Eurazeo has entered into an agreement to sell to a third-party, at no discount, c.€260 million in assets previously carried on its balance sheet as part of its Elevate strategy (dedicated to the lower mid-cap segment). These assets will be carried by a dedicated fund still managed by Eurazeo.
This transaction, which represents approximately 50% of the Group’s stake in the PME III and PME IV funds, reduces the balance sheet share to approximately 20% for each of these vintages.
The Group will immediately receive half of the proceeds from the sale and receive additional payments subject to a value-sharing mechanism upon realization of the underlying assets.
The Clifford Chance team advised on the negotiations relating to the portfolio sale and on the structuring of the new fund. The team comprised Xavier Comaills, partner, Louis-Guillaume Cousin, counsel, Alexandre Gardini and Grégoire Gennetais, associates, on the funds aspects, as well as Pierre Goyat, partner, and Elise Poiraud, associate, on the tax aspects.
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