| Willis Group Holdings Limited announced that they have signed a definitive agreement with Astorg Partners, a private equity fund, to reorganize the capital of Gras Savoye in a leveraged transaction. Under the terms of the transaction, Astorg Partners will acquire 33.3% of the voting rights of a new holding company while Willis and the family shareholders will sell part of their stakes in Gras Savoye to Astorg Partners and roll over their remaining shares into the new holding company, through a combination of equity, convertible debt and seller financing. Willis, the family shareholders of Gras Savoye, and Astorg will hold equal stakes of 31.8% in the new holding company and have equal representation of 33.3 percent of the voting rights on its board. The remaining 4.5% will be held by a large pool of Gras Savoye managers. :theflyonthewall.com |
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