Tax in France
Baker McKenzie’s well-rounded practice is retained by many leading French and US corporations, including blue-chip digital companies, to take on their most strategic, high-stakes litigation. Cases often involve challenging the current French tax regime before the national and EU courts; the firm’s track record in that area was further enhanced by its successful representation of Google in a €1bn reassessment dispute before the Court of Appeal. The tax litigation practice is co-led by star partner Eric Meier, Régis Torlet and Ariane Calloud. The firm also has strong expertise in corporate taxation, as well as in the property and leisure sectors. Veronique Millischer heads the sizeable team, which also includes Guillaume Le Camus, who co-manages the corporate tax practice; Caroline Silberztein, who is one of France’s leading names for transfer pricing tax advice; Virginie Louvigné, who advises on significant property tax transactions; and Agnès Charpenet, who is recommended for wealth management issues.
‘The team has exceptional technical expertise in tax litigation and has won impossible cases before the French courts’
‘The practice has an exceptional knowledge of the French administration’
‘The remarkably creative team shows refined knowledge of tax constraints and opportunities, which allows for clear and personalised advice in the property and leisure sectors’
‘Véronique Millischer is remarkable’
‘Eric Meier and Régis Torlet both have high-level expertise and longstanding experience’
‘The exceptional and fully dedicated Ariane Calloud provides 100% reliable and strategic advice’
‘Virginie Louvigné is a deal maker’
‘Agnès Charpenet shows great expertise and responsiveness and provides great support’
Air France KLM
Bristol Myers Squibb
Pierre et Vacances – Center Parcs
- Successfully represented Pierre & Vacances in a €37m tax reassessment dispute.
- Successfully represented Google in a €1bn reassessment case before the Court of Appeal.
- Assisted LVMH with the $3.2bn acquisition of Belmond.
Bredin Prat’s 'thoughtful, creative, incredibly savvy and experienced' tax team is an essential component of the firm’s thriving M&A practice and advises on most of the firm’s high-profile transactions, including assisting Axa with the tax aspects of the acquisition of insurance specialist XL Group. The team's 'invaluable' advice also covers property and transnational tax matters. In addition, leading French, US and other international corporations and banks turn to the practice for support in dealing with complex tax restructuring and other highly sensitive tax audit and litigation matters. The firm is handling many cases with high financial stakes before the highest French courts. The sizeable practice is led by Yves Rutschmann and includes the highly regarded Sébastien de Monès, Pierre-Henri Durand and Julien Gayral, as well as more junior partners Anne Robert and Jean-Florent Mandelbaum.
‘The team is always proactive, providing invaluable advice’
‘A thoughtful, creative, incredibly savvy and experienced tax team’
‘The team is efficient, has excellent writing skills in the field of litigation and perfect knowledge of the procedures’
‘Anne Robert is remarkable, always anticipates the next question and is very helpful for tax negotiations around an SPA’
LVMH (Groupe Arnault)
Peugeot (PSA Group)
- Advised Axa on the acquisition of leading US-based insurance specialist XL Group.
- Advised Crédit Agricole Corporate and Investment Bank, Goldman Sachs International, MUFG Bank and Société Générale (as lenders and arrangers) on the financing of the acquisition of Medidata by Dassault Systèmes.
- Advised Iliad on its sale of mobile towers in France, Italy and Switzerland to Cellnex.
CMS has one of the largest teams in France, based across its Paris, Lyon and Strasbourg offices, and a client base of leading French and international companies, banks and investment funds. The firm is handling groundbreaking litigation relating to the country's tax framework, including assisting companies with major tax reassessment cases and lodging claims before the highest French and EU courts. International taxation and transfer pricing are also areas of expertise, as well as major M&A and property transactions, and tax structuring and restructuring. Daniel Gutmann heads the tax intelligence department, which feeds the firm's various tax practices. Key names include the highly regarded Stéphane Austry, who heads the tax litigation and controversy group; Michel Collet, who specialises in international taxation; Bruno Gibert, who is an expert in transfer pricing issues; Julien Saïac, who specialises in international taxation; Edouard Milhac, whose main focus is on transactional tax issues; direct tax experts Richard Foissac, Arnaud Donguy and Jean Guilmoto; and Patrick Danis, who provides strong VAT advice.
- Acted for Crédit Agricole in tax litigation claiming the deduction of a loss on the sale of securities amounting to €2.9bn.
- Advised the Association Française des Entreprises Privées, which includes CAC 40 companies as members, on lodging a request (QPC) to the Conseil Constitutionnel challenging the provision of a new law introducing the automatic reporting to the prosecuting authorities of any tax reassessment for an amount exceeding €100,000.
- Advised Biogroup-LCD on the tax structuring of the acquisition of Laboratoire Bioesterel.
Sullivan & Cromwell LLP
Sullivan & Cromwell LLP’s prestigious client base includes many leading US and French corporations, among them French state-owned companies, as well as investment funds. The team is handling high-profile tax litigation, regularly challenging France’s current legislation before the national and EU courts and managing high-level tax reassessment cases. In recent highlights, it successfully represented Natixis before the Supreme Court in a dispute over the taxation of dividends between France and China, and is representing Fiat before the EU General Court in a €30m state aid case. Additionally, the practice assists clients with tax restructuring and advises on the market’s largest M&A transactions, often acting alongside the firm’s corporate department. It also advises on capital markets transactions and is assisting a governmental entity with tax matters relating to the reorganisation of France’s national railway company. Gauthier Blanluet has a stellar reputation. Nicolas De Boynes is also very strong.
- Successfully represented Natixis before the Supreme Court in a dispute over the taxation of dividends between France and China.
- Representing Fiat before the EU General Court in a €30m state aid case – the first in a series of appeals launched against EU Commission state aid decisions relating to tax rulings.
- Advised Praxair on its merger with Linde to create the largest worldwide industrial gas company.
Tax boutique Arsene has an extensive client base that includes leading French, international and multinational companies, real estate players, and start-ups. It has particularly strong expertise in corporate and international tax and transfer pricing, as well as in leveraged buyout (LBO), private equity and property transactions. It also advises on tax restructuring and litigation. The sizeable practice is co-headed by Frédéric Donnedieu de Vabres, managing partner Denis Andres and Olivier Vergniolle. Antoine Glaize heads the transfer pricing practice, François Lugand leads the tax real estate practice, and Roland Schneider is noted for tax disputes. Other key names include property tax expert Franck Llinas, Patrice Corbin de Grandchamp, who handles major social security contribution (Urssaf) issues, and Benoit Bec, who is recommended for transfer pricing work.
Auchan / Leroy Merlin
Direct Energie (Total)
- Assisted BNP Paribas Cardif with its contemplated expansion in Europe.
- Assisted Spie Batignolles and its management with the acquisition of the company by the management, EMZ Partners and Tikehau Capital.
- Advised Swiss Life on its €1.4bn joint acquisition with Ampere Gestion of 80% of a 4,000-unit housing portfolio.
Cleary Gottlieb Steen & Hamilton
Cleary Gottlieb Steen & Hamilton's team advises on the tax structuring of some of the market's largest M&A transactions, in combination with the firm's corporate practice. It also provides key support on high-end equity capital markets (ECM) transactions, as well as on bond and debt capital markets (DCM) offerings, especially in connection with the US markets. Practice head Anne-Sophie Coustel is highly recommended.
- Advised Essilor on its combination with Luxottica.
- Advised Thales in connection with the acquisition of Gemalto and on the related divestments required.
- Advised Alstom on its projected combination with Siemens’ mobility business.
Clifford Chance's practice has a strong focus on transactional tax. The team regularly advises on the structuring of the market's largest property and M&A transactions, together with its colleagues from the firm's corporate department. The practice was recently involved in many landmark deals, especially in the property sector, where it played a key part on many prime office tower and portfolio transactions. The team also has a strong expertise in advising on fund formation and fundraising, especially in relation to the property sector. In addition, it handles tax litigation, including a high-profile tax reassessment dispute with high financial stakes. Eric Davoudet and Alexandre Lagarrigue lead the team, of which counsel Jitka Susankova is also a key member.
‘The team is available and business-oriented’
‘Eric Davoudet is an excellent adviser regarding international investments. He knows how to structure any acquisition efficiently and he knows the real estate investment sector perfectly’
‘Alexandre Lagarrigue is a well-recognised adviser. He is practical, has great technique and knows where to find the middle ground’
‘Counsel Jitka Sansukova is very dedicated’
Carlyle European Real Estate
Swiss Life REIM
- Advised La Française REM and Crédit Mutuel Nord Europe on the formation of an investment vehicle dedicated to the Grand Paris development project.
- Advised Fortress on the acquisition and financing of a French retail portfolio in a joint venture with Casino.
- Advised Amundi Immobilier and Mirae Asset Daewoo on the acquisition and financing of Tour Majunga in La Défense.
Darrois Villey Maillot Brochier has a highly regarded practice for tax advice on leading M&A and property transactions, often acting alongside the firm’s corporate practice. The team's expertise also encompasses litigation and tax audits. Vincent Agulhon ranks among the very best in the field. Loïc Védie and the experienced Alain Maillot are also noted.
‘The team has high-level expertise in real estate tax. Lawyers show great commitment in addressing clients’ expectations. They are very creative’
‘Vincent Agulhon and Loïc Védie are reliable, very professional and always available. Their agility allows them to quickly adapt their advice to the current tax environment’
De Pardieu Brocas Maffei's well-staffed practice is known as a powerhouse in the market for property tax work. In recent highlights, the team assisted Carrefour and its co-investors with the €900m sale of listed property company Cargo Property Assets, as well as SNCF with the €1.5bn sale of Foncière Vesta. Practice head Emmanuel Chauve and the 'brilliant and very committed' Alexandre Blestel are well regarded for their property tax expertise. In addition, the practice has great resources for LBO and private equity transactions thanks to the promising Priscilla van den Perre, who was recently promoted to partner. While the team lost highly regarded corporate tax adviser Nadine Gelli to Kirkland & Ellis LLP, it was bolstered by the hiring of new corporate tax partner Anne-Laure Drouet, who joined from Ernst & Young Société d'Avocats.
‘The team is really expert and follows a straight to-the-point business approach’
‘The best real estate tax team in Paris. They always find the best solutions, and are very professional, and very friendly’
‘The team is available, has an excellent level of expertise and provides very relevant advice with much added value. Lawyers are practical, very efficient, very involved and have exceptional proficiency, never making any mistake’
‘Emmanuel Chauve and his team always have everything under control’
‘Alexandre Blestel is brilliant and very committed. His high-level tax expertise is complemented by great financial skills, providing him with a broader view of the issues faced by his clients’
‘Priscilla Van Den Perre is an excellent tax adviser who provides highly relevant advice, has great and swift judgement, and is very commercial’
Fonciere Des Regions
Credit Agricole Assurances
21 Centrale Partners
ITS Group SA
Algonquin and Cardif
- Advised Carrefour and co-investors on the €900m sale of listed property company Cargo Property Assets to Argan.
- Advised SNCF on the €1.5bn sale of Foncière Vesta, a real estate company with a portfolio of 4,000 properties.
- Advised Tishman Speyer on the sale of the Lumière office building in Paris.
Freshfields Bruckhaus Deringer LLP
Gide Loyrette Nouel A.A.R.P.I.'s large team has a strong focus on transactional tax. The team advises on the tax structuring of many of the firm's most significant M&A, private equity and property transactions and has 'deep knowledge of tax for real estate investment funds'. Highlights included advising Swiss Life Asset Managers on the acquisition of a €1.7bn Paris office portfolio from Terreïs. The team is highly proficient in the context of capital markets and finance-related transactions, while also handling standalone tax advice and tax controversy cases. Leading companies, private equity funds, property investors and banks are clients. Laurent Modave, Magali Buchert, Olivier Dauchez and Bertrand Jouanneau are the key contacts. London-based counsel Alexandre Bochu also contributes.
‘The firm’s tax practice is outstanding. Its partners, seniors and associates are very sharp and have a deep knowledge of tax for real estate investment funds. They have a very good trial culture which makes their advice very strong on tax structuring and due diligence work’
Swiss Life Asset Managers
- Advised Swiss Life Asset Managers on the acquisition of a €1.7bn Paris office portfolio from listed property company Terreïs.
- Advised Grupo Planeta on the sale of Editis to Vivendi.
- Advised a French family office in connection with the transfer of Evolem’s equity stake in April to Andromeda Investissements.
Latham & Watkins has a strong transactional practice, advising on the structuring of many of the firm's major private equity and M&A deals. The team's recent workload included an impressively high volume of LBO transactions. In addition, the practice assists on cross-border DCM and finance transactions. Practice heads Xavier Renard and Olivia Rauch-Ravisé are highly recommended.
‘The team has established expertise in the private equity sector’
‘Xavier Renard is a recognised professional recommended for French and international transactions’
Intermediate Capital Group
Shandong Ruyi Investment Holding
Pernod Ricard SA
Crédit Agricole Corporate and Investment
- Advised Worldline on its €2bn acquisition of Six Payment Services.
- Advised Auchan Holding in connection with its sale of 50.1% of Oney Bank to BPCE.
- Advised Shandong Ruyi Investment Holding on its €571m acquisition of Switzerland-based luxury shoe and accessories company Bally International.
Mayer Brown's large team advises leading corporations on general corporate issues, as well as key transactional and complex restructuring tax work. It notably assisted Altice with the refinancing of a portion of the debt of the Altice France credit pool and with the sale of a 49.99% stake in the telecoms tower management company. The practice also ranks among the leading names in the private equity field, and is regularly instructed by funds and managers to advise on strategic matters and large-cap LBO deals. In addition, the practice regularly acts on sensitive, high-stakes litigation, especially regarding LBO-related issues. Laurent Borey heads the team. Other key members are Benjamin Homo, Christopher Lalloz, who is noted for litigation, Olivier Parawan and Elodie Deschamps.
The team is creative on the technical aspects. Team members are deal facilitators who have a very good understanding of the business rationales behind a transaction, and are not merely tax experts’
‘Laurent Borey is a tax guru recommended for his high level of creativity and communication and negotiation skills. He is ably supported by counsel Nicolas Danan and associate Louis Nayberg, who are technical, client focused and provide high-level services’
Charterhouse Capital Partners
Oaktree Capital Management
Sandro Maje Claudie Pierlot
- Assisted Altice with the refinancing of a portion of the debt of the Altice France credit pool and with the sale of a 49.99% stake in the telecoms tower management company.
- Assisted Charterhouse with the structuring of the acquisition of insurance broker Siaci Saint Honoré.
- Advised Asmodée’s management on the structuring its investment in the company alongside PAI Partners.
Orrick Rambaud Martel's team has broadened its expertise following recent additions. The firm remains a strong choice for all types of transactional advice, spanning major M&A, banking and financial restructuring matters; Anne-Sophie Kerfant is particularly strong in this area. Charles Briand, who joined the team in 2017, is making a name for himself in the private equity sphere. In addition, in 2018 the firm welcomed former Conseil d’Etat member Laurent Olléon, who is assisting high-profile French companies in sensitive and high-stakes litigation, notably in relation to the EU law on VAT and profit-sharing issues.
‘A high-quality and technical team’
‘Anne-Sophie Kerfant demonstrates great talent, people skills and efficiency, and constant availability’
‘Charles Briand understands clients’ expectations exactly, does everything he can do to satisfy clients’ needs, and shows great analysis skills’
‘Laurent Olléon is extremely renowned in the field of corporate taxation, VAT and local taxes. His technical knowledge of the Conseil d’Etat litigation procedures is excellent’
Advanced Accelerator Applications
BCBG Max Azria
Syndicat National de l’Edition
- Advised BPCE and Natixis as joint arrangers on BPCE’s first public residential mortgage-backed securities (RMBS) transaction.
- Advised Deloitte on In Extenso partners’ LBO.
- Advised Jaguar Network’s founder and majority shareholder on a strategic partnership with Iliad.
PricewaterhouseCoopers International member Pwc Société d'Avocats stands out for its comprehensive tax expertise, thanks to its sizeable team. The firm is able to provide advice on areas ranging from international taxation, transfer pricing and tax due diligence to indirect tax, tax accounting, and mobility and litigation matters. Many leading French and international corporations and banks are clients, as well as major private equity funds. Key areas of work include advising on the tax structuring of headline M&A and private equity transactions and handling high-profile tax disputes. Key names include managing partner Loic Le Claire, who is highly recommended for his litigation expertise, Anne-Valérie Attias-Assouline and Jean-Philippe Brillet, who stands out for tax M&A work.
Montagu private Equity
- Assisted PAI Partners with the structuring and due diligence in the acquisition of Areas.
Allen & Overy LLP
Allen & Overy LLP 's tax team advises on the structuring of most of the firm's major M&A, financial and real estate transactions, and particularly stands out for its proficiency in assisting banks with complex transactional and restructuring issues. Leading French and international companies, banks and investment funds are clients. Mathieu Vignon, who has particular expertise in the banking sector, chairs the practice. Guillaume Valois, who handles tax matters in relation to M&A and private equity transactions, is another key name in the team, while counsel Charles del Valle is also recommended.
‘The tax team has confirmed expertise in the private equity and real estate sectors.’
‘Guillaume Valois is a great professional with great expertise’
Healthcare of Ontario Pension Plan (HOOPP)
Hatfield Philips International, Ltd / Mount Street
SGRF (State General Reserve Fund of The Sultanate of Oman)
Crédit Agricole CIB
Société Fédérale de Participations et d’Investissement
- Advised the management of Zentiva, Sanofi’s European generics drugs company, on exclusive negotiations between Sanofi and Advent International under which Advent would acquire Zentiva for €1.9bn.
- Advised Engie on its partnership with BNP Paribas’ subsidiary Arval for the launch of a new green transport offer.
- Advised Société Générale on the acquisition of the worldwide equity markets and commodities activities of Commerzbank.
Ashurst LLP’s tax team provides strategic support to the Paris office’s corporate, finance and real estate practices. Emmanuelle Pontnau-Faure recently advised on several key transactions in the property area and was also consulted by financial brokers to assist with Brexit-related restructuring work. She also advised on several major financing transactions and provided guidance to investors in relation to domestic brownfield renewable energy transactions. The team's diverse client base includes notable private equity firms and banks.
‘The team is close to its clients, flexible and driven’
‘The team has particular mastering of international tax issues and is responsive’
‘Emmanuelle Pontnau-Faure is accurate, expert, creative and extremely reliable’
LGT Private Debt France
Crédit Agricole Assurances
- Assisted Nomura Bank International with the financing of the acquisition of Delachaux Group by CDPQ.
- Advised Barclays on Ecore’s debt high yield issuance and super senior revolving credit facility.
- Advised the lenders on the acquisition and financing of Siaci Saint Honoré Group by Charterhouse Capital Partners and its management.
Dechert LLP has particularly strong expertise in the private equity field, where it advises on both transactional and fund formation work for leading players. The team is regularly instructed to provide sophisticated advice to funds and asset managers on the tax structuring of private equity and debt funds and on Brexit-related issues. Sabina Comis, who is noted for her ability to 'combine outstanding legal, regulatory and tax expertise on LBO deals', leads the team, and 'very promising' senior associate Etienne Bimbeau is also recommended. Bruno Leroy is now at Paul Hastings LLP.
‘An outstanding team with high-level technical skills and deep industry knowledge of the LBO and private equity space’
‘A leader in private equity tax structuring showing great efficiency’
‘Sabina Comis is extremely valuable as she combines outstanding legal, regulatory and tax expertise on LBO deals. Her technical skills and business acumen can be fully trusted. She has a team of dedicated, responsive and smart associates working with her’
‘Senior associate Etienne Bimbeau is very promising, dedicated and reactive’
Artemis – Financière Pinault
Rothschild Martin Maurel
Blisce – Alexandre Mars
Edmond de Rothschild Private Equity
Allianz Global Investors
Prudential – PGIM
LGT European Capital
Cheyne Capital Management
Qube Research & Technology
- Assisted Caravelle with its acquisition of Luneau Technology.
- Assisted Certares with the acquisition of Marietton.
DLA Piper is highly regarded in the private equity sphere, with expertise in private equity fund structuring work, and regularly receives high-profile instructions to advise on the structuring and fundraising of the largest funds. In addition, the team is skilled in advising funds and managers in the context of large and mid-sized LBO transactions. Other areas of expertise include assisting investment funds with sensitive tax reassessment matters, litigation and property tax issues. Fanny Combourieu leads the team. Sylvie Vansteenkiste and Raphaël Béra are the other key names in the practice.
Access Capital Partners
Infravia Capital Partners
Rothschild & Co (Merchant Banking)
Antin Infrastructure Partners
Artémis / Financière Pinault
LGT Capital Partners
- Advised PAI Partners on the transfer of Perstorp from PAI Europe IV fund to a new fund managed by PAI Partners with Landmark Partners as lead investor.
- Advised Mirova and Asterion Industrial Partners on the 80% share acquisition of Proxiserve.
Lacourte Raquin Tatar's team is highly sought-after for handling leading real estate tax work, including asset investment and M&A property transactions. The team advises the largest French and international property players, often alongside the firm's real estate practice, on the most significant property investment transactions, notably assisting Unibail-Rodamco-Westfield with the sale of the Majunga and Ariane towers in La Défense. The practice is co-headed by Jean-Yves Charriau, who is a leading name in the property tax field, Julien Souyeaux and David Sorel. Counsel Sophie Duboy-Maurel is also noted.
‘The best real estate tax team in Paris, which has unique and highly respected expertise’
‘The tax team provides a very high level of service. They are essential professionals in real estate tax in France. They are always very reactive, client-oriented and reliable’
‘They have a wealth of experience in real estate taxation with deep understanding of the industry and are extremely well connected’
‘Jean-Yves Charriau is the go-to tax lawyer in France for real estate taxation. He really deserves his place in the hall of fame’
‘David Sorel has plenty of experience and a deep understanding of real-estate tax issues and its underlying economic mechanisms’.
‘Julien Souyeaux is very skilled, puts himself in his clients’ shoes, and always makes himself available’
‘Sophie Duboy-Maurel is an experienced counsel who efficiently assists Jean-Yves Charriau’
Poste Immo (La Poste Group)
JP Morgan Asset Management
Aermont Capital LLP
Lasalle Investment Management
MCS & Associés
- Advised Unibail-Rodamco-Westfield on the sale of the Majunga and Ariane towers in La Défense.
- Advised JP Morgan Asset Management on the acquisition of the Colisée Gardens office building.
- Advised Ivanhoé Cambridge on the acquisition of the Cap Ampère office campus in the Saint-Denis Pleyel district of Paris.
Linklaters' team excels at advising on major M&A, private equity, project and finance transactions, in combination with the firm’s other departments. The practice assists private equity firms, corporations and banks. It recently advised on several major refinancing transactions, especially in the renewable energy sector. The practice also advised French state-owned reinsurance firm CCR Re on the establishment of France’s first collateralised reinsurance sidecar vehicle. Litigation is also a key area of work. Practice head Edouard Chapellier and Cyril Boussion are the key contacts in the team.
‘The team provides top-quality and responsive services’
‘Edouard Chapellier is technically very strong’
AXA Real Estate Investment Managers
BNP Paribas Personal Finance
Hg Pooled Management Limited
InfraVia Capital Partners
- Assisted Tenergie with the setting-up of Terres d’Energie and with solar plant portfolio refinancing.
- Assisted Apax France with the sale of Inseec U schools to Cinven.
- Advised L’Oréal on the acquisition of Holding STRP (Société des Thermes de la Roche Posay).
Paul Hastings LLP
Paul Hastings LLP is strongly established in the private equity sphere. The team regularly advises leading investment funds on large and mid-cap LBO transactions, as well as alternative lenders on the unitranche financing of private equity deals. The practice also advises on the structuring of M&A transactions. Practice head Allard de Waal has extensive experience, and the recent hiring of Bruno Leroy from Dechert LLP further strengthened the firm’s private equity capabilities, while also adding expertise in advising high-net-worth individuals on tax planning issues. Senior associate Thomas Pulcini is another key team member.
‘An excellent team with great expertise and reactivity’
‘The team provides very useful advice and always finds the best solutions for its clients’
‘Allard de Waal and associate Thomas Pulcini are very available, highly proficient and always timely’
‘Bruno Leroy is an excellent tax lawyer, as good for domestic as international matters’
Antin Infrastructure Partners
Edmond de Rothschild Investment Partners (now Andera Partners)
Equistone Partners Europe
Aramis Auto (PSA)
Management of OGF
B & Capital
LGT European Capital
- Advised ICG on all of the tax aspects associated with the unitranche financing of the acquisition of Plastic Omnium Environment by Latour Capital and Bpifrance.
- Advised Astorg Partners on the disposal to Sandvik of its controlling shareholding interest in Metrologic Group.
- Advised CM-CIC Investissement Management on the €1bn LBO of Circet Group by Advent International.
Reed Smith has a thriving standalone real estate tax practice. The team advises leading French and international property investors on landmark domestic and European transactions involving office, hotel and other assets and portfolios. The practice is co-headed by Jean-Pierre Collet, Florence Bilger and David Colin.
‘The team advises top players in the real estate industry’
‘Jean-Pierre Collet is remarkable and provides clients with a high level of comfort. He understands how far a client can go or not go’
Shearman & Sterling LLP’s compact team provides key support to the firm’s other practices on complex M&A, private equity, finance and capital markets transactions. The team also advises leading corporations on their tax restructuring projects. Practice head Niels Dejean, counsel Anne-Sophie Maes and associate Charles Filleux-Pommerol make up the strong team. Recent highlights include advising a leading French bank on the tax aspects of a significant transaction and assisting a company with its IPO.
‘A great team made up of very knowledgeable people who are very responsive, proactive and always deliver high-value advice’
‘Niels Dejean is more than excellent’
- Advised Nexans on its €400m negotiable European Commercial Paper programme.
- Advised Coca-Cola on the tax aspects of its acquisition of Tropico.
- Advised Siparex on its acquisition of a significant minority stake in France-based NG Travel.
Skadden, Arps, Slate, Meagher & Flom LLP
Headed by Thomas Perrot, Skadden, Arps, Slate, Meagher & Flom LLP's team focuses on advising on complex and cross-border M&A transactions led by the firm. The practice notably assisted Renault with its aborted €32.6bn merger transaction with Fiat Chrysler Automobiles. The team also handles litigation on behalf of French and international companies, and assists multinational companies with tax restructuring and tax planning matters.
‘The team is made up of top-notch lawyers who run one of the best tax practices for a law firm. Lawyers are able to advise on various aspects of tax law’
‘Thomas Perrot is a very good lawyer and an excellent tax expert. He is very responsive and always meets clients’ expectations. He is very pragmatic and also able to take strong position and defend it. His expertise is particularly useful on cross-border transactions’
- Assisted Renault with its aborted €32.6bn merger transaction with Fiat Chrysler Automobiles.
- Advised Westfield on its combination with Unibail-Rodamco.
- Advised Dassault Systèmes on its proposed $5.8bn acquisition of US company Medidata Solutions.
Weil, Gotshal & Manges LLP's team advises on the structuring of some of the market's largest LBO transactions for prominent private equity funds, alongside the firm's corporate practice. The practice also advises leading French and international corporations on M&A transactions, and handles tax issues linked to companies' restructuring and insolvency cases. Litigation is another strong feature of the practice. Stéphane Chaouat, who frequently handles tax litigation, and Edouard de Lamy lead the team.
‘The team has excellent technique, is very available and provides great practical and commercial advice. It has very good knowledge of the private equity sector’
‘The team is very efficient’
‘Edouard de Lamy has recognised expertise in the private equity sector. He is very responsive, methodical and creative’
Montagu Private Equity
Rothschild & Cie
- Advised Apax Partners on the tax structuring of the acquisition of Expereo from Carlyle.
- Advised Montagu on the sale of Nemera to Astorg and reinvestment into the group along with Astorg.
- Advised Ardian on the tax aspects of the sale of its 50% stake in Indigo to Mirova and AHG.
White & Case LLP’s well-rounded team provides key support to other departments, and notably advises on major DCM transactions. It also has strong property tax expertise and recently acted on several significant corporate transactions in the property sector. In addition, the team assists in M&A and private equity deals and handles litigation work. Recent highlights include advising LFPI on the sale of Club Med Gym. Norbert Majerholc leads the team. Alexandre Ippolito is another key name, while newly promoted Estelle Philippi is also playing a growing part in the practice.
Boussard & Gavaudan
Crédit Agricole Assurances
IK Investment Partners
Mérieux Equity Partners
Qatar Investment Authority
- Advised Conforama on its financial restructuring of its subsidiary through a €316m two-tranche bond issue.
- Advised LFPI on the sale of Club Med Gym.
- Assisted the global co-ordinators, dealer managers and joint bookrunners with Total’s cash tender offer for its existing €2.5bn six-year non-call hybrid notes and its €1.75bn six-year non-call hybrid notes and the issuance of €1.5bn five-year non-call hybrid notes.
August Debouzy's well-staffed team handles a broad range of matters, including advising on transactional M&A tax work, assisting with complex tax controversy and restructuring issues, and handling various French and international tax issues and tax planning. The team also provides advice in the area of employees’ shares and managers' exit tax structuring. The practice is currently representing a major investment fund and several international and French companies in relation to tax audits. Xavier Rohmer and Philippe Lorentz head the team. Clara Ferrari and Emilie Lecomte were named counsel.
‘The team is made up of experienced members who are close to their clients and know the French administration very well. They have strong analytical abilities’
Bijoux Burma SAS
Compagnie D’Affretement et De Transport
Executive Channel International Pty Ltd
La Maison Bleue
Thibierge & Comar SA
- Assisted Ogury with the acquisition of a technology developed by Influans.
- Advised Devoteam on managers’ exit tax structuring.
BDGS Associés' tax team provides key support to the firm's M&A practice and also offers standalone tax advice, notably in the real estate and private equity areas. The team recently advised on several large and strategic transactions, notably pertaining to public sector companies and infrastructure. Highlights included advising OpenGate Capital on the sale of Nakan to Westlake Chemical. Guillaume Jolly leads the practice. Since publication Nelson Da Riba joined Aramis.
Mac Arthur Glen
Crédit Agricole Assurances (Predica)
La Banque Postale
- Advised Crédit Agricole Assurances (Predica) as co-controlling shareholder of Indigo on the sale by Ardian of its 50% stake in Indigo to Mirova and MEAG.
- Advised OpenGate Capital on the sale of Nakan to Westlake Chemical.
- Advising the SNCF and subsidiaries on their transformation from the status of state enterprises (EPIC) to limited companies (sociétés anonymes) wholly owned by the French state.
Cazals Manzo Pichot Saint Quentin AARPI
Tax boutique Cazals Manzo Pichot Saint Quentin AARPI's sizeable team regularly provides corporate and property tax assistance on mid-size transactions to French and international law firms, and has experience handling complex tax litigation. In addition, French and international high-net-worth individuals turn to the firm for advice on patrimonial tax issues. Clients include leading French and international corporations and financial institutions, as well as smaller companies. Thomas Cazals, Maxence Manzo, Romain Pichot, Bertrand de Saint Quentin and Virginie Aïdan are highly recommended, as is leading tax adviser Pierre Ullmann.
‘The firm is completely committed to providing excellent service and will work around the clock to deliver it. They have good communication skills, are very personable and commercial and always a pleasure to work with’
‘They are highly responsive and have strong technical expertise. They cover all the areas of tax advice and litigation with a high degree of creativity’
‘Thomas Cazals is very reactive and a problem solver who has his clients’ best business interests in mind ’
‘Maxence Manzo has a very good knowledge of the tax area and excellent technical skills’
‘Romain Pichot and Bertrand de Saint Quentin are experts in corporate tax. They are very available and responsive. They provide very solid and reliable analysis. They find extremely relevant solutions’
‘Virginie Aïdan is always available and always provides practical advice’
‘Pierre Ullmann is a technical tax guru’
iM Global Partner
- Assisted Onepoint with the acquisition of Weave.
- Advised Korean investment manager IGIS Asset Management, acting on behalf of a pool of institutional Korean investors, on the sale of Sanofi’s Parisian headquarter.
Headed by Franck Le Mentec, Cohen & Gresser LLP's team has highly sought-after international tax expertise. The practice assists sophisticated private clients as well as companies, advising on corporate and transactional taxation, and on transfer pricing issues. The practice also handles major tax disputes; in a notable highlight, it is representing UBS in appeal proceedings against a first instance criminal court's imposition of a record €4.5bn fine on tax evasion grounds.
Apple Tree Group
William Brad Pitt
- Acting for UBS in appeal proceedings against a first instance criminal court’s imposition of a record €4.5bn fine on tax evasion grounds.
De Gaulle Fleurance & Associés' sizeable team is able to tackle a wide range of issues. The practice is noted for its corporate, restructuring and transactional tax advice to leading corporations, and recently advised on the structuring of a landmark proposed M&A transaction. The team also assists clients with VAT, transfer pricing and litigation issues. Clients include foundations and several companies in the sport and public sectors. Henri-Nicolas Fleurance and Vincent Schmitt co-head the practice. Pascale Farey Da Rin, Frédéric Paquet and Gilbert Ladreyt are other key team members.
‘Henri-Nicolas Fleurance is highly responsive, experienced, pragmatic and straightforward’
‘Vincent Schmitt is available and shows a high level of technique’
Société Française de Gériatrie et Gérontologie
- Assisting RATP Dev with the setting up of a tax saving scheme for employees travelling abroad.
Tax boutique firm Delaby Dorison Avocats combines solid transactional and patrimonial tax expertise. The firm is regularly retained by leading investment funds and company managers to assist with the structuring of large and mid-sized private equity transactions. The team also recently assisted several banks with M&A transaction tax issues. In addition, it handles tax due diligence work. Emmanuel Delaby and Sophie Dorison lead the team. Senior associate Florian Tumoine is also noted.
‘Tax advice is extremely accurate and always very business oriented. The team is a solution provider and has strong experience advising on the tax aspects of large corporate M&A transactions, including SPAs and tax due diligence. Individuals are always reactive and can handle negotiations with counterparties led in difficult environments’
‘Emmanuel Delaby has strong technical and analytical capabilities’
‘Senior associate Florian Tumoine shows strong abilities to handle our complex tax issues’
Caisse d’Epargne IDF
- Assisted Rabobank with its sale of BPD Marignan.
- Advised Groupe Bernard Hayot on its €219m acquisition of Vindémia in respect to corporate tax due diligence and the negotiation of securities purchase agreement matters.
- Assisted Ardian with its acquisition of Technology & Strategy.
Dentons handles domestic and cross-border tax matters. The practice regularly provides tax assistance to the firm's other departments in M&A, private equity and property transactions, often advising insurers on headline M&A transaction tax guarantees. It also advises on company restructuring. Clients include leading French and international corporations, insurers and private clients. In addition, the firm handles litigation and recently obtained a landmark victory before the French Supreme Court regarding intra-group restructuring issues. Sandra Hazan and Gianluca Calisti co-head the team, which also includes Jessie Gaston and of counsel Jérôme Le Berre.
‘Dentons’ network is one of the most important in the world and very helpful regarding African countries. Dentons’ lawyers have a very interesting global vision of the tax system and specificity of France and African countries’
‘The team exceeds clients’ expectations. Lawyers show great innovation ability and perfect legal execution’
‘The team is able to adapt to its clients’ specific needs’
‘Sandra Hazan is a very good tax professional. She shows great commitment and provides irreproachable quality work. She undertakes great risk analysis assessments’
‘Jessie Gaston is very reactive and professional’
BNP Paribas REIM
Chateau La Coste / Maybourne Hotels Group
City Mall Group
Federation Internationale De L’Automobile
Phoenix Tower International
Quercus Investment Partners
Stonepeak Infrastructure Partners
Tokio Marine HCC
- Advised Canadian energy infrastructure company Enbridge on its multinational joint venture project with the Canadian Pension Plan Investment Board (CPPIB).
- Advised Verdoso on the acquisition of the perfusion business of Macopharma.
- Assisted Groupe Vendôme with the refinancing of a €53.5m facility with Deutsche Bank.
Ernst & Young Société d'Avocats
Ernst & Young Société d'Avocats' team of several hundred tax experts is able to provide expertise on a comprehensive range of issues. Many leading French and international companies are clients.
Headed by Emmanuel Galifer, Fairway A.A.R.P.I.'s 'hardworking and technically excellent' tax team handles the structuring of the firm's real estate transactions, regularly advising on major property asset and portfolio matters. It recently advised on key matters in the office, logistics and hotel sectors; highlights included assisting Stam Europe with the acquisition of two logistics platforms from Casino. The practice assists major property investors, as well as family offices and private investors.
‘They are extremely serious, hardworking and technically excellent. They are always trying to be innovative when facing an issue, and when they cannot find a solution, they suggest an alternative. They are pragmatic deal makers’
‘Emmanuel Galifer is very smart and easygoing, renders tax issues intelligible, and sees the whole picture’
JC Decaux Holding
- Advised Stam Europe on the acquisition of two logistics platforms from Casino.
- Advised Dentressangle Intitiatives on the acquisition of a 20,000 sqm office building in Paris.
- Advised JCDecaux Holding on its acquisition of a significant stake, alongside the City of Biarritz, in the Hotel du Palais.
While it recently saw the departure of a number of lawyers for KPMG France, FIDAL has one of the largest teams in France, spread across the firm’s 90 offices. Clients range from the largest companies to SMEs and private clients. The team's expertise covers transfer pricing, mobility, VAT, customs and transactional tax issues, including LBOs and property deals, as well as litigation. The practice is co-headed by Didier Laforge and Gaëlle Menu-Lejeune. Other key names in Paris include Laurent Leclercq, Eric Bonneaud, tax property practice chair Marc Cretté, Mikael Maheust and Séverine Lauratet.
‘The team understands clients’ objectives and well anticipates clients’ expectations’
‘Marc Cretté provides excellent and very helpful real estate tax structuring advice’
Motion Equity Partners
In Vivo Retail
- Advised Motion Equity Partners on the MBO of Holweg Weber.
- Advised Tournus Croissance on the third LBO of Tournus Equipement.
- Advised Eurocommercial Properties on the disposal of 50% of the property asset Passage du Havre.
Gibson Dunn advises leading French and international companies and investment funds on the tax aspects of large M&A and private equity deals, as well as assisting US investment funds with property transactions. It also regularly advises on insolvency and restructuring-related tax matters. In addition, it assists private clients and advises companies and investment funds on remuneration issues, as well as dealing with tax controversy and tax fraud litigation. Jérôme Delaurière is the key name in the practice, while corporate and tax partner Ariel Harroch is also noted.
Groupe La Poste / Docapost
OFI Asset Management
Propel Equity Partners
- Advised Eaton Corporation on its acquisition of Souriau-Sunbank Connection Technologies from TransDigm Group for $920m.
- Advised German energy company Uniper on the sale of its French activities and assets to Czech group Energetický a průmyslový holding (EPH).
Goodwin’s team has solid expertise in the tax aspects of corporate, finance and property transactions and private equity fund formation, particularly property funds. The team is led by the highly regarded Marie-Laure Bruneele and newly promoted partner Charles-Henri de Gouvion Saint-Cyr.
‘The team is available, discreet, nice, cool-blooded and tenacious’
‘The team demonstrates high-level proficiency and comes forward with practical and qualitative solutions that bring confidence to clients’
‘Charles-Henri de Gouvion Saint-Cyr is always available and very committed, has deep expertise and provides very useful advice’
Baumont Real Estate Capital
Equistone Partners Europe
- Advised Capital Croissance on the formation of Cairn Capital II and K2 Business Club.
- Assisted Rallye with the sale of its subsidiary Courir France.
- Advised Baumont Real Estate One on the fundraising of its first real estate fund.
Herbert Smith Freehills LLP
Herbert Smith Freehills LLP's tax team advises on the structuring of landmark M&A transactions led by the firm, and recently assisted with several strategic M&A and refinancing deals in the energy sector. The practice also advises on property and finance transactions. Bruno Knadjian leads the team.
‘The team listens to its clients’ needs. It is creative and has access to an international network. It provides great support’
La Française Real Estate
- Advised Altran Technologies on its €5bn sale to Capgemini.
- Advised Axpo on the acquisition of French photovoltaic company Urbasolar.
- Advised Air Liquide on a €2bn syndicated multi-currency credit facility.
Jeantet has a particular focus on corporate taxation issues. The firm regularly advises on M&A, private equity and property transactions, and also has a growing tax litigation practice. In a recent highlight, the team advised TAT on the sale of Sabena Technics. The strong client base includes many French family-controlled companies and, thanks to its office in Geneva, the firm also assists private Swiss banks with tax matters. The practice is co-headed by Geneva-based Patrice Lefèvre-Péaron and Jean-Guillaume Follorou. Jacques-Henry de Bourmont joined from LPA-CGR avocats in March 2020.
La Française AM
Société Générale de Banque au Liban (SGBL)
Hoist Group France
- Advised InterDigital on the acquisition of the patent licensing and R&D businesses of Technicolor.
- Advised Société Générale de Banque au Liban on the acquisition of KBL Richelieu Banque Privée and KBL Monaco Private Bankers from KBL European Private Bankers (located in Luxembourg).
- Advised TAT on the sale of Sabena Technics.
Jeausserand Audouard has renowned expertise in advising companies' management teams on private equity deals, including significant LBO transactions. Jérémie Jeausserand and Tristan Audouard are key names for LBO tax advice. In addition, the highly experienced Sarah Esapasa and Bernard Boutemy have a strong track record for litigation work.
Jones Day provides regular tax advice to the firm's M&A, private equity and property practice, recently assisting with a landmark office acquisition and several large M&A deals. It assists companies, including a number of software and IT corporations, with general tax issues, tax restructuring and litigation work, and also advises banks. Highlights included advising Inside Secure on its $143m acquisition and related financing of Verimatrix. Emmanuel de La Rochethulon co-heads the practice alongside senior associate Nicolas André.
Procter & Gamble
- Advised Armor SA on the setting up of a new governance for the company.
- Advised Procter & Gamble on the sale of its Fluocaril and Parogencyl oral care brands to Unilever.
- Advised Inside Secure on its $143m acquisition and related financing of Verimatrix.
Headed by Aurélia de Viry, King & Spalding LLP’s 'small but very efficient and dynamic' tax team 'shows great versatility, agility and responsiveness' and has the ability to advise on complex matters. The team notably assists clients with the structuring of Luxembourg funds, and is sought after to handle tax controversies and reassessment issues. The practice also provides tax support during M&A transactions and has great knowledge of property tax matters. It also advises private clients.
‘A small but very efficient and dynamic tax team showing great dedication to finding practical solutions in a simple and direct manner’
‘The team shows great versatility, agility and responsiveness’
‘Aurélia de Viry has deep knowledge of tax law, demonstrates efficient handling of relationships with clients and the tax authorities, and is very open-minded when discussing technical matters with clients. She shows rare dedication to clients and a tremendously efficient practical approach’
Smart Me Up SAS
M&G Real Estate
Photo-Me International Plc
- Advised Mirabaud Bank/Mirabaud Asset Management on the structuring of a Luxembourg investment fund investing in the Grand Paris urban development project.
- Advised Smart Me Up on its sale to Magneti Marelli.
- Advised French industrial conglomerate SFPI Group on its merger with French listed group DOM Security.
Kramer Levin Naftalis & Frankel LLP
Kramer Levin Naftalis & Frankel LLP has particular expertise in property tax. The practice is appointed to advise on the market’s largest property tax transactions and notably assisted EDF and Sofilo with the disposal of a portfolio of 200 property assets. The practice also advises on transactional tax in other areas and has strong property, debt and private equity fund formation expertise. Practice head Pierre Appremont is a key name for property tax issues. Also recommended are counsels Dorothée Chambon, Pamela Lejeune and Samuel Drouin.
‘The team is excellent and thorough’
AG Real Estate France
Keys Asset Management
LBO France Gestion
- Assisted EDF and Sofilo with the disposal of a portfolio of 200 property assets.
- Advised Omnam on the acquisition of Les Mercuriales towers in Paris.
LPA-CGR avocats’ sizeable team assists French and international companies, investment funds, family offices, private and real estate investors, entrepreneurs and individuals. The firm has strong property tax expertise; tax practice head Sandra Fernandes regularly advises on key transactions in that area. The team also advises on corporate tax, and M&A and private equity transactional tax matters. International tax, transfer pricing and tax controversy are other areas of strength. Betrand Galvez and newly promoted partner Mathieu Selva-Roudon are recommended. Martine Blanck-Dap specialises in private client advice. Jacques-Henry de Bourmont joined Jeantet in March 2020.
‘The team is very flexible and always trying to find the best way to solve any issues. Lawyers are very confident and help clients to reach their goals’
‘The team has a broad and deep knowledge of French property tax’
‘Sandra Fernandes is a real deal maker. She has an incredibly deep knowledge of French real estate matters and is capable of managing extremely complicated French fund structuring projects. Her style is very personal and tailored to the funds’
Barings Real Estate
AG2R La Mondiale
Aberdeen Standard Investments
Generali Real Estate
- Assisted Barings Real Estate with the acquisition of several logistics assets in France.
- Assisting Crédit Agricole Immobilier with the large-scale Lumières de Pleyel development project in Saint-Denis.
- Advised Eternam on a club deal relating to the acquisition of a portfolio composed of more than 30 assets.
Led by Antoine Vergnat, McDermott Will & Emery AARPI's tax practice has particular strength in advising on the structuring of M&A and private equity transactions in which the firm is involved. The team assists investment funds and several pharmaceutical and healthcare companies. It is adept at handling cross-border tax matters, often involving a US component, and has expertise in capital markets deals. The team also provides standalone tax advice to companies on tax restructuring and litigation.
- Advised Siparex ETI on tax issues in connection with the acquisition of Sintex NP.
- Assisted DBV Technologies with its $143m share capital increase through an offer in the US of common shares in the form of American depositary shares (ADS) and a private placement in Europe of common shares.
- Advised Ardian on tax issues related to the acquisition of a minority stake in Eloquant.
The highly experienced Antoine Colonna d’Istria leads the team at Norton Rose Fulbright, which advises leading insurers, investment funds, banks and companies. The practice handles a broad range of tax matters, including in relation to corporate and property transactions, and advises insurers on tax guarantees in the context of corporate transactions. The team also assists banks during financing transactions and provided tax advice on France’s first initial coin offering (ICO). In addition, the practice advises private clients and handles litigation.
‘The tax team has strong expertise and presents well all the tax topics and legal risks associated with the new innovative crypto-currency area’
Kohlberg Kravis Roberts & Co. (KKR)
- Advised Apicil on the acquisition of 100% of the shares of The OneLife Holding from current shareholder JC Flowers & Co.
- Advised Bank of America, Royal Bank of Canada, Société Générale, and Mauritius Commercial Bank on the refinancing of the Casino group’s debt.
- Advised Genki on the tax aspects of its ICO.
Opleo Avocats' 'hands-on' team has particular strength in advising managers on large LBO transactions. The practice also assists business leaders, entrepreneurs and high-net-worth individuals with professional and personal tax issues, such as personal estate tax and planning matters. It is also defending managers facing litigation in relation to LBO transactions. The 'reactive and knowledgeable' Pierre-Olivier Bernard leads the team, which also includes Thomas Fitte, who is 'extremely good on private equity transactions', and newly promoted partner Aude Chartier.
‘The team has a hands-on approach. Team members have an extremely deep knowledge of management buyout operations’
‘Pierre-Olivier Bernard is very reactive and knowledgeable’
‘ Thomas Fitte is extremely good on private equity transactions’
Racine's scope of expertise spans corporate and property transactions tax work, as well as advising on individual taxation. The team also stands out for its strength in advising major companies' shareholders and executives on compensation, profit sharing and remuneration issues. Litigation is also a key area of work. Fabrice Rymarz, who has experience in corporate and real estate tax, and Xavier Rollet who has expertise in private client work, co-head the practice.
‘The team provides high-level expertise and has deep knowledge of market practices’
‘The team is solution-oriented, hardworking and highly dedicated. It is eager to find adequate and optimised solutions’
Tristan Capital Partners
- Assisted Hemisphere with the acquisition of several office buildings.
- Advised Endel Engie on the acquisition of industrial company Pierre Guérin.
Scotto Partners's tax team has leading expertise in the niche area of advising the management in LBO and private equity transactions in which the firm is involved. The practice regularly advises on the market's largest LBO transactions. Jérôme Commerçon and counsel Xavier Colard lead the team.
- Advised Indigo’s top management on Ardian’s disposal of a stake in the company to Mirova and MEAG.
- Advised eFront’s management team on the group’s acquisition by BlackRock.
- Advised Imerys’ top management on the group’s acquisition by Lone Star Funds.
Sekri Valentin Zerrouk
Sekri Valentin Zerrouk's core expertise lies in corporate and transactional taxation and patrimonial taxation. The team regularly advises companies, investment funds and companies' management on transactions led by the firm, including M&A, real estate portfolio, and mid-cap LBO and private equity deals. On the patrimonial side, the practice assists companies' managers and families with tax planning and corporate investments. It also has niche expertise in advising US citizens and trusts. Litigation is another key area of work. Practice head Jérôme Assouline and Thomas Verdeil are recommended.
‘Excellent ability to advise on technical details of matters and deal with complex situations. The team is nice to work with and very approachable’
‘The team is practical and reliable’
‘Jerome Assouline is a fantastic and brilliant lawyer’
Dai Nippon Printing
Worms Services Maritime
- Advised Emera Group managers in the context of the LBO carried out with Naxicap Partners and Ardian.
- Advised Cipres Assurances on its acquisition of Axelliance Groupe.
Simmons & Simmons is redeveloping its tax practice following major changes in the last few years. Practice head Chloë Nessim is noted for her versatile expertise: she is particularly strong in property tax, while also having experience in private equity fund structuring. The team provides support to the firm’s other departments, especially in the fund structuring area; it recently advised on the structuring and fundraising of a major property fund, as well as assisting BlackRock with its proposed acquisition of eFront. The team is also increasingly active providing standalone tax advice.
‘The team provides excellent tax advice in connection with real estate transactions’
‘A commercial and responsive team which produces great work and is efficient in spotting red flags and delivering detailed analysis’
‘ The team is very effective. They are proactive and offer a full range of services’
‘Chloë Nessim is highly responsive and is always ready to assist. She ensures clients obtain reliable tax advice taking into account the commercial aspects. She is able to offer tailor-made solutions and structure proposals rather than a review of existing options. She has an in-depth knowledge of real estate tax’
Valor Real Estate Partners LLP
M7 Real Estate
- Assisted Valor Real Estate Partners with the refinancing of an existing real estate platform and the acquisition of four logistics platforms.
- Advised BlackRock on its proposed acquisition of eFront.
Vaslin Associés is a boutique firm dedicated to private client assistance, with additional offices in London, Brussels and Geneva. The firm assists prominent family-owned companies with estate tax planning, growth and family governance issues. It also acts for entrepreneurs, private clients, family offices and professional trustees. Marc Vaslin and Amandine Allix-Cieutat co-head the practice alongside newly made partners Lara Despicht and Nicolas Billotte. Vincent Lazimi joined DWF (France) AARPI in November 2019.
‘The firm is practical, creative and very responsive’
‘Amandine Allix-Cieutat is highly proficient, available and demonstrates great listening skills’
Villey Girard Grolleaud's Yann Grolleaud regularly advises on the tax structuring of the firm's M&A and private equity transactions, and recently assisted with several significant deals on behalf of prominent French companies. He is also expert at advising on management incentives' structuring and on sensitive tax audits. He also advises private clients and family-owned companies on strategic governance and litigation issues. Recent highlights include assisting Conforama with a €316m financing in the context of its restructuring proceedings.
‘Yann Grolleaud’s expertise is very precious in dealing with litigation issues’
- Advised PSB Industries on its spin off from Baikowski through a distribution of the shares of Baikowski to PSB Industries’ shareholders.
- Advised Conforama on a €316m financing in the context of its restructuring proceedings.
- Advised Clarins on its exclusive negotiations with L’Oréal regarding the sale of Mugler and Azzaro.
Watson Farley & Williams LLP
Headed by Romain Girtanner, who is 'very knowledgeable about French tax lease structures', Watson Farley & Williams LLP's 'dedicated and extremely competent' team is adept in the tax structuring of asset finance transactions in the shipping and renewable energy areas. It provides key support during transactions handled by the firm, assisting developers and lenders. The team also advises on corporate transactions, both in the renewable energy area and other sectors. In addition, the practice provides tax advice to several private families.
‘The team is very knowledgeable in relation to the intricacies of French tax lease structures’
‘The team is dedicated to its clients and extremely competent’
‘Romain Girtanner is very knowledgeable about French tax lease structures and their application to shipping transactions. He brings solutions rather than adding problems. He is truly dedicated to his clients, providing a tailored-made approach to complex situations’
Access Capital Partners
Amundi Transition Energétique (ATE)
Groupe Maisons de Famille
La Banque Postale
Seaway Heavy Lifting
The Renewables Infrastructure Group
- Advised Akuo Energy on the refinancing of 11 40.2MW photovoltaic projects and of five 87.5MW wind projects located in France.
- Advised a division of RGreen Invest on the subscription to a private placement of senior secured notes issued by Andali Energia for the construction of a 36MW wind project in Calabria, Italy.
- Advised Technip on the £70.5m financing agreement arranged by CIC and BNP Paribas for the newbuild diving support vessel Deep Discoverer.
Willkie Farr & Gallagher LLP's special European counsel Philippe Grudé advises on the tax structuring of the firm's LBO and M&A transactions, with experience of assisting leading private equity funds on the market's largest LBO transactions.
Intermediate Capital Group (ICG)
Weinberg Capital Partners
- Advised PAI Partners on the tax aspects of the acquisition of Stella Group.
- Advised Latour Capital on the tax aspects of the acquisition of Atlas for Men.
- Advised Intermediate Capital Group on the tax aspects of its acquisition of Etanco.
‘François Nouvion is a real expert in the energy sector, and particularly the African oil sector’
Maurel & Prom
- Advised Assala Energy UK on its acquisition of Shell Gabon.
- Representing Cinven Capital Management in a tax dispute.
- Representing Bonhom before the Conseil d’Etat in a tax dispute.
‘The team provides bespoke services’
‘Thomas Thiébaut has perfect knowledge of the tax administration thanks to his past position as a tax inspector’
‘The team is responsive and practical. It provides clear and realistic recommendations’
‘Stanislas Vailhen knows how to defend his clients’ interests’
- Assisted the historic shareholders of Pinet with the sale of subsidiaries to a new company.
- Advised L-Acoustics on the acquisition of HGP and API.
- Assisted MonFinancier with the tax aspects of its sale to Finizy (Meilleurtaux).
‘The team is made up of good professionals who have deep legal knowledge and are trustworthy, serious and honest. They are business oriented and easy to work with’
Société d’exploitation spéléologique de Padirac
Synchrone Technologies Groupe
- Assisted Icade Santé with the €189m acquisition of retirement property assets.
- Advised Elsan on the purchase of three healthcare units from Ramsay.
Penningtons Manches Cooper
- Advised the management of Luneau Technology during a private equity transaction led by Caravelle.
- Advised IK Investment Partners on the LBO of Eres.
- Advised Galeries Lafayette on the acquisition of Mauboussin.
Lito Ventures (Beaux Arts & Cie)
- Assisted Transatel’s shareholders with the sale of NTT.
Chammas & Marcheteau
- Assisted CS Systèmes & Communication with the acquisition of Novidy’s.
- Assisted Isai Gestion with the setting up of Isai Expansion II.
- Advised Extens and Bpifrance on Teranga Software’s LBO.
Government of India
- Acting for the country of India in an arbitration claim for $2.6bn in tax from Vodafone for its acquisition of Hutchinson Telecom’s assets in India.
- Advised Pernod Ricard on the acquisition of gin brand Malfy.
Société de la Tour Eiffel
- Assisted Capital Croissance with the acquisition of a majority shareholding in Learnorama and Weelearn.
- Advised Ibercacao on the acquisition of CB Chocolaterie de Bourgogne.
- Advised Bavaria Industries Group on the sale of TriStone.
‘The team responds very quickly and provides tailored answers. They are proactive and give clients the feeling that they are in good hands’
‘Julien Monsenego is very considerate, has thorough knowledge of French tax law and is highly available’
- Advised Gimv on the acquisition of La Comtoise.
- Advised Olympique Lyonnais on the acquisition of a stake in basketball team ASVEL.
‘Jacques Mestoudjian is available and provides good quality of analysis’
- Represented UK-based private equity firm Perwyn in the auction process launched by IDI for Isla Délice group.
- Advised Remade on securing a €125m unitranche financing.
- Advised Novi2 on its equity and debt investment into Blue Soft.
- Advised Parts Holding Europe (Autodis Group) on the acquisition of a majority stake in Oscaro.
‘François Nouvion is a real expert in the energy sector, and particularly the African oil sector’
Maurel & Prom
- Advised Assala Energy UK on its acquisition of Shell Gabon.
- Representing Cinven Capital Management in a tax dispute.
- Representing Bonhom before the Conseil d’Etat in a tax dispute.
‘The team provides bespoke services’
‘Thomas Thiébaut has perfect knowledge of the tax administration thanks to his past position as a tax inspector’
GGV Avocats - Rechtsanwälte
- Assisted Windwärts Energie and its parent company MVV Energie with the sale of its French subsidiary Vents d’Oc to Quadran.
Apax Partners SA
‘The team is reliable, transparent and responsive. It has great technique and is highly available’
Hoche Société d’Avocats
- Advised Canal+ and Groupe Les Echos on the acquisition of Mezzo TV channel.
- Advised Groupe Elephant on its acquisition by Webedia.
‘The team is available and has great technical skills’
‘Ludovic Geneston combines the required technical knowledge with strong negotiating skills’
- Advised on TxCell’s acquisition by Sangamo Therapeutics.
- Advised on Tikehau Capital and Bpifrance’s €150m investment in GreenYellow.
‘The firm treats clients with the utmost care, respect and dignity. Lawyers care for their clients as shown by their quick responses to questions, efficient use of their time solving problems and their fair and reasonable fees’
‘Sophie Borenstein is an excellent communicator whose knowledge concerning French wealth tax and trusts is second to none’
Bryan Cave Leighton Paisner LLP
‘A strong team with a focus on customer services and strong advice’
‘Olivier Mesmin is an industry leader who provides very rounded and solid advice. He and his team are always highly responsive and handle all tax queries quickly and effectively’
‘The team has great technical knowledge and practical experience’
‘A proactive team which respects deadlines and provides good tax advice, especially on complex situations involving foreign companies’
World Flight Services
- Assisted Fimas with the acquisition of Hotel Ermitage in Saint Tropez.
- Advised Integritas on the sale of Rothschild Concordia’s shares to Rothschild family members.
- Advised Bone Therapeutics on the structuring of its €8.5m fundraising.
Pinsent Masons LLP
‘Eglantine Lioret and of counsel Valérie Farez are practical and always looks for the best tailored solutions that suit clients’ expectations. They provide swift analysis and excellent quality services. Answers are always clear and precise. Their experience and commitment are very reassuring.’
‘Eglantine Lioret has very strong real estate tax expertise. She is efficient and provides straightforward, good and practical advice. She is highly efficient and constantly adapts perfectly to her clients’ needs.’
Maurel & Prom
UBS Real Estate GmbH
Axa Real Estate
- Advised Advenis on a number of matters, including SCPI Elialys (tax structuring, setting-up & prospectus review, assistance with regulatory requirements and real estate acquisitions to come in Southern Europe.)
Reinhart Marville Torre
CCLA / Church
French Football League
Keys Asset Management
- Advised Laboratoires Vivacy on TA Capital’s LBO of the company.
- Succesfully represented Laboratoires Menarini in tax litigation over transfer pricing issues and a co-promotion agreement with a major healthcare company.
- Advised Socotec on the carve-out of several businesses.
Schmidt Brunet Litzler
‘The team has a unique concern for and focus on its clients.’
‘The team is very reactive, flexible and always available.’
‘Philippe Schmidt has great experience and really cares for his clients.’
- Advised Orchestra on its acquisition by US company Tibco Software.
‘The team is close to its clients, well connected and eager to find the best solutions for its clients. It has strong litigation expertise.’
‘Vincent Renoux has precise tax knowledge, knows how to deal efficiently with tax authorities and provides a strategic vision on matters.’
Mairie de la Garenne Colombes
Relais et Châteaux
Children Worldwide Fashion
Mairie le Pecq
Fondation de France
Thai Union Group
Crédit Mutuel Arkéa
Sivu Co Cli Co
Chantier Naval de Marseille
Marc le Bihan
- Advised Crédit Mutuel Arkéa on the acquisition of start-up company Pumpkin.
- Advised Expléo on reviewing transfer pricing matters.
‘The team is highly available and demonstrates great level of technique’
‘The team is available, responsive and clear’
‘Christel Alberti demonstrates excellent technical and writing skills’
Sony Music Entertainment
XL Airways / La Compagnie
Groupe La Française
- Advised Euronext-listed company Aufeminin on the tender offer on its shares initiated by TF1.
- Advised Vendis Capital on its LBO on L’Atelier d’Amaya.
- Advised Fimalac Entertainment on the sale to Récréa of the controlling stake in its subsidiary S-Pass.