Cleary Gottlieb advised Groupama in a reorganization aimed at simplifying the structure through which Groupama and Caisse des Dépôts et Consignations held their stakes in Icade, a Euronext-listed real estate investment company, as part of their partnership.
In order to achieve this simplification, Icade conducted an absorption-type merger with HoldCo SIIC, the holding company regrouping the stakes of Groupama and Caisse des Dépôts et Consignations, as the absorbed company. The contributed assets were valued at €2.8 billion.
The transaction resulted in Groupama and the Caisse des Dépôts et Consignations becoming direct shareholders of Icade (to the extent of approximately 13 percent and 39 percent, respectively) and Icade no longer belonging to the public sector. Groupama and the Caisse des Dépôts et Consignations have entered into a new shareholders’ agreement.
The merger was completed to coincide with Icade’s annual combined general meeting on May 23, 2016, during which it was approved.