Hugues Racovski

Partner, Paris



Hugues Racovski is a partner in the EMEA private equity team of our Global Mergers & Acquisitions practice at White & Case.

Hugues' practice covers a wide range of both domestic and international private equity, restructuring (listed-companies), corporate and M&A transactions. Hugues advises industrial and services listed and non-listed companies, family offices, entrepreneurs, as well as private equity funds, with a focus on complex cross-border transactions. He has a strong expertise in venture capital related matters, advising venture capital funds, large tech companies and start-ups.

Hugues has recently worked on a number of transactions including private equity, restructuring, venture capital and capital markets transactions (e.g., the restructuring of Vallourec, the several fundraisings of BackMarket (acting for Goldman Sachs), the restructuring of Solocal Group, the acquisition by Otium Capital of Birchbox France, the several fundraisings rounds of Deezer*, the capital increase of Showroomprivé*). He has also worked on several M&A transactions and IPOs.

Hugues also assists French and foreign issuers as well as investors with respect to their obligations under the French securities laws and regulations in connection with takeovers, initial public offerings, acquisition of stakes, issuing of equity securities, activism and mandatory disclosures.

Prior to joining White & Case in October 2019, he was an associate in the M&A-general practice department of a high profile US law firm in Paris and New York.

* Transactions prior to joining White & Case

Bars and Courts

Master 2, Business and Tax Law, Université Paris 1 – Panthéon-Sorbonne / HEC Paris

Master 2, Financial Law, Université Paris 1 – Panthéon-Sorbonne



Apollo Funds (2024)
Representation of Apollo Funds on the sale of their 28.4 percent voting interest and 27.5 percent equity stake in Vallourec to ArcelorMittal for a total consideration of €955 million, representing 65.2 million ordinary shares at a price of €14.64 per share.

Carlyle Global Credit (2023)
Representation of Carlyle Global Credit, the credit arm of the global investment firm Carlyle, on a bond financing package of up to €500 million for Onepoint.

EP Equity Investment III (2023)
Representation of EP Equity Investment III, a company controlled by businessman Daniel Kretinsky, on the signing of a lock-up agreement relating to Casino Group's financial restructuring, alongside Fimalac and Attestor, with Casino Group and some of its main creditors.

EP Global Commerce a.s. (2023)
Representation of EP Equity Investment III s.à r.l, a company controlled by businessman Daniel Kretinsky, on the signing of a lock-up agreement relating to Casino Group's financial restructuring, alongside Fimalac and Attestor, with Casino Group and some of its main creditors.

Angelo Gordon (2023)
Representation of leading investment fund Angelo Gordon on an agreement in principle to provide a €170 million new money injection in Technicolor Creative Studios (TCS).

Farallon Capital Europe LLP (2022)
Representation of Farallon Capital Europe LLP, an investment fund which invests in public and private assets around the world, on its pre-financing transaction with Casino Participations France (CPF), private subsidiary of Casino Guichard-Perrachon, in the form of a non-recourse receivable assignment of a portion of the purchase price to be received by CPF for the sale by CPF, Tikehau and Bpifrance of a majority stake in GreenYellow to Ardian, for a nominal amount of the receivable of €350 million.

Barclays and Angelo Gordon (2022)
Representation of Barclays and Angelo Gordon as lenders on the refinancing of Technicolor's (renamed Vantiva) existing debt through a €250 million senior financing and a €125 million second lien financing.

Blantyre Capital Limited (2022)
Representation of Blantyre Capital Limited, a special situations investment firm, on the carve-out of OCV Chambéry France's reinforced glass production activity from Owens Corning, a New York Stock Exchange-listed company that develops, manufactures and markets insulation, roofing and fiberglass composites.

Angelo Gordon (2022)
Representation of Angelo Gordon on its contemplated subscription to Technicolor's planned issue of €300 million Mandatory Convertible Notes (MCNs) in the context of Technicolor's plan to list and spin-off Technicolor Creative Studios (TCS) to enable its further growth and development and then deleverage both companies through a refinancing of the entire existing debt structure.

Amber Capital (2021)
Representation of Amber Capital on the decision to sell all of its shares in Lagardère, representing 17.93% of the share capital and 14.34% of the theoretical voting rights, to Vivendi.

Goldman Sachs Growth (2021)
Representation of Goldman Sachs Growth in connection with its US$335 million Series D fundraising investment in BackMarket, alongside General Atlantic, Eurazeo Growth, Daphni, Financière Agache and Aglaé Ventures.

Goldman Sachs (2020)
Representation of Goldman Sachs on its EUR 45M primary investment in Back Market, a French e-commerce plateform company launched in 2014 and specialized in the sale of refurbished electronic goods, along with Eurazeo and Aglae Ventures (EUR 35M and EUR 20M, respectively, both primary investment and secondary acquisitions) as part of a Series C round financing of an aggregate amount of EUR 110M.H

Otium Capital (2019)
Representation of Otium Capital in connection with the acquisition of Birchbox France.