FRANCE - Astorg takes 32% stake in EUR 500m Gras Savoyarde

Insurance broker Gras Savoye advises and helps its clients in the prevention and management of risk. With a presence in 36 countries across Europe, Africa, the Middle East and Asia, it's ranked top of the French market and ninth worldwide.

Astorg's support will enable Gras Savoye to execute development plans and improve performance, partly through an international commercial and operational cooperation with Willis.

In addition to a vendor loan provided by Willis and other existing shareholders, nine banks provided a senior debt facility of EUR 150m to support the deal, making this one of the largest LBOs completed in France since September 2008.

Following the deal, Willis, Astorg, Gras Savoye family shareholders will each hold a 31.8% stake each, with management retaining the balance of 4.5%. Willis has also secured the possibility of wholly acquiring the group in 2015.

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• Topics
• Buyouts
• France