JCDecaux takes 15.4% stake in Eurazeo

The Decaux family is acquiring the stake through the JCDecaux Holding entity. Crédit Agricole held around 11.3 million shares in Eurazeo, representing a total consideration of €790.5m. The bank had been backing Eurazeo since 2004.

Following the transaction, Eurazeo's share capital will be split as follows: a group of shareholders (led by investment banker Michel David-Weill) holds the largest stake with 17.4%; JCDecaux holds 15.4%; Sofina has 5.5%; and the Richardson family retains 3%. Around 58.7% of Eurazeo's shares are still in free float.

Crédit Agricole said the disposal was aligned with its strategy to divest its capital-consuming, non-controlling stakes, and will help it book a positive impact on its net income group share of around €100m.

The deal binding JCDecaux and Eurazeo also includes a governance agreement that should "help consolidate Eurazeo's independence," the GP said in a statement. The agreement will last for 10 years, and provides the nomination of two JCDecaux representatives to the Eurazeo supervisory board. Both of them will sit on the firm's compensation and audit committees, and one of them will be proposed as vice-chair of the finance committee.

The agreement also states that JCDecaux will stick to a 23% cap on its holding in Eurazeo, and that the sale of any of its shares is subject to a three-year lock-up period. After those three years, any subsequent sale will be governed by a priority negotiating rights mechanism and a right of first refusal for Eurazeo, the GP added.

Eurazeo recently launched its latest investment arm, Eurazeo Brands, with up to $800m of investment capacity dedicated to the consumer and retail sectors. 

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