FRANCE - Apax to sell ALAIN AFFLELOU

The sale of Alain Afflelou’s and Apax Partners’ shareholding at a EUR 33 price per share implies a total equity value of around EUR 500m for the company. This offer represents a premium of over 22% above the share price at the close of business on 23 February 2006 and exceeding 27% over the three month average share price.

The acquisition vehicle is to acquire a stake of 61.1% of ALAIN AFFLELOU SA’s share capital following block acquisitions (39.0% of ALAIN AFFLELOU SA’s issued share capital) and the completion of a contribution in kind (22.1% of the issued capital) by Afflelou and Apax Partners.

In accordance with the French market regulation, a public tender offer will be filed with the AMF on the entire remaining ALAIN AFFLELOU SA’s share capital. The same EUR 33 price per share offered to Afflelou and Apax Partners will be offered to all remaining shareholders of ALAIN AFFLELOU SA, upon receipt of the necessary AMF clearances. This public tender offer will be followed, if the necessary conditions are met, by a compulsory squeeze-out of the remaining shares and a subsequent delisting.

In this friendly offer,Afflelou is to sell two thirds of its interest and will reinvest the remaining share in the investment vehicle, together with Bridgepoint and Apax Partners. Apax Partners is to sell more than half of its interest.

This operation is subject to the clearance of the French antitrust authorities and should be effective in March 2006.

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• Topics
• Buyouts
• France