Tikehau acquires 51% of Salvepar

Tikehau acquired the stake at €86.24 per share, which amounts to approximately €69.4m. Tikehau's bid exceeds the firm's 52-week high of €85.50 by almost 1%. Salvepar is currently listed on the NYSE Euronext in Paris under the ticker symbol SY.

Tikehau intends to file a simplified takeover bid for the remaining outstanding shares of the company. The bid will be subject to approval by regulatory authorities.

The acquisition is part of Tikehau's strategy to increase its activity in the fund management space.

The sale of Salvepar was led by Société Générale CIB.

Company
Salvepar is a French investment management company focusing on diversified medium and long-term investments. Until Tikehau's acquisition, it was majority owned by Société Générale.

According to its investment strategy, Salvepar takes 5-20% minority stakes in listed and unlisted family-owned companies in the industrial sector. Salvepar's net asset value was €150m at the end of 2011 and €160m on 30 June 2012. The current NAV is estimated to be €163m.

People
Tikehau's co-founders Antoine Flamarion and Mathieu Chabran led the deal, along with Arnaud de Pesquidoux, general counsel, and Guillaume Benhamou, director of investments at Tikehau Capital Partners.

Advisers
Equity - Gide Loyrette Nouel, Didier Martin, Antoine Tezenas du Montcel, Antoine Egnell, Guillaume Jolly, Nelson Da Riba (Legal, tax); Lazard (M&A); Ernst & Young (Financial due diligence).
Vendor - Herbert Smith Freehills, Frederic Grillier, Olivier Jouffroy, Sophie de Labrouhe, Evelyne Girio (Legal).

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• Topics
• France
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• Buyouts
• France
• Societe Generale
• Gide Loyrette Nouel
• Ernst & Young