News and Deals
News and Deals
We have advised Nayarit Participations , the investment arm of a branch of the D'Ieteren family, on acquiring a controlling stake in D'Ieteren Group . This transaction includes a partial buy-out of S.P.D.G.'s stake.
D'Ieteren Group, a family-controlled listed investment firm, boasts a market capitalisation of approximately €12.7 billion and significant holdings in Belron (50.30%), TVH (40%), and D'Ieteren Automotive (100%).
Nayarit Participations will acquire 16.7% of D'Ieteren Group from S.P.D.G. Post-transaction, Nayarit will hold 50.1% of D'Ieteren Group. S.P.D.G. will gradually sell its remaining 10.9% in D'Ieteren Group over five years, subject to market conditions.
The acquisition will be financed through an extraordinary dividend of approximately €4 billion, funded by (re-)financings at Belron and D'Ieteren Group, plus around €850 million of available funds. These financings are on a best efforts basis and are a prerequisite for the acquisition.
The transaction is also subject to other conditions, including antitrust approvals in four jurisdictions. Some aspects of the deal were governed by Belgian company law’s related parties transaction regime, requiring prior assessment by a committee of independent directors and D'Ieteren Group's statutory auditor.
This is the largest transaction in the Belgian market in 2024 so far. Further, the transaction is the first in Belgium to require shareholders' meeting approval under the new rules regarding the disposal of significant assets, which is triggered by the pledge on shares given by the group in the context of new financing arrangements.
The Linklaters team is led by Charles-Antoine Leunen, Thierry L'Homme, Evita Bassot and Ludovic Meeus. The team also includes Anne-Sophie Vankemmelbeke, Lodewick Prompers and Caroline Borgers.