Sofina in €545 Million Rights Offering

Cleary Gottlieb represented Sofina in its €545 million rights offering.

The rights offering launched on September 24, 2025, and closed on October 7, 2025.

The rights offering will enable Sofina to increase the capital deployment capacity of its investment platform, through additional investments in new or existing portfolio companies and an increase in commitments to venture and growth funds managed by existing or additional general partners.

The rights offering included a public offering in Belgium to existing shareholders and holders of extra-legal preferential rights and a subsequent international private placement of new shares not subscribed in the public offering, pursuant to scrips converted from unexercised preferential rights, in reliance on Regulation S of the Securities Act of 1933. The offering was underwritten by a banking syndicate led by Morgan Stanley and BNP Paribas Fortis as joint global coordinators, with Belfius Bank, ING Belgium, KBC Securities, and Société Générale acting as joint bookrunners. Sofina’s reference shareholder participated in the rights offering pro rata to its 55% shareholding.

Sofina is a Belgian family-backed, global investment company listed on Euronext Brussels with a net asset value of €9.8 billion. Sofina leverages distinct investment styles that together cover the full growth stage of companies, from inception to maturity. Its portfolio is split approximately equally between direct, minority investments in private and listed companies, and investments in mainly venture and growth capital funds. Deploying its capital across North America, Europe, and Asia in five sectors of focus (Consumer and retail, Digital transformation, Education, Healthcare and life sciences, and Sustainable supply chains), Sofina has the capability to invest and support a company at each stage in its growth cycle, from early stage through growth stage to expansion stage.