Compagnie Générale des Établissements Michelin Société en commandite par actions (ENXTPA:ML) agreed to acquire 100% stake in Pennel & Flipo SPRL from IDI (ENXTPA:IDIP) and others in a transaction valued at ?700 million on June 19, 2023. The consideration will be paid in cash and it will fully financed through cash at hand. Pennel & Flipo SPRL generated ?202 million revenue for the year ended 2022. The deal is subject to customary closing adjustments and merger control clearances in relevant jurisdictions. The deal is expected to close by end of Q3 2023. JPMorgan Chase & Co. acted as financial advisor to Compagnie Générale des Établissements Michelin Société en commandite par actions.

Compagnie Générale des Établissements Michelin Société en commandite par actions (ENXTPA:ML) completed the acquisition of 100% stake in Pennel & Flipo SPRL from IDI (ENXTPA:IDIP) and others on September 27, 2023.