Rubis completed the acquisition of an 80% stake in Photosol from founders Robin Ucelli and David Guinard and managers for approximately 750 million.
April 13, 2022
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Rubis (ENXTPA:RUI) agreed to acquire 80% stake in Photosol from founders Robin Ucelli and David Guinard and managers for approximately 380 million on December 17, 2021. Robin Ucelli and David Guinard, and managers will hold 20% stake in the Photosol. The acquisition of 80% of the shares of Photosol France will be fully debt financed, with the objective of maintaining Rubis' strong credit profile: leverage on net financial debt 10 below 3.0x net debt/ EBITDA; leverage on non-project finance debt to come back to c. 1.0x in 2025. Completion of the deal is subject to customary clearances. The transaction has been approved by the management board of Rubis. The transaction is expected to close by the end of quarter one 2022. Société Générale acted as financial advisor, Florent Mazeron, Mehdi Boumedine, François April, Samuel Bordeleau, Pierre Guillot, Charlotte Colin-Dubuisson, Géric Clomes and Cyril Boussion of Linklaters LLP (France) and Andrew Compton and Megan Ridley-Kaye of Linklaters LLP (USA) acted as legal advisor, Deloitte acted as financial, fiscal and accounting advisor and Enea consulting acted as strategic consultant to Rubis in the transaction. Emmanuel Mimin, Catherine Naroz, and Alexis Mesnildrey of Clifford Chance acted as legal advisors to Robin Ucelli and David Guinard and managers.
Rubis (ENXTPA:RUI) completed the acquisition of an 80% stake in Photosol from founders Robin Ucelli and David Guinard and managers for approximately 750 million on April 14, 2022. Rubis paid a cash consideration of 385 million and assumed Photosol's 100% debt of 362 million. The acquisition is fully debt financed.
Rubis is an independent French group, operating in the energy sector for over 30 years. The activity is organized around 3 poles:
- Rubis Energie is established in Africa, the Caribbean and Europe and combines the Distribution activity and logistics in support of the Distribution activity via its Support & Services branch. The main products marketed are liquefied gases, fuels and biofuels for service stations and professionals (hotels, aviation, marine, public works, etc.) as well as bitumen;
- Rubis Renouvelables: a division created in 2022 and bringing together the activities of Photosol in France (one of the French independent leaders in large-scale photovoltaic installations as well as shading and roofing for professionals) and the partnership with HDF Energy on islands or in non-interconnected areas;
- JV Rubis Terminal specializes in the storage and handling of liquid and liquefied bulk products (fuels, biofuels, chemicals and foodstuffs) in Europe.
Rubis completed the acquisition of an 80% stake in Photosol from founders Robin Ucelli and David Guinard and managers for approximately €750 million.