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Darrois Villey Maillot Brochier advises Bouygues on its participation in Alstom’s rights’ issue in a cash neutral “tail swallow” transaction

Paris, 4 December 2020

Darrois Villey Maillot Brochier advised its client Bouygues S.A. (“Bouygues”) in connection with its participation in Alstom S.A.’s (“Alstom”) c. € 2 billion rights’ issue by way of a cash neutral “tail swallow” transaction. Bouygues subscribed for 1.65 million new Alstom shares financed by the sale, on November 16, 2020, of 16.45 million Alstom preferential subscription rights, for a total amount of c. € 49 million euros, in an accelerated bookbuilt offering to qualified investors.

Following the settlement and delivery of the capital increase, Bouygues will hold approximately 8% of Alstom’s share capital (before the capital increases reserved for affiliates of CDPQ and Bombardier Inc., respectively).

The Darrois Villey Maillot Brochier team was led by Bertrand Cardi and Laurent Gautier (partners) and includes Romain Querenet de Breville on corporate and capital markets aspects, Ben Burman (partner) on US securities law aspects and Loïc Védie (partner) on tax aspects.