Pierre-Louis Cléro

  • Partner
  • Epierre-louis.clero@lw.com
  • 45, rue Saint-Dominique
  • Paris 75007
  • France
  • T +33.1.40.62.20.21
  •  
 

Profile

Pierre-Louis Cléro is Regional Chair of Latham & Watkins' Corporate Department in Continental Europe and represents corporate buyers and sellers in complex cross-border strategic transactions.

Mr. Cléro has more than two decades of experience advising clients on:

  • Large-cap mergers and acquisitions
  • General corporate and commercial law matters
  • Publicly listed companies and corporate governance
  • Joint ventures
  • Venture capital and private equity
  • Stock exchange-related transactions
  • M&A-related litigation

He draws on a keen business sense and extensive experience navigating strategic negotiations in large, multijurisdictional transactions. Mr. Cléro focuses on prioritizing his clients’ interests by leveraging his understanding of their commercial objectives and internal dynamics.

Mr. Cléro helps clients make decisions within challenging and multicultural transactional environments, guiding them through effective risk analysis and mitigation.

Recognitions

Recognized as a Leading Individual in The Legal 500 EMEA 2022

Mr. Cléro is described as an "excellent legal expert" by clients. Chambers Europe 2022

Experience

Mr. Cléro’s experience includes representing:

Strategic M&A
  • DAMS Développement in the sale of DAMS
  • Tencent in its minority investment in Alma, completed as part of the company’s c. €115 million Series C round
  • Worldline, the European leader in payments services, on the proposed binding offer by Apollo funds to acquire its Terminals, Solutions & Services business (TSS)
  • Atos in its:
    • Sale of Worldline shares for €1.23 billion, through a placement to qualified investors by way of ABB and transfer to the Atos UK 2019 Pension Scheme
    • Spin-off of 23.4% of Worldline’s share capital for €2.34 billion in total consideration
  • Worldline in its €2.3 billion proposed acquisition of SIX Payment Services from SIX
  • Siemens in the combination of its mobility business, including its rail traction drive business, in a merger of equals with Alstom, representing €15.3 billion in combined revenue
  • MGN in the contemplated sale of Euronews
  • Carrefour in its sale of a majority stake in fintech Market Pay to AnaCap
  • TA Associates and its founders in Antin Infrastructure Partners’ investment in Babilou, a leading private network of daycare facilities and early years education in Europe
  • Mainstay Medical, a European medical device company focused on bringing to market an innovative implantable neurostimulation system, in delisting its shares from Euronext Paris
  • L’Oréal in the sale of the Roger & Gallet brand, a French cosmetics and fragrance firm
  • Shandong Ruyi Investment Holding in acquiring a controlling stake in Bally International, a Switzerland-based designer and manufacturer footwear and other related products
  • Euronews in its joint venture with Comcast/NBC and Comcast/NBC’s investment in Euronews
  • Lagardère Active in its investment and joint venture with marketplace Shopcade
  • Shandong Ruyi Group, one of China’s largest textile manufacturers, in acquiring SMCP (Sandro, Maje, Claudie Pierlot), a leading global accessible luxury company, from KKR and other investors and its subsequent IPO on Euronext Paris’ regulated market
  • Galeries Lafayette Group in its acquisition of La Redoute
  • A consortium led by Beijing Sanyuan Foods and Fosun Group in its acquisition of St Hubert
  • Vipshop International Holding in its book building of ShowRoomPrivé shares
  • Alcatel-Lucent’s board of directors in Alcatel-Lucent and Nokia’s combination
  • Emerson Electric in its sale of Leroy-Somer and Control Techniques, a manufacturer and supplier of alternators, drives, and motors, to Nidec
  • Schlumberger, the world’s largest oilfield services company, in the sale of Schlumberger Business Consulting, its oil consulting business, to Accenture
  • Vinci Construction in acquiring HEB Construction, a New Zealand-based civil construction company
  • Lagardère Services Distribution in its sale of more than 900 points of sale across five jurisdictions
  • Expedia in acquiring Auto Escape, a leading European online car rental reservation company, from Montefiore Investment
  • A Hédiard shareholder in the food purveyor’s bankruptcy proceedings
  • Chenavari Investment in its acquisition of Buy Way, a leading consumer credit company in Belgium and Luxembourg
  • Lagardère in selling 20% of its stake in Canal+ France to Vivendi
  • Air France in its acquisition of Airlinair and in the joint venture structuring of regional airline HOP!
  • JCDecaux in its acquisition of 25% of and joint venture with Russ Outdoor, an outdoor advertising leader in Russia
  • Ingenico in its acquisition of Ogone, leading pan-European online payment services provider
  • Recyfina in its sale of Recylux Group to Ecore*
  • Lagardère in a binding offer from Hearst for its international magazine business*
  • Schlumberger in its US$1.07 billion acquisition of Geoservices* 
  • Air France-KLM in its €323 million acquisition of a 25% interest in Alitalia*
  • Arcelor in the attempted spin-off and IPO of its stainless steel activities*
Venture Capital Financings
  • Atomico in its investment in Sorare’s US$680 million Series B raise, the largest ever in the non-fungible token (NFT) space
  • Dragoneer on France’s largest independent e-commerce site ManoMano's US$355 million fundraising
  • Coatue Management in its investment in Alan, France’s leading independent digital health insurance provider
  • Tencent in its minority investment in Voodoo, the world leader in hyper-casual games
  • Carrefour in its minority investment in Cajoo, a French specialist in the express delivery of everyday shopping
  • Tencent in its investment in DONTNOD Entertainment, an independent French studio that creates and develops video games

*Matter handled prior to joining Latham

Thought Leadership

  • Foreign Investments in France: New Regime, Effective April 1, 2020 -  March 31, 2020
  • Impact of COVID-19 on French M&A Transactions -  March 25, 2020
  • 4 Key Reasons Why European P2P Deals Fail – and How Private Equity Deal Teams Can Avoid Them -  October 15, 2019
  • Outbound Chinese Investment into the EU: What You Need to Know about Regulatory Roadblocks -  March 23, 2017

Mr. Cléro is recognized as a Leading Individual.

The Legal 500 EMEA 2021
Bar Qualification
  • Avocat (Paris)
Education
  • MBA Finance and Strategy, ESCP Graduate School of Management, 2000
  • Graduate Degree Business and Tax Law, University of Paris X (Nanterre), 1999
Industries
  • Entertainment, Sports & Media
  • Aerospace, Defense & Government Services
  • Energy & Infrastructure
  • Technology
Practices
  • Mergers & Acquisitions
  • Private Equity