• Clifford Davis is a partner at S. Horowitz & Co., where he co-chairs the International Corporate Practice Group and specializes in cross-border and domestic corporate and banking law for international and Israeli companies and financial institutions.

     

    Described by the European Legal 500 as "a master at conducting tricky cross-border negotiations" and being “exceptionally smart and having an encyclopedic knowledge of the law”, Clifford advises on all aspects of local and multinational mergers and acquisitions, joint ventures, venture capital and seed capital financings, IPOs, syndicated and non-syndicated bank financings and securities laws. In addition to advising on individual transactions, he provides legal counsel on all matters relating to the operation, management and development of his clients’ business and trading activities in Israel.

     

    Clifford’s corporate and transactional practice covers an extensive array of business sectors including life sciences, satellite communication, telecom and mobile telephony, hi-tech, medical devices, chemicals, energy, food and beverage, cars, electrical goods and insurance. He also represents founders, early stage companies, mature technology companies, angels, investors and venture capital funds on corporate structuring, licensing, investment round financing, founder agreements and exits.

     

    In his finance practice, Clifford advises Israeli and international lenders, borrowers, ECAs and investors on all aspects of financing, including syndicated and non-syndicated loans, equipment financing, refinancing, acquisition and leverage buy out financings, asset and project finance.

     

    Clifford has been recognized as one of Israel’s leading lawyers by many industry publications, including Chambers Global, European Legal 500, European Legal Experts and IFLR 1000 in the fields of mergers and acquisitions, banking and finance, venture capital and life sciences.

     

    Before joining S. Horowitz & Co., Clifford was an associate in the Corporate Department of the City of London office of Jones Day for five years. He continues to be an active member of English, U.S. and international law associations. He often speaks at law association events and contributes to law books and journals.

     

    Publications

     

    • A regular contributor to The World Bank Annual Survey and to The World Bank’s Corporate Governance Project
    • Co-author of an overview of Israel’s legal system and the regulatory cost of doing business in Israel – A Guide to Doing Business in Israel, published by Practical Law (Thomson Reuters)
    • Co-author of the Israel chapter of The Mergers & Acquisitions Review; Law Business Research Ltd., 12th Edition, 2018, Edited by Mark Zerdin
    • Co-author of Regulation of Securities Offerings in Israel – a Brief Introduction in IFLR 1000 and Global Counsel 3000
    • Co-author of M&As 2nd Edition, 2014 – European Lawyer Reference: Israel Jurisdictional Updates
    • Author of Three Point Turns – Reverse triangular mergers bring a number of benefits to M&A transactions, The Lawyer / 11 March 2013 Corporate & Acquisition Finance
    • Co-author of the Israel chapter on Global Business and Human Rights; A European Lawyer & Reference Book, 1st Edition 2011
    • Co-author of the article “Creative Financing – Factoring, Securitization and the True Sale Question” in the ACC Israel Chapter Newsletter
    • Regular Contributor to the Chapter on Israel The Q&A Guide: Doing Business in … Multi-Jurisdictional Guide, a co-publication of the World Bank and the International Finance Corporation
  • Corporate:

     

    • Representing HP on its successful tender offer to acquire Indigo, Israel’s leading printing systems company, for a consideration of up to US$ 882 million
    • Representing Bell South on its sale, together with its co-venture partner, of their joint controlling shareholding in Cellcom, one of Israel’s leading cellular telephone companies, for $1.35 billion
    • Representing Veolia on the sale of its water, waste and energy activities in Israel to funds managed by Oaktree Capital Management LP in Israel’s largest management buy out, value of transaction $341 million
    • Representing Kimberly-Clark Corporation on its acquisition of a 49.9% interest in Hogla-Kimberly from Hadera Paper Ltd. for NIS 648 million (approximately US$162.5 million)
    • Representing General Electric Co. on the Israeli law aspects with respect to the US $17 billion acquisition of the energy assets of Alstom SA and other certain Israeli companies. The work includes all corporate and regulatory aspects connected with the acquisition of control of the Megalim thermal power station
    • Representing AT&T in its acquisition, by way of reverse triangular merger, of Interwise, a web conferencing company, for $121 million
    • Representing American International Group, Inc. on its acquisition from Aurec Gold Investments Ltd. of 49.99% interest in AIG Israel Insurance Company Ltd.
    • Representing General Motors on various matters including:

     

    (i) the setting up of its local subsidiary, General Motors Israel Ltd.

    (ii) the setting up of a Research and Development Project Centre in Israel funded partially by the Israeli government  pursuant to the  "Project Centre for Multinational Companies" program of the OCS

    (iii) the sale of GM's shareholding in Universal Motors Israel Ltd. for a company value of NIS 685 million ($200 million)

     

    • Representing EADS on its joint venture with one of Israel's leading aeronautic and defence company's
    • Representing HJ Heinz on two joint ventures relating to the manufacture, distribution and sale of its ambient food products in Israel and the sale, via an auction process, of the business and assets of Heinz’s entire Israeli operations
    • Representing the Shenzhen stock exchange listed company, Chengdu Kanghong Pharmaceutical Group, on its acquisition of I-Optima Ltd.
    • Representing Booking.com on its acquisition of Evature Ltd.
    • Representing Viacom International Media Networks on its acquisition of a minority stake in Ananey Communications Group, a leading Israeli pay TV channel provider and content producer
    • Representing F. Dohmen Co. (Dohmen Company), one of the top ten pharmaceutical wholesalers in the United States, in connection with its acquisition of Reglera LLC
    • Representing Radius Ventures on the sale of Medingo Medical Solutions Ltd. to Hoffman La Roche for $160 million plus $40 million in additional milestone payments
    • Representing Neusoft Group Ltd. (China’s largest IT and software company) on the acquisition of Aerotel Medical Systems Ltd.
    • Representing Ladbrokes on the formation of Ladbrokes Israel and the setting up of its e-commerce and digital marketing services operation through Ladbrokes Israel
    • Representing three major hedge funds on the acquisition by ChemChina of 60% of the Makhteshim Agan Group

     

    Banking and Finance:

     

    • Representing the lenders on financing of the acquisition by Gazit Globe of the controlling interest of Atrium European Real Estate Ltd. (formerly Meinl European Land), a Jersey company quoted on the Austrian Stock Exchange. Total facilities €400 million
    • Representing Bank Leumi and its US subsidiary, Bank Leumi USA on four complex inter-related and cross guaranteed multi-currency revolving facilities of US$ 370 million to Gazit-Globe Ltd and three of its US subsidiaries
    • Representing Space-Communication Ltd., Israel’s only private satellite operator, on its $293 million financing for the AMOS-6 satellite, consisting of $106 million from Export-Import Bank of the United States, $140 million from Export Development Canada and $47 million from Israel Aerospace Industries Ltd.
    • Representating Bank Leumi and Bank Leumi USA in connection with their $250 million revolving facilities financing to Gazit-Globe Ltd. and one of its wholly owned US subsidiaries
    • Representing Bank Hapoalim and other lenders on an export credit financing of over $200 million for the Ethiopian government's sugar company to finance a 7,000 hectares (17,500 acres) irrigation project
    • Representing a syndicate of banks, led by Bank Hapoalim, in a $230 million cross border financing of Ness Inc. and various of its subsidiaries in a mixture of secured acquisition and working capital financing
    • Representing Deutsche Bank on its €102 million equity bridge financing to Negev Energy- Ashalim Finance Ltd. (an SPV owned jointly by Shikiun UBinui and Abengoa), the proceeds of which are to be used as part of the equity financing of a 110 MW solar plant located in Ashalim on a BOT basis
    • Acted as Israel counsel to Raiffeisen Bank International AG on its financing of the construction of four hotels in Romania (including the Radisson Blu Hotel, Bucharest) guaranteed by Elbit Imaging Ltd. Facilities: €97,00,000
    • Acted as Israeli counsel for Barclays Bank Plc on two financings for Barclays Bank. The first was a £91 million term loan and revolving facility guaranteed by an Israeli entity and the second was a US$ 28 million financing of the purchase of an aircraft
    • Representing Bank Hapoalim and Israel Discount Bank in connection with the financing of the acquisition by York Capital of Psagot Investment House
    • Representing Israel Electric Corporation on:

     

    (i) The securitization of the receivables from its long-term, gas supply off-take agreement made with the operators of the Yam Thetis off-shore gas field; and

    (ii) The pledging of its gas supply off-take agreement made with the operators of the Tamar off-shore gas field (the GSPA has a contract value of $ 8 billion)

    • Chambers Global 2019: Clifford has been consistently ranked as one of Israel's leading individual lawyers in the fields of Banking and Finance as well as Corporate and M&A.

    • Over the past ten years Clifford has been described by Chambers Global as "making a deal happen with his wonderful humour and limitless knowledge of contracts, law and how to negotiate”, "an outstanding lawyer” with “encyclopaedic knowledge who is brilliant at understanding concepts and putting them into words” and praises him for “his responsive and pragmatic commercial advice” as well as for his “excellent strategic and tactical thinking”, and who "possesses a strong track record advising on cross-border corporate transactions for multinational companies and financial institutions". Chambers Global has further commented on Clifford's “excellent understanding of what the client wants on a transaction and the most effective way of realising their aims. He’s also an exceptional negotiator” and has described Clifford as being “an outstanding lawyer with a lot of professional integrity, flexiblity and cross-cultural experience”. Chambers Global has also stated that Clifford has "an impressive reputation in the domestic and international markets, advising banks, financial institutions and corporations on various financings. He is very business-minded and practical and is able to complete very complex missions in very short timeframes.”

    • European Legal 500 2019: Clifford has been consistently ranked in the first tier as one of Israel's leading individual lawyers in the field of Corporate and M&A. He has also been ranked by the European Legal 500 as a leading practitioner in the fields of banking and finance, venture capital, start-ups and hi-tech.

    • Over the past ten years Clifford has been described by European Legal 500 as: “one of the leading corporate lawyers in Israel”, “a master at conducting tricky cross-border negotiations”., “having the ability to cut straight to the important points in a deal”, “having outstanding skills in maneuvering all sides to a deal”, and "superb at acting for venture capital funds”.

    • Who’s Who Legal: 2019 has recognized Clifford Davis as being a leading expert in the fields of Mergers & Acquisitions and Corporate Governance.

    • IFLR1000: 2019 has recognized, Clifford Davis, as being a highly regarded lawyer in the fields of Banking and Finance, Capital Markets and M&A.

    • He is ranked as a “life sciences star” by LMG Life Sciences Europe.

    • Chambers Global 2018: Has an equally impressive reputation in the domestic and international markets, advising banks, financial institutions and corporations on various financings. "He is very business-minded and practical and is able to complete very complex missions in very short timeframes."

    • Chambers Global 2018: "A well-known and respected practitioner noted for his expertise in the fields of banking and M&A."

    • Who's Who Legal: Competition 2018 recognized Clifford Davis, as a leading expert in the Merger & Acquisition and Corporate Governance fields.

    • IFLR1000: Competition 2017 recognized, Clifford Davis, as a Highly regarded lawyer in the Banking, Capital markets and M&A fields.

    • Chambers Global 2016: "Cliff is a master at conducting tricky cross-border negotiations".

    • Chambers Global 2015 report that "Cliff is attuned to the needs of international clients and law firms" ; "He has experience advising on large-scale international export credit financings".

    • Chambers Global ranks Clifford as one of Israel's leading lawyers in the fields of banking & finance and corporate and M&A;

    • Chambers Global has described Clifford as an "outstanding lawyer" with "encyclopaedic knowledge" who is "brilliant at understanding concepts and putting them into words" and praises him for “his responsive and pragmatic commercial advice” as well as his "excellent strategic and tactical thinking". Chambers Global further quotes clients who have commented on "his excellent understanding of what we want on a transaction and the most effective way of realising our aims. He's also an exceptional negotiator" and Clifford being "an outstanding lawyer with a lot of professional integrity, flexible and cross-cultural experience". He has also been described by Chambers Global as being "an excellent banking lawyer" as well as "having impressive experience in cross-border M&A";

    • The Legal 500 ranks Clifford as one of Israel's leading lawyers in the field of corporate and M&A and recommends him in the fields of banking and finance, corporate and mergers and acquisitions, venture capital, start-ups and hi-tech. Clifford has been described by The Legal 500 as:

    • "superb at acting for venture capital funds" in the field of hi-tech, start-ups and venture capital (Legal 500, 2015 edition);

    • "a great technician" in the field of corporate and mergers and acquisitions (Legal 500, 2015 edition);

    • "having the ability to cut straight to the important points in a deal" in the field of hi-tech, start-ups and venture capital (Legal 500, 2013 edition);

    • "outstanding skills in manoeuvring all sides to a deal" in the field of corporate and M&A (Legal 500, 2013 edition);

    • "an outstanding lawyer" in the field of banking and finance (Legal 500, 2012 edition);

    • "one of the leading corporate lawyers in Israel" (Legal 500 ,2009 edition);

    • Which Lawyer recommends Clifford as one of Israel’s leading lawyers in the fields of corporate law, mergers and acquisitions, projects, banking and finance, life science and telecoms;

    • European Legal Experts (2014) recognises Clifford for his expertise in the areas of Banking & Finance, Capital Markets, Corporate and M&A, IT and Telecoms, and Project Finance/energy;

    • IFLR1000 (2014) recognises Clifford as a leading lawyer in banking and finance, capital markets and M&As;

    • He is ranked as an expert in Corporate Governance by Who's Who Legal 2015;

    • He is ranked as a "life sciences star" by LMG Life Sciences Europe 2014.

  • Clifford is a member of the Israel Bar Association, the Law Society of England and Wales, the City of London Law Society, and the Israel-British Law Association (BISLA), where he is a committee member.

     

    He is an associate member of the American Bar Association.

     

    Clifford speaks on a range of topics such as corporate finance law in Israel and IP Due Diligence in Israel. He has given lectures at professional events in the UK, the US and Israel.

     

    He was executive producer of two full-length motion pictures in which he represented the financiers and was formerly the Company Secretary of Ealing Studios Productions Plc.