Firm / Organisation

Orrick, Herrington & Sutcliffe LLP

This content is provided by Orrick, Herrington & Sutcliffe LLP.

Chairman: Mitch Zuklie
Managing Partners: Douglas Lahnborg (Belgium), Patrick Tardivy & Frederic Lalance (France - Orrick Rambaud Martel), Oliver Duys & Wilhelm Nolting-Hauff (Germany), Patrizio Messina & Guido Testa (Italy), Vanessa Liborio (Switzerland), Kolvin Stone (UK)
Number of lawyers worldwide: 1,100

Firm Overview:
Orrick is focused on serving clients in the technology & innovation, energy & infrastructure, and finance sectors globally. Founded more than 150 years ago, the firm today has 1,100 lawyers in offices across the U.S., Europe, Asia and Africa. The firm provides clients with innovative approaches to their most complex transactional, litigation and regulatory matters. Financial Times singled out Orrick as the “Most Innovative Law Firm in North America” in 2016, 2017 and 2018, and Fortune has named the firm among the “100 Best Companies to Work” for three years in a row.

Main Areas of Practice: 

Technology & Innovation:
■Orrick has continued to be the most active law firm in the European venture community, helping founders, investors and corporate venture clients raise or deploy more than $3.7 billion across Europe over the past year
■Orrick represented the key institutional shareholders in Farfetch’s $5.8 billion initial public offering on the New York Stock Exchange. Orrick advised JD.com and Condé Nast, as shareholders, and Vitruvian Partners, as a selling shareholder ■Orrick advised Graphcore on its $225mm Series D round of financing led by Atomico and Sofina Partners at a pre-money valuation of $1.5 billion. Another noteworthy mega financing round, particularly for a European company and another unicorn client for Orrick
■The Paris Court of Appeal backed Orrick’s client SFR in antitrust case against telecom competitor Orange. Siding with the arguments of an Orrick antitrust team, the Court of Appeal in Paris has ordered telecom company Orange to pay €53.4 million in damages to the firm’s client SFR for violating antitrust protections in the market for telephone and Internet access for second homes
■Orrick has advised European private equity firm Vitruvian Partners as the lead investor in Darktrace’s $50 million Series E financing round at a pre-money valuation of $1.6 billion. A UK-based cyber defense firm, Darktrace’s technology is modeled on the human immune system and is the world’s leading, enterprise-grade AI with over 7,000 deployments worldwide
■Orrick advised Atomico, the venture capital firm founded by Skype co-founder Niklas Zennström, on their investment in the $90 million Series B financing of Lilium. Founded in 2015, Lilium is a Bavarian developer of the world’s first fully electric vertical take-off and landing jet
■Orrick advised the Italian insurtech company Prima Assicurazioni S.p.A. in a €100 million investment from Goldman Sachs and Blackstonemanaged private equity funds. This marks the largest venture capital deal of the year in Italy and the largest investment in an Italian tech company

Energy & Infrastructure:
■Orrick advised BlackRock Renewable Power Group on the acquisition of a 156MW levered portfolio of operational solar assets in the UK from Lightsource, the largest solar developer and operations and maintenance contractor in the UK
■Orrick advised VINCI Airports in the acquisition of nine airports and three partial management contracts, which allowed VINCI to establish itself in the United States and expand its activities in Central America and Europe. The operation increases the number of VINCI’s traffic passengers by 25.6 million, to more than 182 million a year
■Orrick advised ENEO on the development project of a 420 MW hydropower plant in Nachtigal, located on the Sanaga River in southern Cameroon. ENEO acts as the offtaker for this €1.2 billion Independent Power Generation (IPP) project, developed by a consortium formed by EDF, IFC and the Republic of Cameroon. Orrick assisted ENEO in the negotiation of the project contracts, in particular the power purchase agreement, the agreements with the government and the direct agreement with the lenders
■Orrick advised Canadian Solar Inc., one of the world’s largest solar power companies, in a 10-year PPA with TrailStone GmbH, a global commodities trader and an investor in strategic commodity assets, for the electricity produced by a 17.6 MWp solar PV plant portfolio in Sicily to be realised in market parity without any FiT or other governmental incentive. The portfolio is jointly owned by Canadian Solar and Manni Energy, a renewable energy company devoted to engineering, O&M services and energy efficiency. This PPA will cover 100% of the electricity generated by the portfolio, is believed to be the longest-term PPA for a fully unsubsidised solar PV portfolio signed to date in Italy
■Orrick represented Bermuda-based oil and gas private equity group Seacrest Capital — the majority shareholder in Norwegian E&P company OKEA AS — in OKEA’s $526 million acquisition of Royal Dutch Shell’s interests in the Draugen and Gjøa fields offshore Norway. As part of the deal, Orrick advised Seacrest on its negotiation of a strategic partnership with Thai oil and gas company Bangchak Corporation, including Bangchak’s $130 million investment in OKEA

Financial Services:
■A cross-practice team in Paris advised France’s second largest bank, Groupe BPCE and Natixis, as joint arrangers, on the €1.125 billion issuance of notes by BPCE Home Loans FCT 2018. The transaction marks the first public securitisation of residential mortgage loans by Groupe BPCE and is backed by prime home loans originated by a total of 26 banks
■Orrick advised Fortress Investment Group, the notes subscriber, on the largest NPL securitisation in Europe, a €17.7 billion securitisation of nonperforming loans originated by Unicredit. The transaction was among the most important NPL deals of 2017, garnered significant international scrutiny and has been hailed as a systemic deal for the entire Italian banking industry
■Orrick advised United Ventures SGR SpA, an independent Italian venture capital fund specialising in investments in innovative companies in the fields of software and digital technologies, and Vertis SGR SpA, an independent asset management company active in the management of private equity and venture capital funds, in their investment in Credimi SpA, an innovative fintech startup and digital factoring platform that has provided over €170 million to finance 3,000 companies, helping them to optimise their working capital
■Orrick acted as lead counsel to Cayman Islands-based offshore drilling contractor Ocean Rig in its comprehensive financial restructuring, a unique transaction involving billions of dollars in restructured debt and enforcement by a U.S. Bankruptcy Court of schemes of arrangement sanctioned by the Grand Court of the Cayman Islands. Prompted by the severe and prolonged oil and gas industry downturn, Ocean Rig implemented a recapitalisation and deleveraging transaction pursuant to four interrelated schemes of arrangement in the Cayman Islands. The Company and its subsidiaries, exchanged approximately $3.7 billion principal amount of debt for new equity, $450 million in new secured debt and approximately $288 million in cash

Contributions

Total 3 contributions

Corporate M&A 2019 Law and Practice in France

Jean-Pierre Martel, Alexis Marraud des Grottes

Read now
Structured Finance & Derivatives 2019 Law and Practice in France

Olivier Bernard, Arnauld Achard , Judith Rousvoal, Laure Seror

Read now
Structured Finance & Derivatives 2019 Law and Practice in USA

Robert Moyle, Joshua Raff, Gaelyn Sharp

Read now