 billion euros, an increase of 21.2% compared with 2009. Seen from the West, where markets are declining, all sectors of the Chinese economy seem to be undergoing promising development and the statistics indicate that the Middle Empire will be a lasting springboard for growth.
  • BULGARIA MARKET OVERVIEW

    Types of investors The private equity (PE) funds that are active in Bulgaria are not raised or registered in the country. Some Bulgarian PE funds were raised recently, but there are no statistics as to the sources of their funding, their number, the funds that were accumulated, etc.
  • RECENT DEVELOPMENTS REGARDING COMMITMENTS

    THE PROCEDURE IS CLARIFIED, BUT MAY COMMITMENTS APPLY WITHOUT LIMIT?
  • Landmark decision by French Competition Authority in conditioned LPG case

    cartel case closed after discovery that leniency application was largely based on forgeries and rejection of collective dominant position objection.
  • Legal Newsletter December 2010: EMPLOYMENT LAW

    (1) No pre-dismissal actions are possible during maternity leave (2) Putting a protected employee back into his previous position after an unsuccessful attempt to a promotion requires the employee’s agreement (3) Means of measuring the electoral base of sector-based trade unions validated by the French Constitutional Council
  • Legal Newsletter December 2010: REAL ESTATE LAW

    (1) The general contractor is not liable vis-à-vis third parties for damages caused by his subcontractor (2) Termination by right of a commercial lease by application of a cancellation clause implies a breach of the express obligations contained in that lease (3) A provision in a lease transferring to the lessee the cost of major repairs and of walls and roofs, must be narrowly interpreted
  • Legal Newsletter December 2010: INTELLECTUAL PROPERTY / NEW TECHNOLOGIES

    (1) Patent law: the patentability of computer programs examined by the Enlarged Board of Appeal of the European Patent Office (2) Trademark law: Israel joins the International Trademark System (3) Trademark law: clarifications to the doctrine of exhaustion of rights