Gecina SA (ENXTPA:GFC) signed an agreement to acquire an 85.3% stake in Eurosic SA (ENXTPA:ERSC) from Batipart SAS, Assurances du Crédit Mutuel Vie S.A., Covéa Mutual Insurance Group Company, Crédit Agricole Life Insurance Europe SA, Debiopharm Investment S.A. and La Tricogne SC for €2.8 billion on June 20, 2017. Gecina will either pay €51 per Eurosic share in cash or issue 7 shares of its common stock for every 20 Eurosic shares or OSRA bonds. 90% of Eurosic securities will be paid for in cash and the rest in Gecina stock. Batipart will accept payments of 75% in cash and 25% in Gecina shares, Covéa will accept 100% payment in cash, Crédit Agricole will receive 90% payment in cash and 10% in Gecina shares, Assurances du Crédit Mutuel Vie will receive 100% payment in cash, Debiopharm will get 90% in cash and 10% in securities while Latricogne will get 48% in cash and 52% in Gecina shares. Gecina will launch a mandatory public tender offer for the remaining shares in Eurosic under the same terms post-acquisition of the 85.3% stake with a provision of squeeze-out. The agreement also includes the concomitant sale of Eurosic's diversification portfolio to Batipart which includes Eurosic Lagune, Nature Village et Hébergement and the portfolio in Spain. The transaction will be financed through a €2.5 billion bridge loan facility refinanced through €1.5 billion bond issue and €1 billion capital increase of preference shares subject to approval in general meeting. Crédit Agricole, one of the sellers of Eurosic stake, will also be participating in the capital increase. Apart from these, Gecina intends to draw €0.4 billion from available lines of credit for the balance of payment. As on July 18, 2017, Gecina announces the launch of its share capital increase, the net proceeds of which will be used to finance a portion of the Eurosic acquisition price due to be paid in cash. As on August 9, 2017, Gecina completed a right issue worth €1 billion to finance the transaction. The fundraising will enable Gecina to cancel the remaining part of the €2.5 billion bridge financing that was set up to fund the transaction. The transaction and the related transactions are subject to approval from the French competition authorities and confirmation by the independent expert. The transaction received unanimous approval from the Board of Gecina. As on July 26, 2017, Eurosic's Board of Directors approved the findings from the report prepared by the independent expert Ledouble. On this occasion, Eurosic's Board of Directors confirmed its unanimous support for the amicable takeover with Gecina. As on August 7, 2017, the transaction was approved by French antitrust authorities. The transaction is expected to be completed in August 2017. The related mandatory tender offer aiming at squeeze-out is expected to be launched in September 2017. The transaction is expected to be accretive to Gecina shareholders representing 10% of recurrent net income per share on a full-year basis and neutral in terms of NAV based on asset-by-asset valuation. Gecina will acquire 94.8% of the capital of Eurosic, in cash for the acquisition of 85.3% of Eurosic's capital and in securities exchange for 9.5% of the capital of Eurosic, pursuant to a mandatory public offering to be filed by Gecina by October 30, 2017. Barclays acted as the financial advisor and Simmons & Simmons acted as legal advisor to Covéa in this transaction. Thérésa Vu of Publicis Groupe S.A. acted as the public relations contact on the deal for Gecina. Pierre-Yves Chabert , Eole Rapone, Valérie Lemaitre, Clotilde Wetzer, Pauline Chadenet, Mehdi Bouzekri and Hugues Tabardel, François-Charles Laprévote, Céline Verney, Anne-Sophie Coustel, Cécile Mariotti and Sarah Rahmoun of Cleary Gottlieb Steen & Hamilton LLP (France) acted as legal advisor to Gecina, Antoine Tézenas du Montcel and Anne Chiappa of Gide Loyrette Nouel A.A.R.P.I. acted as legal advisor to Debiopharm and BDGS Associés acted as legal advisor to Crédit Agricole. Nicolas Favre, Sébastien Sayn-Urpar, Paul Delpech, Meriem Semrani, Alexandre Blestel and François Peguesse of De Pardieu Brocas Maffei acted as legal advisors to Batipart and Marcus Billam, Hugo Diener, Jean-Baptiste de Martigny, Cécile de Narp, Alexandre Durand and Vincent Agulhon of Darrois Villey Maillot Brochier acted as legal advisors to Eurosic. The advisor fee and related expense for the transaction is estimated to be approximately €12 million. Morgan Stanley acted as financial advisor to Gecina. Kramer Levin Naftalis & Frankel LLP acted as legal advisor to Assurances du Crédit Mutuel Vie S.A Gecina SA (ENXTPA:GFC) completed the acquisition of 85.3% stake in Eurosic SA (ENXTPA:ERSC) from Batipart SAS, Assurances du Crédit Mutuel Vie S.A., Covéa Mutual Insurance Group Company, Crédit Agricole Life Insurance Europe SA, Debiopharm Investment S.A. and La Tricogne SC on August 29, 2017. All conditions are cleared. Under the terms of the transaction, all of Eurosic's directors and observers will resign from their positions. Méka Brunel will be appointed as Chairman and Chief Executive Officer. Nicolas Dutreuil, Philippe Valade, Inès Reinmann Toper and Jacques-Yves Nicol have been appointed as Directors of Eurosic. Philippe Valade will be appointed as Eurosic's Deputy Chief Executive Officer. Yan Perchet has been appointed as Advisor to Eurosic's Chairman.