NEWS

Paul Hastings Advises Morgan Stanley Investment Management on Its Entry Into Agreement to Acquire Majority Stake in Nicollin Environnement

July 10, 2026

Paul Hastings LLP advised Morgan Stanley Investment Management (MSIM), through investment funds managed by its private infrastructure investment platform Morgan Stanley Infrastructure Partners (MSIP), on its entry into exclusivity and commitment to acquire a majority stake in Nicollin Environnement (Nicollin), a family-owned French environmental platform focused on waste collection and sorting, urban street cleaning and water-related solutions.

The Nicollin family will remain invested alongside MSIP and will continue to support the company’s next phase of growth.

Founded in 1945 and led by the Nicollin family for more than three generations, the company is one of France’s leading independent environmental platforms. Nicollin provides essential environmental solutions to municipalities and businesses across France, operating through a national network of local centers. It serves approximately 360 public contracts and 8,000 private clients, supported by approximately 4,800 employees, a fleet of 2,900 vehicles and a portfolio of strategically located, critical real property, including depots, transfer stations and sorting facilities.

The Paul Hastings team was led in Paris by partner Xavier Petet and in London by partner George Kazakov, and included of counsel Valentin Morichon, associates Victoria Revol, Marie Forte and Margaux Chalvignac on M&A aspects; partner Benoit Thirion and associate Mélanie Morlane on public law aspects; partner Camille Paulhac and associate Melissa Hui on merger control, foreign subsidies regulation (FSR) and foreign investment control matters; partner Stéphane Henry and associate Alexandre Ruiz on employment matters; partners Olivier Vermeulen, Tereza Courmont-Vlkova and Thibaut Lechoux, together with associate Artus Renoult, on financing matters; and partner Ophélia Claude, together with associates Chloe Berthier and Clara Robert-Muhlke, on data privacy matters. The London team also included partners Ruth Knox and Rita Ghanem, together with associates Amelia McGrath and Yomna Zentani.

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