Banque Degroof Petercam Completes Sale to CA Indosuez

Cleary Gottlieb represented Banque Degroof Petercam SA/NV (BDP) in the sale to CA Indosuez, an entity of the Crédit Agricole group.

The transaction signed on August 3, 2023, and closed on June 3, 2024. It is based on a valuation of €1.59 billion (after certain adjustments including a ticker fee) for 100% of the capital of BDP.

The transaction took the form of a private sale of a 61.65% stake (in voting shares) from certain reference shareholders. In addition, 139 shareholders who had tag along rights in the context of the transaction sold a 5.99% stake (in voting shares) to CA Indosuez. It will be followed shortly by a voluntary tender offer for the remaining shares held by minority shareholders.

Closing was subject to several conditions precedents, including the non-objection of the European Central Bank and the authorization from the European Commission under merger control and foreign subsidies regulations. Such conditions were all satisfied by May 24, 2024, allowing closing to take place exactly ten months following signing.

BDP is a leading independent bank whose activities are centered around private banking, asset management, asset services, and investment banking; it has €74 billion in assets under management. CA Indosuez is the private banking brand of the Crédit Agricole group and has €135 billion assets under management. The combination will create a leader in European wealth management.

The transaction is one of the most significant M&A transactions in the financial services sector in Europe in 2024.

For more information, please see the press release here.