TF1 and M6’s Exclusive Negotiations in View of a Merger

Bredin Prat, Allen & Overy, Arsène Taxand and DDG advised M6, while White & Case advised RTL Group. Darrois Villey Maillot Brochier, Vogel & Vogel and Flichy Grangé advised Bouygues and groupe TF1.

RTL Group, Europe’s largest broadcaster, entered into exclusive negotiations with Groupe TF1, Groupe M6 and Groupe Bouygues to merge the activities of Groupe TF1 and Groupe M6 and create a major French media group.

The proposed merger has been unanimously approved by the boards of Groupe TF1, Groupe Bouygues, RTL Group and Groupe M6.

Following the transaction, Bouygues and RTL Group will hold respectively 30 percent and 16 percent of the new group, following the €641 million acquisition of an 11 percent stake by Groupe Bouygues from RTL Group. Groupe Bouygues will have exclusive control over the merged company, acting with RTL Group as a strategic shareholder.

The transaction is expected to close by the end of 2022. In compliance with French legislation, Groupe TF1 and Groupe M6 will initiate information and consultation procedures with the employee representatives. The completion of the transaction remains subject to the approval of the shareholders of M6 and TF1 and is also subject to customary condition precedents, in particular the approvals from the antitrust authorities (Autorité de la Concurrence) and media regulator (Conseil Supérieur de l’Audiovisuel). The transaction will also lead to a request for exemptions from the compulsory filing of a public offer project with the Autorité des marchés financiers.

Bredin Prat advised M6 with Sébastien Prat (partner), Sophie Cornette de Saint Cyr (Picture, partner), Jean-Damien Boulanger (counsel), Valentine Pouyet, Sophie Tricot, Kathleen Quinard and Arthur Schaefer.

Allen & Overy advised M6 with Romaric Lazerges, Gabrielle Nivet, Charles-Hugo Lerebour, Denis Andres, Pierre Deprez and Philippe Bonnet.

The White & Case team in Paris which advised RTL Group was led by partner Marc Petitier and included partners Jérémie Marthan, Jean-Luc Champy, Alexandre Ippolito and Alexandre Jaurett, counsel Estelle Jégou and associates Olivier Pâris, Tiphanie Levassort, Hugo Chevillot, Rahel Wendebourg, Quirec de Kersauson, Claire Sardet and Cécilia Grosjean.

Involved fees earner: Romaric Lazerges – Allen & Overy; Denis Andres – Arsene Taxand; Jean-Damien Boulanger – Bredin Prat; Sophie Cornette de Saint Cyr – Bredin Prat; Valentine Pouyet – Bredin Prat; Sébastien Prat – Bredin Prat; Kathleen Quinard – Bredin Prat; Arthur Schaefer – Bredin Prat; Sophie Tricot – Bredin Prat; Philippe Bonnet – Deprez Guignot Associes; Pierre Deprez – Deprez Guignot Associes; Jean-Luc Champy – White & Case; Hugo Chevillot – White & Case; Quirec de Kersauson – White & Case; Cécilia Grosjean – White & Case; Alexandre Ippolito – White & Case; Alexandre Jaurett – White & Case; Estelle Jégou – White & Case; Tiphanie Levassort – White & Case; Jérémie Marthan – White & Case; Olivier Pâris – White & Case; Marc Petitier – White & Case; Claire Sardet – White & Case; Rahel Wendebourg – White & Case;

Law Firms: Allen & Overy; Arsene Taxand; Bredin Prat; Deprez Guignot Associes; White & Case;

Clients: M6 ; RTL Group;

Author: Naoual Sadouqi

Leave a Reply