Corporate, M&A and foreign investment counsel for cross-border deals in France
We act for foreign investors acquiring, building or selling French businesses — and for French companies opening their capital across borders. The practice combines deal execution with foreign investment (IEF) screening work: thresholds, feasibility, the filing on the Plateforme IEF and the conditions that increasingly come with clearance. One partner runs your matter from first read to closing, in your own business language.
When this practice applies
This practice applies when a transaction touches French share capital or French strategic activities: acquisitions and disposals, joint ventures, minority investments with governance rights, intra-group reorganisations and greenfield entries.
Since the décret n° 2023-1293 took effect on 1 January 2024, the list of sensitive sectors has widened and the 10% voting-rights rule for listed targets has become permanent — which makes an early screening read part of deal hygiene rather than an afterthought.
Our approach
- Feasibility read: does the deal fall within the IEF perimeter, and what does that do to timetable
- Structure: vehicle, governance and consideration designed around the regulatory path
- Documentation: LOI, SPA, warranties and conditions precedent that hold under French practice
- Filing: the request on the Plateforme IEF, prepared and carried through instruction
- Closing and after: conditions monitoring, post-closing filings and integration support
Scenarios we handle
IEF screening & filings
Perimeter analysis, rescrit requests, the full authorisation file and instruction follow-through.
Acquisitions & disposals
Share and asset deals, auctions and bilateral processes, carve-outs and vendor preparation.
Joint ventures & minority stakes
Governance, deadlock and exit design for ventures with a French anchor.
Market entry
Subsidiary or branch analysis, incorporation, first contracts and the regulatory map.
The team on this
Selected matters
- Advising a North American industrial group on IEF exposure and the authorisation file for the acquisition of a French photonics business.
- Structuring the French market entry of a Gulf family office, including holding design, governance and banking onboarding.
- Acting for a European fund on a carve-out acquisition involving works-council consultation and several regulatory conditions precedent.
Fees
First reads are delivered as a fixed-fee feasibility note. Transactions run on a fixed, capped or blended basis agreed before work starts — from a scope letter, with no surprises at invoice. Figures are discussed openly at the first call; we do not publish amounts.
FAQ
Does our deal need IEF clearance before closing?
It depends on three variables: who the investor is (EU/EEA or not), what the target does (whether any activity touches the listed sensitive sectors) and what is being acquired (control, an activity line, or a voting-rights stake crossing 25% — or 10% in a listed company). A short feasibility read against the current list in the Code monétaire et financier answers the question early enough to plan the timetable around it, and closing without a required clearance exposes the deal to unwinding.
How long does the IEF review take?
The instruction runs in phases: an initial review period, then — where the ministry opens a second phase — a further examination that can include commitment negotiations. Clock-stoppers apply when the file is incomplete, so preparation quality drives the real-world timeline more than the formal periods do. We sequence signing and closing around the instruction and keep long-stop dates honest.
Can conditions attached to a clearance be negotiated?
Largely yes. Conditions — 54% of 2024 clearances carried them — typically address continuity of sensitive activities, information security, supply commitments or governance ring-fencing. The drafting is discussed with the ministry during instruction, and the practical burden depends heavily on how commitments are scoped. They bind after closing and are monitored, so we negotiate them with the operational teams at the table.
General information, current as of 18 June 2026. Not legal advice. Subject to applicable law.