Press release from the Competition Council regarding the economic concentration project concerning the acquisition by the company ‘Ardian France SA’ of joint control of the company ‘Diot Siaci TopCo’

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 ‘summary of the operation’ 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 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 acquirer: ‘Ardian France SA’;
• The target: ‘Diot Siaci TopCo’.

Nature of the operation:

• Acquisition of joint control.

Economic sectors concerned:

• Market for the distribution of insurance products.

Deadline for interested third parties to submit their observations:

• 07 days from the date of publication of this press release, i.e. July 25, 2025.

NON-CONFIDENTIAL SUMMARY OF THE OPERATION PROVIDED BY THE PARTIES

The Competition Council has received notification of an economic concentration operation concerning the joint control acquisition by the company ‘Ardian France SA’ of the company ‘Diot Siaci TopCo’ (with its subsidiaries).

As part of the proposed transaction, Ardian will acquire the stake of the Ontario Teachers’ Pension Plan Board and those of other minority shareholders, thus establishing joint control of the Diot Siaci Group with the Burrus Group.

‘Ardian France SA’ is a French public limited company with its registered office at 20 Place Vendôme 75001 Paris and is registered with the Paris Trade and Companies Register under number 403 201 882. ‘Ardian France SA’ is an independent private investment management company.

‘Diot Siaci TopCo’ is a French simplified joint-stock company with its registered office at 39, rue Mstislav Rostropovitch 75017 Paris and is registered with the Paris Trade and Companies Register under number 899 130 116. It is the current ultimate holding company of the Diot Siaci Group, active in the field of insurance consulting and distribution in Morocco.

‘Burrus Group’ is an independent group, controlled by Mr. Christian Burrus, operating in the insurance distribution markets through its stake in Diot Siaci, insurance production, financial technology, as well as financial management and advisory services.

 

Done in Rabat, July 18, 2025