BPI France launches €505m Eiffage share sale

The amount represents 7,634,719 shares, equating to 7.78% of the company's share capital. It includes the acquisition by Eiffage of 1 million of its own shares worth around €66m, representing a 1.02% stake.

BPI France has agreed to a 180-day lock-up period as of the settlement and delivery date of the transaction, subject to customary exceptions, on the entirety of its remaining holding.

Following the transaction, BPI will retain 5.67% of the share capital and 4.94% of the voting rights in Eiffage.

The placement was led by Societe Generale as global coordinator and joint bookrunner. Bank of America Merrill Lynch and Barclays Bank acted as joint bookrunners on behalf of BPI France Participations.

BPI invested in Eiffage at different stages via its predecessor FSI (Fond stratégique d'investissement); the latest investment was in 2011, when the fund took its total stake up to 20.6% as part of a PIPE deal.

Company
Established in 1993, Eiffage provides construction and maintenance services for buildings and infrastructure, as well as electrical and climate-control engineering facilities.

Based in Vélizy-Villacoublay, France, the company was formed by the merger of construction businesses Fougerolle and SAE. It reported €14bn of turnover in its most recent annual report in 2014, and manages around 100,000 projects a year.

People
BPI France – Bertrand Finet (executive director).

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