Private Equity News & Analysis

AXA Private Equity to take TLD Group private

AXA Private Equity has followed up its acquisition of an 85% stake in French airport support equipment supplier by launching a public buyout offer and squeeze-out of the Euronext-listed group.

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AXA Private Equity, the private equity arm of French insurer AXA, has acquired control of 98.85 percent of the share capital and voting rights of TLD Group, a Paris-listed designer and manufacturer of airport support equipment.
 
In May of this year, AXA Private Equity acquired an 84.45 percent stake in TLD Group from MAAF Assurances, a French insurance group. AXA Private Equity paid €26.80 per share for MAAF Assurances’ 42 percent direct interest and a further 43.45 percent through its subsidiary Acti-Developpement.
 
AXA Private Equity has now launched a public buyout offer, to be followed by a squeeze-out procedure, also with an offer price of €26.80 per share.
 

TLD Group: last 12 months’ share price on Euronext Paris

At 9am BST today, TLD Group shares were trading at €26.80 on the Euronext Paris.
 
TLD Group supplies airport assistance equipment for civil and military aircraft, such as jet engine starters, tractors for towing aircraft, freight conveyors and maintenance platforms. The group has factories located in France, the US and Asia, and reported revenues in 2005 of €132.7 million ($168.6 million).
 
TLD Group is the second French transaction AXA Private Equity has made in the last week. On Friday, the direct investment and fund of funds manager bought Eliokem, a niche specialty chemicals business, for €130 million.