Gide, counsel to Viadeo on its reorganisation proceeding and its acquisition by Le Figaro
9 January 2017
Deals | France | Restructuring
Gide has advised Viadeo, a company listed on compartment C of Euronext Paris that operates a professional social networking site, and its US subsidiary APVO. After an out-of-court phase, the companies entered a reorganisation proceeding at the end of November 2016 in order to implement a sale plan. In this context, the takeover offer by Figaro Classifieds, part of Groupe Figaro and online job boards leader in France, was chosen by the Paris commercial court on 23 December 2016, less than one month after Viadeo began its reorganisation proceeding. A total of six applications had been made by other companies. The sale price is EUR 1.5 million and 78 employees of the company’s overall 126 employees will be kept on.
The takeover also includes the assets of US-based subsidiary APVO, which also entered into a French-law reorganisation proceeding, recognised by the North California US bankruptcy court, and which further acknowledged on 30 December 2016 the sale of APVO assets to Figaro Classifieds.
Legal counsel to Viadeo:
Gide: Caroline Texier and Axelle Toulemonde (partners) and Hadrien de Lauriston
Pachulski Stang Ziehl & Jones LLP: Debra Grassgreen (partner) and Jason Rosell (associate) on US law aspects
Legal counsel to Le Figaro: Altana: Pierre-Gilles Wogue and Julien Balensi (partners)