The team at Allen & Overy LLP remains a market leader, bringing deep bench strength to advising major domestic and multinational financial institutions and corporates active in sectors including TMT, aviation, energy, healthcare and real estate, on high-value, multi-jurisdictional transactions. Headed by ECM expert Olivier Thébault and Diana Billik, who specialises in US market transactions, the team’s comprehensive service extends to share capital increases, IPOs, equity-linked transactions, block trades, governance and regulatory compliance.
Capital markets: equity capital markets in France
Allen & Overy LLP
Olivier Thébault; Diana Billik
‘Excellent knowledge of the market and very high reactivity, flexibility in terms of invoicing.’
‘Allen & Overy has a recognized practice in France for capital markets, which relies on a team with cross-functional and specialised skills, aware of the latest regulatory developments and precedents.’
‘Olivier Thébault was indispensable in a transaction of high strategic intensity. He is able to adapt to multiple constraints and always delivers the most appropriate advice for each situation.’
Caisse des Dépôts et Consignations (CDC)
Compagnie des Alpes
Fonds Stratégique de Participations
French State (APE)
- Advised a bank syndicate in connection with the initial public offering of Universal Music Group on Euronext Amsterdam.
- Advised a bank syndicate on the merger between I2PO and Deezer.
- Advised a bank syndicate in connection with the rights issue of Air France-KLM.
Cleary Gottlieb Steen & Hamilton
Cleary Gottlieb Steen & Hamilton's team leverages the deep bench strength of the firm's global network and the experience of its local practitioners to assist a broad client base which includes the French state, major domestic and international financial institutions and corporates spanning such sectors as tech, hospitality, utilities and manufacturing. Led by international capital market transaction specialist John Brinitzer, European securities authority Marie-Laurence Tibi and oil and gas sector expert Andrew Bernstein, the practice's offering extends to multi-jurisdictional IPOs, rights offerings related to acquisition finance, SPACs and share capital increases. Counsel Jeanne Theuret left the firm in September 2022.
John Brinitzer; Marie-Laurence Tibi; Andrew Bernstein
‘Very high quality, finesse in the analysis, knowledge of the market and experience, with unparalleled technicality. One of the best firms.’
The French State
Accor Acquisition Company
Crédit Agricole Corporate
Wendel SE (IHS)
- Served as counsel to the French state in EDF’s 3.15bn rights offering and in the following EUR 9.7 billion tender offer to delist EDF.
- Acted as counsel to OVHcloud on its initial public offering.
- Served as counsel to Veolia Environnement in a EUR 2.5bn rights offering.
Clifford Chance's market-leading practice is at the forefront of high-value, cross-border matters, involving IPOs, SPACs and rights issues, where it is a popular choice for banks and issuers. It has a sizeable leadership team with the practice headed by Alex Bafi, who is an expert in US security transactions; Aline Cardin, who assists French European issuers with public and secondary offerings and corporate governance issues; Jonathan Lewis, who is a key adviser on equity derivatives, equity-linked notes and margin loans; Anne Lemercier, who specialises in compensation and benefits; and Julien Rocherieux, who also contributes experience in international employee share schemes. Olivier Plessis has expertise in SPACs and block trades.
Alex Bafi; Aline Cardin; Jonathan Lewis; Anne Lemercier; Julien Rocherieux
Other key lawyers:
‘Knowledge of the market and excellent track record.’
‘Alex Bafi and Olivier Plessis are very, very good.’
‘Aline Cardin is absolutely exceptional, she is always available to assist us.’
‘The great advantage of Clifford Chance is it ability to offer complete expertise: bringing experts from several geographies and practices together in the same room to solve complex problems.’
Crédit Agricole CIB
- Advising on Exclusive Networks’ $413m IPO on Euronext Paris.
- Advised Azelis, a global innovation service provider for the speciality chemicals and food ingredients industry, and its majority shareholder EQT, on Azelis’s initial public offering and the listing of its shares on Euronext Brussels.
- Advising the Joint Global Coordinators, consisting of Bank of America Securities Europe, Crédit Agricole Corporate and Investment Bank, HSBC Continental Europe and J.P. Morgan, on Euronext’s rights issue and share capital increase raising proceeds of EUR 1.8bn as part of the financing of the acquisition of Borsa Italiana Group.
The equity capital markets practice at Gide Loyrette Nouel A.A.R.P.I. remains a force in the market. It handles high-value, multi-jurisdictional equity transactions for major domestic and multinational issuers, shareholders and financial institutions and corporates. The team is headed by ECM expert Arnaud Duhamel, who assists with complex IPOs, private placements and public equity offerings, Melinda Stege-Arsouze, an expert in IPOs and share capital increases in the tech and biotech space, and Guilhem Richard, who was promoted to partner in July 2022 and manages cross-overs, PIPE deals and block trades. Supported by senior associate and specialist in US securities law Scott Logan, the group’s client base also spans the aviation, automotive, infrastructure, utilities, healthcare and sports sectors. Sami Toutounji, who headed the team’s employee and management equity plan practice at Shearman & Sterling LLP, joined the firm with Françoise Even in October 2022.
Arnaud Duhamel; Melinda Stege-Arsouze; Guilhem Richard
Other key lawyers:
Scott Logan; Sami Toutounji; Françoise Even
‘Excellent technical knowledge of products and markets, innovative and adapted approach, modern, responsive,’
‘Arnaud Duhamel’s presence on a deal is an incredible comfort.’
‘ Clearly one of the leaders in equity capital markets. It demonstrates innovation, flexibility and seeks solutions adapted to the needs of its customers.’
‘Guilhem Richard and Arnaud Duhamel are clearly star lawyers in their practice space. Their relational capacity is superior to that of their colleagues.’
Antin Infrastructure Partners
Air France KLM
Olympique Lyonnais Groupe
BNP Paribas Group
- Assisted Air France KLM with a share capital increase with preferential subscription rights of EUR 2.26bn.
- Assisted a banking syndicate made up of Goldman Sachs and SVB Leerink LLC with the $194m private investment in public equity (PIPE) financing of DBV Technologies, a dual-listed company on Euronext Paris and the Nasdaq.
- Assisted Antin Infrastructure Partners with its initial public offering on the regulated market of Euronext Paris for a total offering amount of EUR 632.5m.
White & Case LLP is well known for its high-end IPO work, ability to link up with its global offices on cross-border deals and its deep bench. It is frequently instructed by major domestic and multinational financial institutions, corporates, insurers and sovereigns. Headed by Séverin Robillard, an expert in matters involving share distribution and preferential subscription rights, the group's active client base spans the transport, automotive, pharmaceutical, real estate and energy sectors. Thomas Le Vert has experience in rights issues, ABB placements and IPOs. Philippe Herbelin, an authority in this area, handles complex transactions in the energy space. Max Turner specialises in placements in the US market. The team was further bolstered by the promotions Olga Fedosova to partner and Tatiana Uskova to counsel in early 2022.
Other key lawyers:
Thomas Le Vert; Philippe Herbelin; Max Turner; Olga Fedosova; Tatiana Uskova
‘Best partners and best team on the market.’
‘Proactive in thinking around new complex structures.’
‘Thomas Le Vert is the best Capital Markets lawyer of the last decade.’
Band of America Merrill Lynch
Crédit Agricole SA
Republic of Cameroon
Republic of Gabon
- Represented Faurecia in connection with the offering of new ordinary shares with preferential subscription rights of the shareholders, for an amount (including issue premium) of approximately EUR 705m.
- Advised a syndicate of banks led by BNP Paribas, Citigroup and J.P. Morgan on the initial public offering (IPO) of OVHcloud on Euronext Paris and its simultaneous refinancing.
- Advised BNP Paribas, BofA Europe Securities SE, J.P. Morgan, Credit Agricole CIB, Deutsche Bank, Natixis and Société Généale in the context of the distribution of EUROAPI shares to Sanofi shareholders and their listing on the regulated market of Euronext Paris.
The team at Bredin Prat is 'highly experienced and solutions oriented.' The group has expertise in high-value transactions involving major financial institutions and corporates active in a range of sectors. Led by equity capital markets expert Olivier Saba, the group advises on equity and hybrid securities, IPOs, private placements and spin-offs. Counsel Jean-Damien Boulanger specialises in capital share increases and block trades, among other areas.
Other key lawyers:
‘Very good legal knowledge and business acumen.’
‘Oliver Sabba – friendly and available.’
‘Highly experienced and solutions oriented.’
Brasil Warrant S.A.
- Advising EDF in relation to its share capital increase in a gross amount of more than EUR 3.1bn.
- Advising Technicolor in connection with the refinancing of its entire existing debt, its plan to list its subsidiary Technicolor Creative Studios on Euronext Paris, and the distribution of 65% of TCS shares to Technicolor’s shareholders.
Jones Day provides a one-stop-shop for equity capital markets services for a broad client base of issuers and underwriters and is particularly noted for fielding an ‘excellent team for ECM small and mid-cap transactions’. Headed by the highly regarded Florent Bouyer, Linda Hesse, who is an expert in equity securities and accompanying regulatory matters, and Renaud Bonnet, who has forged a reputation as a start-up specialist, the group assists with high-value IPOs, block trades, share capital increase, public and private placements, convertible bonds and SPACs.
Linda Hesse; Renaud Bonnet; Florent Bouyer
‘Good team with Florent Bouyer and Linda Hesse.’
‘Excellent team on ECM small and mid-cap transactions.’
‘Florent Bouyer is pragmatic and very professional.’
Bank of America
Berenberg, Gilbert Dupont and Louis Capital Markets
Latham & Watkins leverages its strong global platform to represent a variety of high-profile issuers and underwriters. Headed by Thomas Margenet-Baudry, a public equity offer specialist who is dual qualified as a member of both the Bar in New York and in Paris, the group assists clients with major IPOs, share increases and other complex raisings. Roberto Reyes Gaskin brings expertise to block trades, rights issues and regulatory matters.
Other key lawyers:
Roberto Reyes Gaskin
Farallon Capital Europe LLP
Headed by experienced partner Véronique Delaittre, the capital markets team at Linklaters has strength advising key market players in such sectors as healthcare and energy on high-value SPACS and IPOs. The team is supported by Bertrand Sénéchal, who also assists with rights issues and private placements, in addition to regulatory matters. Another key figure is senior associate Cheri De Luca, who is US-qualified and advises on equity-linked bond offerings.
Other key lawyers:
Bertrand Sénéchal; Cheri De Luca
Société du Grand Paris
Crédit Agricole Corporate and Investment Bank
European Investment Bank
Citigroup Global Markets Inc.
- Advised Lhyfe, a French player specialised in the production of green hydrogen, on its initial public offering on the regulated market of Euronext in Paris.
- Advised eureKING, a European Special Purpose Acquisition Company (SPAC) dedicated to bioproduction, on its listing on Euronext Paris.
The experienced equity capital markets team at Fieldfisher has strong credentials acting for financial institutions and small, mid-cap and large corporates active in a range of sectors. Led by capital markets specialist Samuel Pallotto and supported by counsel Mathilde Cazé, the group advises clients on IPOs, secondary raisings and various capital increases.
Other key lawyers:
HRS (Hydrogen Refueling Solutions)
Omer-Decugis & Cie
- Advised on Groupe Berkem’s IPO on the Euronext Growth Paris market.
- Advised Groupe Rousselet on the public buy-out offer and the squeeze-out initiated by Groupe Rousselet (ex-G7) concerning the shares of its subsidiary Ada.
- Advised BNP Paribas, Crédit Agricole Corporate and Investment Bank et Natixis in connection with the capital increase of the group Pierre & Vacances.
The team at McDermott Will & Emery AARPI has established itself as a key destination for investment banks and corporates in the biotech, medical devices, pharmaceuticals and tech sectors for IPOs and various equity offerings. Headed by Bertrand Delafaye, who has experience assisting with global offerings aimed at capital increases, and David Revcolevschi, a specialist in IPOs and a key name for interactions with regulators, the group also has expertise managing the underwriting of new shares with warrants attached.
‘More than a lawyer, David Revcolevschi is a true partner who is able to offer his perspectives on our problems and to share his experience. The service provided is of high quality and the operations we have carried out would probably not have come to an end without the immense contribution of David.’
Mauna Kea Technologies
- Advised Aelis Farma, a biopharmaceutical on its EUR 25 initial public offering and listing on the regulated market Euronext Paris, which closed on February 17, 2022.
- Advised DBV Technologies, a clinical-stage biopharmaceutical company, on a private placement financing (PIPE) for an aggregate amount of $194m, from the issuance and subscription of ordinary shares and pre-funded warrants.
- Advised Maat Pharma, a clinical stage company, in relation to the company’s IPO launch on the regulated market of Euronext (launched on 15 September 2021), raising EUR 35.7m following the exercise of the over-allotment option.
Headed by capital markets expert Hervé Letréguilly, the team at Shearman & Sterling LLP stands for its ‘knowledge of the regulations and their application in practice’. It is a popular choice for multinational financial institutions and corporates. Supported by counsel Séverine De La Courtie, the group assists with multi-jurisdictional IPOs, secondary raisings, rights offerings, equity-linked securities, hybrid securities and block trades. Sami Toutounji left the firm in October 2022.
Other key lawyers:
Séverine de la Courtie
‘Good knowledge of the regulations and their application in practice.’
‘Excellent complementarity of team members to adapt to the requirements of financial operations.’
Oddo BHF SCA
Crédit Agricole CIB
Taking a two-pronged approach, the equity capital markets team at Jeantet is led by Cyril Deniaud, who handles the financial transactions side of the practice (IPOs, takeovers, share issues, equity-linked securities) and Frank Martin Laprade, who manages the litigation side (sanctions, shareholder conflicts). The firm's clients range from investment firms to corporates active in aviation, IT, tech and medtech.
Cyril Deniaud; Frank Martin Laprade
‘Very responsive team and always available for an appropriate legal response.’
‘Cyril Deniaud: reactive, attentive to our issues and questions, and always available. Very good command of support for listed companies. Pleasant contact.’
‘Very competent, innovative, available team that delivers on time.’
Groupe Prologue (Prologue, O2i and M2i)
Alpha Blue Ocean
Hoffman Green Cement Technologies
Heights Capital Management
- Advised Figeac Aéro, a reference partner of aeronautical corporations, on its financial restructuring which included a share capital increase reserved to Tikehau Ace Capital amounting to EUR 53.5m.
- Advised Groupe Open in connection with the simplified tender offer for its shares, launched by its controlling shareholder New Go, followed by a squeeze-out and the delisting of its shares from the regulated market of Euronext Paris, and the reorganisation of the share capital of New GO.
The Paris team at Norton Rose Fulbright utilises the wider firm's global network to advise domestic and multinational financial institutions, sovereigns and corporates on a broad range of equity-linked issues. Headed by corporate lawyer Roberto Cristofolini, who divides his time between Paris and Casablanca, and supported by senior associate Aurélie Pelisson, the group assists clients with IPOs, share capital increases and the subscription of various classes of warrants.
Other key lawyers:
Caisse de Dépot et Gestion
Hightech Payment Systems
Kingdom of Morocco
- Advised Hightech Payment Systems (HPS), listed on the Casablanca Stock Exchange, with respect to an increase in capital reserved to managers and employees of the group.
- Advised the US company AT&T Corp., with respect to the subscription of various classes of warrants issued by Enensys Technologies, a company listed on Euronext Growth being under Chapter 11 proceedings.
- Advised Attijari Titrisation / Attijariwafa bank in relation to the structuring and establishment of the third sub-fund in FT Miftah, a Moroccan Fonds Commun de Titrisation and the issue by the fund of the two classes of bonds.
Led by experienced ECM/M&A partners Olivier Jouffroy, who has strength in matters relating to infrastructure and real estate, and Alexis Marraud des Grottes, who is a specialist in transactional and litigation advice on securities and stock exchange regulations, the team at Orrick advises venture capital firms, insurers and corporates on high-value share buybacks and IPOs. Etienne Boursican left the firm in 2022.
Olivier Jouffroy; Alexis Marraud des Grottes
‘An accessible and responsive team.’
Ballard Power Systems
Bryan Garnier & Co
XAnge Private Equity
- Advised L’Oréal on its EUR 8.9bn strategic transaction with Nestlé for the repurchase of 4% of its own shares held by Nestlé.
- Advised Canadian-based Ballard Power Systems, a provider of fuel cells for medium and heavy-duty hydrogen vehicles, in connection with Forsee Power’s IPO on Euronext Paris.
- Advised Fidera and London-based Alcentra on the restructuring of Pierre & Vacances Group, a France-based listed company engaged in providing holiday residences, and the EUR 200m investment of Alcentra and Fidera, along with other investors as well as conversion of more than EUR 550m of debt into equity.
Winston & Strawn LLP has a notable track record advising issuers, underwriters, institutional investors and shareholders, on matters ranging from IPOs, reserved capital increases and private placements to equity lines and private investments in public equity. The team is led by Jérôme Herbet, a banking regulatory specialist, and Annie Maudouit-Ridde, who has expertise in SPACs.
Jérôme Herbet; Annie Maudouit-Ridde
‘Annie Maudouit-Ridde: efficiency, involvement, availability, responsiveness. Her team shares the same values.’
‘Excellent knowledge of the SPAC market.’
‘Winston & Strawn’s ECM team are a clear front runner in the French Capital Markets sector. They offer clear and sound advice in a challenging market and jurisdiction. The W&S team are very commercial and sensible and provide excellent support to clients during the IPO process. Compared to other law firms in this sector and jurisdiction, they are clearly market-leading and understand their clients’ needs and wants.’
‘Annie Maudouit-Ridde is by far the best capital markets lawyer in France. She is level-headed, strong, robust, yet commercial and practical. She offers sound solutions to problems and pre-empts issue. Annie Maudouit-Ridde is a rising star and an exceptional lawyer. Her clients look forward to working with her.’
‘Very good work experience with Annie Maudouit-Ridde, benefiting not only from a very good knowledge of the French market, but also of the US markets’
‘Annie Maudouit-Ridde managed the projects we worked on together professionally and with exemplary speed. She knew how to show agility and provided solutions despite complicated situations.’
‘Annie Maudouit-Ridde is a high-quality lawyer. She is very effective’’
‘The Paris firm headed by Annie Maudouit-Ridde is exceptional in several respects. The team is diligent, personable, and delivers quality work. They go the extra mile for their customers.’
Cantor Fitzgerald Europe
- Advised Evergreen SA and its majority shareholder Evergreen SAS on its EUR 65m reverse merger which resulted in the reverse IPO and creation of Transition Evergreen an alternative investment fund structured as a listed corporation.
- Advised Chart Industries in connection with the EUR 180m capital increase of McPhy, which specialises in zero-carbon hydrogen solutions.
- Acted as counsel to 2MX Organic, a French SPAC, on its EUR 300m IPO on Euronext Paris.