Crédit Agricole Assurances Moves Forward with FDJ Share Offering

Crédit Agricole Assurances Takes Significant Step with FDJ Share Placement

Crédit Agricole Assurances (CAA) recently announced a pivotal decision concerning its investments in Française des Jeux (FDJ). As a longstanding shareholder since FDJ's initial public offering, CAA has been deeply involved in the company's growth, and now, through its subsidiary Predica, it initiates an accelerated bookbuilding offering of shares.

Details of the Placement

CAA currently holds about 10.2 million FDJ shares, equating to approximately 5.5% of the total share capital and around 7.3% voting rights. The placement will offer around 4,073,436 shares, which is roughly 2.2% of FDJ's overall share capital. This move is aimed directly at institutional investors, emphasizing CAA's continued commitment to strategic asset management.

Supporting FDJ's Growth

Since its IPO in 2019, CAA has consistently supported FDJ, including its recent expansion into international markets through the acquisition of Kindred. This strategic position has allowed FDJ to become a significant player in the global gaming industry. Following the completion of the current offering, CAA expects to retain about 3.3% of the company’s share capital and 4.5% of the voting rights while continuing to serve on FDJ’s Board.

Lock-Up Agreement and Strategic Intent

To underline its commitment post-offering, CAA has entered into a lock-up agreement with Crédit Agricole Corporate and Investment Bank, the designated global coordinator and bookrunner. This agreement ensures that CAA will maintain its remaining FDJ shares for a period of 90 days after the placement's settlement, signaling confidence in FDJ's continued success.

The Offering Process and Timeline

The placement is set to commence immediately following the announcement, with final terms to be disclosed after the bookbuilding process concludes. It’s anticipated that settlement will occur on November 22, 2024. This timeline adds urgency and excitement to the investment community, reflecting the robust interest in FDJ’s performance.

About Crédit Agricole Assurances

Crédit Agricole Assurances stands as France's largest insurer and a vital component of the broader Crédit Agricole group. Offering a diverse array of insurance products including savings, health, and property coverage, they cater to individual clients as well as businesses across France and nine international markets.

Company Workforce and Performance

With a dedicated team of 5,800 employees and a premium income registering at approximately 37.2 billion euros by year-end 2023, CAA exemplifies strength and stability in the insurance sector. Its proactive management and strategic investments highlight its importance in the financial landscape.

Frequently Asked Questions

What is the purpose of Crédit Agricole Assurances' placement of FDJ shares?

The placement is designed to manage CAA's investment portfolio effectively while allowing institutional investors to participate in FDJ's growth.

How many shares are being offered in the placement?

Approximately 4,073,436 FDJ shares will be offered, which represents about 2.2% of FDJ's total share capital.

What is the expected timeline for the offering?

The placement will begin immediately, with the settlement expected to be completed on November 22, 2024.

How will this placement affect CAA's holdings in FDJ?

Once the placement is completed, CAA will hold roughly 3.3% of FDJ's share capital and maintain its voting rights at 4.5%.

What is Crédit Agricole Assurances' role in the insurance market?

As France's largest insurer, CAA offers a variety of insurance services and plays a crucial role in both personal and business insurance landscapes.

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