Leading international law firms have played a pivotal role in facilitating significant private credit, acquisition, and infrastructure finance transactions across Europe in 2025 and 2026, driving growth in funding for medium-sized businesses and major corporate deals.
Dechert has been recognized for its work advising US asset managers Barings and Ares Management on a series of private credit collateralised loan obligation (CLO) deals. These transactions have contributed to expanding private credit as a funding source in the European market. Notably, in June 2025, Dechert advised Ares on pricing its first European direct lending CLO, a £305 million deal that is believed to be the first in the market weighted towards loans rated by credit agencies. Later in the year, the firm advised Barings on launching Europe’s first private credit multicurrency CLO, a €401 million vehicle issued in October 2025. Dechert also supported Ares on the introduction of an actively managed European multicurrency CLO earlier in February.
Linklaters advised US investment group DigitalBridge on its $5.8 billion acquisition of Yondr Group, a UK-based data centre developer, alongside Canadian pension fund manager La Caisse. The completion of this transaction, initially announced in 2024, faced challenges due to the collapse of a construction contractor, requiring complex negotiations with lenders to maintain financing across several projects.
Bernitsas served as lead Greek counsel for Metlen Energy & Metals in its dual listing on the London Stock Exchange and Euronext Athens in August 2025. This move entailed Metlen, previously valued at €6.2 billion on the Athens Exchange, shifting its technical domicile and primary listing to London, marking the largest European business listing on the LSE since 2017.
In other key developments, Orrick advised French bank BNP Paribas in its role as arranger for Barings' issuance of the €401 million multicurrency private credit CLO. Papanikolopoulou & Partners Law supported Piraeus Bank and Resolute Asset Management in transferring control of a residential and commercial property portfolio through a legal framework inspired by total return swap principles. This structure transferred associated risks and sale proceeds to investors while allowing the bank to retain legal title.
Bracewell assisted British Solar Renewables in securing a £345 million financing facility in July 2025 aimed at promoting low-carbon energy projects, enhancing previous borrowing arrangements to enable expansion in early-stage investments. McCann FitzGerald advised Ireland’s TirNua Capital Partners on establishing a €340 million green infrastructure fund, accommodating ownership rules applicable to Canadian investors.
In the private equity and capital markets sphere, Cravath, Swaine & Moore notably helped navigate challenges following US President Donald Trump's tariff announcement in April 2025, which froze syndicated loans and jeopardized KKR's £1.1 billion acquisition of Swedish healthcare firm Karo Healthcare. The firm shifted strategy to represent private credit funds, negotiating a unitranche facility that allowed the deal to proceed amid uncertain market conditions.
Latham & Watkins provided counsel to Hellman & Friedman on the €3.2 billion initial public offering of security company Verisure and secured additional financing through syndicated loans and a high-yield bond, substantially boosting capital raised during the Stockholm IPO—the largest in Europe since 2022.
Other firms handling significant mandates included Sidley Austin advising insurer Athora on its £5.7 billion acquisition of UK retirement savings group Pension Insurance Corporation, and Sullivan & Cromwell focusing on German pharmaceuticals company Merck's $3.9 billion acquisition of US cancer drugmaker SpringWorks Therapeutics, which required managing regulatory, manufacturing, and confidentiality challenges.
The landscape of European private capital and acquisition financing in 2025-2026 thus reflects a dynamic market with innovative deal structures and legal strategies, underscoring the essential advisory role played by major law firms in facilitating complex cross-border transactions and emerging funding instruments.