Global law firm White & Case LLP has advised Casino Group on the sale of its subsidiary FLOA to BNP Paribas, and on the establishment of a partnership between Casino Group and BNP Paribas to develop fractional payments activity 'FLOA PAY'.
Proceeds from the €258 million sale price will be equally divided between Casino Group and Banque Fédérative du Crédit Mutuel. The planned transaction is subject to consultation with the relevant employee representative bodies and is subject to the necessary approvals, in particular from the French competition authority and the European Central Bank.
FLOA, which is also co-owned by Crédit Mutuel Alliance Fédérale, is a leading payments provider in France.
The White & Case team in Paris which advised on the transaction was led by partner Yann Utzschneider and included partners Emilie Rogey, Nathalie-Nègre Eveillard and Clara Hainsdorf, and associates Alexandre Martin, Laurent Patrimonio and Aude Boisdron.
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