ARYZTA AG (SWX:ARYN) signed an agreement to acquire 49% stake in Picard Groupe S.A.S. from Lion Capital LLP for approximately €450 million on March 31, 2015. The deal is largely funded with the net proceeds from the Origin placement. ARYZTA would have the right to exercise a call option in three to five years to acquire 100% of Picard.

ARYZTA will have two seats on the Picard board. The acquisition is subject to antitrust and regulatory approval. Picard will consult its works council in connection with the investment.

As on August 10, 2015, the transaction was approved by the European Commission. Rothschild acted as financial advisor and Maxence Bloch, Thomas Maitrejean, Simon Servan-Schreiber, Augustin Fleytoux, Charlotte Cloix, Olivier Vermeulen, Adeline Tieu-Roboam, Tereza Courmont-Vlkova, Fanny Combourieu and Gwenaël Kropfinger of King & Wood Mallesons acted as legal advisors for Lion Capital.