Evolem SA has entered into exclusive negotiations with CVC Capital Partners Ltd. for the transfer of its 65.13% equity stake in French insurance broker April SA to the private equity firm.
CVC is offering €22 per April share for the stake.
If the majority transfer is approved and goes forward, CVC would file a simplified public tender offer for the remaining share capital of April at the same price as paid to Evolem.
Said transfer would be expected to be completed during the second quarter of 2019, subject to regulatory approvals.
April's board appointed Associés en Finance as an independent expert to issue a report regarding the financial conditions and fairness of the public tender offer.