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Darrois Villey Maillot Brochier advises Airbus Group on the sale of its remaining interest in Dassault Aviation

Darrois Villey Maillot Brochier advised Airbus Group on the sale of Dassault Aviation shares and the issue of bonds exchangeable into Dassault Aviation shares.

The sale was carried out through a private placement by way of an accelerated bookbuilding up to 9.05% of Dassault Aviation’s share capital and through a repurchase of shares by Dassault Aviation’s up to 5.5% of its share capital, at a share price of €950, for a total amount of approximately €1.26 billion.

In addition to the equity placement and the buyback, Airbus Group issued zero coupon bonds due 2021 for a nominal amount of €1,078 million, which will be exchangeable into Dassault Aviation shares at a premium of 37,5 percent above the equity placement price, representing an exchange price of €1,306.25.

The total gross proceeds from the combined transactions amounts to €2,379 million.

In case of exchange in full of the bonds, Airbus Group will have sold all its remaining interest in Dassault Aviation.

As part of these transactions, the French State has agreed to waive its rights under the shareholders’ agreement entered into with Airbus Group.

BofA Merrill Lynch, BNP PARIBAS, Deutsche Bank AG, London Branch, Goldman Sachs International and J.P. Morgan acted as Joint Bookrunners on both the equity placement and the bond issue on behalf of Airbus Group. Rothschild & Cie acted as financial advisor to Airbus Group in relation to the transaction.

Edouard Eltvedt and David Zakin intervened on legal aspects of the transaction within Airbus Group.

Darrois Villey Maillot Brochier has advised Airbus since the reorganization of its shareholding, the execution of the shareholders’ agreement relating to Dassault Aviation with the French State in 2013 and on the two previous disposals of Dassault Aviation shares in November 2014 and March 2015.

The DVMB team was led by Bertrand Cardi, Christophe Vinsonneau (partners), Laurent Gautier (counsel), Romain Querenet de Breville and Cécile de Narp in M&A and capital markets. Vincent Agulhon (partner) and Loïc Védie (counsel) advised on tax matters.

Airbus Group was also advised by Allen & Overy LLP on English and U.S. law aspects.

The bank syndicate was advised by White & Case LLP.