FRANCE Law and Practice Contributed by: Raphaële Courtier, Sébastien de Monès, Victor Camatta and Jessica Chartier, Bredin Prat
Bredin Prat 53, Quai d’Orsay 75007 Paris France
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1. Market 1.1 Major Lender-Side Players
(around EUR10.6 billion was invested during the first semester of 2024, compared to EUR10.9 billion during the same period in 2023, invested in 1,363 companies compared to 1,296 compa- nies in 2023). Apart from a few major deals such as that of Opella, bought out to Sanofi group by CD&R (USD8.7 billion) with a closing not expected until the second semester of 2025, and the acquisi- tion by BNP Paribas of Axa Investment Manag- ers for EUR5.1 billion with a closing expected to occur during the second quarter of 2025, jumbo deals of over EUR5 billion were non-existent on the French M&A market in 2024 (compared to nine jumbo deals in the EMEA market during the first semester in 2024). The number of M&A transactions of a value between EUR1 billion and EUR5 billion decreased compared to 2023 but for an average amount higher than what was observed in 2023 (+26% in the first half of 2024). The trend is therefore reversed compared with 2023. Private equity was not spared by such a slow- down, but to a lesser extent than in 2023, and performed unevenly depending on the segment. An encouraging sign has been the resumption of large-cap transactions compared to 2023 where the-large cap segment was hit hard. Small and
In 2024, several specific political and fiscal uncertainties contributed to the subdued state of the M&A market in France. The expected upturn in 2024 never actually occurred despite the fore- casts produced by the end of 2023. After a very promising start at the beginning of 2024, activity slowed down considerably from April until June, when uncertainties related to the dissolution of the French National Assem- bly brought a number of M&A transactions to a halt. According to figures released at the beginning of November 2024 and taken up by Bain & Company, in 2024, purchases of French companies by foreign firms decreased by 22% in value year-on-year, and by 15% in volume. The value of transactions carried out by French companies abroad decreased by 12%, accord- ing to the same source. The resumption of M&A transactions observed at the end of 2024 did not make it possible to catch up, especially with the uncertainties relating to the US elections and international instability. Notwithstanding the above, the M&A market in 2024 remained relatively stable in value after two consecutive years of significant slowdown
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