Caisse des Dépôts (CDC) has received a binding offer from Tikehau Capital to acquire a 42% stake in its subsidiary Egis, with the proposed transaction expected to be completed by the end of 2021 subject to the approval of the relevant administrative and regulatory authorities.
Pursuant to the proposed transaction, Tikehau Capital would hold 40% to 44% of Egis’ capital, through its T2 Energy Transition Fund, managed by Tikehau Investment Management. Caisse des Dépôts would retain 34% alongside Egis’ executive partners and employees who would hold approximately between 22% and 26%2 of Egis’ capital.
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.
CDC, who has played a key role in the creation and development of Egis Group, 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 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, 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 and its commitment to maintain a significant employee shareholder base.
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.
Caisse des Dépôts is a 75% stakeholder of Egis with the remaining 25% being held by partner executives and employees. In 2020, Egis recorded a turnover of EUR 1.07 billion of which 42% is driven by the transport activity. Egis has 16,000 employees worldwide and 1,400 new hires in 2020.
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 EUR 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.
“Energy transition is a key pillar of Egis’ strategic plan. Through this proposed investment, via our energy
transition fund, we would be delighted to partner with Caisse des Dépôts and Egis’ management team and employees to support the Group in its ambitious growth plan, as it looks to expand its international footprint and develop its differentiated offering in tackling the climate emergency”, Tikehau Capital says.
Tikehau Capital is a global alternative asset management group with EUR 30.9 billion of assets under management and has developed a wide range of expertise across four asset classes as well as multi-asset and special opportunities strategies.