Allard de Waal is a senior tax partner at Paul Hastings in Paris.
He regularly works on both domestic and cross-border acquisitions and in particular leveraged buy-outs, offering his clients integrated tax advice to help them navigate complex tax environments and achieve tax-efficient structuring. He is recognized by many private equity houses as one of the most experienced and authoritative lawyers on complex transactions. He also provides strategic advice to financial investors involved in major tax audits and tax controversies for whom he has secured multi-million dollars victories in court.
- Recognized by Chambers Europe 2018 and The Legal 500 EMEA 2018 as one of the leading tax lawyers in Paris, Mr. de Waal focuses on corporate matters, especially around issues of private equity, business reorganizations, and structured finance.
- Holds a diploma from the HEC (Ecole des Hautes Etudes Commerciales) business school and an advanced degree (DESS) from the University of Paris XI, both of them earned in 1986.
LBOs and Acquisitions/Sales
- Advising the exiting shareholders of the Carso Group (Vendôme Parc Participations, EMZ, RAISE, Siparex, Unigrains and Etoile Capital) in connection with the LBO on the Carso Group, structured by ArchiMed.
- Advising Tikehau Investment Management on the acquisition of a majority stake in the transportation group Groupe Sterne.
- Advising EQT and Cerba HealthCare in connection with the acquisition of a majority stake in Lifebrain
- Advising Keensight Capital for the sale to Astorg of its stake in Demetra group.
- Advising Equistone in connection with the LBO of GSCM Group.
- Advising Andera Partners in connection with the sale of Minafin Group.
- Advising Qualium in connection with the sale of Labelium Group.
- Advising Keensight in connection with the LBO of Adista Group.
- Advising EQT Partners in connection with the LBO of Cerba Healthcare Group.
- Advising Tikehau in connection with the restructuring of Cruiseline Group.
- Advising Keensight Capital in connection with the LBO of Symeres.
- Advising Insight Partners in connection with the LBO of the I@D Group.
- Advising ICG in connection of the acquisition of Tokheim Services Group by HLD.
- Advising ICG in connection with the LBO of San Sac by Plastic Omnium Environnement.
- Advising Arcmont Asset Management Management in connection with the financing of the LBO of Siblu group structured by Naxicap Partners, and New Immo group structured by Qualium Investissement.
- Advising Naxicap Partners and ECF Group on the refinancing of the existing indebtedness of ECF Group and the financing of a build-up transaction in New Zealand.
- Advising the shareholders of Provalliance Group in connection with the LBO structured by Core Equity.
- Advising Keensight Capital in connection with the combination of the Sogelink and Geodesial Groups.
- Advising Five Arrows in connection with the LBU of Cocooncenter by Pharmacie Lafayette Group.
- Advising Eurazeo PME and FCDE in connection with the LBU of Millbrook by UTAC CERAM.
- Advising Antin Infrastructure in connection with the sale of Inicea Group.
- Advising Tikehau Capital in connection with its investment in Amarenco Group.
- Advising Keensight Capital in connection with the LBO of Groups Sogelink and Smile and in connection with their investments in ASTI Mobile Robotics and 3P Biopharmaceuticals.
- Advising Amundi Private Equity Funds and Bpifrance in connection with the LBO of Wifirst Group.
- Advising Equistone Partners Europe in connection with the LBO of Groupe Vulcain Ingénierie.
- Advising Astorg in connection with the sale of M7 Group to Groupe Canal+.
- Advising Meeschaert Capital Partners in connection with the LBO of Aterno Group.
- Advising Gimv and UI Gestion in connection with the LBO of La Comtoise Group.
- Advising Almaviva Santé Group in connection with the LBU of Medifutur (ex Dial Invest).
- Advising Société Générale Capital Partenaires and Bpifrance in connection with the LBO of Milexia.
- Advising the shareholders of Aries Alliance Group in connection with the LBO of Aries Alliance Group structured by Astorg Asset Management.
- Advising CM-CIC Investissement in connection with the sale of Circet to Advent International.
- Advising the Management of OGF Group in connection with its sale and reinvestment in the LBO structured by Ontario Teachers Pension Plan.
- Advising Equistone in connection with the sale of Unither Pharmaceuticals.
- Advising Tikehau Investment Management in connection with the financing of the acquisition of JJA by TowerBrook Capital.
- Advising the shareholders of Groupe Metrologic in connection with the sale of Groupe Metrologic to Sandvik.
- Advising Antin Infrastructure Partners in connection with the LBO of Almaviva Santé.
- Advising Eurazeo PME in connection with the LBO of In'Tech Medical Group.
Tax audits and controversies
- Advising several American pension funds (IBM, Ford, Lockheed, Citigroup, etc.) in connection with litigation relating to withholding taxes paid in France.
- Advising Groupe Bruxelles Lambert in connection with litigation relating to withholding taxes paid in France.
- Advising Compagnie Nationale à Portefeuille in connection with litigation relating to withholding taxes paid in France.
- LGT Capital Partners Sells Batisanté to IK Partners - July 13th, 2022
- EMZ Acquires Ayming - July 4th, 2022
- Keensight Capital Acquires Valiantys - June 29th, 2022
- Equistone Invests in Safic-Alcan - June 27th, 2022
- Eurazeo Invests in WiiSmile - June 16th, 2022
- Ardian Acquires a Stake in Alixio - June 2nd, 2022
- FCDE Signs An Exclusivity Agreement With Cobham - March 17th, 2022
- Raise Investissement Acquires a Minority Stake in SITES - February 21st, 2022
- ArchiMed Acquires the Carso Group - December 16th, 2021
- Cerba HealthCare Acquires Lifebrain - November 5th, 2021
- Adista and Unyc Sign Strategic Partnership - October 29th, 2021
- Keensight Capital Sells Demetra to Astorg - October 8th, 2021
- Financing for the acquisition of Trace One - April 29th, 2021
- Legal 500 EMEA Guide Recognizes Paul Hastings in France and Germany - April 21st, 2021
- Paul Hastings (Europe) LLP has advised EQT in connection with its investment in Cerba HealthCare - March 31st, 2021
- Insight Partners Acquires Iad - February 10th, 2021
- Amundi, BPI France, and Socadif Invest in Wifirst - October 14th, 2019
- Keensight Capital Acquires Majority Stake in Smile - October 10th, 2019
- Keensight Capital Invests in Geodesial - October 1st, 2019
- Astorg Sells M7 Group to CANAL+ - May 29th, 2019
- DAC6 - New Mandatory Rules Regarding Disclosure and Tax Reporting - January 22nd, 2019
- Proposed IRS Regulations Significantly Curtail Impact of Section 956 for U.S. Corporate Borrowers - November 5th, 2018
- New Double Tax Treaty Between France and Luxembourg Significantly Impacts Existing Real Estate Holding Structures - April 9th, 2018
- European Tax Update - March 15th, 2018
- European Tax Update 2017 - April 27th, 2017
- CJEU Finds Withholding Tax to Be Contrary to EU Law - July 26th, 2016
- European State Aid: A Trap for the Unwary Tax Director - October 22nd, 2014
- France Levies Surcharge on Dividends - October 10th, 2014
- Real Estate Investment in France: Amendment of the France ‒ Luxembourg Tax Treaty - September 22nd, 2014
- New Social Security Contribution on Income Derived by French Residents From Limited Liability Partnerships - February 25th, 2009
- Carried interest : une avancée en demi-teinte pour les membres de fonds non français - January 26th, 2009
- Reform of the French Tax Treatment of Carried Interest - December 26th, 2008
- Contractual FCPRs: Clarification by the French Autorité des marchés financiers and by the governmental decree dated December 17, 2008 - December 26th, 2008
- Tax Settlement in Pre-insolvency Procedures in Italy - June 9th, 2008
Engagement & Publications
- Lectures frequently on key tax-related issues related to private equity and mergers and acquisitions transactions
- Admitted to the Paris Bar in 1991, and speaks fluent French, English, German, and Dutch.