Activa buys majority stake in listed Nexeya

Ellie Pullen
31 July 2013

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Activa Capital has acquired a 57.9% stake in NYSE Euronext-listed Nexeya, alongside BPI France Investissement, and launched an offer for the remainder of the shares.

The price of sale for the shares, at €12 per unit, gives Nexeya a market cap of approximately €47.8m.

Activa and Bpifrance plan on making a public tender offer for the remaining listed shares of Nexeya as soon as the acquisition of the majority stake has been formally completed, expected to happen in September this year. Activa, via the newco created to hold Nexeya's shares, will then be obligated to file a public tender offer with the French Stock Regulator (AMF). This could pave the way for a take-private deal, although it is not yet clear if Activa plans on doing so with Nexeya.

The newco will buy the shares in Nexeya currently held by BNP Paribas, Nextstage, Talence Gestion and members of the company's board, as well as a portion of the shares owned by Alto Invest. The board members of Nexeya who currently own a stake in the company comprise board chairman Jean-Yves Rivière, managing director Philippe Gautier and board member Marc Hababou, who collectively hold a 29.4% stake in the company. Rivière, Gautier and Hababou will invest in Activa's newco alongside BPI France, according to the GP.

After a brief suspension of quotation on the NYSE Euronext following a request from Nexeya, shares in the company began trading again today under the ticker symbol ALNEX.

Activa declined to comment on the transaction or the firm's future plans for the business.

Company
Founded in 1998, Nexeya is headquartered in Paris and currently employs 1,200 staff. The company designs and manufactures specialised electronic products for the defence, aeronautics, space, energy, transportation, telecommunications and finance industries, such as sensors, radar systems and signal processing systems.

The company also provides engineering and technology consulting services, as well as IT infrastructure assistance to its clients. Nexeya recorded revenues of €129.6m for 2012/13, as well as an EBIT of €8m.

People
Philippe Gautier is the managing director of Nexeya. Activa partners Christophe Parier and Olivier Nemsguern represented the GP on the deal.

Advisers
Acquirer - Natixis (Corporate finance).
Company - Edmond de Rothschild Corporate Finance (Corporate finance).