August Debouzy’s practice is headed by Jean-Damien Boulanger, who assists SMEs and some larger listed companies in dealing with a range of ECM and securities law issues, including advising on Euronext Growth’s IPOs.
Capital markets: equity capital markets in France
August Debouzy
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Cleary Gottlieb Steen & Hamilton
Cleary Gottlieb Steen & Hamilton offers large resources and high-level expertise to many of France’s leading listed companies, which turn to the team for support in high-end transactions. Its client base also extends to investors and underwriters, and the firm routinely advises on large IPO and rights offerings on Euronext, European and international listings, and other ECM transactions. Its extensive proficiency in securities law also makes it a top name for high-end public M&A, governance, and stock-market litigation issues. The practice is co-headed by Marie-Laurence Tibi and Frédéric Martin, who was elevated to the partnership in 2025. Also recommended is John Brinitzer, M&A star Pierre-Yves Chabert and Alexis Raguet, who was also promoted to partner early 2025.
Praxisleiter:
Marie-Laurence Tibi; Frédéric Martin
Weitere Kernanwälte:
John Brinitzer; Pierre-Yves Chabert; Alexis Raguet
Referenzen
‘Top-tier team in securities law. Privileged contacts with the authorities.‘
‚Pierre-Yves Chabert is excellent, highly professional, very patient and approachable.’
Kernmandanten
L’Oréal
Canal+
Louis Hachette Groupe
Havas
Exosens
Alstom
Planisware
Attestor
Wendel
Highlight-Mandate
- Advised Havas and Louis Hachette Group on their listings on Euronext Amsterdam and on Euronext Growth (Paris) in connection with their spin-off from Vivendi.
- Advised the underwriters on the initial public offering and Euronext Paris listing of Exosens.
- Advised Alstom on both a €1bn rights offering and a €750m inaugural issue of deeply subordinated (or hybrid) bonds.
White & Case LLP
White & Case LLP stands out for its large and deep bench of experts who routinely advise on the market’s most prominent transactions. The Parisian practice, which can rely on complementary internal DCM and US law expertise, is at ease assisting underwriters as issuers or shareholders with complex and large transactions on Euronext or on foreign stock exchanges due to its international capabilities. Its range of work includes support with large IPOs, share offerings, and acquisitions, as well as convertibles. The team recently advised on the listing of the first publicly traded European Generative artificial intelligence company. The sizeable team includes senior statesman Philippe Herbelin and star partners Séverin Robillard, Thomas Le Vert, and US law adviser Max Turner. Boris Kreiss, who was elevated to the partnership in 2025, is another key name within the team.
Praxisleiter:
Thomas Le Vert
Weitere Kernanwälte:
Séverin Robillard; Philippe Herbelin; Max Turner; Boris Kreiss
Referenzen
‘Thomas Le Vert is a leading capital markets expert in Paris.‘
‚Séverin Robillard is highly regarded for restructuring and convertible bonds.‘
A&O Shearman
Headed by the experienced Olivier Thébault, A&O Shearman's practice routinely advises banks and financial investors, and it also has strong capabilities in assisting issuers with large EMC transactions. The team is particularly active in advising on convertibles and sales and acquisitions of shares in relation to France’s leading listed companies. The team also provides support during strategic M&A and corporate deals led by the firm and involving top listed companies. Also recommended is Jade Billere-Mellet.
Praxisleiter:
Olivier Thébault; Diana Billik
Weitere Kernanwälte:
Jade Billere-Mellet
Referenzen
‘A&O’s expertise in the specifics of transactions, technical elements, and regulatory particularities has been invaluable to us in several situations. Their availability, responsiveness, and precision are also highly appreciated.’
‘Olivier Thébault is one of the top capital markets experts in Paris, very efficient and readily available. He is invaluable in negotiations with clients.’
‘Olivier Thébault is highly experienced and fully committed. He provides excellent follow-up throughout the various stages of transactions, making things easier for his clients. He has excellent interpersonal skills and is always available.’
Kernmandanten
Bpifrance
CACIB
Clariane
Compagnie des Alpes
Euronext
Natixis
Peugeot Invest
Rexel
Ubisoft
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- Advised CACIB and Société Générale on the spin-off of Hachette Group and Havas from Vivendi.
- Advised Euronext on its initial issue of OCEANEs.
- Advised a bank syndicate on the issue by Artemis of non-dilutive cash-settled bonds exchangeable for Kering shares.
Darrois Villey Maillot Brochier
Led by Laurent Gautier, Darrois Villey Maillot Brochier’s ECM practice complements the firm’s M&A department, with which it works in close collaboration. The ECM team assists leading issuers, controlling shareholders, and investors with shares buyback and acquisitions, rights offerings, capital increases, and IPO transactions. Recently, the team has also worked on the ECM aspects linked to the debt restructuring of large corporations. Isabelle Touré-Farah provides further key support.
Praxisleiter:
Laurent Gautier
Weitere Kernanwälte:
Isabelle Touré-Farah
Referenzen
‘The team is excellent.‘
‚Laurent Gautier is brilliant.’
Kernmandanten
Carrefour S.A.
Atos SE
Clariane
TowerBrook Capital Partners
KKR
SAS Rue La Boétie
Bellon S.A.
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- Advised Atos SE on its financial restructuring.
- Advised Clariane on capital increases totaling €328m, announced on 17 May 2024 and closed in July 2024.
- Advised Carrefour S.A. on the sale of shares in Carmila S.A.
Gide Loyrette Nouel A.A.R.P.I.
Gide Loyrette Nouel A.A.R.P.I. demonstrates a great ability to assist banks, financial advisers, and corporations with a vast range of transactions, from capital increases, block trades, and private placements, to IPOs. The practice advises on both small and large transactions, and is notably active in the life sciences and technology sectors. Arnaud Duhamel is a highly recommended member of the practice, as is US law expert Melinda Stege-Arsouze, Scott Logan, and Guillaume Monnier.
Praxisleiter:
Arnaud Duhamel; Melinda Stege-Arsouze; Laurent Vincent; Hubert Merveilleux du Vignaux
Weitere Kernanwälte:
Scott Logan; Guillaume Monnier
Referenzen
‘Gide’s team combines international-standard of execution with deep local regulatory fluency, delivering advice that is not only technically sound but decision-ready.‘
‚They are responsive, flexible, translating complex issues into clear options, risks, and recommended actions under tight timelines.‘
‚They are pragmatic and outcome-oriented.’
Kernmandanten
Air France KLM
Renault
Deutsche Bank
HSBC
BofA
Morgan Stanley
Goldman Sachs
Turkcell
Citigroup Global Markest
Jefferies
Piper Sandler
DBV Technologies
Antin Infrastructure Partners
Veolia Environnement
BNP Paribas Group
Leerink
Société Générale
American Industrial Partners
Kempen
Inventiva
Crédit Agricole CIB
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- Advised a bank syndicate on Abivax’s public offering of American Depositary Shares in the United States for USD750m.
- Advising Agence des Participations de l’Etat on Eutelsat’s recapitalisation project.
- Advised Younited on its de-SPACing transaction with Iris Financial, a special-purpose acquisition company based outside France.
Jones Day
Jones Day's French and US integrated Paris ECM team is particularly sought after by issuers, including healthcare, medtech, and biotech companies, which constitute a significant proportion of the firm's client base. The team, which can also advise underwriters, assists with private placements, convertibles, tender offers, share capital increase, and share offerings transactions. The team is co-headed by US law expert Linda Hesse, Florent Bouyer, Renaud Bonnet, and Charles Gavoty, who also handles M&A and private equity deals. Anne Kerneur and Seth Engel are also key contacts in the practice.
Praxisleiter:
Linda Hesse; Renaud Bonnet; Florent Bouyer; Charles Gavoty
Weitere Kernanwälte:
Anne Kerneur; Seth Engel
Referenzen
‘Florent Bouyer is extremely well-regarded and involved in major deals. Also experienced in smaller projects.’
‘Jones Day knows how to intelligently strike the right balance between pragmatism and protecting its clients.’
‘Jones Day has a thorough understanding of its clients‘ needs and offers a comprehensive range of expertise, with teams that work very well together.’
Kernmandanten
Sanofi
Orange
BNP Paribas
EUROAPI
Voltalia
Natixis
Valneva
Waga Energy
Cellectis
Genfit
Carmat
Criteo
Arverne Group
Nanobiotix
Bryan Garnier & Co Ltd
Innate Pharma
Société Générale
ADOCIA
Median Technologies
Vinpai
Kalray
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- Advised Sanofi on the capital markets aspects of the EUR16bn split-off of Opella, including related French and U.S. capital markets aspects and ongoing disclosure issues.
- Advised Legrand S.A. on its EUR800m private placement of convertible bonds in Europe, representing the largest convertible bond issued in France since September 2020
- Advised Orange S.A. on the voluntary delisting of its American Depositary Shares from the NYSE and voluntary deregistration from the SEC.
Bredin Prat
Bredin Prat’s practice boasts 'genuine business acumen', and is led by the highly experienced Olivier Saba, who assists issuers and investors with mid to large share capital increases and share transactions pertaining to France’s leading companies, while also handling public M&A work. Douceline Chabord also significantly contributes to the department.
Praxisleiter:
Olivier Saba
Weitere Kernanwälte:
Douceline Chabord
Referenzen
‘Ability to anticipate needs and difficulties, combined with genuine business acumen by integrating the client’s concerns without judgement to consider trade-offs, legal security, and speed of execution.‘
‚They are dedicated to serving the client.‘
Kernmandanten
Eutelsat
DSM-Firmenich
Iris Financial
Bpifrance Investissement
Fnac-Darty
EuroApi
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- Advising Eutelsat, a leader in the French satellite operator market, on its capital increase project for an amount of €1.5bn.
- Advised Iris Financial, a Euronext Amsterdam-listed special purpose acquisition company focused on the financial services sector, on its combination with Younited, a leading European credit institution and the foremost provider of instant credit in Europe.
- Advised Bpifrance Investissement on Alstom’s share capital increase with preferential subscription rights of approximately €1bn, the final step in its deleveraging plan.
Clifford Chance
Clifford Chance boasts expertise in the ECM field within its Parisian office, which can also handle US-related. The practice benefits from being to regularly work alongside the firm's other international offices, including in Amsterdam. The team often assists underwriters, coordinators, and book runners. Aline Cardin and Olivier Plessis, who has US expertise, are the key names to note in the department.
Praxisleiter:
Aline Cardin; Jonathan Lewis; Anne Lemercier; Olivier Plessis
Referenzen
‘Present everywhere, very useful for complex transactions involving many countries. Very knowledgeable about US issues.’
‘The Parisian ECM team is extremely user friendly, experienced on all ECM products, responsive, hard-working and highly efficient. They really listen to clients‘ needs and have proved themselves time and again to be trusted advisers.‘
‚They really know the market standards, act equally strongly for issuers and underwriters, are consistent and balanced, and can navigate to the best solutions and positions for ECM capital raisings and selldowns.’
Kernmandanten
BofA
Stifel
Bryan Garnier
Goldman Sachs
Natixis
NSIG Sunrise
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- Advising NSIG Sunrise and BofA Securities on the accelerated bookbuild offering of ordinary shares in the capital of French company Soitec, a leading designer and manufacturer of semiconductor materials, listed on Euronext Paris.
- Advised BofA Securities and Goldman Sachs as solicitation agents on the successful consent solicitation of Orange in relation to the amendment of certain outstanding SEC-registered notes in the context of Orange’s delisting of its shares and deregistration in the US.
- Advised a syndicate of underwriters, comprising J.P. Morgan, Morgan Stanley, BNP PARIBAS, Goldman Sachs, and ING on the €300m equity issuance by CTP N.V., Europe’s largest publicly listed industrial developer by gross leasable area.
Jeantet
Led by Cyril Deniaud, Jeantet boasts a strong practice that is popular with issuers, shareholders, and investors involved in small to mid-cap ECM transactions, including convertibles. The team also demonstrates a strong ability to handle larger mandates and has advised on a number of significant tender offers followed by a delisting. Support is also provided by Benjamin Cohu, another key team member.
Praxisleiter:
Cyril Deniaud; Frank Martin Laprade
Weitere Kernanwälte:
Benjamin Cohu
Referenzen
‘Highly professional in Securities Law. Accessible and available.‘
‘Cyril Deniaud is an excellent, tenacious and pedagogical lawyer who provides unfailing support.’
‘Expertise, experience on complex topics, client focus.‘
Kernmandanten
Esker
Gecina
Sartorius Stedim Biotech
Société pour l’Informatique Industrielle
PulluP Entertainment
Compagnie Industrielle et financière d’Entreprises
Advantech Co., Ltd
Figeac Aéro
Keyrus
Cogelec
Groupe LDLC
Hoffmann Green Cement Technologies
Quadpack Industries
Prologue
M2i
Osmozis
Alpha Blue Ocean
IQ-EQ Management
Florentaise
Bluelinea
Entreparticuliers.com
Intrasense
L1 Capital
Ikonisys
Rebirth S.p.A
Predilife
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- Advised Esker on the €1.6bn voluntary public tender offer by Bridgepoint, alongside General Atlantic and Esker management shareholders, leading to the successful delisting of Esker from Euronext Growth Paris.
- Advising Cogelec and the shareholders of Cogelec Développement, indirect majority shareholder of Cogelec, on the contemplated acquisition of the Cogelec Développement shares by Legrand, to be followed by a mandatory simplified public tender offer to acquire the remaining Cogelec shares, valuing Cogelec at approximately EUR254m.
- Advised M2i and its controlling shareholder, Prologue, on the sale of a 59.94% stake in M2i to Skolae, followed by a simplified public tender offer by Eductive SAS for the remaining shares, valuing M2i at €49m.
Sullivan & Cromwell LLP
Sullivan & Cromwell LLP's ECM practice draws on the firm’s excellent public M&A expertise and US capabilities and the Parisian team often assists US financial institutions acting as financial advisers with public tender offers and take-private transactions. Its US capabilities are also sought after by leading French companies and international institutions for their US capital markets notes offerings. M&A partner Olivier De Vilmorin, US law adviser Garth W. Bray, and Arnaud Berdou, who was elevated to the partnership in 2025, are key contacts.
Praxisleiter:
Olivier De Vilmorin
Weitere Kernanwälte:
Garth W. Bray; Arnaud Berdou
Kernmandanten
Allianz
AXA
Citigroup
Electricité de France
Elis
ING Groep N.V.
Morgan Stanley
Winston & Strawn LLP
Chaired by Annie Maudouit-Ridde, Winston & Strawn LLP's Parisian practice shows excellent expertise advising on mid-cap deals, including complex transactions. Mainly assisting issuers, including fintech and tech companies, the Parisian team also stands out for its solid track record advising on SPAC transactions, while its ability to rely on the firm’s US and international platform is also a key asset for cross-border transactions.
Praxisleiter:
Jérôme Herbet; Annie Maudouit-Ridde
Referenzen
‘The team demonstrates great commitment and professionally defends the interests of clients.’
‘Annie Maudouit-Ridde is committed and very persevering.’
‘A strong Capital Markets and M&A team in Paris. Annie Maudouit-Ridde and her team provide excellent client service.‘
Kernmandanten
Aubay
Aurel BGC
Cantor Fitzgerald
Digital Virgo
Drone Volt
GECI International
Invest Securities
Montbleu Finance
Portzamparc
Roth Mions
TP ICAP
Transition Evergreen
Highlight-Mandate
- Advised Osmosun and the placing agents Portzamparc and TP ICAP on Osmosun’s initial public offering on Euronext Growth.
- Advised Smart Good Things Holding on 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 U.S. SPAC, and its reverse IPO on the Nasdaq stock exchange.
CMS Francis Lefebvre
CMS Francis Lefebvre's Bertrand Sénéchal brings a wealth of experience advising issuers and investors on small to mid-cap transactions surrounding the sale of shares, private placements, and investments in companies often listed on Euronext’s regulated Market. The team also advises on unsolicited tender offers.
Praxisleiter:
Bertrand Sénéchal
Referenzen
‚Availability. Proactive approach. Solution finder.‘
‘Bertrand Sénéchal is proactive, knowledgeable, experienced, and pragmatic.‘
‘Responsiveness, availability, adaptability. In addition to technical expertise, an excellent understanding of market practices.’
Kernmandanten
Capital B
Genfit
GenSight
INNATE PHARMA
Lhyfe
NHOA
Transgene
Highlight-Mandate
- Advised Capital B on the set-up of an “ATM-like” programme by Capital B, a French Bitcoin treasury company listed on Euronext Growth.
- Advised Citadel LLC on its investment into DBV Technologies, a French biotech company listed on the regulated Market of Euronext in Paris and on NASDAQ.
- Advised GenSight, a French biotech company listed on the regulated market of Euronext in Paris.
Goodwin
Headed by Guilhem Richard, Goodwin's ECM practice is a go-to for clients active in the biotechnology sector, and its portfolio also includes agents, banks, and issuers. The team advises clients on significant transactions, from private placements and rights offerings, to IPOs. Its ability to combine forces with the firm's US offices is also another strong asset for the Parisian team, which regularly advises on cross-border transactions. Mariléna Gryparis provides further key support.
Praxisleiter:
Guilhem Richard
Weitere Kernanwälte:
Mariléna Gryparis
Referenzen
‘An extremely competent team, very responsive and available, and very friendly.’
‘A team with excellent knowledge in the field of biotechnology. Pragmatic and technically skilled, with excellent teamwork.‘
‚Guilhem Richard is an excellent lawyer.’
Kernmandanten
Jefferies
Evercore
Stifel
Bank Degroof Petercam SA/NV
Invest Securities
Leerink Partners
BNP Paribas
Phaxiam Therapeutics
Van Lanschot Kempen
Guggenheim
B. Riley Securities
Northland Capital Markets
Ose Immunotherapeutics
Genfit
Highlight-Mandate
- Advised Jefferies, Evercore, and Stifel on the capital increase of Medincell for a total gross amount of €43m.
- Advised Northland Capital Markets and B. Riley Securities, who acted as joint lead placement agents, and Yorkville Securities, who acted as a placement agent, on the $376m debt and equity offering of Sequans Communications S.A.
- Advised Genfit on its royalty monetisation financing with HCRx for a total amount of €185m.
Latham & Watkins
Latham & Watkins assists issuers and shareholders with various ECM transactions, including IPOs, convertibles, and share acquisitions, and also provides guidance on securities law. The Parisian team also regularly combines forces with the firm's US offices when handling cross-border and US transactions, as well as advising on matters related to American Depositary Shares. Thomas Margenet-Baudry and Roberto Reyes Gaskin are key contacts in the practice.
Praxisleiter:
Thomas Margenet-Baudry
Weitere Kernanwälte:
Roberto Reyes Gaskin
Referenzen
‘Excellent knowledge of the capital markets, solution-orientated and focused on execution.’
‘Roberto Reyes Gaskin is knowledgeable, experienced, and gets transactions done.‘
Kernmandanten
Alain Afflelou SA
BNP Paribas
Briarwood Chase Management LLC
Burger King France
Derichebourg
Eutelsat
JP Morgan Chase
Kapla Holding
Kingspan Group PLC
Lagardère SA
Loxam SAS
Paprec
Simon Property
SLB
Société Générale
TechnipFMC
TotalEnergies SE
Highlight-Mandate
- Advised Iteris on entering into a definitive merger agreement to be acquired by Almaviva S.p.A..
- Advised TI Fluid Systems on its recommended takeover offer by ABC Technologies Acquisitions Ltd (ABC Technologies) for £1.8bn.
- Advised SLB on the voluntary delisting of its ordinary shares from the regulated market of Euronext Paris.
Lexelians
Lexelians assists SMEs that specialise in biotechnologies and high-tech with their convertibles, share capital increases, IPOs, and delisting transactions. The team is led by Laurent Beauvoit, and another key contact within the department is Jonathan Santoro and is lauded for his 'strong expertise in the issues facing listed companies'.
Praxisleiter:
Laurent Beauvoit
Weitere Kernanwälte:
Jonathan Santoro
Referenzen
‘A team that listens and is constructive, with a pragmatic approach.‘
‘Jonathan Santoro and Laurent Beauvoit are proactive and close to the ground, providing practical and accessible solutions.’
‘Adapted to SMEs.’
Kernmandanten
St Dupont
Reboost Blockchain Corp
Eurobio Scientific
Theraclion
Metavisio
Tonner Drones
Odiot
Charwood Energy
Toosla
Nicox
Broadpeak
Auplata Mining Group
Vergnet
Klarsen
Dronevolt
Highlight-Mandate
- Assisted NICOX with the negotiation and implementation of a share issue with warrants.
- Assisted the lead bank and bookrunner in the initial public offering of the company ODYSSEE TECHNOLOGIES on Euronext Growth Paris with a capital increase of EUR8m.
- Assisted the initiator of the takeover bid and the compulsory delisting of the PAROT Group for an amount of EUR51m.