Caisse des Dépôts announces that it has received a binding offer from Tikehau Capital, the alternative asset management group, to acquire a 42% stake in its subsidiary Egis, a specialist in engineering, construction and mobility services.
Egis creates and operates smart infrastructure and buildings capable of responding to the climate emergency and the major challenges of our time, by enabling more balanced, sustainable and resilient regional development.
Pursuant to the proposed transaction, Tikehau Capital would hold 40% to 44% of Egis’ capital, through its T2 Energy Transition Fund1. Caisse des Dépôts would retain 34% alongside Egis’ executive partners and employees who would hold approximately between 22% and 26%2 of Egis' capital.
Tikehau Capital launched its T2 Energy Transition fund in 2018, providing growth equity to European companies that actively help to reduce GHG emissions that contribute to global warming. The fund completed its fundraising in early 2021 with over €1 billion raised, surpassing its original fundraising goals. To date, the fund has invested in 8 European companies focused on clean energy generation, low-carbon mobility, and energy efficiency.
Tikehau Capital’s investment would represent a major step in the realisation of Egis' strategic plan, which is primarily focused on the international market and aims to double its turnover within 5 years and position the group in the world's top 10 engineering companies. Tikehau Capital intends to support Egis in its ambition to become a leading player in intelligent and sustainable infrastructure to combat climate change and improve the global living environment.
The proposed transaction would take place at the end of an auction process that would result in Tikehau Capital being selected in the context of:
Its commitment to Egis’ development strategy and the preservation of its independent business model in its engineering and operation-maintenance activities;
Its ability to support Egis' growth over the long term, both financially and operationally;
Its compatibility with the values and objectives of Caisse des Dépôts;
Its commitment to maintain a significant employee shareholder base.
Caisse des Dépôts has played a key role in the creation and development of Egis Group, France's leading engineering company. It would continue to support Egis over the long term alongside Tikehau Capital and its executive partners and employees, in the context of the proposed transaction, with an active involvement in the group’s governance.
The acceptance of Tikehau Capital's offer would take place at the end of the information and consultation procedure with Egis Group's employee representative bodies, and the proposed transaction could be completed by the end of 2021, subject to the approval of the relevant administrative and regulatory authorities.
1 T2 Energy Transition Fund is a fund managed by Tikehau Investment Management SAS (reserved for professional investors) whose fundraising was completed in February 2021
2 Within the framework of the envisaged operation, the executive partners who currently hold 19% of the capital would have the possibility to acquire or sell a 2% stake to Tikehau Capital
