Latham & Watkins advises Ontario Teachers on its investment in the merger of Siaci Saint Honoré and the Burrus Group
The management of the SIACI SAINT HONORÉ Group, the leading independent French insurance broker, and Christian Burrus, the majority shareholder of DIOT and LSN, have signed an agreement to create the leading independent European insurance broker operating worldwide.
As part of this transaction, Charterhouse Capital Partners, which acquired a majority stake in SIACI SAINT HONORÉ’s in 2018, will exit the business, following a period of significant organic and acquisitive growth under its ownership. Ontario Teachers’ Pension Plan will acquire a 30% stake and become the largest institutional shareholder in the newly formed Group, with Bpifrance (10%) and Cathay Capital (5%), alongside other institutions like Ardian, comprising the remaining shareholders.
The combined Group will strengthen its market position in France and around the world in the large company, mid-cap and SME market segments, in employee benefits, international mobility, property and liability insurance, marine & transport, credit insurance and reinsurance. It will be among the top 10 global players in the sector with a turnover of almost €700 million and close to 5,000 employees in over 40 countries.
The transaction is expected to close in the second half of 2021, subject to customary regulatory and antitrust filings.
Latham advises Ontario Teachers with a Paris corporate team led by Gaëtan Gianasso, partner, and counsel Benedicte Large Bremond, with Antoine Dufrane and Alexandre Magnier. Partner Xavier Farde advises on the financing aspects and partner Mathilde Saltiel on the antitrust aspects.