FRANCE Law and Practice Contributed by: Karl Hepp de Sevelinges, Nicolas Martin, Cyril Deniaud and Benjamin Cohu, Jeantet
Jeantet 11 rue Galilée 75116 Paris France Tel: +33 1 45 05 80 08 Email: communication@jeantet.fr Web: www.jeantet.fr
1. Trends 1.1 M&A Market
This evolving landscape highlights the mixed attractiveness of the French market. Political instability following the dissolution of the Nation - al Assembly in June 2024 has fuelled investor caution and weakened France’s standing as a top European investment hub. Outbound acqui - sitions by French buyers also fell by 10% in value. However, the resilience of France’s innovation- driven sectors remains notable. In June 2024, Mistral AI, a French start-up specialising in generative artificial intelligence, raised EUR600 million, reaching a EUR5.8 billion valuation. The pharmaceutical industry also demonstrated strong appeal, as seen in AstraZeneca’s near - ly EUR1 billion acquisition of French biotech Amolyt Pharma. At the same time, high-profile divestitures reflected ongoing strategic shifts. In October 2024, Sanofi sold 50% of its subsidiary Opel - la – producer of widely-used medications like Doliprane – to US private equity fund Clay - ton, Dubilier & Rice (CD&R), sparking national debates over pharmaceutical sovereignty and employment impacts.
In 2024, the French M&A market faced a more challenging environment despite global growth. While worldwide deal value rose by 13% to USD3.6 trillion (Bain & Company’s Global M&A Report 2025), France saw a 10% decline com - pared to 2023, with total deal value amounting to USD52 billion. Deals over USD30 million fell by 3% in volume, largely due to the reduced presence of foreign – particularly Anglo-Saxon – investors. Domestic players took the lead, rep - resenting more than half of major transactions. Sector performance varied significantly. Media M&A activity surged by 884%, driven by four key deals – three of which were divestitures – includ - ing the sale of Altice Media (BFMTV and RMC) to CMA CGM for EUR1.55 billion, the acquisition of Paris Match by Bernard Arnault for EUR120 million, and the transfer of Xavier Niel’s shares in Le Monde to a non-profit foundation aimed at protecting editorial independence. Finan - cial services also showed strong growth, with a 158% rise in M&A volumes, while healthcare deals dropped by 43%, reflecting more cautious investor sentiment.
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