Fidelis investor takes majority stake in April


Private equity investor Andromeda has gained regulatory approval to take a majority stake in French insurance group April, which saw its UK arm pull out from the private medical market last year.

Andromeda is a holding company, indirectly owned by funds managed by CVC Capital Partners, an investor in Fidelis.

Evolem, which has sold its stake in April, will take a minority stake in CVC, alongside April’s management.

Andromeda will pay €21.60 per share, a 25.9% premium on the insurer’s closing price at 28 December 2018.

It now holds 64.91% of the French company’s shares and 64.79% of its voting rights.

A mandatory squeeze out of the remainder of the group’s share capital may follow if regulatory approval is granted. Andromeda is expected to propose a public tender offer of the same price per share, which must be reviewed by the French regulator, the Autorité des Marchés Financiers.

A stock exchange note stated: “During its meeting on 13 June 2019, April’s board of directors considered, on the basis of the information submitted to it, and in particular the report of the independent expert and the conclusions of the committee of independent directors, that the offer is in the interest of the company, its shareholders and its employees and consequently issued a favourable opinion on the proposed offer, recommending unanimously by its members, that shareholders should contribute their shares to the offer.

“The implementation of the offer is expected to take place in the second half of 2019.”

Post revealed last July that April had exited the UK private medical insurance market, leaving brokers scrambling to find replacement cover for clients.

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