Orrick advises the Finance Parties on Vauban Infra Fibre’s acquisition of Towerlink France

2 minute read | February.24.2026

Français: Orrick conseille les Parties Financières dans le cadre de l’acquisition par Vauban Infra Fibre de Towerlink France

Orrick advised a consortium of commercial banks and hedging banks on Vauban Infra Fibre’s (VIF) acquisition of Towerlink France (Towerlink), a leading urban edge data center platform in France, formerly part of Cellnex France’s (Cellnex) portfolio.

The transaction was completed through VIFSP6 Trinity S.A.S., a fully owned subsidiary of VIF, and involved the acquisition of approximately 100% of the shares of Towerlink from Cellnex. The transaction was settled following the fulfillment of all customary closing conditions and financed through a combination of equity and debt.

The finance parties included Aether Financial Services, Banco Bilbao Vizcaya Argentaria S.A., MUFG Bank, Ltd., MUFG Securities (Europe) N.V. and Nomura Financial Products Europe GmbH.

THE IMPACT

Founded in 2018, Towerlink is the owner, operator and developer of urban edge data centers, with a presence across multiple sites in France, many of which are already operational with a nationwide urban footprint located close to end customers. Through the development of high-quality technical sites located in Tier 1 and Tier 2 cities in France, this strategic portfolio aims to accelerate the digital transformation of the territories, contributing to greater local development.

Given the mission-critical nature of Towerlink's services, this acquisition further strengthens VIF's leading position in the French market and diversifies its digital infrastructure portfolio. The transaction also reinforces VIF's relationship with Bouygues Telecom, Towerlink's main client and one of France's leading telecommunications operators.

THE TEAM

The Orrick team advising on the transaction included:

Paul Loisel (Partner), Ahmed Boulahcen (Managing Associate), Martin Jouvenot (Managing Associate), Othmane Belkasseh (Associate) and Inès Elkhettar (Associate) on the financing aspects;
Geoffroy Berthon (Partner), Adil Kourtih (Managing Associate) and Charlotte Berrat (Associate) on the project aspects; and
Marine Jamain (Partner), Cécile Mariotti (Partner) and Maïten Le Brishoual (Senior Associate) on the corporate and tax aspects.

Related Lawyers

Paul Loisel パートナー, Energy & Infrastructure, Banking & Finance

パリ

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D:+33 1 5353 7291
E: [email protected]

Practice:

Energy & Infrastructure Sector
Energy & Infrastructure
Banking & Finance
Renewable Energy
Power
Africa

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Paul Loisel パートナー

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Paul's practice focuses on project finance and strategic acquisition transactions in energy and infrastructure.

He advises sponsors and financiers on large greenfield and brownfield project financings, both cross-border and domestic, primarily in France, in EMEA and Africa.

He brings exceptional knowledge in structuring and financing of public-private, transport, telecom, energy transition, social infrastructure and real estate projects.

Paul also regularly advises clients in the fast-growing EnergyTech and InfraTech sectors.

He has extensive experience on all types of financings (senior, junior, mezzanine, loans, bonds) and related derivative instruments.

More generally, Paul advises on financing aspects of strategic assets in connection with project finance, M&A/private equity or restructuring transactions.

Geoffroy Berthon パートナー, Energy & Infrastructure, Energy

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D:+33 1 5353 7515
E: [email protected]

Practice:

Energy & Infrastructure Sector
Energy & Infrastructure
Energy
Infrastructure
Public Finance

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Geoffroy Berthon パートナー

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Geoffroy advises on public contracts, particularly in the context of concessions and PPPs. He has been involved in projects relating to the financing, construction and operation of the Stade Vélodrome in Marseille; the Sud Europe Atlantique high-speed line; the Athletes' Village for the Paris 2024 Olympic Games; the Grand Paris Express and the offshore extension of the Principality of Monaco. He has also worked on several French highway (A412, A69, RCEA, A88, A41, A150), port (Calais, Cannes) and airport projects (Nice, Lyon, Beauvais).

In the renewables field, he acts alongside the French government (Ministry of Energy Transition) in calls for tenders for the construction of offshore wind farms, including floating wind turbines, and advises operators in the realization of biomass and geothermal projects, as well as investors in the context of "M&A" operations concerning wind and solar assets and methanization. He also has experience in hydroelectricity matters. He advises both sponsors and lenders and works regularly with public entities and governments. He also advises on the drafting and negotiation of corporate PPAs, acting for both energy producers and buyers.

Geoffroy Berthon is recognized by clients as "talented, dynamic and brilliant lawyer. He is a hard worker. His calm manner and attentiveness reassure as a client" (Legal 500) and as a Leading Partner by Legal 500 (EMEA 2025) in public law and energy.

Geoffroy holds a doctorate in public law, was a lecturer in public contract law at Sciences Po, and frequently published in both English and French.

Marine Jamain パートナー, Infrastructure, Private Equity

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D:+33 1 5353 8101
E: [email protected]

Practice:

Infrastructure
Private Equity
Energy
Mergers and Acquisitions

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Marine Jamain パートナー

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Marine Jamain advises infrastructure funds, pension funds and other long-term investors in their acquisition, disposal or restructuring transactions in the energy and infrastructure sectors in Europe.

Marine also regularly advises clients in the fast-growing EnergyTech and InfraTech sectors.

Legal 500 EMEA 2023 has ranked Marine in the "Rising Star" category, she is recognized as "building a prominent reputation for transactions within the energy and infrastructure fields".

Cécile Mariotti パートナー, 税, Mergers and Acquisitions

パリ

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D:+33 1 5353 8180
E: [email protected]

Practice:

税
Mergers and Acquisitions
Private Equity

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Cécile Mariotti パートナー

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She has significant experience in both French and international tax matters and regularly advises on complex mergers and acquisitions, reorganizations, capital markets, and financing transactions.

Cécile works with French and international corporate groups across various sectors, both public and private, as well as financial institutions and investment funds. She also represents clients in their dealings with tax authorities, including ruling requests and tax litigation. Additionally, she assists in the structuring and implementation of employee stock offerings and management packages.

Cécile teaches a seminar on the tax aspects of LBOs as part of the Master in International Taxation program jointly offered by Paris II Panthéon-Assas University and HEC. She is a member of the International Fiscal Association (IFA) and the Institut des Avocats Conseils Fiscaux (IACF), where she served on the Corporate Tax Committee until October 2020. She is also a member of the Tax Committee of France Invest and has been appointed as a rapporteur for France at the IFA Congress in Lisbon in 2025.

In addition, Cécile serves on the board of the Alliance for the Financing of Femtech in France. She maintains an active pro bono practice in the tech sector and is strongly committed to initiatives and networks that support the long-term success of women leaders in business. Notably, she served as co-leader of the Women Enriching Business Committee in Paris at Latham & Watkins.

Before joining Orrick, Cécile spent four years in the tax team at Latham & Watkins, following seven years in the tax team at Cleary Gottlieb, working in both the Paris and New York offices.

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