Leading Associates

Natalie Zanado – A&O Shearman

Commercial, corporate and M&A in Morocco

A&O Shearman

A&O Shearman is renowned for handling large and complex corporate, private equity, and M&A. The firm’s clients are predominantly high-profile national and international companies that operate across a range of sectors including banking, infrastructure, transport, and tourism. The team also assists governments, developers, investors, and banks. Practice co-heads Hicham Naciri and Yassir Ghorbal are experienced in cross-border M&A and joint ventures. Natalie Zanado brings additional expertise in M&A, private equity, and foreign investments.

Praxisleiter:

Hicham Naciri; Yassir Ghorbal


Weitere Kernanwälte:

Natalie Zanado


Kernmandanten

Veolia Environnement


Saham


Managem


BMCI


Sanlam


CFG


BNP Paribas


OCP


Accor


Al Mada


Bank of Africa


CTM


Highlight-Mandate


  • Advised Al Mada on the sale of its entire stake in Sopriam S.A. to the Stellantis group.
  • Advised Veolia Environnement on the sale of its shareholding in Lydec SA to SociétésRégionale Multiservices Casablanca-Settat.

Baker & McKenzie Maroc

Baker & McKenzie Maroc is proficient in corporate matters such as domestic and cross-border M&A, joint ventures, and complex commercial arrangements. The firm’s clients include multinational giants including Amazon, Apple, and British American Tobacco. Kamal Nasrollah heads the practice and is highly experienced in corporate reorganisations involving capital reductions and business transfers. Antitrust and employment expert Keltoum Boudribila brings additional strength in M&A.

Praxisleiter:

Kamal Nasrollah; Keltoum Boudribila


Kernmandanten

Amazon


Apple


British American Tobacco


Commerzbank


Google


Intralot


Olayan Group


ONHYM


Pratt & Whitney


Sika


International Schools Partnership


Whirlpool


Highlight-Mandate


  • 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 CHF 5.5 billion (EUR 5.2 billion).
  • Advising International School Partnership in connection with the acquisition of the group of schools, Charles Péguy.
  • Advising ONHYM (the Office of Hydrocarbons and Mining) in connection with various issues with their activities and partners in Morocco (corporate, financing, tax, etc.)

Clifford Chance

Clifford Chance has strong capabilities in M&A, private equity, joint ventures, regulatory compliance, and general corporate and commercial matters. ‘Experienced and commercially minded’ Mustapha Mourahib co-heads the practice. Mourahib has an extensive track record in handling large-scale, cross-border M&A and private equity transactions. Fellow co-heads Frédéric Giancarli and Ouns Lemseffer are also well-versed in advising companies and financial investors on M&A deals across sectors including telecoms, renewable energies, and agribusiness.

Praxisleiter:

Mustapha Mourahib; Frédéric Giancarli; Ouns Lemseffer


Weitere Kernanwälte:

Hasnaa Bennani


Referenzen

‘Very clear view on strategy. Not acting as lawyers but as partners in the situation. Very solid in argumentation and very well integrated.’

‘Direct access to the partners. Full availability. Very solid in argumentation and leading the conversations.’

‘Their knowledge, experience and connections.’

Kernmandanten

Moroccan Agency for Sustainable Energy (MASEN)


OCP Africa


ONHYM (the Moroccan National Office for Hydrocarbons and Mines)


UM6P (Université Mohammed VI Polytechnique)


Vantage Capital


Africa50


Wilmar International Limited


Globeducate (Providence)


Public Investment Fund (Saudi Sovereign Investment Fund)


Highlight-Mandate


  • Advised OCP Group on the setting up of the largest hydrogen joint venture between OCP Group and Fortescue. The JV aims to supply green hydrogen, ammonia, and fertilizers to Morocco, Europe, and other international markets.
  • Advised Wilmar International Limited (Wilmar) in the sale of its 30.05% equity stake in Cosumar S.A (Cosumar) to MAMDA, MCMA, CIMR, RCAR, SUCDEN (French sugar operator) and other Moroccan investors for approximately US $605 million.
  • Advised Globeducate regarding its acquisition of a controlling interest in a Moroccan Group, and 100% of a Dutch entity, both operating K-12 schools in Morocco and the Netherlands.

Gide Loyrette Nouel

Gide Loyrette Nouel offers expertise in cross-border M&A, joint ventures, and private equity. The firm attracts work across high-profile sectors including insurance and banking, oil and gas, and construction. ‘Hands-on' and ‘business-oriented’ Simon Auquier co-heads the team and works on corporate acquisitions and divestments, foreign investments, and industrial partnerships. Chloé Joachim De Larivière is experienced in regulated M&A in Morocco and across North Africa.

Praxisleiter:

Simon Auquier; Chloé Joachim de Larivière


Weitere Kernanwälte:

Salim Zobiri


Referenzen

‘Simon Auquier and Salim Zobiri are our contacts at Gide Morocco.’

‘Excellent responsiveness, very invested in the files, professional honesty.’

‘I decided to work with GIDE Morocco on our recent M&A divestment because this law firm has been assisting us for at least 10 years, knows our business deeply, has a proactive approach, and Simon Alquier is always available.’

Kernmandanten

Votorantim Cimentos


DFDS A/S (DFDS Group)


Exportadora e Inversiones Agroberries AS


Crédit Agricole SA


SGTM


International Finance Corporation (IFC)


FIPAR (CDG Group)


CDG Invest Growth (CDG Group)


Idemia


Highlight-Mandate


  • Advising the Brazilian conglomerate, Votorantim Cimentos, on the sale of its cement-related activities and assets in Tunisia and Morocco.
  • Assisted DFDS, a European leader in the ferry and logistics sector, with the Moroccan aspects related to the purchase of FRS Iberia SLU and other group companies engaged in the operation of ferry lines in the Strait of Gibraltar.
  • Advised Crédit Agricole on the sale of its remaining 15% stake in Crédit du Maroc—one of the largest banks in Morocco listed on the Casablanca Stock Exchange.

ADNA

ADNA‘s extensive capabilities include cross-border M&A, corporate restructurings, private equity, and joint venture agreements. The firm’s client list is comprised of international organisations across a range of industries including telecoms, transport, automotive, financial services, and agribusiness. Practice head Safia Fassi-Fihri is an expert in M&A and joint ventures and has related employment expertise.

Praxisleiter:

Safia Fassi-Fihri


Weitere Kernanwälte:

Boubacar Diao; Dina Benjelloun; Ghita Berrada


Kernmandanten

International Finance Corporation (IFC)


Helios


AfricInvest


Butec Group


Allianz


EBRD


Atlas Fruits Company


Invictus Investments


Stellantis


Sanlam


Africa 50


EMID


Sabis Group


Cofina Group


China Communications Construction Company (CCCC)


Highlight-Mandate


  • Advised Sanlam regarding the merger of its insurance activities in Africa with those of Allianz.
  • Advised 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.
  • Advised 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.

ASAFO & CO. MOROCCO Sarl

ASAFO & CO. is noted for its ability to ‘manage very complex transactions’ in the fields of M&A, private equity, and corporate restructurings. The firm represents an array of clients including private and public companies, financial institutions, startups, and private investors. Patrick Larrivé co-heads the team with his M&A and private equity expertise. Fellow co-head Mouna Boubia is experienced in M&A, private equity, joint ventures, and complex commercial contracts.

Praxisleiter:

Patrick Larrivé; Mouna Boubia


Referenzen

‘Extremely efficient and responsive law firm with a lot of value added for the client. Ability to manage very complex transactions.’

‘Patrick Larrivé stands out. He protects his clients’ interests in the best possible way and aims at providing tailor-made solutions.’

Kernmandanten

Adenia


Laprophan SA


Blue Peak


Fonds Mohammed VI Pour l’Investissement (Moroccan Souverain Fund)


Admaius


AFIG Funds (AFIG) and NME (Nouvelle Mici Embaci)


Risma


AfricInvest


Amethis


IFC


Proparco


Allianz Maroc


Parlym SA


STOA


CNGR


Zalar Farms


Infra Invest


Highlight-Mandate


  • Advising Adenia Partners (Adenia), a private equity firm that focuses on responsible and sustainable investments in Africa, in its agreement with Air Liquide, a major supplier of industrial and medical gases, to acquire Air Liquide’s operating entities in Benin, Burkina Faso, Cameroon, Congo, Côte d’Ivoire, Gabon, Ghana, Madagascar, Mali, the Democratic Republic of Congo, Senegal, and Togo.
  • Advised AFIG Funds (AFIG) and NME (Nouvelle Mici Embaci) in Injaro Investment Advisors’ equity investment in NME, a major packaging company in Côte d’Ivoire.
  • Advised a consortium of investors – AfricInvest, Amethis, IFC, and Proparco – in their acquisition of a majority stake in Netis, a pan-African telecom infrastructure service provider operating in 15 African countries.

Bennani & Associés

Bennani & Associés advises leading multinational companies across a range of sectors including automotive, oil and gas, and financial services regarding cross-border M&A and joint venture matters. The team possesses ‘perfect knowledge of the legal environment’ in Morocco and attracts instructions from international law firms. Commercial and corporate specialist Mehdi Bennani heads the office. Mahdi Yamnahaddou is an asset to the team with his corporate, M&A, and insolvency experience.

Praxisleiter:

Mehdi Bennani


Weitere Kernanwälte:

Mahdi Yamnahaddou


Referenzen

‘Technical skills, perfect knowledge of the legal environment in Morocco.’

‘Open-minded, flexible, listens to clients.’

Kernmandanten

AMMC (The Moroccan Capital Market Authority)


Adidas


Allianz SE


Alstom


Azelis Group NV


Bel SA (Groupe Bel)


Bunzl plc


Crown Holdings, Inc.


Engie


Equatorial Coca-Cola Bottling Company


Etisalat


FIAT


FRS Europe


Globis Acquisition Corp.


Huawei


Inspired Education Holding


Koch Ag & Energy Solutions


Phillips


Samsung C&T


Siemens AG


TUI Group (TUI AG)


Western Union


Tilleghem


Highlight-Mandate


  • Advised the global insurance giant, Allianz SE, on a €2 billion joint venture with Sanlam Group, which created the largest Pan-African insurer with operational assets across 29 African markets outside South Africa.
  • Advised Demant A/S, a Danish hearing aids manufacturer listed on the Copenhagen Stock Exchange, on the sale of several subsidiaries to Australia-based Cochlear Limited.
  • Acted as Moroccan antitrust counsel to EP Equity Investments in the €2 billion acquisition of Atos Holding France 1 from Atos SE.

DLA Piper

DLA Piper offers a ‘capable, flexible, and deal-oriented’ team that is well-versed in M&A, private equity, and commercial contract law. The firm serves the needs of clients operating across major industries such as healthcare, real estate, education, agribusiness, and energy. Christophe Bachelet has capabilities in cross-border M&A, private equity, and corporate structurings. Camilia Benani is frequently involved in cross-border deals and advises investment funds, companies, and industrial groups. Benoit de Monval recently brought his M&A and cross-border investment expertise to the practice from ASAFO & CO.

Praxisleiter:

Christophe Bachelet; Camilia Benani; Benoit de Monval


Weitere Kernanwälte:

Kenza Belrhiti Alaoui


Referenzen

‘Great interpersonal skills and exceptional negotiation skills used to find mutually beneficial agreements. Excellent knowledge of the market and stakeholders. Always available.’

‘A team of high-caliber lawyers. DLA Piper Casablanca are agile and remain available and reachable to their clients at all moments.’

‘Christophe Bachelet, Benoit de Monval, and Camila Benani are all outstanding in terms of competence, negotiation skills, and proximity to clients.’

Kernmandanten

IFU


Amethis


Societe de Therapeutique Marocaine (SOTHEMA)


Nama Holding


Amethis


LasoBio


Azelis


LOXAM


Cash Plus


SPE CAPITAL /PROPARCO


RED MED PRIVATE EQUITY


JOLIBA CAPITAL


PLUXEE MAROC (ex SODEXO PASS MAROC)


Access Bank Plc


Technique Science et Sante


Highlight-Mandate


  • Advising Azelis, a leading global innovation service provider in the specialty chemicals and food ingredients industry, regarding 100% of the share capital of the Chemical Partners group.
  • Advised Denmark’s Investeringsfonden for Udviklingslande (IFU), an independent government-owned fund, on its MAD 230 million investment in a leading operator of a network of private specialised care facilities, Oncology and Diagnostics of Morocco (ODM).

Norton Rose Fulbright

Norton Rose Fulbright has carved a solid reputation for providing broad corporate and commercial advice to companies, financial institutions, and state entities. The firm is sought after by clients in major sectors including transport, telecoms, real estate, and construction. Alain Malek co-heads the team with his vast cross-border M&A experience. Paris and Morocco-based Marta Giner Asins heads the competition team and is well-versed in merger control.

Praxisleiter:

Alain Malek; Marta Giner Asins


Weitere Kernanwälte:

Anne-Laure Bernard-Bouissières; Arnaud Sanz; Souâde Messaoudi; Aurélie Pélisson


Kernmandanten

Ministry of Commerce, Industry and Digital Economy


Attijariwafa Bank


Société Générale


Hightech Payment Systems


Intelcia


The Moroccan Agency for Sustainable Energy (MASEN)


Nama Holding


Highlight-Mandate


  • Advised Société Générale on the sale of its Moroccan operations (the sale of its stake in Société Générale Marocaine de Banques including its subsidiaries and the sale of Sogecap’s stake in La Marocaine Vie) to Saham Group, for a price of EUR 745 million.
  • Advised Hightech Payment Systems, a leading global provider of payment software and solutions listed on the Casablanca Stock Exchange, on its acquisition of CR2, a digital banking and payments software company headquartered in Dublin, Ireland.
  • Advising The Moroccan Agency for Sustainable Energy (MASEN) on the next phases of Morocco’s ambitious solar plan.

UGGC Africa

UGGC Africa covers a multitude of corporate and commercial areas including M&A, restructuring, private equity, joint ventures, and general business contract advice. The firm’s clientele consists of major industrial and financial groups and investment funds across sectors such as automotive, pharmaceutical and health, telecoms, defence, and finance. Ali Bougrine specialises in corporate, M&A, and private equity and is experienced in cross-border deals. Laurent Sablé focuses his practice on corporate finance and transnational M&A.

Praxisleiter:

Ali Bougrine; Laurent Sablé


Weitere Kernanwälte:

Rim Tazi; Fabien Gagnerot; Muriel Bernardin


Referenzen

‘UGGC Africa and in particular Laurent Sablé have various and strong skills in every legal sector and in particular those linked to M&A, real estate, and corporate disputes.

‘The advice of Laurent Sablé in every topic is a great asset of UGGC along with its valuable help in running my business.’

‘Ali Bougrine, Rim Tazi, and Fabien Gagnerot are available, flexible, and extremely dedicated to meeting our needs.’

Kernmandanten

LafargeHolcim Group


Mirova


Gentherm


Matis Aerospace (a joint company of Boeing and Safran)


Orange Group and Orange OMEAM (Middle East & Africa Management)


Systra Group


Innothera Group


Dahamco


CNX Therapeutics


ESP Holdings


Highlight-Mandate


  • Assisted CNX Therapeutics in the acquisition of two pharmaceutical products’ marketing authorisations in France and their corresponding registration decisions in Algeria. The transaction also included the sale of the brands associated with the drug in Morocco, Tunisia, and Algeria.
  • Assisted the Spanish company, ESP Solutions Holdings SL, and its usual local counsel, Gomez-Acebo & Pombo Abogados (GAP), in the proposed acquisition of the Spanish transport group Autransa and its Moroccan and Romanian subsidiaries.

Afrique Advisors

Afrique Advisors is home to an ‘available, responsive, and professional’ team whose expertise include M&A, private equity, and general commercial matters. The practice is led by Laila Slassi, Meryem Lahlou , and Meryem Lahlou , who represent Moroccan and foreign entities in sectors spanning food, energy, consumer products, pharma, and education.


Praxisleiter:

Laila Slassi; Meryem Lahlou; Khadija Zoulali


Referenzen

‘Responsiveness, professionalism, and helpfulness.’

‘Available, responsive, professional team.’

‘Laila Slassi: professional, available, diplomatic.’

Kernmandanten

UM6P Ventures


Veolia


BALTIMAR


INNOVX


OCP Solutions


AZUR Innovation Fund


Maroc Numeric Fund


BMCE Capital Investments


Sawari Ventures


Africa Commodities


Creche Jardin d’Enfants Kenzi


Biwater


GAMIS


Highlight-Mandate


Bakouchi & Habachi - HB Law Firm LLP

Bakouchi & Habachi - HB Law Firm LLP advises banks and financial institutions on an array of corporate matters involving M&A, joint ventures, and commercial contracts. Kamal Habachi co-heads the practice with his experience in advising international clients on M&A and joint ventures. Fellow co-head Salima Bakouchi is also strong on M&A.


Praxisleiter:

Kamal Habachi; Salima Bakouchi


Weitere Kernanwälte:

Saad Morchid


Kernmandanten

POLMLEK Group (Largest private dairy company in Poland)


Fortescue Future Industrie International


Copenhagen Infrastructure Partners (CIP)


Attijari Invest


Attijari Finance Corp


Wafasalaf


CDG Capital


CDG Invest private equity


CDG invest Growth


CDG Invest Infrastructure


TotalEnergie Marketing Maroc


ATLAS NORD HYDROCARBURES


Marsa Maroc


AXA Assistance


AXA Assurance


Wafa Assurance


Wafa Imma


La Marocaine Vie


Umnia Bank (CIH Bank)


Wafa Takaful (Wafa Assurance)


AXA Takaful (AXA Assurance)


Novares


LISI Aerospace


AL OMRANE Group


Emaar Group


Compagnie Générale Immobilière (“CGI”)


Tanger Med National Agency (TMSA)


Agroplus


AromaFresh


Highlight-Mandate


CMS Francis Lefebvre Maroc Conseil Juridique et Fiscal

CMS Francis Lefebvre Maroc Conseil Juridique et Fiscal offers corporate, commercial, and M&A expertise. Its work includes corporate advisory and commercial contracts and handling cross-border M&A across a range of key industries including energy, asset management, and digital and telecoms. The team is led by Rachida Charifi and Johan Bruneau.

Praxisleiter:

Rachida Charifi; Johan Bruneau


Kernmandanten

Accor


Bouygues


IBM


Coca-Cola


Syngenta


NSK


Webhelp/Concentrix


Allianz


CFAO


Novasource


Cegedim


Atos


Alstom


Amiblu


Aptiv


Faurecia


Airbus


Afric Phar


NGE


Proximus


Highlight-Mandate


  • Advising NGE Group on the merger filing in Morocco for the acquisition of a 99,49% stake in SADE CGTH, a wholly owned subsidiary of Veolia, specialising in the construction and rehabilitation of water and infrastructure networks.
  • Advised Proximus Group in antitrust for the merger filing in Morocco for the acquisition of a 57,56% stake in Route Mobile Limited.

Dentons Morocco

Dentons Morocco advises international and local corporations, governments, banks, and financial institutions on a variety of M&A.  Christophe Simonnet and Mehdi Mezgari lead the corporate and M&A team, supported by Omar Sayarh who heads the Moroccan practice.

Praxisleiter:

Omar Sayarh; Mehdi Megzari; Christophe Simonnet


Weitere Kernanwälte:

Chayma Bourezqui


Kernmandanten

ENGIE Energy Services International, S.A.


Aya Gold & Silver Inc.


Maroc Numeric Fund II


University Atlantic UNA


CIM Santé Group


NAMA Holding (CDG Group)


Stena Line Holding B.V.


BB Energy


Sun Pharma


Lufthansa


Virgin


Kamal Osman Jamjoom


Smartfit


Gotion


Oncorad Group


TAQA


Samskip


Pratt & Whitney


Al Shaya


Canpack


Goldman Sachs Group, Inc.


Volkswagen group


FORTESCUE


ACTIS Holding


Highlight-Mandate


  • Assisted Sun Pharma – one of the largest specialty generic pharmaceutical companies in the world – in its acquisition of 100% of the shares of Valstar S.A, and its Moroccan-based subsidiary Kemipharm – a leading African player in the pharmaceutical manufacturing sector, making it a strategic addition to Sun Pharma’s portfolio and manufacturing footprint in Africa.
  • Assisted Stena Line, one of the world’s largest ferry companies with over 33,000 yearly sailings and over 6,100 employees, on the acquisition from Attica group, an international ferry company based in Greece, of an interest of 49% in Africa Morocco Links (AML), a maritime company which operates ferry lines between Morocco and Spain in the Strait of Gibraltar.
  • Advised Nama Holding (CDG group) on the acquisition of 30% of the share capital of Baltimar (Richbond group).

FIDAL MOROCCO AFRICA

FIDAL MOROCCO AFRICA offers corporate services such as M&A to businesses investing in nascent African sectors such as education, urban transport, water and waste treatment, and renewable energy. Another key asset of the firm is its in-depth knowledge of OHASA law. Hatim Boukhris and Julie Claude co-head the team with their respective M&A and business law capabilities.

Praxisleiter:

Julie Claude; Hatim Boukhris


Weitere Kernanwälte:

Vanessa Bigdad


Referenzen

‘Proximity to clients; agility.’

Kernmandanten

Air Liquide


Azur Innovation Management


Upline Investments


Attijari REIM


CEOS Technology


La Voie Express


Renault Commerce Maroc


Valoris Capital


Sanlam Pan Africa


DXC Technology


Maghreb Steel


Cheil Maroc


Wafa Assurance


Société d’Aménagement d’Essaouira Mogador (SAEMOG)


ARKAS Maroc


Saham Immobilier


International Education Group


Société de Développement Saidia (SDS)


Société d’Aménagement de la Station Touristique de Taghazout (SAPST)


Moroccan Agency For Sustainable Energy (Masen)


Highlight-Mandate


  • Advised Air Liquide in connection with the sale of 16 African subsidiaries in 14 countries to Adenia Partners LLP.
  • Advising Azur Innovation Management/Azur Innovation Fund in connection with the acquisition of a stake in Blink Pharma, Presta Freedom and Data Pathology.

LPA Law

The corporate, commercial, and M&A team at LPA Law has a varied client base which includes national and international companies in a variety of sectors including energy, shipping, transport and logistics, environment, and healthcare. The team is led by Romain Berthon and benefits from his extensive M&A and real estate experience. Marc Veuillot and Cédric Mahéo  contribute their tax law expertise to the practice.

 

Praxisleiter:

Romain Berthon; Marc Veuillot; Cédric Maheo


Referenzen

‘Very good team with different competencies. A very good collaboration with care and attention to detail.’

Kernmandanten

Beachcomber


URITI

URITI brings its ‘deep industry knowledge’ and ‘comprehensive approach’ to corporate matters including M&A, joint ventures and partnerships, and general commercial contracts. The practice is led by Kenza Bounjou, who is experienced in supporting financial institutions, private equity funds, multinational corporations, and public entities in Africa, advising on high-profile transactions across sectors including pharma, hospitality, energy, AI, and real estate.

Praxisleiter:

Kenza Bounjou


Referenzen

‘The efficiency of the team. The capacity to understand the concerns and find relevant solutions.’

‘Kenza Bounjou has an incredible understanding of the business environment.’

‘URITI is distinguished by its deep industry knowledge and comprehensive approach to complex transactions. The team’s unique blend of legal expertise and strategic business insight allows them to offer tailored solutions.’

Highlight-Mandate