.
.

Zaoui & Co. advised LafargeHolcim on the restructuring and enlargement of its partnership in Morocco with SNI:

  • Merger of publicly traded Lafarge Ciments Maroc and Holcim Maroc based on a parity of 1.20 Lafarge Ciments Maroc shares for every Holcim Maroc share with payment of a special dividend ‎from the "prime de fusion"
  • SNI will acquire a 6.5% stake in the combined group from LafargeHolcim and maintain equal ownership in their Moroccan joint-venture
  • LafargeHolcim and SNI will create a joint venture in Africa starting with the acquisition of LafargeHolcim’s operations in several countries


  • Size of the transaction: €3.6bn

    Date of announcement: 17 March 2016

    Status: Pending

    Zaoui & Co. was financial advisor to AccorHotels on the acquisition of Fairmont Raffles from Qatar Investment Authority and Kingdom Holding:

  • Accor will pay for the acquisition through the issuance of 46.7 million new Accor shares and a cash payment of $840 million
  • Qatar Investment Authority and Kingdom Holding will become major shareholders in Accor with 10.5% and 5.8% of the share capital, respectively


  • Size of the transaction: $2.9bn

    Date of announcement: 9 December 2015

    Status: Closed

    Zaoui & Co. was the sole advisor to Alcatel-Lucent in the combination with Nokia to create a European champion and global leader in ultra-broadband, IP networking and cloud applications:

  • Nokia to launch a share exchange offer in France and in the United States, on the basis of 0.55 Nokia share for every Alcatel-Lucent share, resulting in a 33.5% equity ownership
  • The offer represents a fully diluted premium of 34% over Alcatel-Lucent 3-month stock price


  • Size of the transaction: €15.6bn

    Date of announcement: 15 April 2015

    Status: Closed

    Zaoui & Co. advised Lafarge on the sale to CRH of a global portfolio of assets belonging to Lafarge and Holcim:

  • The transaction value represents a multiple of 8.7x estimated 2014 EBITDA
  • The transaction is a key step towards the creation of LafargeHolcim


  • Size of the transaction: €6.5bn

    Date of announcement: 2 February 2015

    Status: Closed

    Zaoui & Co. advised Dresser-Rand on its sale to Siemens:

  • Offer price of $83 per share representing a 37% premium to Dresser-Rand’s unaffected share price
  • The transaction value represents a multiple of 17.6x Dresser-Rand’s last twelve months EBITDA as of June 30, 2014
  • Combines two highly complementary businesses to create a leading world-class supplier to the oil and gas industry
  • Dresser-Rand to become the platform for oil and gas equipment solutions within Siemens


  • Size of the transaction: $7.6bn

    Date of announcement: 22 September 2014

    Status: Closed

    Zaoui & Co. advised the shareholders of Primonial on its sale to Crédit Mutuel Arkéa:

  • Primonial acquired by a leading French mutual bank
  • Terms of the transaction not disclosed


  • Size of the transaction: Not disclosed

    Date of announcement: 8 July 2014

    Status: Closed

    Zaoui & Co. advised BIM (founder Robert Zolade’s holding) on Elior’s IPO:

  • Pre-IPO, BIM’s stake was 25%, alongside Charterhouse (62%), Chequers (8%) and management (5%)
  • IPO size of €845m, implying a post-money equity valuation for Elior of €2.4bn
  • BIM acquired €85m in shares at the IPO, strengthening its position as a key shareholder of around 20%


  • Size of the transaction: €845m

    Date of announcement: 28 May 2014

    Status: Closed

    Zaoui & Co. advised GlaxoSmithKline on its major three-part transaction with Novartis:

  • Creation of a Consumer Healthcare joint venture, a new world-leading business with 2013 pro forma revenues of $ 11bn. GSK will have majority control with an equity interest of 63.5%
  • Acquisition of Novartis’ Vaccines business for $7.1bn including milestone payments of up to $1.8bn
  • Divestment of GSK’s Oncology portfolio for $16.0bn


  • Size of the transaction: $57bn

    Date of announcement: 22 April 2014

    Status: Closed

    Zaoui & Co. advised Lafarge on its merger with Holcim:

  • Merger of the two largest, most global building materials groups
  • Merger-of-equals to be structured as a public exchange offer of Holcim on Lafarge with an exchange ratio of 9 Holcim shares for 10 Lafarge shares


  • Size of the transaction: €40bn

    Date of announcement: 7 April 2014

    Status: Closed

    Zaoui & Co. advised FFP/EPF on PSA’s capital increase and strategic alliance with Dong Feng:

  • €3.0bn capital increase, with the issuance of equity warrants to current shareholders leading to a potential further €0.8bn equity injection
  • Dong Feng and the French State both to invest €0.8bn
  • Following the transaction, the Peugeot family (FFP/EPF), Dong Feng and the French State will each own 14% of PSA
  • Strengthening of PSA and Dong Feng’s existing manufacturing and sales partnership in Asia


  • Size of the transaction: €3.8bn

    Date of announcement: 19 February 2014

    Status: Closed

    Zaoui & Co. advised the Bettencourt Meyers family on L’Oréal’s buyback of part of the stake owned by Nestlé:

  • L’Oréal will buy 8% of its share capital from Nestlé at a price of €124.8 per share in exchange for:
    • - L'Oréal’s 50% stake in dermatology company Galderma to Nestlé for a value of €3.1bn, and
    • - Cash for an amount of €3.4bn
  • Nestlé's stake in L'Oréal will be reduced from 29.4% to 23.3%
  • The Bettencourt Meyers family's stake will increase from 30.6% to 33.3%


  • Size of the transaction: €6.5bn

    Date of announcement: 11 February 2014

    Status: Closed