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Freshfields in Belgium
We are a leading law firm in Belgium, combining a first-class domestic and EU offering with a strong global network.
With over 90 lawyers from 20 different countries, we offer exceptional legal advice across antitrust, competition and trade (including EU state aid and antitrust litigation), M&A (including private equity), corporate advisory, capital markets, banking and finance, tax, dispute resolution and employment.
Our antitrust team, one of Brussels’ largest, is widely regarded as a leader at EU and domestic levels. With almost three decades of experience, we deliver cutting-edge advice on the competition law aspects of the most complex M&A deals, commercial practices and market structures. Clients also turn to us for advice on globally co-ordinated strategies for large-scale transactions and antitrust investigations, as well as on the growing risk of follow-on litigation.
We are known for our expertise in cross-border M&A transactions, acting for large Belgian and international corporates as well as private equity players. In the last three years, we have advised on the top five acquisitions involving Belgium. At the forefront of legal developments in the areas of corporate, finance and tax law, we are also considered ‘a strong choice for advisory work’ by major corporate clients, including listed companies.
Providing support to the firm worldwide, Brussels is home to our EU regulatory and public affairs practice.
Client successes
Advising AstraZeneca on the global antitrust and foreign investment strategy for its $39bn acquisition of Alexion Pharmaceuticals, one of the first transactions to be reviewed in parallel by each of the EU, US and UK authorities following Brexit.
Advising D’Ieteren Group, a Belgium-based listed investment group, on its acquisition of a 40% stake in TVH Parts and a long-term partnership with the Thermote family.
Advising successfully on recent landmark EU merger litigation cases.
We helped:
- CK Hutchison with its ground-breaking annulment action before the EU General Court (2020) against the European Commission’s prohibition of its proposed acquisition of Telefónica Europe, which operates in the UK under the brand ‘O2 UK’. Following on from our success with UPS (see below), this was only the second successful challenge to a Commission blocking decision since 2002. The judgment is also highly significant for the EU’s merger control regime because the General Court set aside legal theories that had been used in previous cases to extract significant remedies. Read our press release and blog post summarising the judgment.
- UPS with its successful annulment action before the EU General Court (2017) and Court of Justice (2019) against the European Commission’s prohibition of it acquiring TNT. This was the first successful challenge to a Commission prohibition decision since 2002, only the fourth ever at the General Court and the second only at the level of the Court of Justice.
Advising Telenet, the largest provider of cable broadband services in Belgium and subsidiary of Liberty Global, on several of the group’s strategic projects.
One such project was advising Telenet on the M&A, financing, merger control, IP, tax, employment and regulatory aspects its €1.325bn acquisition of BASE from KPN. In particular, we advised Telenet on all the corporate aspects of the deal; the phase-two merger investigation by the European Commission and remedies negotiations; the sale of BASE Group’s JIM Mobile customer base, a branded reseller; the sale of BASE Group’s 50 per cent shareholding in VikingCo, a light mobile virtual network operator (MVNO), to Medialaan; and the negotiation of the full MVNO agreement with Medialaan. Our finance lawyers organised the financing of the acquisition through a combination of new debt facilities and existing liquidity. In parallel, we advised Telenet on its €530m 144A/Reg S high-yield structured notes issuance. Other projects include its €400m acquisition of the cable business of SFR in Belgium and Luxembourg (including the carve out from Altice Group); its acquisition of a 49% stake in Caviar Group; its acquisition of Nextel, the Belgian ICT integrator; its acquisition of 50 per cent of De Vijver Media; and the carve-out and sale to Sanoma of De Vijver’s magazine business, Humo; the sale of Ortel Mobile (its 100% MVNO subsidiary) to Lycamobile; the buy-out of De Vijver Media; the set-up of several joint ventures, including with S30, the Streamz joint venture with DPG Media creating a streaming service with local and international content; the Ads & Data joint venture with Mediahuis and Proximus; and the Unity4 joint venture. We assisted on the public takeover bid by Liberty Global, several refinancings and notes issuances; as well as other core company law and governance matters.
Acting for AB InBev on the £78.4bn acquisition of SABMiller creating the world’s first truly global brewer, with operations in almost every major beer market.
The transaction was subject to regulatory clearances in more than 30 countries and required remedies, including a significant disposal of assets across Europe, the US and Asia, and public interest commitments in several jurisdictions. Read more about the deal in our case study.
Advising Thermo Fisher Scientific Inc., the world leader in servicing science (and member of S&P 100), on the acquisition in Belgium of PharmaFluidics and of Henogen, the viral vector manufacturing business of Groupe Novasep SAS.
Advising Amadeus IT Group on its successful defence in the European Commission’s antitrust proceedings in relation to air ticket distribution.
The proceedings concerned contractual arrangements between Amadeus and airlines with a focus on Amadeus’ parity clauses. Parity clauses have been a hot topic in European antitrust enforcement in recent years, with multiple cases in a range of sectors, from hotel booking to e-books, resulting in infringement and commitment decisions. In this case, the Commission closed its proceedings in July 2021 at the end of a multi-year investigation without issuing a statement of objections. This is a rare outcome in any ex officio EU antitrust investigation (only about 1 in 10 cases are closed and fewer still without a statement of objections).
Representing a US technology company in its headline overturning of a European Commission state aid decision concerning its tax affairs in Ireland.
In a landmark ruling in July 2020, the EU General Court annulled the Commission’s order that our client repay Ireland €13bn. We are now representing our client in the Commission’s subsequent appeal before the European Court of Justice.
Advising private equity and pension funds on Belgian and international transactions, such as Advent, APG Asset Management, Blackstone, Cinven, CPPIB, CVC Capital partners, EQT Partners, Gilde, Gimv, IK Investment Partners, One Equity Partners, OTPP, Vendis Capital, Verlinvest, Vitruvian Partners, Waterland Private Equity, and others.
Advising investors and companies on venture capital and growth equity projects in Belgium, such as Biotalys, Droia Oncology Ventures, Fortino, Neo Investment Partners, New Science Ventures, Precirix, Silverfin, UCB, Univercells, VIB, and others.
Advising the issuer or the underwriters in the context of the IPO, secondary offering, capital increase or private placement of Belgian biotech and other innovative HC companies, such as Ablynx, argenx, ASIT Biotech, Biocartis, Biotalys, fa*gron (previously Arseus), Mithra Pharmaceuticals, Movetis, Precirix and others.
Advising Novartis on the spinoff of its eye care business (Alcon) and the related separation and employee transfer issues in Belgium; and on the employment law aspects within the framework of its portfolio transformation, including the asset swap with GSK (oncology, OTC and vaccines assets) and the sale of its animal health business to Eli Lilly.
Representing Infineon in its appeal concerning the European Commission’s fining decision in the smart card chips investigation before the European Court of Justice and subsequently on referral back to the EU General Court, resulting in a significant fine reduction for Infineon.
Advising global corporates in the European Commission’s state aid investigation of Belgian excess profit tax rulings.
We are advising multinational corporates on their respective challenges, before the EU General Court, of a European Commission decision that Belgian tax rulings on ‘excess profit’ amounted to unlawful state aid and that unpaid taxes should be paid to the Belgian state.
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- Global antitrust in 2024: 10 key themes
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I notice a difference in the level of insight and perspective that Freshfields brings - that team is a cut above.
Chambers and Partners 2022, Brussels EU: Antitrust/Competition
A market leader for advice on complex EU competition law issues, able to bring together specific sector expertise and a deep understanding of the EC. A strong reputation for handling contentious state aid mandates and an important domestic Belgian competition law practice.
Chambers and Partners 2022, Brussels EU and Belgium: Antitrust/Competition
Freshfields continues to set the standard for other Brussels-based competition practices to follow. Almost unrivalled, its revered team works on cutting-edge cases before the European Commission and the EU courts.
GCR Country Survey 2022, Brussels EU: Antitrust/Competition
The national [competition] practice, which is fully integrated into the wider Brussels antitrust group, is one of the best at advising local and international companies before the Belgian Competition Authority and national courts.
GCR Country Survey 2022, Belgium: Antitrust/Competition
Successful department continuing its stellar performance acting for a range of blue-chip Belgian and international companies, as well as a number of private equity houses. Advises clients on a range of corporate law matters, including acquisitions, auction sales and restructurings. Highlighted for its cross-border capabilities and global approach to solution-finding, the firm regularly advises on multi-jurisdictional transactions. Noted for its well-integrated links with the firm's competition practitioners.
Chambers and Partners 2021, Belgium: Corporate M&A
One of the best firms globally for antitrust, the lawyers are really at the forefront of what's happening and are involved in all the biggest cases. The firm provides clear advice on the best next step in whatever we are dealing with.
Chambers and Partners 2021, Belgium: Antitrust/Competition
The top-notch team is very hands-on and very client-focused. No deadline is too tight, it's a pleasure to work with them.
Chambers and Partners 2021, Belgium: Corporate M&A
Freshfields’ Brussels competition team is revered for the quality and breadth of its work, but also for housing some of the best-known lawyers in the market.
GCR Country Survey 2021, Brussels EU: Antitrust/Competition
Reputed practice with notable experience handling a range of capital markets transactions.
Chambers and Partners 2021, Belgium: Capital Markets
A terrific reputation for handling major cross-border merger clearance mandates, negotiating and implementing extensive remedies packages. Acted on standout appeals against merger prohibitions before the EU and represented defendants in abuse of dominance and cartel cases.
Chambers and Partners 2021, Belgium: Antitrust/Competition
Market-leading firm for complex EU competition law issues.
Chambers and Partners 2020, Belgium: Antitrust/Competition
Clients value the team's out-of-the-box thinking and ability to give preliminary advice on the spot, and also remark that the lawyers are connected to new evolutions in the academic and political worlds.
Chambers and Partners 2019, Belgium: Tax
The team is smart, agile and top-notch.
Chambers and Partners 2019, Belgium: Corporate M&A
A global powerhouse, Freshfields is a dominant force in the Brussels market.
Who’s Who Legal Competition 2019: Antitrust/Competition
Noted for its strong international network and well-integrated links with the firm's tax, competition, finance and capital markets practitioners.
Chambers Europe 2019, Belgium: Corporate M&A
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The M&A Awards Belgium (2022)
Precirix - Best Venture Capital Deal Life Sciences
The M&A Awards Belgium (2022)
House of HR acquisition by Bain Capital – Best Large Cap Private Equity
Who’s Who Legal Awards
2022 Law Firm of the Year in Belgium
Who’s Who Legal Awards
2022 Global Arbitration, Competition and M&A Law Firm of the Year
Global Competition Review 2022 ‘Country Surveys’
Elite rankings for both our Brussels and National Belgium practices
Global Competition Review 2023 ‘Global Elite’ ranking of law firms doing the most important antitrust work around the world
15th time in the top global position
Global legal directories 2021, Belgium/Brussels
Top tier for Corporate/M&A and Antitrust/Competition
IFLR1000 2020, Belgium
Highly regarded in Capital Markets, Private Equity, M&A
Competition and Regulatory Team of the Year – for our work with CK Hutchison in securing a landmark overturning of a European Commission merger prohibition and re-shaping EU merger law for the future
British Legal Awards 2020
The M&A Awards 2018 (Belgium)
Fluxys – Dunkerque LNG Terminal named “Best M&A Award Large Cap deal 2018” (Freshfields advised Fluxys)
Trends Legal Awards 2017 (Belgium)
Best Law Firm for Corporate Law
Trends Legal Awards 2017 (Belgium)
Best Law Firm for Tax Law
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