Clifford Chance has advised Société Générale and ALD on the IPO of ALD on the regulated market of Euronext Paris.

This IPO is the largest on the Paris Market since 2015. The IPO featured the sale by Société Générale of existing shares of ALD representing approximately 20% of ALD's share capital for a global amount of EUR€1,156 million (before any exercise of the over-allotment option). The offering was composed of a public offering in France and an international private placement in certain countries, including in the United States to qualified institutional buyers in reliance on Rule 144A.

ALD is the largest full-service leasing company in Europe and the third-largest in the world, with a fleet under management of almost 1.4 million vehicles across 41 countries as of 31 December 2016, with a significant footprint in Europe, Asia and Latin America.

Clifford Chance in Paris advised both Société Générale as selling shareholder and ALD as issuer, led by partners Aline Cardin and Alex Bafi, senior associate Olivier Plessis, and associates Ryan Bosch, Lou Bernard and Clement Delaruelle.