Restructuring of French broker deal helps clear debts
Willis has completed a leveraged transaction with the original family shareholders of French broker Gras Savoye & Cie and priovate equity firm Astorg Partners.
Willis, the family shareholders of Gras Savoye, and Astorg each now own equal stakes of 31.8% in the new holding company and have equal representation of 33.3% of the voting rights on its Board. The remaining 4.5% is held by a large pool of Gras Savoye managers.
Willis’ investment in Gras Savoye is valued at approximately $335m. Willis received approximately $156m of tax-free net cash proceeds from the transaction, which it will use to pay down existing debt.
Willis has the option to purchase 100% of the capital in the new holding company in 2015.
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