Press release from the Competition Council regarding the economic concentration project concerning the acquisition by the company “CDG Invest SA” of the exclusive control of the company “GI3 SAS”, through the acquisition of 29.4% of its share capital and related voting rights

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 individuals involved:

• The acquirer: “CDG Invest SA”;
• The target: “GI3 SAS”.

Nature of the transaction:

• Acquisition of exclusive control.

Economic sector concerned:

• Market for the manufacture and commercialization of solar water heaters.

Deadline for interested third parties to submit their observations:

• 10 days from the date of publication of this press release, i.e. March 5, 2025.

NON-CONFIDENTIAL SUMMARY OF THE TRANSACTION PROVIDED BY THE PARTIES

The Competition Council has received notification of an economic concentration operation concerning the acquisition by the company “CDG Invest SA”, a subsidiary of the Caisse de Dépôt et de Gestion (CDG), of the exclusive control of the company “GI3 SAS” (Green Innov Industry Investment), through the acquisition of 29.4% of its share capital and associated voting rights.

“CDG Invest SA” is a Moroccan joint-stock company. It is the investment branch of the Caisse de Dépôt et de Gestion, primarily engaged in holding and managing several thematic investment funds and portfolios of investments.

“GI3 SAS” is a Moroccan simplified joint-stock company, active in the market for the manufacture and commercialization of solar water heaters.

 

Done in Rabat, February 20, 2025