Best Lawyers for Leveraged Buyouts in France

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David Aknin
Lawyer
David Aknin was awarded 2020 "Lawyer of the Year" in Elasticsearch.PracticeArea

David Aknin

Weil, Gotshal & Manges LLP
  • Location:
    Paris, France
  • Practice Areas:
    Capital Markets Law Mergers and Acquisitions Law Leveraged Buyouts Private Equity Law
Bernard Ayache
Lawyer
Bernard Ayache was awarded  "Lawyer of the Year" in

Bernard Ayache

AyacheSalama
  • Location:
    Paris, France
  • Practice Areas:
    Corporate Law Private Equity Law Mergers and Acquisitions Law Leveraged Buyouts
Eric Cartier-Millon
Lawyer
Eric Cartier-Millon was awarded  "Lawyer of the Year" in

Eric Cartier-Millon

Gide Loyrette Nouel AARPI
  • Location:
    Paris, France
  • Practice Areas:
    Mergers and Acquisitions Law Project Finance and Development Practice Banking and Finance Law Leveraged Buyouts Structured Finance Law
Fabrice Cohen
Lawyer
Fabrice Cohen was awarded  "Lawyer of the Year" in

Fabrice Cohen

Clifford Chance LLC
  • Location:
    Paris, France
  • Practice Areas:
    Mergers and Acquisitions Law Private Equity Law Corporate Law Leveraged Buyouts Securities Law
Alexis Dargent
Lawyer
Alexis Dargent was awarded  "Lawyer of the Year" in

Alexis Dargent

Dargent & Avocats
  • Location:
    Paris, France
  • Practice Areas:
    Leveraged Buyouts
Gwenaëlle De Kerviler
Lawyer
Gwenaëlle De Kerviler was awarded  "Lawyer of the Year" in

Gwenaëlle De Kerviler

AyacheSalama
  • Location:
    Paris, France
  • Practice Areas:
    Leveraged Buyouts
Gaétan De La Bourdonnaye
Lawyer
Gaétan De La Bourdonnaye was awarded 2020 "Lawyer of the Year" in Elasticsearch.PracticeArea

Gaétan De La Bourdonnaye

Cabinet Ratheaux
  • Location:
    Lyon, France
  • Practice Areas:
    Venture Capital Law Banking and Finance Law Corporate Governance & Compliance Practice Leveraged Buyouts Private Equity Law Mergers and Acquisitions Law Corporate Law
Lawyer
  • Location:
    Paris, France
  • Practice Areas:
    Leveraged Buyouts
Lawyer
  • Location:
    Paris, France
  • Practice Areas:
    Banking and Finance Law Capital Markets Law Mergers and Acquisitions Law Venture Capital Law Leveraged Buyouts Corporate Law Private Equity Law
Pierre-Nicolas Ferrand
Lawyer
Pierre-Nicolas Ferrand was awarded  "Lawyer of the Year" in

Pierre-Nicolas Ferrand

Shearman & Sterling LLP
  • Location:
    Paris, France
  • Practice Areas:
    Banking and Finance Law Real Estate Law Structured Finance Law Leveraged Buyouts
Arnaud Fromion
Lawyer
Arnaud Fromion was awarded 2020 "Lawyer of the Year" in Elasticsearch.PracticeArea

Arnaud Fromion

  • Location:
    Paris, France
  • Practice Areas:
    Private Equity Law Corporate Law Leveraged Buyouts Structured Finance Law Investment Banking and Finance Law
Christophe Gaillard
Lawyer
Christophe Gaillard was awarded  "Lawyer of the Year" in

Christophe Gaillard

De Pardieu Brocas Maffei
  • Location:
    Paris, France
  • Practice Areas:
    Structured Finance Law Banking and Finance Law Leveraged Buyouts
Guillaume Isautier
Lawyer
Guillaume Isautier was awarded  "Lawyer of the Year" in

Guillaume Isautier

Shearman & Sterling LLP
  • Location:
    Paris, France
  • Practice Areas:
    Leveraged Buyouts
Valérie Lemaitre
Lawyer
Valérie Lemaitre was awarded  "Lawyer of the Year" in

Valérie Lemaitre

Cleary Gottlieb Steen & Hamilton LLP
  • Location:
    Paris, France
  • Practice Areas:
    Mergers and Acquisitions Law Leveraged Buyouts Securities Law Banking and Finance Law Capital Markets Law
Alain Levy
Lawyer
Alain Levy was awarded  "Lawyer of the Year" in

Alain Levy

AyacheSalama
  • Location:
    Paris, France
  • Practice Areas:
    Leveraged Buyouts Banking and Finance Law Private Equity Law
Laurent Mabilat
Lawyer
Laurent Mabilat was awarded 2020 "Lawyer of the Year" in Elasticsearch.PracticeArea

Laurent Mabilat

Freshfields Bruckhaus Deringer LLP
  • Location:
    Paris, France
  • Practice Areas:
    Leveraged Buyouts Banking and Finance Law
Lawyer
  • Location:
    Paris, France
  • Practice Areas:
    Banking and Finance Law Leveraged Buyouts
Lawyer
  • Location:
    Paris, France
  • Practice Areas:
    Corporate Law Mergers and Acquisitions Law Private Equity Law Leveraged Buyouts
Lawyer
  • Location:
    Paris, France
  • Practice Areas:
    Corporate Law Leveraged Buyouts
Emmanuel Ringeval
Lawyer
Emmanuel Ringeval was awarded  "Lawyer of the Year" in

Emmanuel Ringeval

Orrick, Herrington & Sutcliffe LLP
  • Location:
    Paris, France
  • Practice Areas:
    Leveraged Buyouts
Alexis Terray
Lawyer
Alexis Terray was awarded  "Lawyer of the Year" in

Alexis Terray

Paul Hastings LLP
  • Location:
    Paris, France
  • Practice Areas:
    Leveraged Buyouts Private Equity Law Investment Funds
Olivier Tordjman
Lawyer
Olivier Tordjman was awarded  "Lawyer of the Year" in

Olivier Tordjman

AyacheSalama
  • Location:
    Paris, France
  • Practice Areas:
    Private Equity Law Insolvency and Reorganization Law Banking and Finance Law Corporate Law Mergers and Acquisitions Law Leveraged Buyouts

  • Location:
  • Practice Areas:

Practice Area Definition

Leveraged Buyouts Definition

A “leveraged buyout” or “LBO” is a financing technique when a company is purchased with funds generated by that company, devised in the USA in the second half of the 20th century. That technique relies on the creation of a holding company ad hoc (the “Holding”) specially created for the purpose of acquiring all (or almost all) the shares of the target company (the “Target”) thanks to a loan taken out with financial establishments, some of which are specializing in this. The Holding is generally thinly capitalized with respect to the acquisition price, the best part of which is financed by loans contracted by the Holding.

The objective being sought is the accretion of the investment in capital made by participants in capital of the LBO thanks to three leverage effects that can coexist: financial for the reimbursement of sums borrowed by the Holding out of income generated by the Target; tax wise by seeking to deduct interest on sums borrowed by the Holding from income generated by the Target; and legal by resorting to corporate techniques to control the Holding without possessing the majority (which is often contingent on results).

Although it is customary in scientific literature to make a difference between various types of LBOs depending on who is involved (LMBO with management, LMBI with investors and external managers, BIMBO where existing and new entrant management), this typology is in fact of little practical interest for professionals (except on some specific issues) and it is mostly useful to analysts to determine success or failure factors.

The acquisition is financed by a combination of several financial instruments: (i) capital, determined by the credit worthiness of the Holding, which is itself determined by an estimate of the income that may be generated by the Target; (ii) senior debt refundable as a priority; (iii) junior debt refunded after the senior debt; and finally (iv) mezzanine debt usually consisting of financial instruments such as convertible bonds or equity warrant bonds, with subordination of senior and junior debts, but with a higher rate of return.

Sums borrowed by the Holding must be reimbursed with the income generated by the Target, of which the most traditional method is the payment of dividends. Although in the USA these repayments may take more direct and sometimes more predatory form, by prohibiting companies to finance the purchase of their own shares, European countries have strongly limited repayment possibilities other than by way of dividends.

In some States, measures taken in order to fight under-capitalization of companies may limit leveraging by forcing them to create and maintain a given debt to equity financial ratio. 

                                                                                                                                                                                                                                                                              

Le « leverage buy out » ou « LBO » est une technique de financement de l’acquisition d’une société au moyen des ressources dégagées par celle-ci, venue d’outre-Atlantique dans la seconde moitié du XXème siècle. Cette technique repose sur la création d’une société holding ad hoc (le « Holding ») créée à l’effet de réaliser l’acquisition de la totalité (ou la quasi-totalité) des actions de la société cible (la « Cible ») au moyen d’un emprunt contracté auprès d’établissements financiers dont certains sont spécialisés. Le Holding est généralement faiblement capitalisé par rapport au prix d’acquisition dont l’essentiel est financé par les emprunts contractés par lui.

L’objectif recherché est la relution de l’investissement fait en capital par les acteurs en capital du LBO grâce à trois effets de levier pouvant coexister : financier par le remboursement des emprunts du Holding au moyen des ressources dégagées par la Cible, fiscal en recherchant la déductibilité des intérêts des emprunts du Holding des résultats de la Cible et juridique par l’utilisation des techniques sociétaires permettant de contrôler le Holding sans en détenir la majorité (ce qui est souvent conditionnel aux résultats).

S’il est d’usage dans la littérature scientifique de distinguer plusieurs types de LBO selon les acteurs (LMBO avec le management, LMBI avec des investisseurs et des managers externes, BIMBO qui fait coexister le management existant et celui entrant, cette typologie est, en fait, de peu d’intérêt pratique pour le praticien (sauf sur des points particuliers) et sert surtout aux analystes pour déterminer les facteurs de succès ou d’échec.

Le financement de l’acquisition résulte de la combinaison de plusieurs instruments financiers : (i) le capital dont le niveau est déterminé par la capacité d’endettement du Holding elle-même déterminée par l’estimation des possibilités de remontées de ressources depuis la Cible, (ii) la dette senior remboursable en priorité, (iii) la dette junior dont le remboursement vient après celui de la dette senior et enfin (iii) la dette mezzanine qui est usuellement matérialisée par des instruments financiers du type obligation convertible ou obligation à bon de souscription d’actions, avec une subordination aux dettes senior et junior mais un taux de rentabilité supérieur.

Les financements contractés par le Holding doivent être remboursés au moyen des ressources dégagées par la Cible et dont le schéma le plus orthodoxe est le paiement de dividendes. Si aux Etats-Unis ces remontées peuvent prendre des formes plus directes voire plus prédatrices, les pays européens par la prohibition du financement du rachat de ses actions propres limitent fortement les possibilités de remontées hors dividendes.

Les mesures destinées à lutter contre la sous-capitalisation des sociétés peuvent dans certains états limiter les effets de levier en obligeant à créer et maintenir un certains ratio financier entre le capital et l’endettement.

UGGC Avocats

UGGC Avocats logo

A “leveraged buyout” or “LBO” is a financing technique when a company is purchased with funds generated by that company, devised in the USA in the second half of the 20th century. That technique relies on the creation of a holding company ad hoc (the “Holding”) specially created for the purpose of acquiring all (or almost all) the shares of the target company (the “Target”) thanks to a loan taken out with financial establishments, some of which are specializing in this. The Holding is generally thinly capitalized with respect to the acquisition price, the best part of which is financed by loans contracted by the Holding.

The objective being sought is the accretion of the investment in capital made by participants in capital of the LBO thanks to three leverage effects that can coexist: financial for the reimbursement of sums borrowed by the Holding out of income generated by the Target; tax wise by seeking to deduct interest on sums borrowed by the Holding from income generated by the Target; and legal by resorting to corporate techniques to control the Holding without possessing the majority (which is often contingent on results).

Although it is customary in scientific literature to make a difference between various types of LBOs depending on who is involved (LMBO with management, LMBI with investors and external managers, BIMBO where existing and new entrant management), this typology is in fact of little practical interest for professionals (except on some specific issues) and it is mostly useful to analysts to determine success or failure factors.

The acquisition is financed by a combination of several financial instruments: (i) capital, determined by the credit worthiness of the Holding, which is itself determined by an estimate of the income that may be generated by the Target; (ii) senior debt refundable as a priority; (iii) junior debt refunded after the senior debt; and finally (iv) mezzanine debt usually consisting of financial instruments such as convertible bonds or equity warrant bonds, with subordination of senior and junior debts, but with a higher rate of return.

Sums borrowed by the Holding must be reimbursed with the income generated by the Target, of which the most traditional method is the payment of dividends. Although in the USA these repayments may take more direct and sometimes more predatory form, by prohibiting companies to finance the purchase of their own shares, European countries have strongly limited repayment possibilities other than by way of dividends.

In some States, measures taken in order to fight under-capitalization of companies may limit leveraging by forcing them to create and maintain a given debt to equity financial ratio. 

                                                                                                                                                                                                                                                                              

Le « leverage buy out » ou « LBO » est une technique de financement de l’acquisition d’une société au moyen des ressources dégagées par celle-ci, venue d’outre-Atlantique dans la seconde moitié du XXème siècle. Cette technique repose sur la création d’une société holding ad hoc (le « Holding ») créée à l’effet de réaliser l’acquisition de la totalité (ou la quasi-totalité) des actions de la société cible (la « Cible ») au moyen d’un emprunt contracté auprès d’établissements financiers dont certains sont spécialisés. Le Holding est généralement faiblement capitalisé par rapport au prix d’acquisition dont l’essentiel est financé par les emprunts contractés par lui.

L’objectif recherché est la relution de l’investissement fait en capital par les acteurs en capital du LBO grâce à trois effets de levier pouvant coexister : financier par le remboursement des emprunts du Holding au moyen des ressources dégagées par la Cible, fiscal en recherchant la déductibilité des intérêts des emprunts du Holding des résultats de la Cible et juridique par l’utilisation des techniques sociétaires permettant de contrôler le Holding sans en détenir la majorité (ce qui est souvent conditionnel aux résultats).

S’il est d’usage dans la littérature scientifique de distinguer plusieurs types de LBO selon les acteurs (LMBO avec le management, LMBI avec des investisseurs et des managers externes, BIMBO qui fait coexister le management existant et celui entrant, cette typologie est, en fait, de peu d’intérêt pratique pour le praticien (sauf sur des points particuliers) et sert surtout aux analystes pour déterminer les facteurs de succès ou d’échec.

Le financement de l’acquisition résulte de la combinaison de plusieurs instruments financiers : (i) le capital dont le niveau est déterminé par la capacité d’endettement du Holding elle-même déterminée par l’estimation des possibilités de remontées de ressources depuis la Cible, (ii) la dette senior remboursable en priorité, (iii) la dette junior dont le remboursement vient après celui de la dette senior et enfin (iii) la dette mezzanine qui est usuellement matérialisée par des instruments financiers du type obligation convertible ou obligation à bon de souscription d’actions, avec une subordination aux dettes senior et junior mais un taux de rentabilité supérieur.

Les financements contractés par le Holding doivent être remboursés au moyen des ressources dégagées par la Cible et dont le schéma le plus orthodoxe est le paiement de dividendes. Si aux Etats-Unis ces remontées peuvent prendre des formes plus directes voire plus prédatrices, les pays européens par la prohibition du financement du rachat de ses actions propres limitent fortement les possibilités de remontées hors dividendes.

Les mesures destinées à lutter contre la sous-capitalisation des sociétés peuvent dans certains états limiter les effets de levier en obligeant à créer et maintenir un certains ratio financier entre le capital et l’endettement.