24 April 2015
Clifford Chance advises Willis on the acquisition of Gras Savoye
Clifford Chance has advised Willis Group Holdings plc (NYSE: WSH) the global risk adviser, insurance and reinsurance broker which announced yesterday that it has made a firm offer to acquire 70% of Gras Savoye. Willis already holds a 30% stake in the company. The remaining stake in Gras Savoye will be acquired from Astorg Partners and the historic founding Families of Gras Savoye, the leading French insurance broker, which has a strong global presence, especially in Africa. The purchase price of the 70 % stake, including the repayment of third party debt (estimated to be €40 million), is approximately €550 million.
The transaction is expected to close at the end of the year, subject to customary regulatory consents and approvals, and acceptance of the firm offer by Gras Savoye’s shareholders, which can only occur after consultation with Gras Savoyes' workers' councils.
Clifford Chance team was lead by Thierry Schoen (Partner), Sue Palmer (Counsel), with Sophie Périnot and Adeline Nayagom. Emmanuel Durand (Partner) and Clarisse Chapat advised on competition law. Charles-Henri Boeringer (Counsel, litigation) and Christian Lachèze (Off Counsel, labour law) also advised Willis on this deal.