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CVC vehicle reaches agreement to boost stake in French insurance broker past 99%

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CVC vehicle reaches agreement to boost stake in French insurance broker past 99%

Andromeda Investissements SAS, a holding company indirectly owned by funds managed by CVC Capital Partners Ltd., acquired a 10.18% stake in French insurance broker April SA from Persée Participations.

Andromeda will pay €22 per share for the 4,178,649 shares, taking its total ownership of April to 99.01% of share capital and 98.71% of voting rights. It intends to acquire the remaining shares through a buyout offer, to be submitted for review to the Autorité des Marchés Financiers, followed by a squeeze-out.

CVC agreed in January 2019 to acquire Evolem's 65.13% stake in April, finalizing the transaction in June. As part of the transaction, Evolem agreed to take a minority stake in Andromeda, and Persée Participations will also reinvest part of the sales proceeds in equity instruments alongside CVC and Evolem.Evolem