Groupe Gorgé SA (ENXTPA:GOE) agreed to acquire remaining 24.8% stake in ECA SA (ENXTPA:ECASA) for €43.5 million on September 21, 2020. The transaction is a merger by absorption of ECA in Groupe Gorgé. Under the terms, Groupe Gorgé will issue 1.8 shares of Groupe Gorgé for each shares of ECA. In a relation to this transaction ECA decided to initiate a buyback program for 9.96% stake for €28 per shares. ECA will retain it's brand name. ECA's current management team will continue to manage the activities of the ECA. Transaction will have no consequences for ECA workforce. Transaction is subject to shareholders approval of ECA and Groupe Gorgé. As of September 21, 2020, Board of Directors of ECA approved the transaction and Board of Directors of Groupe Gorgé approved on September 22, 2020. Olivier Grivillers and Olivier Salustro acted as merger auditors.

Groupe Gorgé SA (ENXTPA:GOE) completed the acquisition of remaining 24.8% stake in ECA SA (ENXTPA:ECASA) on December 30, 2020. As a part of transaction, Groupe Gorgé issued 3,921,904 new Groupe Gorgé shares to the ECA shareholders. The new shares will be listed from January 4, 2021. The transaction has been approved by the shareholders of ECA and Groupe Gorgé at their respective extraordinary shareholders' meeting. The merger will be registered in Euroclear France on January 6, 2021. The date of delisting of the ECA shares will be effective on December 31, 2020 after close of the stock exchange.