Next Generation Partners

Firms To Watch: Capital markets: equity capital markets

CMS Francis Lefebvre gained ECM capabilities after hiring the experienced Bertrand Sénéchal, who was formerly with Linklaters, in early 2024.
Squair hired the experienced Marie-Aude Noury in September 2023, who joined from her own boutique firm and has extensive experience advising on ECM, ESG and governance issues relating to publicly listed companies.
De Pardieu Brocas Maffei strengthened its equity capital markets practice with the fire of Etienne Boursican from Orrick in January 2022. The firm assists issuers with ECM, EuroPP and public M&A transactions.

Capital markets: equity capital markets in France

A&O Shearman

A&O Shearman houses a comprehensive range of capital markets and securities expertise that also spans ECM work. Through Olivier Thébault, the team has a strong involvement acting for banks while also advising issuers on a complete range of transactions: rights offering, share capital increase as well as convertible and delisting deals.

Responsables de la pratique:

Olivier Thébault; Diana Billik


Les références

‘Excellent execution ability and excellent availability. Top firm in the field’

‘Demonstrating both rigor and pragmatism, Olivier Thébault has established himself as a top name in French ECM.’

‘Very good knowledge of ECM (equity/equity linked) products’.

Principaux clients

Accor


Amplitude Surgical


Amundi


Apax Partners


Bpifrance Investissement


Bpifrance Participations


Caisse des Dépôts et Consignations (CDC)


CEA Investissement


Compagnie des Alpes


Covivio


Covivio Hotels


De Groof Petercam


EDPR


Europlasma


Fonds Stratégique de Participations


French State (APE)


Gilbert Dupont


Groupe Arnault


JP Morgan


Kepler Cheuvreux


Korian


Morgan Stanley


Natixis


Orano


PAI Partners


Portzamparc


Rexel


Stifel


Ubisoft


Wendel


Principaux dossiers


  • Advised the bank syndicate on the distribution by Vantiva of 65% of Technicolor Creative Studios shares and the listing on the regulated market of Euronext Paris of Technicolor Creative Studios.
  • Advised the bank syndicate in connection with the EUR1.2 bn rights issue of ALD Automotive to finance the acquisition of Leaseplan.
  • Advised Wendel on the issue of bonds exchangeable for ordinary shares of Bureau Veritas due 2026 by way of a public offering only to qualified investors, for a nominal amount of EUR750 million.

Cleary Gottlieb Steen & Hamilton

Cleary Gottlieb Steen & Hamilton has an experienced team and is sought out by for major ECM deals. The team is regularly called upon to advise on IPO projects on Euronext Paris and also assists leading companies with rights offering and convertibles matters, while its range of expertise also extends to high-end public M&A deals. The practice is co-headed by the highly regarded John Brinitzer, Marie-Laurence Tibi and Andrew Bernstein.

Responsables de la pratique:

John Brinitzer; Marie-Laurence Tibi; Andrew Bernstein


Les références

‘Marie-Laurence Tibi: expertise, experience, established relationship with the Financial Markets Authority, responsiveness.’

‘Marie-Laurence Tibi is an excellent adviser.’

‘Excellence, high-level expertise, great experience: a top firm.’

Principaux clients

The French State


Neoen


Solvay


MAIF


Principaux dossiers


  • Advised the French State on its €9.6 billion tender offer on Électricité de France (EDF).
  • Advising Solvay SA on its announced project to split into two companies.
  • Represented Neoen in its €750 million rights offering.

White & Case LLP

Housing one of the market’s largest capital markets teams, White & Case LLP  is a powerhouse in the field and is retained by leading banks as well as corporations to assist with large strategic transactions including IPOs, share capital increases as well as cash tender offers and the issuances of convertibles and warrants. The highly experienced team is headed by Séverin Robillard and includes Philippe Herbelin, as well as the highly regarded Thomas Le Vert and Max Turner.

Responsables de la pratique:

Séverin Robillard


Autres avocats clés:

Philippe Herbelin; Thomas Le Vert; Max Turner


Les références

‘Very complete team, the best in Paris. Very available, always innovative and friendly.’

‘Thomas Le Vert is the most gifted lawyer of his generation and the greatest specialist currently in all segments of the French capital markets. He is a top name in the field both on the issuer and banking syndicate sides.’

Principaux clients

Barclays


Belfius Bank


BofA Merrill Lynch


BPCE


BNP Paribas


BNP Paribas Personal Finance


Citigroup


Crédit Agricole SA


Crédit Agricole CIB


CA Consumer Finance


PSA Banque Finance/Credipar


Credit Mutuel Arkea


Credit Suisse


Deutsche Bank


Goldman Sachs


HSBC


J.P. Morgan


LCL


Natixis


Société Générale


UBS


Air France-KLM


Air Liquide


Atos


ENGIE


Faurecia


LVMH


Michelin


Peugeot


Plastic Omnium


Rubis


SMCP


Sanofi


Stellantis


Sodexo


SPIE


SUEZ


Tereos


Verallia


Vinci


Worldline


Principaux dossiers


  • Advised ALD in connection with its capital increase with shareholders’ preferential subscription rights, for an amount  of approximately €1.2 billion to partially finance the acquisition of LeasePlan.
  • Advised a banking syndicate on Neoen’s €750 million share capital increase.
  • Advised Teleperformance SE on its voluntary cash and share offer to acquire 100 percent of the shares of Majorel for a total consideration of €3 billion.

Bredin Prat

Leveraging its top public M&A practice and client base, Bredin Prat’s capital markets team predominantly advises corporate clients on IPOs, share offerings, convertible and bond issues. The team was notably involved in the few high-profile IPOs in  France in 2023 and regularly assists clients with large public M&A deals. Olivier Saba leads the practice. Of note, the firm also has a leading complementary stock-market litigation practice.

Responsables de la pratique:

Olivier Saba


Les références

‘Very competent.’

Principaux clients

Mersen


Casino


Technicolor Creative Studios


EDF


Fnac Darty


Saint-Gobain


Stellantis


Vantiva


Ubisoft


Johnson & Johnson


Principaux dossiers


  • Advised Vantiva (previously Technicolor) in connection with the IPO of its visual effects and creative animation technologies subsidiary, Technicolor Creative Studios (TCS), on Euronext Paris.
  • Advising Mersen Group in connection with its share capital increase with preferential subscription rights for existing shareholders in France.
  • Advising Johnson & Johnson Innovation (JJDC) on its equity investment and global licensing agreement with Nanobiotix.

Clifford Chance

Clifford Chance often assists leading banks and financial advisers in ECM transactions and also regularly advises issuers. The Paris team, which combines French and US law capabilities, has been particularly active recently advising on deals concerning the German, French, Dutch and Belgium stock markets and is also experienced in advising on share capital increases via private placement deals. Through US securities expert Alex Bafi, the team also handles innovative Rule 144A IPO transactions. The experienced Aline Cardin and counsel Olivier Plessis are other key team members. Anne Lemercier offers collective employees’ shareholder share plan advice to leading companies.

Responsables de la pratique:

Alex Bafi; Aline Cardin; Jonathan Lewis; Anne Lemercier; Olivier Plessis


Les références

‘Aline Cardin demonstrates very good experience in all aspects of stock market law (legal technique and investor communication).’

‘Excellent team.’

‘Aline Cardin is exceptionally reliable and competent’.

Principaux clients

BNP Paribas


Natixis


Crédit Agricole CIB


Bryan Garnier


International Banks


Goldman Sachs


Citigroup


Morgan Stanley


J.P. Morgan


Deutsche Bank


HSBC


UBS


Barclays


Credit Suisse


ING


ABN Amro


Rabobank


Jefferies


La Française des Jeux


Unibail-Rodamco-Westfield


Alstom


Azelis


Airbus


Ubisoft


Europcar Mobility Group


PrimaryBid


Jackpotjoy


Accor


Veolia


Carmila


Exclusive Networks


Arkema


Scot


Nicox


Suez


Apax


Caisse de dépôt et placement du Québec


Permira


Principaux dossiers


  • Advising the International Banking Syndicate on Porsche AG’s offering of 113,875,000 preferred shares.
  • Advising Dongfeng and BNP Paribas on the accelerated bookbuild offering of ordinary shares in the capital of Dutch company Stellantis N.V.
  • Advising Nicox on completing a financing through a private placement of 6,849,316 new shares with warrants attached to subscribe up to 6,849,316 new shares.

Gide Loyrette Nouel A.A.R.P.I.

Gide Loyrette Nouel A.A.R.P.I.  runs a comprehensive practice, capable of handling a range of work including block trades and private placements, as well as IPOs and complex financings. The team also regularly works on convertible transactions and has in-house US expertise. It assists financial advisers and banks as well as issuers, and has a strong presence in the biotech sector. Arnaud Duhamel, US expert Melinda Stege-Arsouze is a key firgure within the team, with of counsel Scott Logan also providing US legal support. In addition, the firm also has complementary expertise advising leading French companies on share capital increase reserved for employees through expert Sami Toutounji.

Responsables de la pratique:

Hubert Merveilleux du Vignaux; Melinda Stege Arsouze; Laurent Vincent; Arnaud Duhamel


Autres avocats clés:

Scott Logan; Sami Toutounji


Principaux clients

Antin Infrastructure Partners


Spartoo


Veolia Environnement


Renault


Deutsche Bank


BNP Paribas Group


Société Générale


HSBC


BofA


Morgan Stanley


Credit Suisse


Crédit Agricole CIB


EFG Hermes (Egypt)


Citigroup Global Markest


Mizuho


Namsen Capital


JPM Securities


American Industrial Partners


Kempen


Tikehau


Soitec


Principaux dossiers


  • Assisted Air France-KLM in connection with an offering of deeply subordinated undated bonds (TSSDI) convertible into new shares and/or exchangeable for existing shares for a multimillion-euro nominal amount.
  • Advised Nippon Steel Corporation on the sale of its shares from Vallourec.
  • Advised GenSight on its initial public offering (IPO) on Euronext Paris, numerous private placements and its prior bond financing with Kreos.

Jones Day

Jones Day combines strong US and French ECM expertise within its Paris office, and has a strong involvement alongside issuers including a number of startups and biotech companies, while also assisting several banks and arrangers. The practice regularly assists clients with share capital increase and IPO transactions and also handles convertible work. On the US front, it assists clients with SEC registration and US private placement needs. The team also stands out for its ability to assist dual-listed French issuers on their US registered Yankee bond programmes. The team is jointly headed by US expert Linda HesseFlorent Bouyer, and Renaud Bonnet. Charles Gavoty also contributes.

Responsables de la pratique:

Linda Hesse; Renaud Bonnet; Florent Bouyer


Autres avocats clés:

Charles Gavoty


Les références

‘Very complementary team and very close to its customers. Responsiveness, efficiency and quality. Always good advice and very friendly. Great fluidity in exchanges and communication.’

‘Serious and available team, both on the French and American side of the practice.’

‘Florent Bouyer is very friendly and makes himself available. He seeks ways to move things forward in complicated situations while striving to preserve the interests of his clients.’

Principaux clients

Sanofi


BNP Paribas


EUROAPI


Voltalia


Natixis


Carmat


Cellectis


Waga Energy


Bank of America


Criteo


Kalray


Nanobiotix


Bryan Garnier & Co Limited


Orange


NextStage


Principaux dossiers


  • Advised Voltalia on its EUR 490 million capital increase with shareholders’ preferential subscription rights on the regulated market of Euronext in Paris.
  • Advised Arverne Group on its business combination with Euronext listed SPAC, Transition SA, to create the future French leader in geothermal and low-carbon lithium production.
  • Advised BNP Paribas, Natixis and Bryan Garnier on the rights offering by Carbios with a private placement to certain qualified investors in the United States pursuant to a private placement exemption.

Latham & Watkins

Latham & Watkins often assists private equity investors or their portfolio companies with ECM work, including share capital increase and convertibles work. The team regularly advises on Euronext Paris and Euronext Growth IPOs as well as on squeeze out deals. Practice head Thomas Margenet-Baudry and Roberto Reyes Gaskin, who are both French and US qualified, also regularly advise on US securities matters and on DCM transactions.

Responsables de la pratique:

Thomas Margenet-Baudry


Autres avocats clés:

Roberto Reyes Gaskin


Les références

‘The team provides an exceptional level of service. Highly recommended for their ability to flawlessly execute and for their pragmatic transaction management.’

‘Roberto Reyes Gaskin is an impressive lawyer with a great eye for detail and the ability to flawlessly execute.’

Principaux clients

Loxam SAS


Société Générale


BNP Paribas


Alain Afflelou SA


Briarwood Chase Management LLC


Eutelsat


Bertrand Corp. SAS


Natixis Financement Paris


Derichebourg


TechnipFMC plc


Faurecia


Farallon


Tencent


Elior Group


Principaux dossiers


  • Advised Tencent in connection with its subscription of €36 million of new shares issued by DON’T NOD, an independent French studio that creates, develops and publishes video games listed on Euronext Growth
  • Advised Marcolin and its shareholders on the negotiation of a long-term license with The Estée Lauder Companies (ELC) for TOM FORD eyewear.
  • Advised Bertrand Invest in connection with the mandatory squeeze-out and tender offer initiated in respect of Groupe Flo.

Fieldfisher

Fieldfisher is one of the market’s go-to-firms for small-cap ECM transactions with a strong presence in the life sciences sector alongside biotech, medtech and cleantech companies conducting IPOs on Euronext Growth or share capital increase transactions. Outside the life sciences sector, the team also advises SMEs and some banks. Samuel Pallotto leads the practice, supported by counsel Mathilde Cazé.

Responsables de la pratique:

Samuel Pallotto


Autres avocats clés:

Mathilde Cazé


Les références

‘Dynamic, accessible team, which adapts to our needs and our operating methods.’

‘Mathilde Cazé is very attentive, professional and  flexible’.

‘Good knowledge of the market, performance, flexibility, availability and accessibility’.

Principaux clients

Lepermislibre


Mon Courtier Energie Groupe


Groupe Rousselet


Affluent Medical


Biocorp


BOA Concept


Cabasse – VEOM Group


Carbios


HRS (Hydrogen Refueling Solutions)


Theradiag


VOGO


HDF Energy


Kerlink


Munic


Omer-Decugis & Cie


Groupe Berkem


Principaux dossiers


  • Advised CARBIOS on its capital increase with preferential subscription rights of approximately €141 million, the largest capital increase on Euronext Growth since 2015.
  • Advised Lepermislibre as legal counsel to Euronext Growth Paris market IPO.
  • Advised on the distribution in kind by VEOM Group (formerly Cabasse Group) of 50.1% of the shares comprising the share capital of its subsidiary Cabasse.

Jeantet

Jeantet is recommended for its solid small- to mid-cap transactions expertise that is appreciated by SMEs as well as international investors involved in Euronext Growth IPOs and share capital increase transactions. The team also regularly handles convertible transactions and public M&A and block trading deals. Cyril Deniaud and counsel Benjamin Cohu are the key contacts and Frank Martin Laprade adds complementary litigation expertise.

Responsables de la pratique:

Cyril Deniaud; Frank Martin Laprade


Autres avocats clés:

Benjamin Cohu


Les références

‘Extremely flexible, innovative, professional and responsive team. ’

‘Good expertise, responsiveness, availability, rigor, listening and relevance of opinions and recommendations.’

Principaux clients

Group of unsecured creditors of ORPEA


Sartorius Stedim Biotech


Nippon Steel Corporation


Figeac Aéro


Compagnie Industrielle et Financière d’Entreprises


Groupe Prologue (Prologue and M2i)


Hoffmann Green Cement Technologies


Cogelec


Intrasense


Florentaise


Keyrus


Global Bioenergies


Alpha Blue Ocean


L1 Capital


Yorkville Advisors


Negma Group


Heights Capital Management


Predilife


Equitis Gestion


Bryan Garnier & Co


RiverFort Global Opportunities


Groupe Archos


Ikonisys


Principaux dossiers


  • Advising a group of unsecured creditors of ORPEA, a company listed on the regulated market of Euronext Paris (compartment A), in the context of ORPEA’s financial restructuring, and in particular the forced equitisation of unsecured creditors.
  • Advised the Japanese group Nippon Steel Corporation on the sale of its entire shareholding in Vallourec S.A. for a total sale price of EUR 77.7M, as part of an Accelerated Book Building (ABB) transaction.
  • Advised Keyrus and K Eagle Investment in connection with the proposed simplified tender offer for Keyrus shares to be launched by K Eagle Investment, acting in concert with Eric Cohen, several managers of Keyrus and BNP Paribas Développement.

Linklaters

Linklaters handles ECM, equity linked and US and international capital markets work on behalf of issuers and underwriters. Luis Roth is an expert at advising on securities offerings involving US investors. Of note, Bertrand Sénéchal left the firm early 2024.

Responsables de la pratique:

Véronique Delaittre


Autres avocats clés:

Luis Roth


Principaux clients

Banco Bilbao Vizcaya Argentaria


Banco Santander


Bank of America Securities


Barclays Bank


Bel Group


CaixaBank


Crédit Agricole Corporate and Investment Bank


EureKARE S.A.


HSBC


Iliad SA


Legrand


Lhyfe


Natixis


Nexans


Société Générale


Principaux dossiers


  • Advised Nexans on the issuance of its inaugural sustainability-linked bond for an aggregate nominal amount of 400 million euros.
  • Advised Eramet on the issuance of its inaugural sustainability-linked bonds (SLB) in a principal amount of €500 million.
  • Advised Lhyfe on its initial public offering and listing on the regulated market of Euronext in Paris.

Winston & Strawn LLP

Led by Annie Maudouit-Ridde, Winston & Strawn LLP's team handles a large spectrum of deals on behalf on issuers, investors and financial advisers. The team advises on small to larger offerings including block trade sales and shareholder capital increase, and also regularly works on Euronext Growth and Access + IPOs as well as on major IPOs by SPACs.

Responsables de la pratique:

Jérôme Herbet, Annie Maudouit-Ridde


Les références

‘Good responsiveness, skills and advice highlighting risk factors and opportunities. Innovative solutions.’

‘Deep knowledge and genuine care for clients. They don’t just offer standard solutions but think creatively and outside the box. Their relentless pursuit of results, combined with a strong ethical grounding, ensures clients’ legal concerns are handled expertly. Annie Maudouit-Ridde shows incredible skills in navigating complex legal landscapes, always ensuring clients’ needs are met with precision and timely responses. Their consistent communication and willingness to go the extra mile is especially valuable.’

‘Annie Maudouit-Ridde is very precise and summarizes key subjects perfectly.’

‘Annie Maudouit-Ridde is an outstanding lawyer. She is business savvy, commercial and understands what needs to be done for clients. From a technical point of view, she is highly skilled, but also approachable and great to work with.’

‘Particularly efficient and constructive team. Capable of delivering very high quality documents in record time.’

‘Friendly and customer-oriented team’.

‘Excellent team.’

‘Annie Maudouit-Ridde is a very talented lawyer, with whom it is easy to collaborate. She will seek innovative solutions with the aim of facilitating the completion of her clients’ operations. She has a perfect command of the regulations and knows how to make herself heard by the French securities regulator.’

Principaux clients

Auplata Mining Group


Aurel BGC


Cantor Fitzgerald Europe


Digital Virgo Group


Delta Drone


Drone Volt


GECI International


Groupe Airwell


Metavisio


Osmosun


Priveterra Acquisition Corp. II


Portzamparc


TP ICAP


Transition Evergreen


Yorkville Advisors


Smart Good Things


Principaux dossiers


  • Advised Osmosun and the placing agents Portzamparc (Groupe BNP Paribas) and TP ICAP in connection with Osmosun’s initial public offering on Euronext Growth.
  • Advised Smart Good Things Holding in connection with its listing on Euronext Access + Paris followed a few months later by a strategic equity investment by group Casino.
  • Advised Digital Virgo Group, a French FinTech, on its contemplated business combination with Goal Acquisitions Corp., a US SPAC, and its reverse IPO on the Nasdaq stock exchange.