Clifford Chance’s (CC) Paris arm has secured a lead role on the €3.7bn (£2.6bn) acquisition of electrical distributor Rexel acting opposite Debevoise & Plimpton on the largest leveraged buy-out (LBO) in Europe this year.

The leading London firm is acting for the buying consortium led by Clayton Dubilier & Rice, which includes Eurazeo and Merrill Lynch Global Private Equity (MLGPE), in the cross-border sale of Rexel by French retail group Pinault-Printemps-Redoute (PPR).