Estelle Philippi

Partner, Paris

Biography

Overview

Estelle Philippi is a Partner in our Global Tax Practice. Based in Paris, Estelle's principal areas of practice include mergers and acquisitions, international and domestic tax planning, corporate tax advice and tax litigations.

Estelle guides clients such as private equity funds, global businesses and financial institutions in relation to the tax structuring of investments, disposals and acquisitions and on complex matters relating to French and international tax law. She has also developed a particular expertise in estate planning for French and non-French tax residents, and is regularly called upon to lead on significant tax litigations.

Over the past few years, Estelle has represented a broad spectrum of companies including IK Investment Partners, BC Partners, GIC, Crédit Agricole, BNP Paribas, Cobepa, AEW Europe, Tereos and Smartbox, among others.

Estelle joined the Firm in 2012, and before that, she worked for a French law firm for over 4 years.

Bars and Courts
Paris
Education
Postgraduate Professional Degree, Master/DJCE in Business Law
University of Nancy
Master's Degree
European Business Law
University of Nancy
University of Cologne
Languages
English
French

Experience

Recent experience includes:

Astorg (2025)
Representation of Astorg on its acquisition of a majority stake in Lebronze Alloys, a global leader in the manufacturing of semi-finished and finished products in technical high-performance copper and nickel alloys.

Goldman Sachs (2024)
Representation of Goldman Sachs Asset Management Division as lead investor in an €122 million secondary round into French robotics business, Exotec.

Checkmyguest (2024)
Representation of the founders of Checkmyguest, a French technology company that manages short and medium-term rental properties, on its merger with Oyo, the world's tenth largest hotel group.

H.I.G WhiteHouse (2024)
Representation of H.I.G. WhiteHorse, a credit subsidiary of global investment firm H.I.G. Capital, on a unitranche financing for Elyan Partners' acquisition of a majority stake in Stordata, an independent expert in data and virtualization, combining consulting, transformation management, administration and maintenance of data security and management systems.

Evolem (2024)
Representation of the family investment holding company Evolem on the acquisition of Groupe Alipa's industrial packaging division, which comprises three operating units: No-Nail Boxes, WaluPack Services and AllPack Services.

LFPI (2024)
Representation of LFPI Group on its investment as a key minority investor in the Haudecoeur Group, alongside Apheon, acting through a continuation fund, the Haudecoeur family and the management team, who are reinvesting in the capital.

Naos Hôtel (2024)
Representation of the companies of the Naos Hôtel Groupe on the judicial reorganization proceedings opened at the end of 2023 regarding the parent company and its subsidiaries, discussions with its key strategic partners and creditors, and the sale of its high-end hotel assets.

Atalian (2024)
Representation of independent European leader in outsourced business services Atalian on the conclusion of a commercial agreement for the refinancing and rescheduling of its entire bond debt with a group of noteholders representing 98.46 percent of the existing notes.

Loulou Group (2024)
Representation of high-end restaurant chain Loulou Group, along with its major shareholders and executives, on the sale of Loulou Group to the casino and hotel group Barrière.

Apollo Funds (2024)
Representation of Apollo Funds on the sale of their 28.4 percent voting interest and 27.5 percent equity stake in Vallourec to ArcelorMittal for a total consideration of €955 million, representing 65.2 million ordinary shares at a price of €14.64 per share.

Fondation Santé Service (2024)
Representation of Fondation Santé Service, the leading French player in home hospitalization, on an exclusive agreement with Clariane to acquire all its Hospitalisation à Domicile and Services de Soins Infirmiers à Domicile activities in France.

Cobepa (2024)
Represenattion of Cobepa, SOCOTEC group's majority shareholder, on the acquisition by Bpifrance and sovereign wealth fund Mubadala Investment Company of a minority stake in SOCOTEC group's capital.

TotalEnergies (2024)
Representation of TotalEnergies on the signing of an agreement with Sapura Upstream Assets to acquire the remaining 50 percent interest in Malaysian independent gas producer and operator SapuraOMV Upstream Sdn (SapuraOMV) for US$530 million, subject to closing adjustments.

TotalEnergies (2024)
Representation of TotalEnergies on the acquisition of 50 persent interest in SapuraOMV Upstream Sdn (SapuraOMV) for a consideration of US$903 million, including the transfer of a US$350 million loan granted by OMV to SapuraOMV, and subject to customary closing adjustments.

Mirova (2024)
Representation of Mirova, a global asset management company dedicated to sustainable investing and an affiliate of Natixis Investment Managers, on its €480 million investment in RP Global to accelerate pan-European renewable energy development.

Hameur (2024)
Representation of Luxembourg group Hameur on a partnership agreement with Ardian through which Ardian will take a majority stake in Robot Coupe and Magimix, the food processor and cooking accessories brands.

Cary Group (2025)
Representation of Cary Group, owned by Nordic Capital and CVC, on the acquisition of the French group 123 Pare-Brise, a leading independent vehicle glass repair and replacement specialist in France.

Cobepa (2024)
Representation of Cobepa on the acquisition of a majority stake in Ascentiel Groupe, a leading digital insurance brokerage platform providing property and casualty cover for individuals and small businesses in several specialty areas, from IK Partners and ISAI.

TotalEnergies (2024)
Representation of TotalEnergies on the acquisition of Malaysian independent gas producer and operator SapuraOMV from OMV and Sapura.

Senior lenders (2023)
Representation of the senior lenders on a unitranche financing for the acquisition of Volpel Invest B.V., the holding company of Nomios Group, a European expert in cybersecurity and secure network services, by Keensight Capital.

Morgan Stanley Infrastructure Partners (2023)
Representation of Morgan Stanley Infrastructure Partners, a private infrastructure investment platform within Morgan Stanley Investment Management (MSIM), on an exclusivity agreement to partner with Altice France to establish the first nationwide independent colocation provider in France through the acquisition of a 70 percent majority stake in UltraEdge, a newly established data center company.

Technique Solaire (2023)
Representation of Technique Solaire, a French independent producer of renewable energies, and its founders on a €200 million capital increase raised from its historical financial shareholders Bpifrance and a pool of investors from the Crédit Agricole Group.

Groupe Guémas (2023)
Representation of French insurance brokerage firm Groupe Guémas on a unitranche financing arranged by Barings for the acquisition of Groupe Gritchen, a privately held industry peer and French market leader in cancellation insurance.

Praemia Healthcare (2023)
Representation of Praemia Healthcare on the issue of its first sustainability bond for an amount of €500 million maturing in September 2028 with a 5.500% fixed coupon. 

Groupe Guémas (2023)
Representation of French insurance brokerage firm Groupe Guémas on a unitranche financing arranged by Barings for the acquisition of Groupe Gritchen, a privately held industry peer and French market leader in cancellation insurance.

EP Global Commerce (2023)
Representation of EP Equity Investment III s.à r.l, a company controlled by businessman Daniel Kretinsky, on the signing of a lock-up agreement relating to Casino Group's financial restructuring, alongside Fimalac and Attestor, with Casino Group and some of its main creditors.

ORPEA Group (2023)
Representation of the ORPEA Group on its accelerated safeguard plan, which was approved by the Nanterre Specialized Commercial Court on July 24, 2023.

EREN Group (2023)
Representation of leading natural resources player EREN Group and its subsidiary Total Eren, a renewable energy production leader, on the acquisition of Total Eren by TotalEnergies.

Banque des Territoires (Caisse des Dépôts Group) (2023)
Representation of Banque des Territoires (Caisse des Dépôts Group) on its acquisition of a 34 percent stake in JP Energie Environnement (JPee), a French independent producer of renewable energy which has been involved in the development, financing, construction and operation of wind farms and photovoltaic (PV) power stations in France since 2004.

Regnology Group GmbH (Regnology) (2023)
Representation of Regnology Group GmbH (Regnology), a portfolio company of Nordic Capital, on the acquisition of Invoke from private equity investors ISAI Expansion and Sagard NewGen as well as Invoke's CEO Raphael de Talhouet.

Luko (2023)
Representation of Luko, a leading online insurer, on its sale to Admiral Group, a FTSE100-listed international financial services company, to create a leader in the online insurance market.

Eurazeo Investment Manager (2023)
Representation of funds managed by Eurazeo Investment Manager on the tax aspects of a unitranche financing for the acquisition of Tennaxia by Marlin Equity Partners.

Acquisition of Unither Pharmaceuticals (2023)
Representation of several direct lenders on a more-than €500 million unitranche financing on the tax aspects of the acquisition of Unither Pharmaceuticals by a consortium of investors consisting of GIC and IK Partners as new investors, Keensight and Parquest reinforcing their existing position and Unither's management team.

Mazarine Group (2023)
Representation of Mazarine Group and its chairman, founder and main shareholder on the tax aspects of the investment by LBO France, FG Bros and another lifestyle private equity fund in the capital of the company.

Air Austral (2023)
Representation of Réunionese airline Air Austral on the tax aspects of its restructuring, the main terms of which were agreed in a conciliation protocol signed in December 2022 by Air Austral, the French state, its controlling shareholder, various public creditors, banking partners and new investors.

Cosfibel Group (2023)
Representation of the shareholders of Cosfibel Group, a leading designer and manufacturer of luxury packaging, promotional products and merchandising solutions, on the tax aspects of its sale to packaging company GPA Global.

Eurazeo (2022)
Representation of Eurazeo on the tax aspects of its £355 million investment in BMS Group (BMS), a global insurance broker headquartered in the UK, equating to 34 percent of the share capital of BMS.

The Carlyle Group (2022)
Representation of The Carlyle Group on the tax aspects of its acquisition of Tescan Orsay Holding (Tescan), a leading manufacturer of electron microscopes and other high-tech scientific instruments, headquartered in the Czech Republic.

Verallia (2022)
Representation of Verallia on the tax aspects of the acquisition of Allied Glass from Sun European Partners LLP.

Pegasus Entrepreneurs (2022)
Representation of Pegasus Entrepreneurs and its sponsors Tikehau Capital, Financière Agache, CEO Pierre Cuilleret, Jean-Pierre Mustier and Diego De Giorgi on the tax aspects of the de-SPACing with FL Entertainment, a global entertainment group comprising Banijay Group and Betclic Everest Group, that will result in the listing of FL Entertainment on Euronext Amsterdam.

BNP Paribas, BofA Securities Europe SE, J.P. Morgan (2022)
Representation of a syndicate of banks led by BNP Paribas, BofA Securities Europe SE and J.P. Morgan on the tax aspects of the admission to trading of EUROAPI on the regulated market of Euronext Paris by way of partial distribution of EUROAPI shares to Sanofi's existing shareholders.

CUBE (2022)
Representation of Cube Infrastructure Managers (Cube), a leading European mid-market infrastructure investor, on the tax aspects of the acquisition through its Cube Infrastructure Fund III of Trail's majority stake in leading pure-play French municipal waste collection operator Sepur, in partnership with its founder Hervé Matuszewski who will remain a minority shareholder alongside Cube.

Peugeot Frères Industrie (2022)
Representation of Peugeot Frères Industrie on the tax aspects of the entry into exclusive negotiations for the acquisition of a majority stake in Holding Tivoly and the direct acquisition of shares in Tivoly S.A. from certain members of the Tivoly family.

EPSA (2022)
Representation of EPSA, a French consulting firm, and its main shareholders on the tax aspects of a joint minority investment from TowerBrook Capital Partners L.P., RAISE Investissement and CAPZA Expansion.

Keolis Group (2022)
Representation of Keolis Group, a global leader in the shared mobility market and partner to public transport authorities around the world, on the tax aspects of a €600 million term loan to refinance certain of its existing indebtedness.

FCDE (2021)
Representation of private equity fund FCDE (Fonds de Consolidation et de Développement des Entreprises) on the tax aspects of the signing of an agreement with CNIM and Equitis Gestion for the acquisition of Bertin Technologies, a company that specialises in the development and integration of scientific instrument systems.

Faurecia (2021)
Representation of Faurecia, one of the world's largest automotive equipment suppliers, on the tax aspects of the sale of its Acoustics and Soft Trim (AST) division to the Adler Pelzer Group (APG), a worldwide leader in automotive acoustic and thermal components and systems.

Korian (2021)
Representation of Korian, the leading European care services group for elderly and vulnerable people, on the tax aspects ofits entry into exclusive negotiations with Colisée to sell 21 facilities and Vivalto Vie to sell 11 facilities.

Liberty Global (2021)
Representation Liberty Global, one of the world's leading converged video, broadband and mobile communications companies, on the tax aspects ofthe signing of an agreement with iliad for the sale of 100% of the share capital in Polish cable operator UPC Poland to iliad's Polish mobile subsidiary Play for an enterprise value of $1.8 billion.

Ebro Foods S.A. (2021)
Representation of leading Spanish agri-food group Ebro Foods S.A. on the tax aspects of its entry into exclusive negotiations with CVC Capital Partners VIII for the proposed disposal of the Panzani® dry pasta, couscous, sauces and semolina business.

Apave Group (2021)
Representation of the Apave Group and its shareholder GAPAVE on the tax aspects ofthe investment by PAI Partners, a European private equity firm, in the capital of the Apave Group.

Cobepa (2020)
Representation of Cobepa on the tax aspects of the acquisition of Gerflor group from ICG. Cobepa becomes majority shareholder.

Antalis (2020)
Representation of secured lenders of the listed company Antalis SA on the tax aspects of the execution of an agreement on the disposal by Sequana (listed holding company) and Bpifrance Participations of their majority stakes in the Antalis Group to the Tokyo based Kokusai Pulp & Paper.

Prédica and La Française (2020)
Representation of Prédica and La Française on the tax aspects of a joint venture agreement entered into with Unibail-Rodamco Westfield regarding their investment in a new real estate company owning a EUR 2 billion portfolio of 5 major commercial malls located in France.

Cobepa (2019)
Representation of Cobepa, main shareholder of Socotec Group, in connection with the tax aspects of the sale by Five Arrows and BIP of circa 33% of the Socotec Group, a group of companies under LBO with an enterprise value of circa 1.8 Bn €, to Clayton Dubilier & Rice.

Mérieux Equity Partners (2019)
Representation of Mérieux Equity Partners on the tax aspects of the acquisition alongide IK Partners of Mabtech AB, a Swedish biotech specialized in monoclonal antibodies.

Colisée Group (2019)
Representation of Colisée Group, a French group held by private equity player IK Investment Partners, on the tax aspects of the acquisition of its Belgian competitor Armonea. The combination of Colisée and Armonea creates the fourth largest European operator in the business of elderly care.

GIC (2019)
Representation of GIC, a global long-term investor with well over US$100 billion in assets in over 40 countries worldwide

on the tax aspects of the structuring of its investment in free market residential properties, and

on tax aspects of its investment of up to 80 million euro into a fund FLI 2 which is structured as a regulated French investment vehicle (SPPICAV) and which is managed by Caisse des Dépôts Habitat. This is to invest in construction and development projects, including social housing construction and development.

LFPI (2019)
Representation of LFPI, an independent French investment fund, on the tax aspects ofthe sale of Club Med Gym comprising 21 fitness clubs in Paris and Paris area to Ken Group, holding the luxury fitness club Ken Club, Clay and Blanche in Paris.

Mérieux Equity Partners (2019)
Representation of Mérieux Equity Partners on the tax aspects of its acquisition alongside ICG of Doc Generici sold by CVC Capital Partners.

BNP Paribas (2018)
Representation of SCPI Accimmo-Pierre, a subsidiary of BNP Paribas REIM, on the tax aspects of the acquisition of Fontenay SCI, who holds a building Périgare C (12,000 meters squared) located in Fontenay-sous-Bois (Val-de-Marne), France.

Cobepa (2018)
Representation of Cobepa and the other shareholders of Exclusive France Holding SAS, on the tax aspects of the €1.3 billion sale of Exclusive Group to Permira, an international investment firm based in London, UK.

Group Legris Industries (2018)
Representation of the Managers of French Group Legris Industries on the tax aspects of the investment by Arkea Capital Partenaire of €30 million.

Cardif, Sogecap, Predica and CNP Assurances (2018)
Representation of a group of French leading institutional investors composed of Cardif, Sogecap, Predica and CNP Assurances on the tax aspects of their acquisition of circa 41% of Icade Healthcare Europe, a fund dedicated to investments in real estate healthcare premises in Europe (especially, in Germany, Italy and Spain). The fund is expected to reach €1.5 Billion of investments until 2023.

Awards and Recognition

"Tax Lawyer of the Year" by "Women in Business Law Awards" in 2023