French mid-market firm Astorg has completed the LBO of French insurance giant Gras Savoye.
The deal sees Astorg, the US insurance brokerage Willis Group and the original family shareholders of Gras Savoye & Cie each own equal stakes of the business. The remaining 4.5% is held by a large pool of Gras Savoye managers. In addition, Willis has the option to purchase 100% of the capital in the new holding company in 2015, should it choose to do so, with notification in 2014.
The transaction is partly financed by acquisition debt of close to €150m which makes it the first LBO transaction of this size in France since September 2008.