Banque des Territoires, CNP Assurances SA (ENXTPA:CNP) and EDF Invest entered into an exclusivity agreement to acquire 50% stake in Orange Concessions from Orange S.A. (ENXTPA:ORA) for €2.6 billion on January 22, 2021. The completion of this transaction is subject to the usual regulatory consultations and authorizations, and in particular the obtaining of authorizations from the competent competition authorities. As of August 26, 2021, The European Commission has approved the transaction. The transaction is expected to close by end 2021. As of January 26, 2021, excepted closing date is July 31, 2021.

Gabriel Flandin, Charlene Jouet, Camille Barrabino, Thierry Laloum, Virgile Chanel, Jordan Pontal, Amir Jahanguiri, Faustine Viala, Sylvain Petit, Sarah Bouchon and Philippe Grude of Willkie Farr & Gallagher LLP acted as legal adviser for Banque des Territoires, CNP Assurances SA and EDF Invest. HSBC Continental Europe, S.A acted as financial advisor for CNP Assurances SA. Jacques-Philippe Gunther of Latham & Watkins LLP (Paris), Yannick Piette, Claude Serra, Michael Doumet, Marc Lordonnois, Frédéric Salat-Baroux, Olivier Jauffret and Kalish Mullen of Weil, Gotshal & Manges LLP, Paris acted as legal advisor to Orange S.A. BNP Paribas CIB acted as financial advisor to Banque des Territoires, CNP Assurances SA and EDF Invest. Compagnie Financiere du Lion (CFL) and Schroder advised Banque des Territoires, CNP Assurances SA and EDF Invest in the transaction. Credit Suisse acted as financial advisor to Orange S.A. Christophe Fichet and Dorothée Griveaux of Dentons Europe CS LLP acted as legal advisor to Orange S.A. Charlotte Breuvart of Jones Day acted as legal advisor to EDF Invest. Driss Bererhi, Sinthia Monirul, Antoine Coursaut-Durand, Hervé Ekue, Nadège Debeney, Emilie Ferré, Mathieu Vignon and Brice Henry of Allen & Overy advised the Finance Parties (arrangers, lenders and hedge banks) on the financing and financing syndication of the portfolio of Orange Concessions. Charlotte Breuvart of Jones Day acted as legal advisor to EDF Invest.

Banque des Territoires, CNP Assurances SA (ENXTPA:CNP) and EDF Invest completed the acquisition of 50% stake in Orange Concessions from Orange S.A. (ENXTPA:ORA) on November 5, 2021.