AXA Private Equity, the private equity arm of French insurer AXA, has agreed to acquire a majority stake in TLD Group, a Paris-listed designer and manufacturer of airport support equipment such as aircraft loaders and jet engine starters.
AXA Private Equity has offered €26.80 per share to acquire an 84.45 percent interest in TLD Group from MAAF Assurances. The firm has also received irrevocable undertakings from shareholders owning a combined 9.58 percent of the business.
Completion of the transaction is expected by 3 July 2006, subject to approval by German and Spanish competition authorities.
MAAF Assurances previously held its stake in TLD Group through a 42 percent direct interest and a further 43.45 percent through its subsidiary, Acti-Developpement.
Following completion of the offer, AXA Private Equity intends to carry out a squeeze-out and de-listing of the business from Euronext Paris, according to a press release.
According to AXA Private Equity, TLD Group had consolidated revenues of €132.7 million ($170.5 million) in 2005.
In February 2006, AXA Private Equity increased its shareholding to 65.6 percent in listed French business Camaïeu, a retailer of women’s ready-to-wear garments.