Cleary Gottlieb is advising Bridgepoint and Eurazeo on the exclusive discussions with BPCE announced on May 12, 2011 relating to the acquisition of Foncia.
As the leading residential real estate services company, Foncia has a network of more than 600 branches run by nearly 7,000 employees. It operates in France, Switzerland, Germany and Belgium, and offers a complete range of services for the residential real estate market: lease management, joint property management, sales advice, financing research, insurance and technical diagnoses.
Foncia’s enterprise value is EUR1.017 billion. Eurazeo and Bridgepoint would invest about EUR480 million in equity capital (including EUR240 million on the part of Eurazeo and Eurazeo Partners). BPCE would invest EUR200 million in the business, under conditions that protect Eurazeo and Bridgepoint’s returns. The balance of the acquisition will be financed by debt of EUR395 million. The company will also have access to EUR90 million in available financing to assist with its development.
The transaction is still subject to the consultation with staff representative bodies and to the agreement of the competition authorities.
The Cleary Gottlieb team in Paris comprises partner Pierre-Yves Chabert and associates Charles Masson and Marion Gauvain with respect to corporate matters, partner Anne-Sophie Coustel and associate Jean-Charles Benois with respect to tax matters, and partner Valérie Lemaître with respect to financing matters.