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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 adopted for its implementation, as amended and supplemented, the Competition Council makes available to the public the “operation summary” below, containing the information provided by the parties.
This information has been prepared by the notifying parties, who are solely responsible. Inaccurate or distorted information contained therein does not in any way prejudge the Competition Council’s position on the proposed operation.
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 adopted 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:
- The direct acquirer: the company “Tikehau Investment Management SAS”;
- The indirect acquirer: “AAP2 S.L.P.”;
- The target: the company “Delair SAS”.
Nature of the operation
- Exclusive control acquisition.
Economic sectors concerned
- Design, manufacture, and supply of aerial and maritime drones for industrial and professional use.
Deadline for interested third parties to submit their observations
- 10 days from the date of publication of this press release, i.e. October 29, 2026.
NON-CONFIDENTIAL SUMMARY OF THE OPERATION PROVIDED BY THE PARTIES
The Competition Council has received notification of an economic concentration project concerning the acquisition by the investment fund “AAP2 S.L.P.”, through the management company “Tikehau Investment Management SAS”, of the exclusive control of the company “Delair SAS”, by acquiring, through a holding company set up for this purpose, the majority of its share capital and related voting rights.
“AAP2 S.L.P.” is an investment fund established in the form of a French law limited partnership company, with its registered office at 32 rue de Monceau, 75008 Paris, France, registered with the Paris Trade and Companies Register under number 982 137 812. It is represented by its management company “Tikehau Investment Management SAS”, a French simplified joint-stock company with its registered office at 32 rue de Monceau, 75008 Paris, France, registered with the Paris Trade and Companies Register under number 491 909 446. The latter is wholly owned by “Tikehau Capital SCA”, the parent company of the “Tikehau Capital” group, a global alternative asset management and investment group headquartered in France, active in private debt, real assets (mainly real estate), capital market strategies, and private equity.
“Delair SAS” is a French simplified joint-stock company with its registered office at 676 rue Max Planck, 31670 Labège, France, registered with the Toulouse Trade and Companies Register under number 877 643 486. It is primarily engaged in the design, manufacture, testing, and assembly of aerial and maritime drones for industrial and professional uses, particularly in the defense, civil security, and industrial inspection sectors.
Done in Rabat on October 16, 2026.
