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Ashurst's tax practice comprises five professionals in total. The team is led by partners Catherine Charpentier and Nadine Gelli.The practice mostly focuses on transactions, where they work alongside the private equity and fund structuring departments ... [more]

Ashurst's tax practice comprises five professionals in total. The team is led by partners Catherine Charpentier and Nadine Gelli.

The practice mostly focuses on transactions, where they work alongside the private equity and fund structuring departments in the Paris office. This year the group advised on one of the largest leveraged buy-out transactions on the French market, advising one of the investors on the acquisition of Compagnie Européenne de Prévoyance.

Private-equity work has picked up this year and the group has continued to develop a strong litigious practice, acting for Spanish investment and pension funds before the ECJ on the issue of French withholding tax. The practice mostly advises investment funds and other financial institutions.

Paola Flora heads a team of four at Studio Legale Associato ad Ashurst.In 2010 the tax team advised on the $2billion refinancing of the Merlin group following the investment of CVC Capital Partners. This was a complex matter involving two mergers and ... [more]

Paola Flora heads a team of four at Studio Legale Associato ad Ashurst.

In 2010 the tax team advised on the $2billion refinancing of the Merlin group following the investment of CVC Capital Partners. This was a complex matter involving two mergers and several acquisitions of companies and Ashurst had to be careful to make sure the group would benefit from the 0% withholding tax from the EU Interest and Royalties Directive.

The group is also strong in project finance and last year worked on the financing for the acquisition of the biggest photovoltaic park in Europe to date. Litigation is another area of focus and Flora is representing a large bank in a $60 million dispute.

The tax practice of Ashurst is led by Eduardo Gracia who is respected by his peers for his ability in transfer pricing. One of his contemporaries said that he is "A bright lawyer and his specialisation in transfer pricing is well regarded by everyone ... [more]

The tax practice of Ashurst is led by Eduardo Gracia who is respected by his peers for his ability in transfer pricing. One of his contemporaries said that he is "A bright lawyer and his specialisation in transfer pricing is well regarded by everyone in the tax market. He is simply very good." Gracia was reappointed to the EU Joint Transfer Pricing Forum this year, providing the firm with strong links to the latest developments in transfer pricing at a European level. Gracia this year handled Procter & Gamble's renewal of an advance pricing agreement after reassessment by the tax authorities. The Spanish authorities have adopted a hardline approach to transfer pricing and Gracia had to employ a highly technical method outlined in the arbitration convention and various tax treaties to resolve the problems they indentified with the group's APA. The firm has also been active in transactional tax matters. The firm advised TA Associates on their sale of travel agency E-Dreams. The seller's group is located in the US and as such the team had to coordinate the tax issues across the relevant jurisdictions and accommodate limitations on the transactions under Spanish and EU law that would not have applied in America.

Ashurst's tax department is led by John Watson in London. The firm has a strong network of tax professionals across Europe in particular but it also has tax specialists present in New York. The firm is noted for its strength in capital markets work in ... [more]

Ashurst's tax department is led by John Watson in London. The firm has a strong network of tax professionals across Europe in particular but it also has tax specialists present in New York. The firm is noted for its strength in capital markets work in particular, though also offers services in corporate tax, M&A, cross-border tax planning, restructuring, real estate, investment funds and contentious tax. Highlights of the firm's tax work this year included advising the senior management of software company Openbet Technologies on its buyout by private equity firm Vitruvian Partners. The firm advised the management on all aspects of the transaction, but Watson coordinated the tax issues throughout. Richard Palmer led the tax team involved in advising Real Estate Opportunities on its proposed £1.96 billion debt restructuring. The restructuring is to involve the transfer of Battersea Power Station to a new holding company and £437 million of the group's debt is to be converted into equity in the new holding company. The restructuring has been facilitated by agreement with the Lloyds Banking Group and NAMA as well as Oriental Property. Capital markets matters have also been important for the firm this year and Palmer dealt with the tax issues when the firm advised Jefferies International on its role as nominated adviser (Nomad) to oil and gas exploration company 3Legs Resources in its initial public offering on AIM. As Nomad, Jefferies International will be guiding 3Legs on the formalities the company will need to comply with to be listed on AIM. As such, Palmer had to ensure that they were able to advise appropriately on the tax considerations for the company.