Darrois Villey Maillot Brochier advised Financière Gaillons 8 (controlled by PAI Partners) on the disposal of part of its stake in Kaufman & Broad

Darrois Villey Maillot Brochier has advised Financière Gaillon 8, a company that is ultimately controlled by funds managed by PAI Partners, on the sale of part of its Kaufman & Broad shares, for an amount of approximately 257 million euros (i.e. 39.08 % of Kaufman & Broad’s share capital), in a private placement to institutional investors by way of a bookbuilding. The amount of the placement may be increased to 282 million euros in case of full exercise of the over-allotment option.

The placement price has been set at 31,5 euros per share.

Concurrently with the placement, Kaufman & Broad has purchased its own shares from Financière Gaillon 8, at the placement price, for an amount of 50 million euros, pursuant to the share buy-back program authorized by its shareholders at the General Meeting of April 15, 2016.

Furthermore, concurrently with the placement, Artimus Participations, a company held by certain managers and employees of the Kaufman & Broad group, has proceeded with the acquisition of a stake in Kaufman & Broad from Financière Gaillon 8, at the placement price, for an amount of approximately 30 million euros.

The net proceeds from the placement, the share buy-back by Kaufman & Broad and the purchase of Kaufman & Broad shares by Artimus Participations will be used by Financière Gaillon 8 to redeem in full the Senior Notes due 2019 issued by Financière Gaillon 8 on March 31, 2014 for an amount of 370 million euros.

BNP Paribas, Goldman Sachs International and Crédit Agricole Corporate and Investment Bank have acted as global coordinators, lead managers and joint bookrunners of the placement, and Natixis as joint bookrunnner. Rothschild & Cie was acting as financial advisor to Financière Gaillon 8 in the context of the placement.

The DVMB team includes Marcus Billam, Olivier Huyghues Despointes, Laurent Gautier, Romain Querenet de Breville and Loïc Epaillard in M&A and capital markets, Martin Lebeuf and Emmanuelle Vicidomini in financing and Vincent Agulhon and Loïc Vedie in tax.

Cravath Swaine & Moore LLP has advised Financière Gaillon 8 on financing, White & Case Paris advised Kaufman & Broad, Allen & Overy Paris advised the banks and Scotto & Associés advised Artimus Participations.