Shearman & Sterling advised Montefiore Investment in connection with the proposed simplified tender offer (“Tender Offer”) initiated by NewGO for Groupe Open at a price of €33.50 per share.

In this context, on February 1, 2022, NewGO’s partners entered into a memorandum of understanding (i) describing the terms and conditions of the takeover bid, which would be followed, if necessary, by a squeeze-out if the conditions are met, and (ii) considering, following the takeover bid, a reorganization of NewGO’s financial instruments, which would be financed by Eurazeo as part of a unitranche debt.

The completion of the transaction is subject to customary antitrust and regulatory approvals.

Founded in 2005, Montefiore Investment is the leading investor in small and medium-sized service companies in France. In 15 years, the company has demonstrated its ability to transform French SMEs into true European champions. Thanks to its strong sector expertise and know-how, Montefiore Investment supports entrepreneurs, managers and shareholders in high-potential companies in equity transactions and growth projects. Its performance has enabled to establish itself as a key reference in mid-market private equity. Based in Paris, Montefiore Investment currently has more than €2 billion in assets under management, and invests between €20 and €200 million per company.

Groupe Open is positioned as the trusted partner of major public and private companies in France, as they address their IT and digital transformations. Groupe Open operates mainly in France and internationally.

The Team