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In accordance with Article 13 of Law No. 104-12 on freedom of prices and competition and Article 10 of Decree No. 2-14-652 issued for its implementation, as amended and supplemented, the Competition Council makes available to the public the « summary of the transaction » below, containing the information provided by the parties.
This information has been prepared by the notifying parties, who are solely responsible. Any inaccurate or distorted information contained therein does not in any way prejudge the Competition Council’s position on the proposed transaction.
The publication of this press release does not attest to the completeness of the file provided for in Article 9 of Decree No. 2-14-652 issued for the implementation of Law No. 104-12 on freedom of prices and competition as amended and supplemented.
Names of the companies and groups concerned:
- Direct acquirers:
- The company « Expansion 17 S.C.A, FIAR »;
- The company « Global Performance 17 S.C.A, FIAR ».
- Indirect acquirer: The company « Wendel S.E »;
- The target: The company « PN VII Topco S.à r.l ».
Nature of the transaction
- Joint control acquisition.
Economic sectors concerned
- Private school snow sector.
Deadline for interested third parties to submit their observations
- 10 days from the date of publication of this press release, i.e. September 16, 2024.
NON-CONFIDENTIAL SUMMARY OF THE TRANSACTION PROVIDED BY THE PARTIES
The Competition Council received notification of an economic concentration transaction concerning the joint takeover by the company « Wendel S.E » through its subsidiaries « Expansion 17 S.C.A, FIAR » and « Global Performance 17 S.C.A, FIAR » of the company « PN VII Topco S.à r.l », through the acquisition of 50% of the share capital and associated voting rights.
« Wendel S.E. » is a French investment company headquartered in Paris, controlled by its largest shareholder « Wendel-Participations S.E. » which holds 39.6% of its capital and 52.7% of its voting rights (as of December 31, 2023). « Wendel S.E. » is listed on Euronext Paris and has portfolio companies active in several sectors, including a 51% stake in « IK Investment Partners S.à.r.l. », a third-party asset manager, managing funds invested in various portfolio companies. « Wendel S.E. » focuses on long-term investments in listed or unlisted companies to drive their growth and development.
« PN VII Topco S.à.r.l » is a Luxembourg company established in 2021 whose main purpose is the acquisition, holding, management, and disposal of interests and any interest, in any form, in Luxembourg and foreign companies or other entities, companies, or investments, acquisition by purchase, subscription, or by any other means, as well as the sale, exchange, or otherwise of shares, bonds, debt certificates, notes, loans, interests in loans, deposit certificates, and any other financial instrument or security.
« PN VII Topco S.à r.l. » brings together portfolio companies active in the field of education within the « Globeducate » group, which specializes in education from kindergarten to high school, with a network of 65 bilingual and international schools in Canada, Cyprus, France, India, Italy, the Netherlands, Morocco, Portugal, Spain, and the United Kingdom.
Done in Rabat, September 5, 2024
