Gide is advising Long Path Partners, the main shareholder of ESI Group (Euronext - ISIN : FR0004110310), in the context of Keysight Technologies, Inc. entry into exclusive negotiations in order to acquire approximately 50.6% of the share capital of ESI Group at a price of €155 per share from a group of shareholders of the company including Long Path Partners.
ESI Group is a prototyping company specialising in the physics of materials. It develops sophisticated software solutions that simulate a product's behaviour during testing and real-life use.
The offer price of €155 per share represents a premium of approximately 72% to the closing price on 17 May 2023 and values 100% of ESI Group's share capital (on a fully diluted basis) at approximately €913 million.
Following completion of the acquisition of the controlling block, Keysight Technologies would launch a mandatory tender offer to acquire the remaining ESI Group shares, followed, if applicable, by a squeeze-out.
Completion of the controlling block acquisition is expected to occur in the fourth quarter of 2023 and the subsequent offer will follow shortly thereafter.
Gide's team advising Long Path Partners is composed of partner Antoine Tézenas du Montcel and associate Elise Bernard on M&A/corporate aspects.