Primonial Group and La Financière de l'Echiquier (LFDE) have announced their agreement on a memorandum of understanding for the acquisition of a 100% stake in LFDE by the Primonial Group.
Primonial had acquired a 40% stake in LFDE in March 2018, thus becoming one of its reference shareholders.
The transaction consists in the acquisition of the remaining 60% held by the two founders and majority shareholders of LFDE, Didier Le Menestrel and Christian Gueugnier, and by some employees of the company.
The convincing results from the first synergies developed by Primonial and LFDE since 1 March 2018 have prompted Primonial Group's management and the current majority shareholders of LFDE to accelerate the acquisition process initially planned for 2020.
LFDE, a leading player in Asset Management undergoing steady and dynamic development on the European market, is set to diversify into new asset classes and to continue its growth within the independently-managed Primonial Group. This endorsement highlights the pivotal importance of LFDE for the Primonial group.
As of now, the Board of Directors of LFDE will be chaired by Stéphane Vidal, CEO of Primonial Group. Christophe Mianné will remain chief executive of LFDE. Didier Le Menestrel is appointed senior advisor within the Primonial Group.
The transaction has received full support from shareholders of Primonial, Bridgepoint and Crédit Mutuel Arkéa, and from Primonial Group's employee representative bodies, who also see this transaction as a unique opportunity to create a European leader.
The closing of the transaction, subject to customary regulatory clearances, notably the Autorité des Marchés Financiers' visa and the Autorité de la Concurrence's approval, should take place in the summer of 2019.