Network Related Services SA agreed to acquire 67% stake in Business & Decision SA (ENXTPA:BND) from the Bensabat family and Christophe Dumoulin for €41.9 million on May 18, 2017. Network Related Services SA will offer a maximum price of €7.93 per share in cash. In the event of the successful acquisition of a majority stake, Network Related Services SA will file a simplified public offer for all Business & Decision shares it does not hold. The transaction will be finalized following the procedure of informing and consulting the employee representative bodies of both Network Related Services and Business & Decision. As of October 26, 2017, Network Related Services signed an agreement to acquire 63.98% stake in Business & Decision for approximately €40 million. Network Related Services SA will file a proposed simplified takeover bid at €7.93 per share covering all of the shares it does not already hold in Business & Decision. The deal is also subject to the usual conditions, including the approval of the relevant competition authorities, completion of share transfers regarding certain subsidiaries within the Business & Decision group and customary regulatory approval and is expected to be completed by the end of the third quarter of 2017. This offer is pending approval by the French Market Authorities (AMF) and the appointment of an independent expert as required by article 261-1 of the authority’s general regulations. The deal is expected to close early 2018. As of May 11, 2018, as a result of the lifting of the constraints related to the succession proceedings of the Bensabat Family Group, the transaction is expected to complete by June 7, 2018. Patrick Jaïs, Delphine Vidalenc, Sandra Aloui, Philippe Rozec and Sandrine Azou of De Pardieu Brocas Maffei and Alexandre Terrasse of Edwin Coe LLP acted as legal advisors and Pierre-Yves Dargaud of Active Portfolio Management, SAS and Erik Marris, Driss Mernissi and Pierre-Hugo Smadja of Messier, Maris et Associes acted as financial advisors to Business & Decision SA and Bensabat family. Laurent Bensaid, Véronique Gédéon, Laura Vanhoutte, Elisabeth Laforce, Julien Vicariot, Eric Quentin, Christophe Lefevre, Nicolas Mancret and Frédérique Cassereau of Hoche Société d'Avocats, William Howard and Christopher Rusko of Travers Smith LLP, Tom Hall and Adrienne Sebring of Chadbourne & Parke, L.L.P., Jacques-Philippe Gunther, Adrien Giraud, Mathilde Ayel and Sylvain Petit of Willkie Farr & Gallagher LLP and Gregoire Jakhian and Aubry Daerden of Loyens & Loeff acted as legal advisors and Sami Rahal and Donatien Chenu of Deloitte & Touche Corporate Finance France acted as financial advisors to Orange, parent of Network Related Services SA.