DLA Piper advises The Carlyle Group on ENVEA majority equity stake acquisition negotiations

DLA Piper is advising global alternative asset manager The Carlyle Group on exclusive negotiations for the acquisition of a majority equity interest in ENVEA (listed on Euronext growth), a world-class manufacturer of ambient, emission and process monitoring systems and provider of environmental data processing and reporting solutions to industry, followed by a mandatory tender offer.

The Carlyle Group intends to acquire a majority equity interest in ENVEA through off market purchase of several blocks (for a purchase price of €110 per share), which would be followed, subject to closing of the block acquisitions, by the launch of a mandatory tender offer on ENVEA (for an offer price of EUR110 share).

Equity for the investment will come from Carlyle Europe Technology Partners (CETP) IV, a EUR1.35 billion fund that invests in lower middle market technology-focused companies in Europe and the US.

Signature of the final agreements is subject to consultation with the employee representative bodies of ENVEA, and completion of the transaction would be subject to the usual regulatory conditions, including antitrust clearance from the Austrian antitrust authority and the foreign investment clearance from the French Minister of Economy. Closing of the public tender offer would be expected during the fourth quarter of 2020.

The DLA Piper team was led on the corporate aspects by Partner and Co-Country Managing Partner of the Paris Office Xavier Norlain, and partner Jérémy Scemama supported by Counsel, Alice Magnan and associates Julien Burger, Fabien Goudot and Benjamin Benzakine. Partner Edouard Sarrazin, Counsel Céline Espesson and associate Clara Deveau advised on competition law aspects. Partner Fanny Combourieu, Counsel Gwenaël Kropfinger and associate Louise Chappey advised on Tax law aspects. Partner Maud Manon and associate Pierre Tardivo advised on the financing aspects.