White & Case Advises Bank Syndicate on La Française des Jeux Privatization and Initial Public Offering

Global law firm White & Case LLP has advised the bank syndicate composed of BNP Paribas, Citigroup, Goldman Sachs, Société Générale, Crédit Agricole CIB, Natixis, HSBC and CM-CIC, on the privatization and initial public offering of La Française des Jeux (FDJ) on the Euronext Paris regulated market.

The prospectus was approved by the French market authority (AMF) on November 6, 2019 under number 19-514 and the first listing is scheduled for November 21, 2019. This transaction will involve the French State selling a maximum of 99,320,000 existing FDJ shares, which represent a maximum of 52 percent of FDJ's share capital. It will include an international offering primarily for institutional investors in France and abroad including in the United States, an offering to the public in France in the form of an open price offer primarily for individuals and FDJ distributors, an over-allotment option of a maximum of 15 percent, and an employee reserved offering.

FDJ is the historical and unique Lottery operator in France, #2 in Europe and #4 worldwide. FDJ is also the main Sports Betting operator in France.

After the IPO of Verallia in October 2019, on which White & Case also advised, this is the largest IPO on Euronext Paris since 2017.

The White & Case team in Paris which advised on the transaction was led by partners Philippe Herbelin, Thomas Le Vert, Max Turner and Alexandre Ippolito, with support from associates Isabelle Touré-Farah, Alice Chavaillard and Guillaume Keusch.

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