Evergreen SAS made an offer to acquire Evergreen SA for approximately €120 million in a reverse merger transaction on June 23, 2020. Under the terms of transaction, Transition Evergreen issued 29,019,149 new shares. Pre deal, Evergreen held 54.43% stake and post completion, it will hold 100% stake in Evergreen SAS.

The Board of Evergreen recommends approved the transaction. As on July 22, 2020, Evergreen initiated the simplified takeover bid. Globalscope Partners Limited acted as financial advisor in the transaction.