(AOF) – BW Gestão de Investimentos Ltda. (BWGI) has signed a definitive agreement with Crédit Agricole Assurances (CAA) to acquire the entire stake of approximately 6% held by CAA in Elis. With this stake, the Brazilian asset management company affirms “its confidence in the fundamentals of Elis and in the group’s strategy”. The sale of the block is expected to be finalized on October 11, 2023. Following this transaction, CAA will no longer directly hold Elis shares.
The investment agreement concluded between Elis and BWGI has an initial duration of 10 years. It provides in particular for BWGI’s commitment to retain its Elis shares for a period of 12 months and not to hold or proceed with the acquisition or subscription of Elis shares which would result in exceeding the threshold of 25% of the capital or of the company’s voting rights for a period of 10 years (standstill), in each case subject to certain exceptions.
BWGI has also undertaken not to transfer its stake to a competitor of the company without the prior agreement of the Supervisory Board, subject to certain exceptions.
CAA’s representative on the Elis Supervisory Board will resign from his mandate following the sale of the block.
Pursuant to an investment agreement concluded today between Elis and BWGI, the Supervisory Board of Elis is expected to co-opt a representative of BWGI as a member of the Supervisory Board in replacement of the representative of CAA for the remaining term of his mandate . The Elis Supervisory Board is also expected to appoint a second representative of BWGI as an observer on the Supervisory Board. The Elis Supervisory Board will therefore be made up of 12 members and a censor.