Press release from the Competition Council regarding the economic concentration project concerning the indirect joint control acquisition by the company “Horizon Capitalize SAS” and the company “ICG Plc.” of the company “Circet Holding SAS” and its subsidiaries

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 “operation summary” 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 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 involved:

• The acquirers:
• “Horizon Capitalize SAS”;
• “ICG Plc.”;
• The target: “Circet Holding SAS”.

Nature of the operation:

• Indirect joint control acquisition.

Economic sectors concerned:

• The telecommunications sector.

Deadline for interested third parties to submit their observations:

• 10 days from the date of publication of this press release, i.e., September 9, 2026.

NON-CONFIDENTIAL SUMMARY OF THE OPERATION PROVIDED BY THE PARTIES

The Competition Council received notification of an economic concentration project consisting of the indirect joint control acquisition by the company “Horizon Capitalize SAS” of the company “Circet Holding SAS” and its subsidiaries, alongside the company “ICG Plc.”, which currently controls it ultimately.

“ICG Plc.” is a public limited company under English law, registered with the Companies House in the United Kingdom under number 02234775 and headquartered at Procession House, 55 Ludgate Hill, London EC4M 7JW, United Kingdom. It is a global manager of alternative assets, particularly in structured private equity, private debt, real assets, and credit. These assets are present in Europe, Asia-Pacific, and the United States.

“Horizon Capitalize SAS” is a simplified joint-stock company under French law, registered with the Paris Trade and Companies Register under number 106 870 538 and headquartered at Building A, 64-64 bis rue La Boétie, 75008 Paris, France. The company was created to consolidate the interests of the executives of the company “Circet Holding SAS” and structure their investment in the context of the operation. The company “Horizon Capitalize SAS” is ultimately controlled by Mr. Philippe Lamazou.

“Circet Holding SAS” is a simplified joint-stock company under French law, registered with the Paris Trade and Companies Register under number 901 327 379 and headquartered at 64, rue La Boétie, 75008 Paris, France. This company is active in the telecommunications sector, specifically in the installation and maintenance of telecommunications networks.

 

Done in Rabat on August 28, 2026.