Hervé Pisani

Freshfields Bruckhaus Deringer (‘Freshfields’) conseille le Groupe BNP Paribas dans le cadre de ses négociations exclusives avec AXA en vue de l'acquisition d'AXA Investment Managers, représentant environ 850 milliards d’euros d'actifs sous gestion, et d'un partenariat de long terme pour la gestion d’une large part de ses actifs. Avec l'apport combiné des plateformes de gestion d’actifs du groupe BNP Paribas, le nouvel ensemble ainsi constitué représenterait 1 500 milliards d’euros d’actifs sous gestion et compterait parmi les tout premiers leaders européens du secteur et de la gestion d’épargne longue pour les assurances et les fonds de pension avec 850 milliards d’euros d’actifs, en s’appuyant sur des plateformes puissantes de gestion d’actifs cotés et privés. L’opération envisagée est soumise au processus de consultation des instances représentatives du personnel des entités concernées, en vue d’un accord d’ici la fin de l’année. Le closing de l’opération est attendu à l’été 2025, dès lors que les autorisations des autorités compétentes auront été reçues. Le prix convenu pour l’acquisition et la mise en place du partenariat est de 5,1 milliards d’euros au closing. Freshfields est intervenu aux cotés de BNP Paribas, et notamment de l’équipe M&A/Private Equity- Legal, composée de Louis-Philippe Vasconcelos (Head of M&A/Private Equity - Legal) et Laure Khemiri (Senior Legal Counsel). L’équipe Freshfields était coordonnée par Hervé Pisani et Marc Perrone, associés, avec Myriam Khetib-Khatiri, counsel, Joaquim Traoré, collaborateur senior, Marine Valmont et Brieuc Trambouze, collaborateurs et Manon Chalopin, stagiaire, sur les aspects corporate. Pierre Vibert et Eloi Roche, collaborateurs seniors et Emeric Tidafi, collaborateur, sont intervenus sur les aspects de réglementation bancaire et financière. Charlotte Colin-Dubuisson, associée, Sara Gil Garcia, counsel, Anne Dos et Narimane Sadoune collaboratrices sont intervenues sur les aspects de droit de la concurrence. Christel Cacioppo, associée, Elodie Favre-Thellmann, counsel, et Matthias Triolle, collaborateur, sont intervenus sur les aspects de droit du travail. Enfin, Cyril Valentin, associé, et Juliette Brasart, collaboratrice senior, sont intervenus sur les aspects de droit fiscal.

Aug 7

1 min

Nous sommes heureux d’annoncer l’arrivée prochaine de Benoît Marpeau, spécialiste reconnu des opérations de fusions-acquisitions, au sein de l’équipe Corporate / M&A de Freshfields à Paris, en qualité d’associé. La cooptation de Benoît, avocat réputé en particulier tant pour ses qualités de négociateur, que pour sa capacité à apporter des solutions créatives à des sujets complexes, témoigne de la volonté du cabinet de continuer son développement sur le marché français des fusions-acquisitions, où il occupe une place de premier rang, accompagnant aussi bien des clients français, dans le cadre d’opérations domestiques ou multi-juridictionnelles que des clients étrangers, lors de leurs opérations stratégiques en France. Hervé Pisani, co-responsable de l’équipe Global Transactions de Freshfields à Paris déclare : « Le marché français est un marché important pour le cabinet, qui a toujours soutenu une stratégie ambitieuse – et fructueuse - de développement à Paris. L’arrivée de Benoît Marpeau, professionnel reconnu alliant des compétences techniques saluées par les clients et par ses pairs et des qualités humaines évidentes, s’inscrit dans une volonté réelle d’inscrire dans le long terme notre stratégie de croissance ».

Jul 18

1 min

Global law firm Freshfields Bruckhaus Deringer (‘Freshfields’) is advising BNP Paribas Group on its exclusive negotiations with AXA for the acquisition of AXA Investment Managers representing close to €850bn assets under management, together with an agreement for a long-term partnership to manage a large part of AXA’s assets. With the combined contribution of BNP Paribas’ asset management platforms, the newly formed business, which total assets under management would amount to €1,500bn, would become a leading European player in the sector and in the management of long-term savings assets for insurers as well as pension funds, with €850bn of assets, leveraging powerful platforms of public and private assets. The signing of the proposed transaction, expected by the end of the year, is subject to the information process and consultation of the employees’ representative bodies. The closing of the transaction is expected by mid-2025 once regulatory approvals have been obtained. The agreed price for the acquisition and the set-up of the partnership is of €5.1bn at closing. Freshfields advised BNP Paribas, in particular alongside the inhouse M&A/Private Equity Legal team, comprising Louis-Philippe Vasconcelos (Head of M&A/Private Equity Legal) and Laure Khemiri (Senior Legal Counsel). The Freshfields team was led by Hervé Pisani (Corporate/M&A, Paris) and Marc Perrone (Financial Regulatory, Paris) and included: Partners: Charlotte Colin-Dubuisson (Competition, Paris), Christel Cacioppo (People and Reward, Paris), Cyril Valentin (Tax, Paris), Philipp Redeker (Tax, Dusseldorf) Counsel: Myriam Khetib-Khatiri (Corporate/M&A, Paris), Sara Gil Garcia (Competition, Paris), Sebastian Röger and Martin Rehberg (Tax, Munich), Elodie Favre-Thellmann (People and Reward, Paris) Principal Associates: Hendrick Menzel (Tax, Frankfurt) Senior Associates: Joaquim Traoré (Corporate/M&A, Paris), Pierre Vibert and Eloi Roche (Financial Regulatory, Paris), Juliette Brasart (Tax, Paris) Associates: Marine Valmont and Brieuc Trambouze (Corporate/M&A, Paris), Emeric Tidafi (Financial Regulatory, Paris), Anne Dos et Narimane Sadoune (Competition, Paris), Matthias Triolle (People and Reward, Paris) Trainee: Manon Chalopin (Corporate/M&A, Paris)

Aug 7

1 min

Global law firm Freshfields announces that Benoit Marpeau will join the firm as partner in its Corporate and M&A team in Paris. Marpeau is a transactional specialist bringing broad experience advising listed and non-listed companies on high-profile mergers, carve-outs, spin-offs and business reorganisations. He is known for his negotiating acumen and creative problem-solving and has built a successful practice advising major French corporates on strategic mandates that align with Freshfields’ ambitions as a leading firm in the market. With the firm advising both French clients on domestic and multi-jurisdictional transactions and international clients on their strategic transactions in the country, his arrival supports Freshfields’ commitment to investing in strategic talent to help clients navigate their most important local and cross-border matters. Hervé Pisani, co-head of Freshfields' Global Transactions team in Paris, stated: “The French market is an important market for the firm, which has always supported an ambitious – and successful – strategy of development in Paris. The arrival of Benoit Marpeau, a recognised expert combining technical skills that are highly regarded by clients and their peers, with strong interpersonal skills, is part of a genuine desire to root our growth strategy in the long term.” Freshfields’ head of Global Transactions Julian Pritchard adds: “It’s great to welcome Benoit to our market leading global M&A practice, as we continue to invest in our capabilities across major markets. Our clients expect our lawyers to show the highest level of expertise, commerciality and teamwork to deliver their most challenging mandates and we are ready to support them at every turn."

Jul 18

1 min

Freshfields is maximising use of its contractual six-month notice period for non-U.S. partners who opt to leave the firm, in a shift away from its usual practice of allowing partners to leave after three months. Although the firm’s partnership contract allows it to require departing partners to observe a full six-month notice period, normal practice was to accept half that, according to two sources with knowledge of the firm. The firm has recently decided to use the full extent of its contractual power with certain senior partners as it faces a growing number of top level exits across Europe, the people said. One of the people said that it is the first time the full six months has been implemented. Lengthy notice periods are generally associated with U.K. and European headquartered law firms and can serve several purposes, including disincentivising departures and minimising their impact. Most of the time, partners are put on garden leave, which requires them to see out their notice away from work. Some firms have justified longer notice periods as a means to offset the sometimes destabilising effects of exits by smoothing succession planning and enabling the orderly transfer of mandates. Long notice periods can disrupt the departing partner’s client relationships, reducing the likelihood of the firm losing clients and market share. Last month, Law.com revealed that A&O Shearman was also implementing lengthier and less defined notice periods, with the potential to insist on a nine-month period, against a backdrop of a planned 10% reduction of its equity partner ranks among many other partner departures, which by January had closed in on 200. Freshfields too has faced departures, with several, many long-time, partners leaving for rivals. Among them is a four-partner Germany team that last month left for Latham & Watkins, led by the firm's former Continental European head Markus Paul, and his fellow private equity partner Carsten Haak, as well as Munich-based corporate partners Wessel Heukamp and Verena Nosch. Others have included Brussels antitrust partner Rafique Bachour, who before his exit to Skadden, Arps, Slate, Meagher & Flom was one of the firm’s global managing partners, and senior corporate partner in Spain Armando Albarran, who left last month to launch Gibson Dunn & Crutcher’s Madrid office. Meanwhile, Cyril Valentin, the firm’s former Paris tax head, and veteran corporate partner Hervé Pisani, both left last month for White & Case. Over a similar period the firm hired Kirkland & Ellis partner Florian Sippel to its Munich office. In the U.S., where Freshfields is focusing much of its hiring attention, it has hired Nema Milaninia, a regulatory and investigations partner from King & Spalding, and Manish Kumar, a veteran of the Department of Justice. However, this month, the firm saw its head of the U.S. energy and infrastructure group and co-head of the firm’s Latin America practice, Melissa Raciti-Knapp, join Vinson & Elkins in New York. The notice period development adds to the perception of a growing divergence between Freshfield’s U.S. practice, into which it has invested a great deal, and its historical European hubs. In the U.S., employers are generally prohibited from using long notice periods, with most U.S. law firms utilizing 30 day periods or less. Freshfields declined to comment.

Feb 23

2 min