White & Case advises Caisse des Dépôts on acquisition of assets from the French State

Global law firm White & Case LLP has advised the Caisse des Dépôts on the conclusion of agreements with the French State regarding the acquisition from the State of the Société pour le logement intermédiaire (SLI), as well as its stakes in Autoroutes et tunnel du Mont-Blanc (ATMB) and Société française du tunnel routier du Fréjus (SFTRF) for a total amount of approximately €2.5 billion.

These initiatives, which are part of the strategic review conducted in 2025 by the Agence des participations de l'État (APE), strengthen Caisse des Dépôts' role in housing, infrastructure and regional development.

The conclusion of the definitive agreements regarding the acquisitions of SFTRF and ATMB remain subject to the procedures of information and consultation process with  employee representative bodies and to regulatory approvals.

Completion of the transactions is expected in 2026.

SLI is a provider of intermediate-price rental housing. ATMB is the company operating the Mont Blanc Tunnel and SFTRF is the company operating the Fréjus Tunnel.

The White & Case team in Paris which advised on the transaction was led by partners Marc Petitier and Edouard Le Breton and included partners Jean-Luc Champy, Amaury de Feydeau, Jérémie Marthan, Alexandre Ippolito, Brice Engel, Valérie Ménard, Clara Hainsdorf, Emilie Rogey and Grégoire Karila, counsel Alexandre Martin and Sarah Kouchad and associates Léa Vallois, Marovola Rasoanaivo, Jessica Ohayon, Lucas Engrand, Pauline Abbouche, Noan Fréchard, Tsveta Pencheva, Fairuz Ben Lahcen, Alexandre Mouchès, Rahel Wendebourg, Arthur-Hippolyte Michaut, Minh Thu Vu Ngoc, Emma Lux, Thibaut Garcia, Grégoire Baudry, Hovig Cancioglu, Enzo Antonucci, Laëtitia Coguic and Maïlis Pachebat.

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