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Zaoui & Co. advised The Carlyle Group and CVC Capital Partners on their acquisition of ENGIE E&P activities

  • Neptune Energy, backed by funds advised by The Carlyle Group, CVC Capital Partners Fund VI and a group of co-investors would acquire a majority shareholding in EPI from ENGIE
  • PI is a large global E&P business focused on North West Europe and with operations in North Africa and South East Asia. EPI produces more than 150 kboepd and has proven and probable reserves of 672 mmboe


  • Size of the transaction: €4.7bn

    Date of announcement: 11 May 2017

    Status: Pending

    Zaoui & Co. advised FFP/EPF on PSA’s acquisition of Opel and Vauxhall from General Motors:

  • PSA will acquire Opel and Vauxhall’s automotive operations for €1.3bn
  • PSA and BNP Paribas will form a 50%/50% joint venture which will acquire GM Financial’s European operations for €0.9bn
  • As part of the transaction consideration, GM will receive €0.65bn in long-dated warrants, converting in 5 years at the earliest


  • Size of the transaction: €2.2bn

    Date of announcement: 6 March 2017

    Status: Pending

    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: Closed

    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