Crédit Agricole Assurances Completes Sale of FDJ Shares
Crédit Agricole Assurances (“CAA”) signals growth through a strategic sale.
In a recent development, Crédit Agricole Assurances, through its subsidiary Predica, has finalized the sale of 4,073,436 ordinary shares of Française des Jeux (FDJ). This sale equates to about 2.2% of FDJ’s total share capital, marking a significant transaction priced at €36.60 per share. This undertaking highlights CAA's strategic direction in managing its diverse investment portfolio.
Strategic Management of Investments
The decision to proceed with this sale reflects CAA’s commitment to maintaining an optimized investment portfolio. Being a shareholder of Française des Jeux since its initial public offering in November 2019, CAA has played a pivotal role in the development and expansion of the company.
With the recent acquisition of Kindred, FDJ is positioned to operate on an international level. This growth trajectory showcases FDJ's ambition to evolve as a global gaming entity, which creates a synergistic opportunity for CAA as it continues to support the company’s long-term objectives.
Future Involvement Post-Placement
Following this placement, CAA maintains a stake of approximately 3.3% in FDJ’s share capital and holds 4.5% of the voting rights. Additionally, CAA will continue to influence the company’s direction by remaining a Board member.
The company has committed to a lock-up agreement with Crédit Agricole Corporate and Investment Bank. This agreement ensures that the remaining shares held by CAA will not be sold for a 90-day period post-settlement of the placement.
Context Behind the Move
This sale strategically aligns with CAA's broader investment goals, demonstrating a proactive approach to its portfolio management. The settlement of the placement is anticipated to occur shortly, allowing both CAA and FDJ to focus on future growth matters and restructuring efforts that align with their respective business visions.
FDJ's shares are publicly traded on the regulated market of Euronext in Paris, indicating the company’s commitment to transparency and accessibility in its operations. The recent share placement serves as a reminder of CAA's active role in shaping the gaming market sector.
About Crédit Agricole Assurances
As France’s leading insurer, Crédit Agricole Assurances is a significant component of the wider Crédit Agricole group. It offers an extensive range of products across savings, retirement plans, health insurance, personal protection, and property insurance. The company has a workforce comprising 5,800 employees and generated premium income reaching 37.2 billion euros by the end of 2023.
The offerings are made available through Crédit Agricole’s banking network throughout France and across nine countries globally, catering to individual, professional, agricultural, and corporate clients.
Frequently Asked Questions
What was the total number of shares sold by CAA?
Crédit Agricole Assurances successfully sold 4,073,436 ordinary shares of Française des Jeux.
What percentage of FDJ’s share capital do the sold shares represent?
The shares sold represent approximately 2.2% of the total share capital of Française des Jeux.
How does this sale impact CAA's involvement with FDJ?
After the sale, CAA will continue to hold approximately 3.3% of FDJ's share capital and maintain 4.5% of voting rights, while remaining a Board member.
What is the significance of CAA's lock-up agreement?
The lock-up agreement prevents the sale of remaining FDJ shares by CAA for 90 days post-placement, demonstrating commitment to long-term investment.
When is the settlement of the share placement expected to occur?
The settlement of the share placement is expected to take place shortly after the announcement.
