Darrois Villey Maillot Brochier advises Bouygues in the context of the acquisition by Alstom of Bombardier Transportation
Paris, February 18, 2020
Darrois Villey Maillot Brochier advised Bouygues in connection with the acquisition of Bombardier Transportation and the execution of a Memorandum of Understanding with Bombardier Inc. and Caisse de dépôt et placement du Québec (“CDPQ”).
Post-transaction, Alstom will have a backlog of around €75bn and revenues around €15.5bn. The price for the acquisition of 100% of Bombardier Transportation shares will be €5.8bn to €6.2bn which will be paid via a mix of cash and new Alstom shares. CDPQ will reinvest c.€2bn corresponding to 100% of cash proceeds to be received from the sale of its stake in Bombardier Transportation and further invest €0.7bn in Alstom, outlining its strong belief in the strategic rationale and value creation potential of the combination.
Bouygues will remain an important shareholder of Alstom with around 10% of capital (post equity raising transactions including rights issue). It is fully supportive of the transaction and undertook to vote in favor of the transaction-related resolutions at the EGM.
The Darrois Villey Maillot Brochier team is led by Bertrand Cardi and Christophe Vinsonneau (partners) and includes Cécile de Narp and Stanislas Darrois (associates) on corporate and M&A aspects, together with Laurent Gautier (partner) on capital market aspects, Christopher Grey (counsel) on English law aspects, Martin Lebeuf (partner) on financing aspects and Didier Théophile (partner) on antitrust aspects.
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