Parjointco NV’s Public Exchange Offer For All Publicly Pargesa Holding SA Shares

Lenz & Staehelin is advising the Desmarais and Frère groups in this transaction.

Parjointco, a company jointly controlled by the Desmarais and Frère family group, which currently owns 55% of Pargesa Holding SA, announced a public exchange offer for all publicly held Pargesa shares, to simplify the current holding structures. Under the exchange offer, Parjointco will offer shares in Groupe Bruxelles Lambert, a company listed on Euronext in Belgium, to the minority shareholders of Pargesa, which is listed on SIX Swiss Exchange. The offer is expected to be published on 22 April 2020.

Power Corporation currently owns a 50% indirect interest in Parjointco and, in turn, Parjointco currently owns 55% of Pargesa. As of today, Pargesa’s assets consist of a 50% indirect interest in GBL. Following this proposed transaction, Parjointco will maintain approximately the same economic equity interest in GBL of 28%, pro forma the completion of the proposed transaction.

Goldman Sachs is acting as exclusive financial advisor to Parjointco. Freshfields Bruckhaus Deringer, Lenz & Staehelin, Loyens & Loeff and Oberson Abelsare acting as legal advisors to Parjointco. Zürcher Kantonal bank is acting as offer manager.

Lenz & Staehelin is advising the Desmarais and Frère groups in this transaction with a team led by Jacques Iffland (Picture), and includes Ariel Ben Hattar, Federico Trabaldo Togna, Marie-Hélène Spiess, Ann Francesca Weibel, Clément Bouvier and Vincent Huynh Dac.

Involved fees earner: Ariel Ben Hattar – Lenz & Staehelin; Clément Bouvier – Lenz & Staehelin; Vincent Huynh Dac – Lenz & Staehelin; Jacques Iffland – Lenz & Staehelin; Marie-Hélène Spiess – Lenz & Staehelin; Federico Trabaldo Togna – Lenz & Staehelin; Ann Francesca Weibel – Lenz & Staehelin;

Law Firms: Lenz & Staehelin;

Clients: Parjointco NV;