Eurazeo is pleased to announce that the entire 15.4% stake in Eurazeo, previously held by Crédit Agricole SA, has been acquired by the Decaux family through its investment vehicle, JCDecaux Holding.
This transaction underlines the attractiveness of Eurazeo, one of Europe’s leading listed investment companies, at a time when the company has accelerated its strategic development through a number of significant initiatives, notably in international markets. Eurazeo has thus demonstrated, through its performance in recent years, its capacity to create value over the long-term through its specific business model, the quality of its teams and the companies in which it is a shareholder. The investment by the new shareholder confirms the relevance of Eurazeo’s strategy and the potential for appreciation of its portfolio.
The investment is based on a spirit of long-term shareholder commitment and embodies respect for the values of independence and sustainable value creation.
This transaction, which also includes a governance agreement, consolidates Eurazeo’s independence which has long been founded on a stable core of entrepreneurial and family shareholders.
Michel David-Weill, Chairman of Eurazeo’s Supervisory Board, said: “We are very pleased to welcome the Decaux family as a new core shareholder, with whom we share the same strategic vision, the same entrepreneurial DNA and the same Commitment to Eurazeo’s independent model.
We are grateful to Crédit Agricole for its support over the last 20 years.”
Patrick Sayer, CEO of Eurazeo, added: “With the support of a shareholder of the quality of the Decaux family, Eurazeo will continue to ramp up its unique strategy, helping to grow and transform its companies and creating value for its shareholders.” Jean-Charles Decaux, Chairman of JCDecaux Holding, said:
“We are especially pleased to be able to accompany Eurazeo in the long term and to participate in the acceleration of its development.
This significant investment bears witness to our conviction that Eurazeo has the potential to grow, thanks to the quality of its strategy and its management.”
Governance agreement In light of the long-term nature of JC Decaux Holding’s investment, the transaction will include a governance agreement between JCDecaux Holding and Eurazeo, to take effect upon the acquisition of Crédit Agricole SA’s stake, in order to consolidate Eurazeo’s independence which has long been founded on a stable core of entrepreneurial and family shareholders. This governance agreement, which will last 10 years, provides for the nomination of two JCDecaux Holding representatives to the Eurazeo Supervisory Board. These representatives will also be proposed as members of the Compensation Committee and the Audit Committee. In addition, one of them will be proposed as Vice-Chairman of the Finance Committee.
JCDecaux Holding will respect a 23% cap on its holding in Eurazeo subject to certain termination events and exceptions.
In addition, any possible sale of the Eurazeo stock held by JCDecaux Holding will be covered, except in certain cases, by a three-year lock-up. Finally, after those three years, any subsequent sale will be governed by apriority negotiating rights mechanism and a right of first refusal for Eurazeo. The main requirements of the agreement will be the subject of a notification to the AMF, which will publish a summary in line with the applicable regulations.
With a diversified portfolio of approximately €6 billion euros in diversified assets and €1 billion in assets under management, Eurazeo is one of the leading listed investment companies in Europe. Its purpose and mission is to identify, accelerate and enhance the transformation potential of the companies in which it invests. The Company covers most private equity segments through its five business divisions- Eurazeo Capital, Eurazeo Croissance, Eurazeo PME, Eurazeo Patrimoine and Eurazeo Brands.
Its solid institutional and family shareholder base, robust financial structure free of structural debt, and flexible investment horizon enable Eurazeo to support its companies over the long term. Eurazeo is a shareholder in AccorHotels, ANF Immobilier, Asmodee, CIFA, Desigual, Elis, Europcar, Fintrax, Grape Hospitality, Les Petits Chaperons Rouges, Moncler, Neovia, Novacap, Sommet Education, and also SMEs such as Péters Surgical, and Flash Europe International, as well as start-ups such as Farfetch and Vestiaire Collective.
Eurazeo is listed on Euronext Paris.