Firms To Watch: Commercial, corporate and M&A

Launched in 2023, Grant Thornton Legal provides audit, consulting and tax services to clients in Morocco. Moulay El Amine El Hammoumi Idrissi joined the firm in January 2023 from Naciri & Associés Allen & Overy.

Firms in the Spotlight Commercial, corporate and M&A

M.A. Global Consulting

M.A. Global Consulting logo

MA Global Consulting is a Casablanca-based legal and tax one-stop-shop with great expertise in all Corporate Law and Mergers and Acquisitions matters. The firm provides outstanding services and advises major national and international operators on their Business Law related problematics.

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Commercial, corporate and M&A in Morocco

Baker & McKenzie Maroc

Cross-border transactions are a particular area of expertise for the corporate and M&A team at Baker & McKenzie Maroc, which also has a strong domestic portfolio in Morocco. The team regularly acts for international companies on dispositions, joint ventures and complex commercial arrangements involving high-growth emerging markets. Kamal Nasrollah leads the team with extensive experience in cross-border M&A. Keltoum Boudribila was recently promoted to partner, leading on antitrust and M&A matters.

Practice head(s):

Kamal Nasrollah

Other key lawyers:

Keltoum Boudribila


‘Responsive, with excellent knowledge of commercial and corporate issues.’

‘Kamal Nazrollah: excellent knowledge of the market.’

Key clients


Jerónimo Martins





Club Med



British American Tobacco

Work highlights

  • Providing advice to Suez in the defence against the acquisition by Veolia of 29.9% of Suez shares held by Engie followed by a hostile takeover.
  • Advised the Swiss construction chemicals group Sika AG on the acquisition of MBCC Group (Master Builders Construction Chemicals), the former BASF Construction Chemicals division, from Lone Star Funds, a global private equity firm, for a consideration of CHF 5.5 billion (EUR 5.2 billion).
  • Advising Accenture, a multinational professional services company and leader in its sector, on the acquisition of a major consulting and engineering company specialising in telecommunications and digital transformation of large companies.

Bennani & Associés

Bennani & Associés has acted on a number of innovative deals and market-leading mandates on behalf of a series of major multinational clients. The firm is the local counsel of choice for some of the biggest international firms, including Linklaters and Freshfields. Among others, the automotive, energy, pharmaceuticals and technology sectors are key for the team, which contains legal experts in countries across North and West Africa. Managing partner Mehdi Bennani leads the team, assisting major companies in local and cross-border corporate and commercial transactions.

Practice head(s):

Mehdi Bennani


‘Very responsive and helpful, comprehensive in responses and well-versed in legal knowledge.’

‘B&A have a multidisciplinary team with a professional mindset.’

‘Availability, flexibility, reactivity with a quick understanding of my needs.’

Key clients



Allianz SE


Bel SA

Bunzl plc

Crown Holdings, Inc.





Samsung C&T

Siemens AG

Western Union

Azelis Group NV

Comdata S.p.A.



Globis Acquisition Corp.

Hartwood SA

Inspired Education Holding

Koch Ag & Energy Solutions


Ontime Corporate Union S.L

Plastic Omnium

Tikehau Ace Capital

TUI Group (TUI AG)

Work highlights

  • Handled Moroccan and Ivorian law aspects of US-based Crown Holdings, Inc.’s US$2.7 billion sale of its tinplate business to KPS Capital Partners LP.
  • Advised Nasdaq-listed Globis Acquisition Corp., a special purpose acquisition company (SPAC), on the US$300 million acquisition of Forafric Agro Holdings Limited, including Forafric Maroc SA and subsidiaries in seven other African markets.
  • Acted as Moroccan counsel in the context of the €600 million acquisition by France-based Plastic Omnium of Varroc’s automotive lighting systems business.

Clifford Chance

The Casablanca office of Clifford Chance has significant experience in covering the full spectrum of M&A work, including joint ventures, regulatory compliance and general corporate advice. The team operates on a cross-border scale with the support of the firm’s international network and offers particularly strong capabilities in private equity and capital markets deals, both from an inbound and outbound perspective. Managing partner Mustapha Mourahib handles large-scale cross-border M&A deals and private equity matters. Ouns Lemseffer specialises in M&A and private equity within the energy and infrastructure sectors, and Frédéric Giancarli handles domestic and international joint ventures and acquisitions.

Practice head(s):

Mustapha Mourahib; Ouns Lemseffer; Frédéric Giancarli

Other key lawyers:

Hasnaa Bennani


‘The team has specialists in all legal fields – The team is very professional – They go into detail and have a strong sense of responsibility on what they have to do.’

‘I worked on this deal with Frédéric Giancarli; he has a very strong capacity of work. He is a person that goes into the details. Frédéric has an excellent knowledge of M&A deals and a very strong negotiation capacity.’

‘The teams are very accessible and can respond to you at any time of day or night. The teams were pleasant to work with and responded quickly to our questions, even the most technical ones. The customer experience was positive.’

‘We collaborated with Mustapha Mourahib and CC team. They are considerate, quick to respond, proactive, knowledgeable, practical, and strategic.’

Key clients

Adenia Partners




Nareva Holding SA





Africa 50

Ciments de l’Atlas

Work highlights

  • Advised Adenia Partners, African Infrastructure Investment Managers (AIIM) and IFC, on a USD 130 million joint investment to support Eastcastle Infrastructure, a company specializing in Africa’s telecoms tower sector initially in the Democratic Republic of Congo, Nigeria and Côte d’Ivoire.
  • Advised a consortium (Meridiam, GIP, Caisse des Dépôts et Consignations and CNP Assurances) on the acquisition of Lydec (a listed company), via the launch of a Mandatory Tender Offer.
  • Advising OCP on its partnership with the Nigeria Sovereign Investment Authority (NSIA) for the development of an industrial platform for the production of fertilizers in Nigeria.

DLA Piper

Supported by the firm’s strong international presence, the Casablanca office of DLA Piper has solid experience in a range of corporate and M&A matters, including private equity, acquisition finance, capital markets and commercial contracts. The team is particularly active across the healthcare, real estate, education, agribusiness and energy sectors. Team head Christophe Bachelet specialises in cross border M&A and corporate structuring with a particular focus on the industrial, consumer goods and retail sectors. Camilia Benani is another key name, advising investment funds and industrial goods on cross-border deals.

Practice head(s):

Christophe Bachelet

Other key lawyers:

Camilla Benani


‘The project team was dedicated and available (even upon short notices) with a strong knowledge of local process.’

‘The individuals involved in the process were business oriented, with a valuable practical sense.’

‘the team is very collaborative and available. They have also diversified profiles.’

‘I had the opportunity to work closely with Camilla Bennani, very reactive and available with very good technical knowledge on M&A regulation and competition laws.’

Key clients


Helios Investment Partners

Amethis Finance (Amethis MENA Fund II SICAV-RAIF)

SPE Capital

CDG Invest Growth



Development Partners International (DPI)

Sodexo SA



Saham Assurance

Vivo Energy Maroc


Oncologie et Diagnostic du Maroc


Work highlights

  • Assisting AfricInvest in the acquisition of a minority stake in the share capital of ADP II Holding Morocco.


The M&A and corporate team at GIDE LOYRETTE NOUEL assist a series of major Moroccan and multinational clients on high-magnitude M&A transactions in Morocco and the wider Sub-Saharan Africa region. In addition, the team is regularly involved in capital market transactions for local and foreign issuers. Hospitality, tourism, energy, healthcare and real estate are key areas for the team which is headed by Simon Auquier , an expert in joint ventures, acquisitions and restructuring, both domestically and internationally. Senior Counsel Chloé Joachim De Larivière specialises in M&A, private equity and corporate law in North Africa.

Practice head(s):

Simon Auquier

Other key lawyers:

Chloé Joachim-de Lariviere

Key clients

SPE Capital

AXA Assurance Maroc

AXA Partners

Fipar-Holding (CDG Group)

Raymond Chabot Grant Thornton

Sango Capital

Bell Canada

Crédit Agricole

Work highlights

  • Advising SPE Capital in relation to its equity investment of approximately MAD 330 million (c. USD 33 million) for the acquisition, by its private equity fund SPE AIF I, of a majority stake in Outsourcia group, a leading Moroccan customer experience and business process outsourcing provider.
  • Advising Crédit Agricole in relation to the sale to Holmarcom of its majority stake in Crédit du Maroc, a licensed bank in Morocco, listed on the Casablanca Stock Exchange.
  • Advising Axa Assurance Maroc on the sale to Chari.Ma, leading e-commerce application, of 100% of the share capital of Axa Crédit, a licensed bank in Morocco.

Naciri & Associés Allen & Overy

With the support of Allen & Overy’s international framework, Naciri & Associés Allen & Overy handles high profile strategic transactions across Morocco, North Africa and Sub-Saharan Africa. The team has been involved in some of the biggest deals in the market in recent years, including supporting Veolia on their hostile takeover of Suez. Managing partner Hicham Naciri has extensive experience in M&A, joint ventures and foreign investments. He co-leads the team with Yassir Ghorbal, who focuses on M&A, capital markets and real estate transactions.

Practice head(s):

Hicham Naciri; Yassir Ghorbal

Key clients



Kelix Bio

Rayon Group

the Government of the Kingdom of Morocco, Attijariwafa bank, Bank of Africa and Banque Centrale Populaire (BAB Consortium)

Agence Spéciale Tanger Méditerranée (TMSA)

Managem SA

Development Partners International

Helios Investment Partners

Sanlam Group

Lesieur Cristal

Banque Marocaine pour le Commerce et l’Industrie

O Capital group (ex FinanceCom)

Work highlights

  • Advised Holmarcom on its acquisition of the entire 78.7% stake held by French bank Crédit Agricole SA (CASA) in Crédit du Maroc (CDM).
  • Advised Agence Spéciale Tanger Méditerranée (TMSA) on the acquisition from the Moroccan State of a 35% stake of Société d’Exploitation des Ports.
  • Advised Sanlam Group on the joint-venture with Allianz, combining their insurance assets in Africa (including Morocco and excluding South Africa).

Norton Rose Fulbright

Norton Rose Fulbright‘s Casablanca office advises, corporates, financial institutions and state entities on a wide range of corporate and commercial matters, particularly within the infrastructure, transport, telecoms and construction sectors. In addition to domestic deals, the team is equally strong in assisting foreign investors in strengthening their presence in Morocco. Competition law is a growing area of expertise for the team, having been involved in landmark cases in front of Moroccan authorities. Practice head Alain Malek handles cross-border transactions and multi-jurisdictional deals in the energy, agribusiness and tourism sectors. At the associate level, Souâde Messaoudi and Godefroy Le Mintier are important names.

Practice head(s):

Alain Malek

Other key lawyers:

Marta Giner Asins; Godefroy Le Mintier; Souâde Messaoudi

Key clients

Office National des Chemins de Fer

Akwa Group

Banque Centrale Populaire

Caisse de Dépôt et de Gestion du Maroc

Compagnie Chérifienne du Chocolat

Hightech Payment Services

IFC World Bank



Wafa Assurance

Mrs and Mrs Nahmias




Agence Marocaine de Développement des Investissements et des Exportations (AMDIE)

Work highlights

  • Advised Wafa Assurance in the context of the sale by Crédit Agricole SA of its stake in Crédit du Maroc to Holmarcom, following the assistance of the client in the context of the renegotiation of the shareholders’ agreement signed with Crédit Agricole.
  • Advised Elopak, leading packaging manufacturer on the acquisition of the shares of Naturepak Beverage (one company in Saudi Arabia and its Moroccan subsidiary).
  • Advised Intelcia in the context of the acquisition of the Spanish group Unisono, specialized in customer experience, business process outsourcing, digitalisation, automation and customer relationship consulting in the Spanish speaking market.


Supporting clients through all stages of a company’s life cycle, the corporate and M&A team at ADNA guides clients through takeovers, corporate mergers, restructuring, privatisation and private equity. Other key areas for the team are strategic agreements, corporate finance transactions, investment funds and IPO. Team head Safia Fassi-Fihri specialises in joint ventures and capital market transactions, with previous experience at major international law firms.

Practice head(s):

Safia Fassi-Fihri

Other key lawyers:

Bobacar Diao; Dina Benjelloun


‘Reactivity, adaptation and rapid understanding of client need, rigor.’

‘The team is very complete and has a very wide specialities set. So it could cover all the topics we needed for our DD and transactions.’

‘Safia Fassi-Fihri is an amazing professional, very committed and very knowledgable and also a deal maker. She has a perfect understanding of the private equity specifics and that has helped us close the transaction with the other party.’

‘ADNA is the M&A star firm in Morocco. We have worked together on several M&A transactions this year, and their work is very high quality. The team is growing and they have made great recruitement such as Dina Benjelloun’

‘ADNA is one of the best law firm in Morocco in M&A. I love working with the team and I would recommend the firm as much as I can.’

‘Safia Fassi Fihri is a highly skilled M&A lawyer, with a strong situational intelligence. She understands what her clients want, and also, what is the interest of the counterparty, in order to address the negociation in the most talented way. She is also very sharp technically.’

Key clients

International Finance Corporation (IFC)


Butec Group


Africa 50


Sabis Group

Cofina Group

Colony Capital

China Communications Construction Company (CCCC)

Work highlights

  • Advising Sanlam in relation to the merger of its insurance activities in Africa with those of Allianz. ADNA is covering 12 francophone African jurisdictions including Morocco.
  • Advising Butec Group on the acquisition of Engie Services Maroc and Cofely Tangier, the largest transaction of the 17 acquisitions of ENGIE Group in Africa operating in the fields of energy efficiency, maintenance, heating, ventilation and air conditioning, green mobility, multi-technical maintenance as well as facility management.
  • Advising International Finance Corporation on the subscription of a minority equity stake in Holmarcom Insurance Activities, the holding company of Atlanta Sanad, a leading listed insurance company in Morocco.


Founded in 2019, ASAFO has already put together a strong track record across corporate, M&A and private equity, particularly in regards to the firm’s cross-border expertise. The team represents clients in the full spectrum of corporate and M&A matters, including leveraged buyouts, acquisitions, corporate restructurings and regulatory matters. Managing partner Patrick Larrivé focuses on private equity and funds, while Benoit De Monval specialises in private equity, joint ventures and complex commercial contracts. Mouna Boubia is another major player, experienced in working for private equity firms, industrial groups and large corporates, across a number of sectors.

Practice head(s):

Patrick Larrivé; Benoit De Monval; Mouna Boubia


‘The team is strong and has very deep knowledge of the local market.’

‘Benoit de Monval is pragmatic, responsive and business-oriented. It’s a pleasure working with him.’

Key clients

Kitea / Tana Africa Capital


Adenia Partners

Akdital and BFO Partners

Adiwale Fund I



Mediterrania Capital Partners (MCP)


Diana Holding

Red Med Private Equity

Zalar Holding



Fonds d’Investissement Africain (FIA)

Khalil Gibran School

Work highlights

  • Advised Adenia Partners in its acquisition of shares in Overseas Catering Services (OCS), the second largest catering company in Morocco.
  • Advising the historical shareholders of Outsourcia in the context of the investment (cash out and cash in) to be made by SPE, in Outsourcia and the subsequent acquisition by Outsourcia of Phone Act, a Tunisian company.
  • Advising Red Med Private Equity on the structuring and drafting of the legal documentation and setting up of an investment fund in the form of an Organisme de Placement Collectif en Capital .

Garrigues Maroc Sarl

Dealing with all aspects of business law, Garrigues Maroc Sarl is particularly skilled at handling matters surrounding private equity, company law, reorganisations and commercial contracts. The team is led by Jose Ignacio Garcia Muniozguren, an ‘expert in corporate matters’ who has a strong tracked supporting multinational groups with mergers, spin-offs and acquisitions.

Practice head(s):

José Ignacio García

Other key lawyers:

Jaafar Laidi


‘I have a happy collaboration with Garrigues for the new incorporation in Morocco, during and after the incorporation, José and his team response to me at a short time, and provide constructive suggestions for me.’

‘Mr. José Ignacio García, who is the main contact lawyer and works closely with me during the past few months, he always gets the key points shortly, replys in time and keeps me posted in all time, which make it easier for me to proceed with the incorporation.’

‘José Ignacio García is an expert in corporate matters. He gives me confidence and their answers and resolution of the subjects are quick and trustable.’

Key clients

Barceló Hotels & Resorts



Banco Santander




Romeu Shipping


Nazca Capital

Work highlights

  • Providing on-going corporate and commercial advice to Banco Santander in their Moroccan operations for more than ten years.


The Casablanca office of LPA-CGR supports clients in various aspects of corporate and business law, with a particular focus on real estate and data protection. The team advises domestic and international clients on a number of transactions across the healthcare, automotive, hospitality and real estate sectors, as well as in matters surrounding equity transactions, asset and share deals, and partnerships. Team head Romain Berthon is particularly active in the real estate space, while Lina Fassi Fihri works on business disputes. 2022 saw Samir Sayah join the team from CMS.

Practice head(s):

Romain Berthon; Lina Fassi-Fihri; Samir Sayah

Key clients



SAHAM Management Company

Fondation SAHAM


Michael Page

UGGC Africa

Working alongside the firm’s Paris office, UGGC Africa is active across Morocco, as well as Europe and Sub-Saharan, Central and West Africa. With experience across all aspects of corporate and commercial law, the team is particularly adept at handling private equity, securities issues, joint ventures, corporate restructuring and capital markets. Additionally, its lawyers are often involved in the drafting and negotiation of commercial contracts. Managing partner Ali Bougrine specialises in corporate law, M&A and private equity, meanwhile Laurent Sablé is noted for transnational work. Jean-Jacques Uettwiller works on company transfers and the management of personal assets.

Practice head(s):

Ali Bougrine

Other key lawyers:

Laurent Sablé; Jean-Jacques Uettwiller


‘The solution provided fits to our situation and activity, which is quite complicated with all the international regulations.’

‘Under the lead of Ali Bougrine, resources are well managed between the different offices. Good feedback and solution provided.’

‘Flexibility and reactiveness on short term requirements.’

‘Fluid, efficient and quick.’

Key clients



Essilor and its Moroccan and African subsidiaries

Orange group and Orange OMEAM (middle east & Africa management)

Systra SA

Christian Dior

GBH (Groupe Bernard Hayot) and its Moroccan subsidiaries



Matis aerospace (a joint company of Boeing and Safran)



Air Liquide




Fipar Holding


Work highlights

  • Advise Mirova, a subsidiary of the BPCE group and the management company of the Land Degradation Neutrality Fund (LDNF) investment fund.

Boulalf Mekkaoui Law Firm

The corporate and M&A practice at Boulalf Mekkaoui Law Firm advises a number of prominent corporate clients on their day-to-day activities in Morocco, as well as their international operations. Other areas that the team operates in include contract drafting, competition law, capital transactions and regulatory compliance. Founding partner Abdelatif Boulalf is regularly involved in cross-border transactions and investment projects, in addition to being an experienced arbitrator. He co-leads the team with Ahlam Mekkaoui, who has likewise overseen multinational deals across a number of sectors.

Practice head(s):

Abdelatif Boulalf; Ahlam Mekkaoui


‘I found the law firm extremely professional, swift in replying with very good knowledge and explanations of Commercial litigation in Morocco.’

‘Ms. Ahlam Mekkaoui is very helpful, friendly and professional.’

‘This law firm is very knowledgable at its sector and able to provide a wide range of services. They are exceptional in complying with the deadlines provided. Also, their ability to provide customized service is highly valued.’

‘We are particularly satisfied with the services of Ms. Ahlam Mekkaoui who works as a part of our team.’

‘Good relationship, proactive, high level of professionalism.’


As part of the wider CMS Africa, the Casablanca office of CMS handles a range of matters domestically and across the continent. Services offered by the team include corporate audit, governance, contract negotiation and regulation. The corporate law department is headed by Rachida Charifi, who supports clients on a range of day-to-day activities.

Practice head(s):

Rachida Charifi


‘Efficient and practical.’

Key clients

AttijariWafa Bank










NW Groupe

Groupe Bernard HAYOT





KPMG Sweden




Work highlights

  • Provided legal advice on a loan contract for Afreximbank, the African Export-Import Bank, also known as Afreximbank.
  • Provided advice and support to Hortifrut Group in Corporate M&A for the restructuring of Moroccan subsidiaries and the reclassification of financial assets and securities as part of the group’s overall restructuring project.
  • Provided advice and support to Webhelp Group for the restructuring of the Moroccan subsidiaries of the group and the reclassification of securities as part of the group’s Africa restructuring project.


Recently renamed from El Amari & Rouissi, EAR & CO. has a strong reputation for its work assisting multinational companies, investment funds and startups with their operations in Morocco. Specifically, the team supports clients with corporate governance and M&A, as well as capital market matters and stock market law. Mohieddine El Amari is an expert in private equity and M&A, in addition to general corporate and commercial law. He co-leads the team with Mariam Rouissi, who handles financial regulation, capital markets and cross-border litigation.

Practice head(s):

Mohieddine El Amari; Mariam Rouissi


‘The teams are very accessible and can respond to you at any time of day or night. The teams were pleasant to work with and responded quickly to our questions, even the most technical ones. The customer experience was positive.’

‘We collaborated with Mohieddine El Amari and EAR & CO.’s team. They are considerate, quick to respond, proactive, knowledgeable, practical, and strategic.’

Key clients


La Marocaine Vie


TY Capital


Comptoir d’importation et d’exportation et de commission (CIEC)

Alpha 55



Jeantet is experienced in handling a wide variety of corporate and M&A matters with a particular focus on cross-border mandates within the MENA and Sub-Saharan Africa regions. The team is particularly active in the automotive and IT sectors. Practice head Philippe Malléa focuses on joint ventures, investments and commercial cooperation. Former practice head Mohamed Ali Khelil Charef left the firm in April 2022.

Practice head(s):

Philippe Malléa

Key clients

SMRC Automotive

Egis Africa

Coface Maroc SA

Babord Maroc

Ojo Industries Maroc

Orange Maroc

Groupe SOS



Construc TOUR

Composite Industrie

Elec Recyclage








Work highlights

  • Assisting Samvardhana Motherson Reydel Autotecc Morocco SAS in all aspect of corporate, lease, incorporation and internal organisation in Morocco.
  • Advising Groupe SOS on the best possible strategies in order to implement new branches of activities in Morocco in the medical field.