IFLR1000 Reviews


Solicitors governing body: Ordre National des Avocats de Tunisie

Competition authority: Conseil de la Concurrence Tunisie

Financial regulator: Conseil du Marché Financier

IFLR1000 ranking categories in this jurisdiction: 

Financial and corporate

Jurisdiction overview

Tunisia is a former French protectorate that shares close cultural and economic links to the country. The French language is still spoken by an estimated 63% of the population, and is an important part of the professional domain. The country is part of the Maghreb region and as such also maintains strong bonds with the markets of Algeria and Morocco.

The legal system is a combination of French civil code and Islamic law.

Practicing law is restricted to Tunisian nationals, and foreign firms are unable to practice in Tunisia without working in conjunction with local lawyers. As a result of this, the market is still dominated by domestic firms, but international outfits are present: Global Lawyers North Africa work closely with French firm Gide Loyrette Nouel, and Dakhlaoui is associated with Bird & Bird. King & Spalding and CMS Bureau Francis Lefebvre are also active in Tunisia, but work is managed by their French and Algerian offices respectively.

Financial and corporate
Ferchiou & Associés

Ferchiou & Associés is strong in banking and M&A and known for working on cross-border deals.

During the research period the firm advised lenders on loan facilities and a borrower on a financing for a power project. 

In M&A the firm advised on deals in the food and oil and gas industries and on a merger in the telecommunications sector, doing work for buyer and sellers.

Recent Deal Data highlights

•Alcatel / Nokia merger

•Lesaffre acquisition of Rayen Food Industries

•Enda Tamweel €5 million financing


Client feedback

"The firm is pragmatic, responsive and is a pleasure to deal with." - M&A

Cabinet Hedda-Ellouze Ellouze & Belajouza-Felli

Cabinet Hedda-Ellouze Ellouze & Belajouza-Felli is a Tunisian firm that has recently been active in capital markets and M&A work. 

During the research period the firm worked for issuers on a bond sale and a capital increase in the financial services sector. It also worked for an investor making an acquisition in the food industry.

Recent Deal Data highlights

•Advans Tunisia $4 million bond issue

•Enda Tamweel $24 million capital increase 

•Gulf Capital $22 million investment in CHO company

Kammoun & Kallel

Kammoun & Kallel is active across the financial and corporate space.

During the research period the firm worked for a lender on a financing agreement and was busy advising sellers on M&A deals in the financial services, media and infrastructure sectors. 

Recent Deal Data highlights

•Sonede €60 million financing

•Triki Group acquisition of Zitouna Bank


Client feedback

"The firm provided professional work, fast and accurate." - Project development 

Zaanouni Law Firm

Zaanouni Law Firm is a local firm active in the financial and corporate areas.

During the research period the firm’s work in capital markets included advice to an issuer on an IPO.

In M&A the firm represented sellers on matters in the technology and food sectors. It also advised an acquirer on a deal in the education industry and worked for joint venture partners on a deal in the real estate sector.

Recent Deal Data highlights

·         Christine Confection Tunisian Stock Exchange IPO

·         Honoris United Universities acquisition of UPSAT group

·         UGFS acquisition of MS Solutions Group