Groupe BPCE has agreed today to dispose of a 10.7% stake in Nexity’s share capital to Crédit Agricole Assurances (via its subsidiary Predica), Crédit Mutuel Arkéa and to an investment vehicle controlled by Nexity’s executives
Groupe BPCE has announced the disposal of 5.5 million Nexity shares representing 10.2% of the share capital of the company to Crédit Agricole Assurances (via its subsidiary Predica) and Crédit Mutuel Arkéa as well as 0.3 million shares representing 0.5% of the share capital of the company to an investment vehicle (NewPort SAS) controlled by Nexity’s executives and whose representative is Alain Dinin, Chairman and CEO of Nexity. This disposal amounts to a total of 206 million euros (based on a transaction price of 35.5 euros per Nexity share ex-dividend 2014). The completion of the transaction will occur on 27 May 2015.
Moreover, NewPort has also committed to acquire from Groupe BPCE, under financing condition, up to 802,000 additional shares representing a stake of up to 1.5% of Nexity’s share capital at the same price per share. This additional acquisition will have to occur before the 8 July 2015.
Groupe BPCE which had three representatives at the Board of Directors of Nexity will renounce to two seats consistently with the reduction of its stake in Nexity’s share capital.
This disposal forms part of the implementation by Groupe BPCE of its strategic plan, aiming atreducing or disposing of its parts in its non-core assets. Following the transaction, Groupe BPCE’s residual stake in Nexity will stand at 22.7% and possibly at 21.2% in case of the completion of the afore mentioned additional disposal to NewPort.
The lock-up undertaken by BPCE in the context of the 2 December 2014 placement, ending on 9 June 2015, was lifted only as part of the Transaction and only for the shares related to it.